Top 11 Loan Administrator Certifications

Certifications for a loan administrator are important in the job market because they demonstrate the knowledge and experience needed to be successful in the position. They also show potential employers that the individual has taken the time to learn and understand the loan industry, giving them an edge over other candidates who may not have certification. Certification also gives employers confidence that their employees know what they are doing, reducing potential risks and improving customer service. Finally, certifications can often lead to higher pay or better job opportunities, making them an attractive addition to any loan administrator’s resume.

The purpose of this article is to review the top certifications for Loan Administrators and explain how they can enhance a loan administrator's career.

What are Loan Administrator Certifications?

Loan administrator certification is a professional designation that demonstrates an individual's knowledge and experience in loan administration. It is designed to provide the necessary skills needed to effectively manage the process of administering loans. This type of certification can help professionals gain recognition and advance their careers in the field of loan servicing and management.

The certification program typically includes courses on topics such as loan origination, credit analysis, underwriting, collateral management, compliance, fraud prevention and risk management. These courses teach individuals how to properly assess borrowers' creditworthiness, analyze financial documents and analyze risk factors associated with different types of loans. Professionals who possess this certification are better equipped to handle complex transactions, understand regulations and ethics related to loan servicing, and make sound decisions regarding loan processing.

In addition to providing individuals with the necessary skills needed for a successful career in loan administration, this certification can also be beneficial for employers. Hiring a certified loan administrator shows potential clients that an organization is committed to providing quality customer service and has taken steps toward improving its internal processes. This can ultimately lead to increased business opportunities as well as lower default rates on loans managed by the organization.

Pro Tip: Make sure to research the requirements for loan administrator certification in your state or country before registering for a course. Ensure that the certification you are pursuing is recognized and accepted by local regulatory bodies, as this will impact your ability to practice in your area.

Related: What does a Loan Administrator do?

Top 11 Loan Administrator Certifications

Here’s our list of the best certifications available to Loan Administrators today.

1. Certified Loan Administrator (CLA)

A Certified Loan Administrator (CLA) is a professional designation that recognizes individuals who have demonstrated a high level of expertise in loan administration. The CLA credential is offered by the National Association of Credit Management (NACM), and it is designed to provide loan administrators with the knowledge and skills needed to effectively manage loan portfolios.

The CLA program consists of three courses, which must be completed within one year. The courses cover topics such as loan origination, underwriting, servicing, collections, and compliance. Upon completion of all three courses, candidates must pass an exam in order to receive their certification.

To become certified as a CLA, applicants must meet certain eligibility requirements. These include having at least two years of experience in loan administration or related fields, being employed by an organization that provides credit services or products, and completing the required NACM coursework.

The cost for the CLA program varies depending on the number of courses taken and whether or not you are a member of NACM. Generally speaking, the total cost for the program ranges from $1,000 - $2,500 USD.

2. Certified Mortgage Banker (CMB)

Certified Mortgage Banker (CMB) is a professional designation that recognizes mortgage professionals who have achieved a high level of knowledge and experience in the mortgage banking industry. The CMB designation is awarded by the Mortgage Bankers Association (MBA) to individuals who demonstrate expertise in the areas of residential and commercial mortgage lending, servicing, secondary marketing, and compliance.

It typically takes about two years to obtain the CMB designation. To qualify for the CMB designation, applicants must meet certain educational requirements, including completion of MBA's Graduate School of Mortgage Banking I & II or equivalent courses; pass an examination; and have at least three years of full-time experience in the mortgage banking industry.

To get started on your path to becoming a Certified Mortgage Banker (CMB), you’ll need to complete an application with MBA. Once your application has been approved, you’ll need to register for and complete MBA’s Graduate School of Mortgage Banking I & II or equivalent courses. Upon successful completion of these courses, you will be eligible to take the CMB exam which consists of 150 multiple choice questions covering topics such as loan origination, secondary marketing, servicing, and compliance. After passing the exam with a score of 70% or higher, you will receive your official CMB designation from MBA.

The cost for obtaining the CMB designation varies depending on whether you are an MBA member or non-member. For members, it costs $1,295 for both Graduate School I & II plus $195 for the exam fee; for non-members it costs $2,095 plus $195 for the exam fee.

3. Certified Financial Services Auditor (CFSA)

Certified Financial Services Auditor (CFSA) is a professional certification offered by the Institute of Internal Auditors (IIA). The CFSA credential is designed to validate the knowledge and skills of internal auditors who are responsible for performing financial services audits. This certification is ideal for professionals who want to demonstrate their expertise in this field.

It typically takes around 6-12 months to complete the requirements for the CFSA certification. The requirements include passing an exam, completing a minimum number of hours of continuing professional education, and having at least two years of experience in financial services audit or related areas.

To get the CFSA credential, you must first apply to become a member of IIA. Then you can register for the exam and begin studying for it. After successfully passing the exam, you will need to complete all other requirements within 12 months in order to receive your certificate.

