Charles Dahlheimer, a former architect of the Real Estate Buyer's Agent Council education program, is in the process of creating a new organization and designation that will blend the skills of a real estate agent with those of mortgage banker.

The organization is the Residential Financial Council and the resulting designation will known as the "Certified Finance Specialist (CFS)."

"What we want to do is train real estate agents and mortgage people about the real nuts and bolts of the finance industry," says Dahlheimer, who lives in St. Louis. "We want to give them the tools to know what all these terms mean and what junk fees are. We want them to really know how to make apples-to-apples comparisons when they are helping buyers find a loan."

Dahlheimer is producing the course along with partner Patricia Boyd, an educator and trainer in Flower Mound, Texas. Support and marketing assistance is coming from Dearborn Financial, well-known publishers of text books.

Dahlheimer said similarities to the highly successful REBAC organization are completely intentional.

"The course, the (teaching) seminars are going to be very similar to the ABR," the Accredited Buyer Representative designation given by REBAC, he said.

He also believes it will be just as successful.

"Agents are so afraid of being disintermediated," by the Internet, he said. "The reason is that for years agents have tried to distance themselves from all areas of the transaction, except from the part that goes, 'Here's the bed, here's the bath, here's the kitchen, etc.

"Now they're beginning to figure out that for them to stay in the transaction, they need to be more responsible for the success of the transaction."

Dahlheimer said there will be several ways to take the course, including home study videos and workbooks and some live seminars. Some private licensing schools also are considering adding the course to their offerings.

The cost of getting the designation (including first year's membership) is expected to be around $400. The annual cost for maintenance of the designation and membership will be $125.

"It's hard to say how big the RFC could be," said Dahlheimer. "Realistically, there is no reason it can't be as large at the ABR" - which currently has about 35,000 members.

At present the RFC has 120 trial members.