Mortgage Guidelines do not equal divorce. Everyday mortgage loan professionals must be licensed and certified as a way of showing they understand the requirements for obtaining different types of mortgage financing. However, the initial licenses and certifications you receive are only part of the puzzle if you’re committed to career advancement.
The Value of Becoming a Certified Divorce Lending Professional (CDLP® )
Almost 50% of marriages in the United States will end in divorce or separation—and almost 70% of these couples will need to divide real estate when they go their separate ways. If you’re not thinking about how to best serve the unique needs of this group of homeowners, you’re missing out on a golden opportunity to expand your business.
A Certified Divorce Lending Professional (CDLP® ) looks at the intersection of family law, financial and tax planning, real property, and mortgage planning to help their clients meet both short-term and long-term financial goals. Their work often involves answering strategic questions such as:
- How is the mortgage interest deduction affected by divorce?
- What happens when a client wants to use QDRO money from their divorce settlement to buy a new home?
- How does support income affect a client’s options for qualifying for a mortgage? Can they still buy a house if they are not currently employed outside the home?
- If divorce-related financial issues have caused a client’s credit score to drop, what can they do to qualify for a mortgage?
- What costly mistakes must be avoided when considering an equity buy-out?
A traditional mortgage lender doesn’t know if they’re doing more harm than good overall because they’re only focused on getting the client approved for a loan. In comparison, a CDLP® is looking at the bigger picture to help their client prepare for life after divorce so they can face the future with confidence.