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Certified Mortgage Planning Specialist

The Certified Mortgage Planning Specialist (CMPS) designation was awarded to Bob Gammache of Carteret Mortgage on May 23, 2006. The Certified Mortgage Planning Specialist designation required approximately 400 hours of additional study and passing a proctored examination after 2 days of intensive classroom instruction by recognized mortgage industry professionals. I am pleased to hold membership number 38 at the CMPS Institute. I am now certified by the Financial Planning Association to grant continuing education credits to their Certified Financial Planners for training in Financial market and Interest rate analysis, Cash flow analysis, Debt analysis, Real estate equity management, and Real estate investment analysis. Read about how a Certified mortgage Planning Specialist can help you as I offer an analysis of your situation today and can make suggestions on how small changes in how your mortgage is structured can have a life changing effect in the years to come. If you have questions about how my achieving this Certified Mortgage Planning Specialist designation can help with your mortgage planning please email me.

For more information on the Certified Mortgage Planning Specialist Institute please follow this link


As a Certified Mortgage Planning Specialist, I subscribe to the CMPS Code of Ethics, published here.

CMPS professionals have agreed to follow the CMPS Code of Ethics. This means that:
  • You can be assured that you will be treated very well when dealing with a CMPS professional.
  • If you have a complaint or concern about a CMPS professional, your concerns will be investigated by the CMPS Institute if you fill out this form.
CMPS Code of Ethics & Professional Responsibility:

Preamble and Applicability
The Code of Ethics and Professional Responsibility (Code of Ethics) has been adopted by Certified Mortgage Planning Specialist Institute (CMPS Institute) to provide principles and rules to all persons whom it has recognized and certified to use the CMPSTM and CERTIFIED MORTGAGE PLANNING SPECIALISTTM certification marks (collectively "the marks"). CMPS Institute determines who is certified and thus authorized to use the marks. Implicit in the acceptance of this authorization is an obligation not only to comply with the mandates and requirements of all applicable laws and regulations but also to take responsibility to act in an ethical and professionally responsible manner in all professional services and activities. 

For purposes of this Code of Ethics, a person recognized and certified by CMPS Institute to use the marks is called a CMPS member. This Code of Ethics applies to CMPS members actively involved in the practice of personal mortgage planning, in other areas of financial services, in industry, in related professions, in government, in education or in any other professional activity in which the marks are used in the performance of professional responsibilities. For purposes of this Code of Ethics, the term CMPS member shall be deemed to include current certified individuals and those who have been certified in the past and retain the right to reinstate their CMPS certification by passing the current CMPS Certification Examination.

This Code of Ethics does not impose on CMPS members the duty of learning or disclosing technical facts pertaining to taxation, real estate law, or financial advice involving the real estate or financial markets. Home owners, home buyers and real estate investors are advised to seek qualified legal, tax and investment counsel whenever engaging in mortgage and real estate decisions. When enforcing this Code of Ethics, the CMPS Institute will seek to impose standards reflecting what can reasonably be expected from a mortgage advisor when making recommendations involving a client's cash flow and real estate equity.

Accepting the standards set forth in this Code of Ethics as their own, CMPS members pledge to observe its spirit in all of their activities and to conduct their business in accordance with the tenets set forth below.

CMPS Institute requires adherence to this Code Of Ethics by all CMPS members. Compliance with the Code Of Ethics, individually and by the profession as a whole, depends on each CMPS member's knowledge of and voluntary compliance with the Code Of Ethics, on the influence of fellow professionals and public opinion, and on disciplinary proceedings, when necessary, involving CMPS members who fail to comply with the applicable provisions of the Code Of Ethics. To register a complaint against a CMPS member, please click here and submit the complaint to the CMPS Institute. 

In filing a charge of an alleged violation of the Code of Ethics by a CMPS member, the charge must be filed as an alleged violation of one or more Codes of Conduct. The Statement of Commitment may not be cited as the basis of the complaint, only in support of the charge. The Statement of Commitment serves to clarify the ethical obligations imposed by the various Codes of Conduct. Modifications to existing Codes of Conduct and additional new Statements of Commitment are approved from time to time. Readers are cautioned to ensure that the most recent publications are utilized. Once a complaint is submitted, it is reviewed by the Ethics committee of the CMPS Institute and appropriate disciplinary action will be taken. Disciplinary action can include revocation of CMPS membership and revocation of the ability to use the CMPS Certification mark.

