National Association of Review Appraisers and Mortgage Underwriters (NARA/MU)
The National Association of Review Appraisers and Mortgage Underwriters (NARA/MU) is a professional organization that provides certifications and designations for review appraisers and mortgage underwriters. One of its prominent designations is the Certified Review Appraiser (CRA), which aims to equip appraisers with advanced appraisal review skills.
Contact Information:
- Address: National Association of Review Appraisers and Mortgage Underwriters P.O. Box 879 Palm Springs, CA 92263
- Phone:
- 760-327-5284
- 877-743-6805
- Fax: 760-327-5631
- Website: NARA/MU
Examples:
- Certified Review Appraiser (CRA): A designation awarded by NARA/MU that signifies an appraiser’s proficiency in conducting thorough reviews of appraisal reports to ensure their accuracy, completeness, and compliance with relevant regulations.
- Continuing Education Programs: NARA/MU offers continuing education programs to ensure that their members stay updated with the latest industry standards, regulatory changes, and best practices.
Frequently Asked Questions (FAQs):
Q1: What is the primary goal of NARA/MU? A1: NARA/MU aims to provide certification and continuing education for professionals in the appraisal and mortgage underwriting fields, ensuring they maintain high standards of professionalism and expertise.
Q2: How can I apply for the CRA designation? A2: You can apply for the CRA designation by visiting the NARA/MU website and reviewing the requirements and application process available in the certification section.
Q3: What types of resources does NARA/MU provide to its members? A3: NARA/MU provides a variety of resources including certification programs, continuing education courses, industry updates, and access to a network of appraisal and underwriting professionals.
Related Terms:
- Appraisal Review: The process of examining an appraisal report to ensure its credibility, reliability, and compliance with applicable standards.
- Mortgage Underwriting: The process through which a lender assesses the risk of offering a mortgage loan to a borrower based on their creditworthiness and the value of the property.
- Continuing Education: Educational programs designed to help professionals maintain their licenses and certifications by staying current with industry trends and regulations.
- Professional Association: An organization formed to unite professionals in the same industry or occupation to promote collaboration, standards, and development.
Online Resources:
- National Association of Review Appraisers and Mortgage Underwriters (NARA/MU): Official site offering details on certifications, membership, and educational resources.
- The Appraisal Foundation: Contains information on appraisal practices, standards, and educational resources.
- Appraisal Institute: Offers a wealth of information related to appraisal education and certification.
References:
- National Association of Review Appraisers and Mortgage Underwriters. (n.d.). Retrieved from NARA/MU
- The Appraisal Foundation. (n.d.). Retrieved from The Appraisal Foundation
- Appraisal Institute. (n.d.). Retrieved from Appraisal Institute
Suggested Books for Further Studies:
- “The Appraisal of Real Estate” by Appraisal Institute
- “Real Estate Appraisal: From Value to Worth” by Jamie Lee Howell and Adrian Cunningham
- “Fundamentals of Real Estate Appraisal” by William L. Ventolo Jr. and Martha R. Williams
Real Estate Basics: NARA/MU Fundamentals Quiz
### What does the National Association of Review Appraisers and Mortgage Underwriters (NARA/MU) primarily focus on?
- [x] Certification and continuing education for appraisal and mortgage underwriting professionals.
- [ ] Real estate investment strategies.
- [ ] Property management services.
- [ ] Legal advisory services for homebuyers.
> **Explanation:** NARA/MU focuses on providing certification and continuing education for professionals involved in appraisal and mortgage underwriting.
### What key designation does NARA/MU offer?
- [ ] Certified Negotiator (CN)
- [x] Certified Review Appraiser (CRA)
- [ ] Property Management Expert (PME)
- [ ] Mortgage Loan Specialist (MLS)
> **Explanation:** NARA/MU offers the Certified Review Appraiser (CRA) designation, highlighting advanced skills in appraisal review.
### What primary service does the CRA designation provide?
- [ ] Risk management consultation
- [x] Thorough review of appraisal reports for accuracy and compliance
- [ ] Property sales negotiation
- [ ] Real estate market analysis
> **Explanation:** The CRA designation equips appraisers with skills to conduct thorough reviews of appraisal reports ensuring accuracy and compliance.
### What educational programs does NARA/MU offer to members?
- [ ] Legal training programs
- [x] Continuing education programs
- [ ] Marketing seminars
- [ ] Construction workshops
> **Explanation:** NARA/MU offers continuing education programs to help members stay updated with the latest industry standards and regulations.
### How can a professional become a CRA through NARA/MU?
- [ ] By automatically enrolling upon membership
- [ ] By receiving an invitation after several years in the industry
- [x] By applying and meeting the certification requirements
- [ ] By signing up for a free online course
> **Explanation:** Professionals can become a CRA by applying for the designation and fulfilling the certification requirements outlined by NARA/MU.
### What is the mission of NARA/MU?
- [x] To provide certification and continuing education for appraisal and mortgage underwriting professionals.
- [ ] To offer home buying and selling services.
- [ ] To conduct real estate market analyses.
- [ ] To develop property management solutions.
> **Explanation:** NARA/MU's mission is to certify and educate professionals in appraisal and mortgage underwriting to uphold high industry standards.
### Which resource can provide further details on the certification process for CRA?
- [ ] National Home Builders Association (NAHB)
- [x] NARA/MU website
- [ ] Real Estate Brokers Association (REBA)
- [ ] International Real Estate Federation (FIABCI)
> **Explanation:** Detailed information on the CRA certification process can be found on the NARA/MU website.
### Why is continuing education important for NARA/MU members?
- [ ] It allows members to change careers easily.
- [ ] It is a requirement for renewing one’s driver’s license.
- [x] It ensures that members remain current with industry standards and practices.
- [ ] It helps in obtaining discounts on property purchases.
> **Explanation:** Continuing education is essential for members to stay updated with industry standards, regulatory changes, and best practices.
### Which organization provides a well-known designation related to appraisal review?
- [ ] The Real Estate Investment Trust (REIT)
- [x] National Association of Review Appraisers and Mortgage Underwriters (NARA/MU)
- [ ] Association of Realtors (AOR)
- [ ] Property Management Association (PMA)
> **Explanation:** NARA/MU provides the well-known Certified Review Appraiser (CRA) designation related to appraisal review.
### How does the CRA designation benefit an appraisal professional?
- [ ] Provides free access to real estate software.
- [ ] Guarantees job placements in all states.
- [x] Demonstrates advanced appraisal review skills, enhancing professional credibility and employment prospects.
- [ ] Offers lifelong memberships without the need for renewal.
> **Explanation:** The CRA designation enhances the appraisal professional's credentials, demonstrating their advanced skills in appraisal review and potentially improving job prospects.
