OK I'm Certified ...Now What?

I've chatted with a few of you about the new NAR Certification course in Loss Mitigation. I got mine today and here's the scoop. Not much. I'm tremendously glad that NAR is doing something to address the reo segment. Obviously it's not going away any time soon even if it does slow down and the banks do a 180 and start helping people modify. That being said though, this course doesn't merit much in the way of certification. (Shhhhh. don't tell anyone I said so since I will proudly display my certificate).The biggest problem as I see it is the fact that it seems to be a 101 course and I think it would be much more effective if it were expanded and then done in two parts. My class had about 30 people and it was about evenly divided between those who were actively involved in REO and those who thought it might be a good thing to try. It is a good thing to try but the class that explains what cash for keys and trashout is should not be the same class that tries (not very well) to explain the intricacies of a short sale or a comparison of data upload platforms.I'd really like to see a weightier Certification that a beginning/intermediate/advanced level would bring. I also think they focused on short sales too much and as we all know there are few hard fast rules for those. They made some very good points about liability though and emphasized why all the T's must be crossed and I's dotted. Who has taken this so far? What are your thoughts?
E-mail me when people leave their comments –

You need to be a member of REO Pro Network to add comments!

Join REO Pro Network


  • Exactly my point Steve. I like the fact that it is NAR recognized but if it becomes a joke in the asset management world it won't do any good at all.
  • I took this very class 2 weeks ago and was highly dissappointed. When I say basic training, I mean it's for folks with NO experience in this market. The class covered 4 topics in 6 hours (Auctions, Short Sales, Foreflosures & REO's) when each topic should have had a minimum of six hours each. I've seen better detailed "Intro" classes on these topics, much less then a Certification.

    The Foreclosure REO Specialist class being taught by Cathy McDaniels was a much better class and lasted 2 days. But even it was not all inclusive and not a NAR recognized certification. Maybe I have high expections but the LMC class left me thankful I was getting half my money back (got the check yesterday). But what can you expect for $25 (after rebate)? I'm really looking forward to the NFSTI training next! Dan, I got high expections!! ;-)
  • Good question. Congratulations. It is time to put away the credential and try to put it into practice.
    There will be more of home loss coming....
  • Chris; although I have not taken the NAR REO class I can say I agree with you. I have taken a basic REO course and would like a more advanced program with a focus in dealing with marketing aspects (ie; offers/acceptance). Short sales are a whole different topic in my opinion. Additionally, I think lenders/banks
    need to do a 360 on the loan modification aspect in order to stop the bleeding.
  • I' m glad you are all so interested in this. Maybe NAR will see the focus and get us some more good stuff. We do need some standardization as far as recognition goes. The course was developed by the Mass. Assn. of Realtors and the Nar decided they liked it. They are actually giving a rebate here in GA. It is simply called Loss Mitigation Certification and here in Ga. It counts for 6 hrs CE which is excellent and I wish some of the other things offered on line for REO could go towards CE as well. I don't have a link for you Jesse but it may be in Nar or Gar. I do think that this is something to think about as the REOpro course is developed because until I went I never gave a thought to the course including the basics such as CFK and I think it needs to be graduated in developmental steps that go from rookie to pro.
  • PS, Congratulations!
  • I will check for NAR and CAR classes. If you have any other suggestions as to any good current classes on the general subject of REOs and/or Loss Mitigation, would appreciate any information. Thanks, Leslie
  • What was the name of the course and do you have a link to it's page? I would like to take a look at it.
  • Makes me think twice.
  • Congradulation Chris on your NAR Certification in Loss Mitigation.

    Old school thoughts here....Loss Mitigation in default/risk management of a Borrower who has not been current on their monthly interest payments.

    Yes the numbers$$$ support the Banks keeping the homeowners making the payments...if they have the means.

    So if the Borrower does not have the means to make payments (modified, payments plans or whatever). The next step with be cooperating and selling their property and taking the next step with knowledge and incentives provided by their Bank to do so.

    No brainer. It is clear that the REO does not promote a profit for the Banks it just a process of ending a $$loss.

    I am enlightened about all the recent information as to how we are going to promoting "Defaulted borrower in doing the right thing" and cooperating and participation in assisting the Bank in taking the next and sell their properties and moving on.

    We need a positive direction supported by all industry. Hello Loss Mitigation it is interesting that it seems as if the Banks consider a Short Sale the forgotten tool to fix the problem.

    Oh..by the way I am going to look into this NAR Certification for Loss Mitigation.

    Denise Stovall
    Sonoma County, Northern California
This reply was deleted.