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Since 2014, the Divorce Lending Association (DLA) has been a national organization dedicated to establishing standards and best practices for mortgage professionals specializing in divorce mortgage planning. They offer the Certified Divorce Lending Professional (CDLP®) certification, providing comprehensive training and resources for mortgage professionals seeking to serve divorcing clients effectively. 

The DLA aims to bridge the gap between divorce's legal, financial, and emotional complexities and the mortgage process. They advocate for collaborative divorce practices and strive to improve the overall experience for divorcing homeowners seeking mortgage solutions.

Key aspects of the Divorce Lending Association:

  • Certification: They offer the CDLP® certification, which signifies a mortgage professional's expertise in navigating the unique financial challenges of divorce.
  • Education: The DLA provides ongoing training and resources to keep members up-to-date on divorce laws, financial strategies, and industry best practices.
  • Networking: The association fosters a community of professionals who can collaborate, share knowledge, and refer clients to each other.
  • Advocacy: The DLA advocates for fair and equitable mortgage solutions for divorcing individuals.
  • Resources: They provide various tools and resources to help members serve their clients effectively, including a directory of CDLP® professionals, educational webinars, and publications.

By focusing on divorce mortgage planning, the DLA is committed to improving the lives of divorcing homeowners and elevating the standards of practice within the mortgage industry.

What is a Certified Divorce Lending Professional (CDLP®)?

A Certified Divorce Lending Professional (CDLP®) is a specialized mortgage professional with additional training and education to assist individuals going through divorce with their mortgage and financial needs. The CDLP® designation indicates that the professional is well-versed in the complex financial aspects of divorce and how it relates to real estate and mortgages.

Divorce often involves the division of assets, including the family home, and navigating the financial intricacies can be challenging. A CDLP® is trained to help divorcing individuals understand their mortgage options, evaluate the feasibility of keeping or refinancing the family home, and provide guidance on mortgage-related matters during and after divorce.

CDLP®s work closely with divorce attorneys, financial planners, and other professionals involved in the divorce process to ensure that mortgage decisions align with the overall financial goals of the divorcing parties. They can also help clients understand various mortgage choices' tax implications and financial consequences.

In essence, a Certified Divorce Lending Professional is a mortgage expert specializing in providing informed and tailored advice to individuals navigating the complexities of real estate and mortgages during divorce proceedings.

What is Divorce Mortgage Planning?

Divorce mortgage planning refers to the process of carefully considering and planning the mortgage-related aspects when going through a divorce. This involves making informed decisions about real estate, mortgages, and financial matters tied to the division of property and assets during divorce proceedings.

Here are some key aspects of divorce mortgage planning:

  1. Family Home: One of the primary considerations is often the family home. Divorcing couples must decide what to do with the home - whether one party will keep it, the home will be sold and the proceeds divided, or other arrangements will be made. Mortgage planning involves evaluating whether one spouse can afford to refinance the mortgage and take full ownership of the property.
  2. Refinancing: If one spouse intends to keep the family home, they may need to refinance the mortgage to remove the other spouse's name from the loan and title. In some cases, an equity buy-out is needed in order to pay the vacating spouse their share of equity in the home. This requires a thorough assessment of their financial situation to ensure they can qualify for the mortgage on their own.
  3. Financial Implications: Divorce mortgage planning also considers the financial implications of mortgage decisions. This includes understanding potential tax consequences, costs associated with refinancing, and hte long-term economic impact of keeping the property.
  4. Property Valuation: Accurate property valuation is crucial in dividing assets fairly. An appraiser may be involved to determine the current value of the property.
  5. Communication with Divorce Team: Divorce mortgage planning often involves close contact with divorce attorneys, financial advisors, Certified Divorce Lending Professionals, and potentially real estate agents to ensure that all aspects are adequately addressed.
  6. Debt and Liability: Determining who is responsible for the mortgage debt and any associated liabilities is a crucial part of the process. Ensuring that these matters are legally and financially resolved is essential.
  7. Documentation: Divorce mortgage planning requires thorough documentation of financial information, agreements, and legal proceedings.
  8. Long-Term Goals: It's essential to consider the long-term financial goals of each party when making mortgage decisions. These decisions can significantly impact both short-terms and long-term financial stability.

Divorce mortgage planning helps divorcing couples make well-informed decisions that align with their financial goals and the legal requirements of their jurisdiction. Professionals such as Certified Divorce Lending Professionals, can provide guidance and expdertise in this complex area.