Top 11 Lending Manager Certifications
This article provides an overview of the top certifications for lending managers and the benefits of obtaining them.
Published 17 min read
Certifications are important for a lending manager in the job market because they demonstrate a level of expertise in the field. They show potential employers that a candidate has taken the time to gain additional knowledge and training in their area of specialization, which can be used to increase efficiency and accuracy within their organization. Certifications also give employers assurance that the candidate is capable of taking on more complex tasks, making them an attractive hire. Additionally, certifications provide lenders with a competitive edge over other applicants who may not have obtained such credentials.
This article reviews some of the top certifications for Lending Managers and explains how they can help to advance a lending manager's career.
What are Lending Manager Certifications?
Lending Manager Certification is a professional certification that prepares individuals for a career in the lending industry. It is designed to give lenders the knowledge and skills they need to manage their portfolios more effectively, while also helping them stay up-to-date with current regulations and best practices. The certification covers topics such as credit analysis, loan origination, portfolio management, debt collection and customer service.
Having the Lending Manager Certification can be beneficial for those looking to advance their careers in the lending field. It provides an opportunity for lenders to demonstrate their knowledge and experience in this field, which can help them stand out from other applicants when applying for positions or promotions. Additionally, having this certification may also provide lenders with access to exclusive job opportunities or higher salaries due to their increased level of expertise. Furthermore, it can also help lenders build a network of contacts within the lending industry which could open doors for new business opportunities or collaborations.
Pro Tip: When considering a lending manager certification, look for programs that provide comprehensive training in both the legal and ethical aspects of loan origination. A comprehensive program should cover topics such as loan underwriting, loan servicing, and applicable federal regulations. Additionally, many programs also include an exam to ensure that individuals have a thorough understanding of these topics before they can become certified as a lending manager.
Related: What does a Lending Manager do?
Top 11 Lending Manager Certifications
Here’s our list of the best certifications available to Lending Managers today.
1. Certified Lending Manager (CLM)
Certified Lending Manager (CLM) is a professional certification program designed to provide financial professionals with the knowledge and skills needed to effectively manage lending operations. It is offered by the American Bankers Association (ABA) and provides a comprehensive understanding of all aspects of loan origination, underwriting, servicing, and collection.
The CLM program consists of four courses that cover topics such as credit analysis, loan documentation, risk management, compliance, and customer service. The program also includes an exam that must be passed in order to receive the certification.
The CLM program takes about six months to complete. The cost for the program varies depending on the institution offering it; however, it typically ranges from $1,200 - $2,000 USD. To get certified as a CLM you must first register with ABA and pay the registration fee which is usually around $100 USD. After registering you will need to take all four courses and pass the exam in order to obtain your certification.
2. Certified Mortgage Loan Originator (CMLO)
A Certified Mortgage Loan Originator (CMLO) is a professional who has met specific educational and experience requirements and has been certified by the Nationwide Mortgage Licensing System & Registry (NMLS). CMLOs are responsible for helping borrowers obtain residential mortgage loans. They must be knowledgeable about loan products, credit scoring, underwriting guidelines, and federal regulations.
It typically takes several months to become a CMLO. The process begins with completing an NMLS-approved pre-licensure education course. This course covers topics such as ethics, consumer protection laws, lending practices, and more. After completing the course, applicants must pass the NMLS national test as well as any state-specific tests required in their area. Once they have passed these tests, they can apply for a license through the NMLS system.
The cost of becoming a CMLO varies depending on your state’s licensing requirements. Generally speaking, you can expect to pay anywhere from $100-$500 in fees associated with taking the pre-licensure course and registering with the NMLS system.
Once you have obtained your CMLO license, it is important to stay up to date on industry changes so that you can continue to provide quality service to your clients.
3. Certified Credit Analyst (CCA)
Certified Credit Analyst (CCA) is a professional designation offered by the National Association of Credit Management (NACM). It is designed to provide credit professionals with the knowledge and skills they need to excel in their field.
The CCA program consists of four courses which cover topics such as credit analysis, financial statement analysis, credit risk management, and business law. The program also includes an exam that tests the candidate's understanding of these topics. To become certified, candidates must pass all four courses and the exam with a score of at least 70%.
The program typically takes about six months to complete. Candidates must register for each course separately and complete them within two years of registration. Courses can be taken online or in person at one of NACM's approved training centers.
The cost for the CCA program varies depending on the number of courses taken and whether they are taken online or in person. For example, taking all four courses online would cost $1,595 while taking them in person would cost $2,195. Additionally, there is an exam fee of $225 that must be paid when registering for the exam.
4. Certified Financial Planner (CFP)
Certified Financial Planner (CFP) is a professional designation awarded by the Certified Financial Planner Board of Standards (CFP Board) to those who have met its education, examination, experience, and ethics requirements. The CFP designation is the highest level of certification available in the financial planning industry.
