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The cost to become an Associate Member (Company) is $1,000. The cost to become a Loan Modification Consultant (Individual) is $214. These non-refundable fees include processing costs, background checks, and access to the online training course.
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LOAN MODIFICATION CONSULTANT
Individual Membership Application - $214.00
ASSOCIATE MEMBER
Company Membership Application - $1,000.00
Course Description
AAHMP’s online Certificate Training Course for Loan Modification Consultants (LMC) is designed to assure that its members performing loss mitigation work are knowledgeable in all aspects of the current foreclosure crisis. The course includes the economic impact of the MHA or HAMP programs, the mechanics and complexities of their implementation, and AAHMP’s strict Code of Ethics.
Chapter 1: Foreclosure and the Impact on the Economy
Foreclosures are having a major impact on real estate values nationwide, as well as the overall economy. Issues include the plight of the Homeowner, community impacts of foreclosure and forced sale, the needs of the lender/investor, and the government’s efforts to stabilize residential real estate values. Chapter 1 explains the implications of failure to successfully address this crisis in timely fashion.
Chapter 2: Loss Mitigation Strategies
AAHMP’s objective is to implement the MHA guidelines to quickly decision troubled mortgages. The AAHMP LMC must also understand how to advise troubled homeowners concerning other available options when a loan modification is not obtainable. Chapter 2 explains these alternatives.
Chapter 3: FDCPA
The Fair Debt Collection Practices Act (FDCPA) addresses the subject of debt collection and consumer rights. AAHMP LMCs are not and cannot be considered debt collectors, however it is important to understand the issues presented while interacting with troubled homeowners and their outstanding debt. Chapter 3 equips the LMC to respect and help the homeowner understand his or her FDCPA rights.
Chapter 4: Safeguarding Customer Information
Full disclosure of sensitive financial information is a prerequisite of any successful modification. Homeowners must feel secure in sharing their information. LMCs must be committed to the security and protection or their client. In this era of rampant identity theft, information privacy protection requires a clear understanding of the problem and the measures needed to preserve client confidence and information security. Personal financial information is vulnerable to fraudulent misuse and scammer abuse. The Gramm-Leach Bliley Act (GLB) privacy protection provisions and stronger state laws are applicable to all aspects of the modification process. Chapter 4 explains in detail the federal law, the need to respect state requirements, and AAHMP’s own elevated privacy protection standards for loan modification.
Chapter 5: Affordability and Stability Plan
The purpose of this chapter is to provide the specific guidelines of the Home Affordable Modification Program (HAMP) published by the US Treasury on March 4, 2009. As part of the overall strategy to stabilize the real estate market, the plan has been designed and implemented by the US Government to prevent foreclosures. It is imperative that AAHMP LMCs have a complete and thorough knowledge of the guidelines. Chapter 5 is focused on mastering the intricacies of MHA / HAMP implementation.
Chapter 6: Code of Ethics
To maintain AAHMP membership in good standing, companies or individuals must adhere to AAHMP’s ethical standards at all times. The Code of Ethics outlines the expected conduct of performance as an AAHMP member. Chapter 7 explains the AAHMP rules, the enforcement process, and the consequences of non-compliance.