Florida businessman gets reverse mortgage designation
– Steve Irwin, President of the National Reverse Mortgage Lenders Association
PALM BEACH GARDENS, FLORIDA, USA, October 26, 2021 /EINPresswire.com/ – Stephen Parnell, a reverse mortgage loan officer with New mortgage in Florida, has joined an elite group of mortgage professionals who have achieved Certified Reverse Mortgage Professional (CRMP) status. Parnell was awarded the designation after passing a rigorous examination and background check, demonstrating proficiency in reverse mortgages and a commitment to uphold the highest ethical and professional standards.
Only 186 people nationwide currently have the CRMP designation.
âBeing one of 186 people nationwide to have taken this milestone is a testament to my commitment to reverse mortgages,â said Parnell. âThe process of obtaining this professional designation was long and arduous and adds to the level of expertise maintained by myself and the firm.
To qualify for the designation, applicants must have taken out reverse mortgages for at least three years or have personally taken out at least 50 loans; obtained 12 continuing education credits; completed the NRMLA ethics course; passed a comprehensive exam; and a background check. Certification is valid for three years, during which nominees must earn 8 CE credits per year to be recertified.
âStephen is one of 186 people who hold the Certified Reverse Mortgage Professional designation. As a CRMP, he has demonstrated his knowledge and skills in the area of ââreverse mortgages and is dedicated to upholding high standards of ethical and professional practice in the industry, âsaid Steve Irwin, President of National Reverse Mortgage Lenders Association.
Reverse mortgages are available to homeowners aged 62 and over with significant equity in their home. They are designed to allow older Americans to borrow against their home equity to help fund their retirement needs, without having to make monthly payments as required with a mortgage or home equity loan. in the long term â. With a reverse mortgage, funds are advanced to the borrower and interest accrues, but the outstanding balance is not due until the last borrower leaves the house, sells or dies. Borrowers can withdraw funds as a lump sum when the loan is granted, set up a line of credit, or request fixed monthly payments as long as they continue to live in the unit. To date, more than 1.2 million senior households have used an FHA-insured reverse mortgage.
About Stephen Parnell
Stephen has worked in the mortgage industry since 1983. Upon arriving in the United States as a first generation immigrant from the United Kingdom in 1991, he obtained his mortgage broker license in Florida a few months later in 1992. Prior to being the co-founder of New Florida Mortgage, he was previously CEO of Lynxbanc Mortgage in Boca Raton and had the distinction of being the first Initial mortgage brokerÂ® in 2001
About the National Association of Reverse Mortgages:
The National Reverse Mortgage Lenders Association (NRMLA) is an organization of over 300 companies and over 2,000 people involved in the reverse mortgage industry. The NRMLA serves as an educational resource, policy advocate, and public affairs hub for lenders and related professionals. NRMLA was established in 1997 to enhance the professionalism of the reverse mortgage industry.
National Association of Reverse Mortgage Lenders (NRMLA)
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