Statement of Commitment:
In delivering mortgage planning advice to home owners, home buyers and real estate investors, CMPS members are committed to:
1. Ask questions and listen to our clients in order to fully understand their needs.
2. Create mortgage solutions that complement our clients' overall financial strategy, and allow them to most effectively accomplish their short and long term financial goals.
3. Be sensitive to the fears that many homeowners have about obtaining a mortgage loan and earn their confidence as a trusted advisor.
4. Respect our clients' time and minimize the amount of effort required of them by applying our knowledge, experience, and resourcefulness.
5. Use state-of-the-art technology to complement our customer service, making adjustments when necessary to avoid overwhelming our clients who are less technically proficient.
6. Communicate regularly and proactively with our clients to keep them informed of the status of the loan and to reduce the stress that is associated with uncertainty.
7. Ensure smooth, on time closings with anticipated costs and terms.
8. Provide our clients the luxury of home loans in the future with little effort on their part, by means of an Annual Mortgage Review.
9. Measure our success by our client's willingness to confidently recommend us.
10. Take full responsibility for our actions and be honest at all times.
11. Seek to improve the quality of service we provide by encouraging each client to critically evaluate our performance.

Duties to Clients - Code of Conduct:

Code of Conduct 1.1
CMPS members shall not deliberately mislead the client as to the interest rate or closing costs associated with the recommended mortgage transaction(s). CMPS members shall avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the transaction, closing costs, fees, points, loan amount, loan program, mortgage strategy or interest rate. This includes reasonable explanation of the risks involved in reverse mortgages, interest only, deferred interest and adjustable rate mortgages. 

Code of Conduct 1.2
When advising clients on mortgage, cash flow or home equity management strategies, CMPS members shall exercise due diligence and make reasonable efforts to protect the client against reasonably foreseeable financial and other losses.

Code of Conduct 1.3
CMPS members shall preserve confidential information (as defined by state and federal law) provided by their clients in the course of any mortgage planning relationship. This commitment to preserve confidential client information continues after termination of the mortgage planning relationship. CMPS members shall not knowingly, during or following the termination of professional relationships with their clients:
Reveal confidential client information; or,
Use confidential client information to the disadvantage of clients; or,
Use confidential client information for the CMPS member's advantage or the advantage of a third party unless:
Client consents after full disclosure; or,
CMPS member is required by court order; or,
It is the intention of the client to commit a crime and the information is necessary to prevent the crime; or,
It is necessary to defend a CMPS member or the CMPS member's employees or associates against an accusation of wrongful conduct.
Client information legally shared by the CMPS member's employer under Federal and State Privacy Acts shall not apply as a violation of the CMPS Code of Ethics by the CMPS member.

Code of Conduct 1.4
When advising clients on mortgage, cash flow or home equity management strategies, CMPS members must advise clients of additional compensation to be earned by the mortgage planner by recommending third party or investment products or services, if such is the case. CMPS members shall not accept any commission, rebate, or profit on expenditures made for their client, without the client's knowledge and consent. When recommending third party products or services (e.g. homeowner's insurance, warranty programs, real estate brokerage, title insurance, investment products, etc.) CMPS members shall disclose to the client or customer to whom the recommendation is made any financial benefits or fees the CMPS member or firm may receive as a direct result of such recommendation. CMPS members shall not recommend or suggest to a client or a customer the use of services of another organization or business entity in which they have a direct interest without disclosing such interest at the time of the recommendation or suggestion.

Code of Conduct 1.5
When working with appraisers, CMPS members should not engage in practices whereby the fees for preparing appraisals or other valuations are contingent upon the amount of the appraisal or valuation.

Code of Conduct 1.6
CMPS members shall advise clients to seek legal, tax, and investment advice from qualified advisors prior to making decisions involving mortgages or real estate. CMPS members shall not engage in activities that constitute the unauthorized practice of law and shall recommend that legal counsel be obtained whenever the interest of the client requires it.