It typically takes two to three years to complete the CFP certification process. To become certified, you must:
1. Complete an approved college-level coursework program in financial planning or a related field;
2. Pass the CFP Certification Examination;
3. Meet the CFP Board’s experience requirement; and
4. Agree to abide by the CFP Board’s Code of Ethics and Professional Responsibility and Financial Planning Practice Standards.
The cost for taking the CFP Certification Examination is $595 for individuals who are members of the Financial Planning Association (FPA). Non-members pay $695. There may also be additional costs associated with completing an approved college-level coursework program in financial planning or a related field, such as tuition fees and textbook costs.
5. Chartered Financial Analyst (CFA)
Chartered Financial Analyst (CFA) is a professional designation awarded by the CFA Institute, formerly known as the Association for Investment Management and Research (AIMR). The CFA designation is widely recognized in the financial industry and is considered one of the most prestigious credentials available to financial professionals. It is a globally recognized symbol of excellence in investment analysis and portfolio management.
The CFA Program consists of three levels, each requiring an exam: Level I, Level II, and Level III. Each level requires approximately 300 hours of study time. To become a CFA charterholder, candidates must pass all three exams within four years.
To get the CFA designation, you must first register with the CFA Institute as a candidate for the program. This involves completing an online application form and paying an enrollment fee. You will then need to complete all three levels of exams within four years in order to become a charterholder.
The cost of taking all three levels of exams varies depending on when you register for each level. Generally speaking, it costs around $1,000 per exam or $3,000 for all three levels combined if you register early enough. Additional fees may apply if you need to retake any exams or use other services such as study materials or tutoring programs offered by third-party providers.
6. Certified Risk Manager (CRM)
Certified Risk Manager (CRM) is a professional designation offered by the Global Risk Management Institute (GRMI). It is an international certification program designed to recognize individuals who have demonstrated expertise in risk management. The CRM program provides a comprehensive and practical approach to the management of risk, with a focus on identifying, assessing, controlling, and mitigating risks.
The CRM program consists of two parts: an online course and an examination. The course covers topics such as risk identification, assessment, control, mitigation, and communication. It also covers topics such as legal considerations related to risk management, financial modeling for risk management decisions, and best practices for managing operational risks. The examination tests knowledge of the material covered in the course.
It typically takes about 6-9 months to complete the CRM program. To get started on the CRM program you must first register with GRMI and pay a fee of $395 USD. After registering you will be given access to the online course materials which can be completed at your own pace within 6-9 months. Once you have completed all the coursework you will need to take the exam which is administered by GRMI at various locations around the world or online through their proctored exam system.
The cost of taking the exam is $495 USD plus any applicable taxes or fees associated with taking it at a specific location or online proctoring service. Upon successful completion of both parts of the program you will receive your Certified Risk Manager designation from GRMI along with a certificate and digital badge that can be used on resumes and other professional documents.
7. Chartered Alternative Investment Analyst (CAIA)
Chartered Alternative Investment Analyst (CAIA) is a professional designation offered by the Chartered Alternative Investment Analyst Association (CAIAA). It is the highest level of certification for those working in alternative investments, such as hedge funds, private equity, and commodities. The CAIA designation is designed to provide a comprehensive understanding of alternative investments and their associated risks and rewards.
It takes an average of 18-24 months to complete the program. To get the CAIA designation, you must first pass two exams: Level I and Level II. After passing both exams, you must submit an application for membership to the CAIAA. Once accepted, you will receive your official designation certificate.
The cost of obtaining the CAIA designation depends on several factors including your country of residence, whether or not you are a member of the CAIAA, and if you are taking advantage of any discounts or promotions available. Generally speaking, it can cost anywhere from $2,000-$4,000 USD to obtain the CAIA designation.
8. Certified Treasury Professional (CTP)
Certified Treasury Professional (CTP) is a professional certification program offered by the Association for Financial Professionals (AFP). The CTP certification is designed to recognize and validate the knowledge, skills, and abilities of treasury professionals. It is an internationally recognized credential that demonstrates mastery of the core concepts of treasury management.
The CTP certification program requires applicants to have at least three years of relevant work experience in finance or treasury management. Candidates must also pass a comprehensive exam that covers topics such as cash management, financial risk management, international finance, corporate finance, and investment management.
It typically takes about three months to prepare for the CTP exam. Candidates should plan on spending around 100 hours studying for the exam. A variety of study materials are available from AFP and other sources to help candidates prepare for the exam.
The cost of obtaining the CTP certification varies depending on whether you are an AFP member or non-member. For AFP members, the cost is $795 USD while non-members pay $995 USD.
9. Chartered Financial Consultant (ChFC)
Chartered Financial Consultant (ChFC) is a professional designation awarded by The American College of Financial Services. It is designed to provide financial advisors with the knowledge and skills to help clients plan for their financial future.