Code of Conduct 1.7
CMPS members shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, or national origin. CMPS members shall not be parties to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, handicap, familial status, or national origin.

Code of Conduct 1.8
When CMPS members provide consultative services to clients which involve advice or counsel for a fee (not a commission), such advice shall be rendered in an objective manner and the fee shall not be contingent on the substance of the advice or counsel given. If brokerage or transaction services are to be provided in addition to consultative services, a separate compensation may be paid with prior agreement between the client and CMPS member.

Duties to CMPS Members & the CMPS Institute -
Code of Conduct:

Code of Conduct 2.1
When seeking information from another CMPS member concerning their business practices or area of expertise, CMPS members shall keep such information confidential and use it only in their own mortgage planning practice. CMPS members shall not profit by selling the systems or business ideas of other CMPS members.

Code of Conduct 2.2
When sought or brought in by another CMPS member to jointly consult or provide services for their client, CMPS members shall not solicit that client for products or services inconsistent with the scope of services sought by the other CMPS member. However, this does not prohibit CMPS members from engaging in relationships with clients when CMPS members are contacted directly by the client of another CMPS member regarding the creation of a relationship, and CMPS members have not directly or indirectly initiated such discussions.

Code of Conduct 2.3
Only CMPS members may use the CMPS designation in advertising or other representations to the public. Potential CMPS members who have not yet passed the CMPS exam may not refer to their status in advertising and other representations to the public as having any affiliation with the CMPS Institute. CMPS members may not present themselves as holding any professional certification, including the CMPS designation, to which they are not entitled.

Code of Conduct 2.4
If charged with unethical practice or asked to present evidence or to cooperate in any other way, in any professional standards proceeding or investigation, CMPS members shall place all pertinent facts before the proper committees of the CMPS Institute and shall take no action to disrupt or obstruct such processes. CMPS members participating in the Ethics Committee shall not make any unauthorized disclosure or dissemination of the allegations, findings, or decision developed in connection with an ethics review, hearing or appeal.

Code of Conduct 2.5
CMPS members shall not obstruct the CMPS Institute's investigative or professional standards proceedings by instituting or threatening to institute actions for libel, slander or defamation against any party to a professional standards proceeding or their witnesses based on the filing of an ethics complaint, or testimony given before the Ethics Committee.

Code of Conduct 2.6
CMPS members shall not knowingly or recklessly file false or unfounded ethics complaints. CMPS members shall not intentionally impede the CMPS Institute's investigative or disciplinary proceedings by filing multiple ethics complaints based on the same event or transaction. 

Code of Conduct 2.7
CMPS members shall not knowingly or recklessly make false or misleading statements about competitors, their businesses, or their business practices.

Code of Conduct 2.8
When taking the CMPS exam, potential CMPS members shall not:
Print out the exam and/or distribute or communicate the questions, answers and/or multiple choice options to others
Have someone else take the exam on your behalf
Have another person provide the answers to you, for you or with you
Help someone else pass the exam by providing answers to you, for you or with you
Pass the exam by any means other than your own individual merits and abilities

When fulfilling the continuing education (CE) requirements, CMPS members shall not:
Have someone else participate in the CE activity on your behalf
Participate in the CE activity on behalf of another CMPS member
Fulfill the CE requirements by any means other than your own individual merits and abilities

Duties to Referral Partners - Code of Conduct:

Code of Conduct 3.1
In accordance with the Real Estate Settlement Procedures Act (RESPA), CMPS members shall not compensate nor offer to compensate, directly or indirectly, any third party for a client referral or mortgage transaction referral provided to the CMPS member. CMPS members shall not receive, directly or indirectly, any form of compensation for referrals provided by them to other professionals or CMPS members.

Code of Conduct 3.2
When sought or brought in by a referral partner to jointly consult or provide services for their client, CMPS members shall not solicit that client for products or services inconsistent with the scope of services sought by the referral partner. CMPS members shall not use information obtained from referral partners to solicit the clients of the referral partners for business unless such use is authorized by the referral partner.

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