The ChFC program consists of eight courses, each focusing on a different aspect of financial planning. These courses cover topics such as investments, retirement planning, insurance, estate planning, and taxation. Upon completion of the program, students will have gained an understanding of how to develop comprehensive financial plans for their clients.
It typically takes about two years to complete the ChFC program in its entirety. However, some students may be able to complete it in less time if they are able to attend classes at an accelerated pace or take advantage of online learning opportunities.
In order to become a Chartered Financial Consultant (ChFC), you must first pass all eight courses required for the designation. You must also have three years of relevant experience in the field and pass an ethics exam administered by The American College of Financial Services.
The cost of obtaining the ChFC designation varies depending on where you take your classes and which materials you purchase for study purposes. Generally speaking, it can cost anywhere from $2,000-$4,000 USD to complete the program in its entirety.
10. Certified Credit Union Executive (CCUE)
Certified Credit Union Executive (CCUE) is a professional certification program designed to recognize and enhance the knowledge and expertise of credit union executives. The CCUE designation is awarded to individuals who demonstrate a mastery of credit union operations, management, and leadership.
The program consists of three parts: an online assessment, a course of study, and an exam. The online assessment helps determine whether an individual has the necessary background to pursue the CCUE designation. The course of study consists of four modules that cover topics such as financial management, strategic planning, marketing, and technology in credit unions. Finally, the exam tests an individual’s knowledge and understanding of these topics.
It typically takes about 12-18 months to complete all requirements for the CCUE designation. To get started on the path to earning your CCUE designation, you must first complete the online assessment. After completing the assessment, you will be provided with information on how to register for the course of study and take the exam.
The cost for pursuing your CCUE designation varies depending on where you are located and which organization you choose to pursue it through. Generally speaking, it can range from $1,500-$2,500 USD depending on which organization you choose to pursue it through.
11. Certified Bank Auditor (CBA).
Certified Bank Auditor (CBA) is a professional certification program offered by the Institute of Certified Bank Auditors (ICBA). It is designed to recognize individuals who have achieved a high level of proficiency in bank auditing. The CBA designation is an internationally recognized credential that demonstrates an individual’s expertise and commitment to the banking industry.
The CBA program consists of two parts: a comprehensive online course and an exam. The online course covers topics such as financial statement analysis, internal control systems, risk management, audit procedures, and regulatory compliance. The exam tests an individual’s knowledge and understanding of the topics covered in the course.
It typically takes approximately six months to complete the CBA program. During this time, individuals should devote at least 20 hours per week to studying for the exam. Additionally, they should participate in practice exams and review sessions in order to prepare for the actual test.
The cost of the CBA program varies depending on whether or not you are already a member of ICBA. For non-members, it costs $1,295 USD; for members, it costs $995 USD.
To get started with the CBA program, individuals must first register with ICBA and pay the appropriate fee. Once registered, they can access all of the materials necessary to study for the exam including online courses, practice exams and review sessions. After successfully completing all requirements for the program, individuals will be awarded their CBA designation from ICBA.
Do You Really Need a Lending Manager Certificate?
The answer to this question depends on the individual's career goals and current job. For those who are considering a career as a lending manager, a certificate program can be beneficial in preparing them for the role. It can provide entry-level knowledge and skills necessary to understand the complexities of loan origination and management. Additionally, it can give individuals an edge when applying for positions within the lending industry.
For those already working in the field, a certificate may be beneficial in furthering their education and staying up-to-date on changes in regulations, procedures, and technologies that affect loan origination and management. It may also help them demonstrate their commitment to professional development to employers or potential employers.
Ultimately, whether or not someone needs a lending manager certificate should be determined by their individual circumstances. Those considering entering the field may find it helpful for obtaining employment while those already employed may find it beneficial for expanding their knowledge base.
Related: Lending Manager Resume Examples
FAQs About Lending Manager Certifications
1. What is a Lending Manager Certification?
Answer: A Lending Manager Certification is a professional credential that demonstrates an individual’s knowledge and ability to manage loan portfolios. It is awarded by the Mortgage Bankers Association (MBA) and is considered the gold standard in lending management certifications.
2. How do I become certified as a Lending Manager?
Answer: To become certified as a Lending Manager, you must complete the MBA’s Loan Portfolio Management (LPM) course and pass its associated exam. You must also meet certain prerequisites such as having two years of experience in loan portfolio management or related fields.
3. What topics are covered in the Loan Portfolio Management course?
Answer: The Loan Portfolio Management course covers topics such as credit analysis, risk management, financial analysis, capital markets, and portfolio strategy development.
4. How often do I need to renew my certification?
Answer: Your certification must be renewed every three years through continuing education credits or by retaking the exam.
5. Are there other certifications available for lending managers?
Answer: Yes, there are several certifications available from organizations such as the American Bankers Association (ABA) and Certified Mortgage Banker Institute (CMB).