The cost of getting the CFSA credential varies depending on where you live and what type of membership you choose with IIA. Generally speaking, it costs around $1,000 USD to get your CFSA certification.

4. Certified Credit Professional (CCP)

Certified Credit Professional (CCP) is a professional certification that recognizes individuals who have achieved a high level of expertise in the field of credit management. The CCP designation is awarded by the National Association of Credit Management (NACM), which is the leading provider of credit and financial management education and resources for businesses.

To become a Certified Credit Professional, applicants must meet certain educational and experience requirements, as well as pass an exam administered by NACM. Applicants must have at least three years of professional experience in credit or finance, or have completed an accredited college degree program in business, finance, accounting, or economics.

The exam consists of 150 multiple-choice questions covering topics such as credit analysis, legal aspects of credit management, accounts receivable management, collections, and risk management. The exam takes approximately four hours to complete.

The cost to take the exam is $500 for NACM members and $650 for non-members. After passing the exam, applicants will be awarded their CCP designation and receive a certificate from NACM.

5. Certified Mortgage Compliance Professional (CMCP)

Certified Mortgage Compliance Professional (CMCP) is a professional designation that recognizes the expertise and experience of individuals in the mortgage compliance industry. It is awarded by the Mortgage Bankers Association (MBA) to those who demonstrate a comprehensive understanding of the legal, regulatory and ethical aspects of mortgage banking.

To obtain the CMCP designation, applicants must meet certain criteria including having at least two years of experience in mortgage compliance, passing an examination administered by the MBA, and completing a minimum number of continuing education hours every three years. The exam covers topics such as federal and state laws, regulations, ethics and best practices related to mortgage banking.

The cost for obtaining the CMCP designation is $400 for MBA members or $500 for non-members. The cost includes registration fees, study materials and exam fees. It typically takes around six months to complete all requirements to obtain the CMCP designation.

6. Certified Loan Processor (CLP)

Certified Loan Processor (CLP) is a professional certification program offered by the National Association of Mortgage Processors (NAMP). It is designed to help loan processors develop their skills and knowledge in order to better serve their clients. The CLP certification is considered a mark of excellence in the mortgage processing industry and demonstrates that an individual has the necessary skills and knowledge to perform loan processing tasks accurately, efficiently, and ethically.

The CLP certification process consists of four components: an online application, a written exam, an oral interview, and a background check. The online application requires applicants to provide personal information such as name, address, phone number, email address, education history, work experience, and other pertinent information. Once the application is submitted and approved by NAMP’s Certification Board of Directors, applicants are sent an invitation to take the written exam. This exam tests applicants on topics such as loan processing procedures and regulations, mortgage terminology and calculations, credit analysis principles and practices, underwriting guidelines and requirements, closing procedures and documents preparation. After passing the written exam with a score of at least 70%, applicants must pass an oral interview with NAMP’s Certification Board of Directors. During this interview they will be asked questions about their work experience in loan processing as well as their understanding of various loan processing topics. Finally, all applicants must pass a background check before being certified as a Certified Loan Processor (CLP).

The entire process can take anywhere from four weeks to six months depending on how quickly you complete each step. The cost for obtaining your CLP certification varies depending on whether or not you are already employed in the mortgage industry or if you are new to it. For those who are already employed in the industry there is typically no cost associated with obtaining your CLP certification; however for those who are new to it there may be fees associated with taking classes or obtaining materials needed for studying for the exam.

7. Certified Consumer Lending Specialist (CCLS)

A Certified Consumer Lending Specialist (CCLS) is a certification that demonstrates an individual’s knowledge and expertise in consumer lending. This certification is offered by the National Association of Professional Credit Counselors (NAPCC). It is designed to help individuals better understand the complexities of consumer lending, including credit scoring, loan origination, underwriting, servicing, collections and more.

The CCLS certification typically takes about two months to complete. The program consists of five online courses covering topics such as credit law, consumer rights, loan origination and servicing, collections and compliance. Each course must be completed with a passing grade in order to receive the certification.

To get the CCLS certification, you must first register for the program through NAPCC’s website. Once registered, you can access the online courses and take them at your own pace. After completing all five courses with a passing grade, you will receive your CCLS certificate.

The cost of the CCLS certification varies depending on how many courses you need to take. For example, if you only need to take one course it will cost $99; however if you need to take all five courses it will cost $495.

8. Certified Commercial Loan Servicer (CCLS)

Certified Commercial Loan Servicer (CCLS) is a certification program developed by the National Association of Commercial Finance Brokers (NACFB). It is designed to provide loan servicers with the knowledge and skills necessary to effectively manage commercial loans and other financial instruments. The CCLS certification is a voluntary program that requires loan servicers to demonstrate their understanding of the laws, regulations, and best practices related to servicing commercial loans.

The CCLS certification process involves completing an online application and passing a comprehensive exam. The exam consists of multiple-choice questions covering topics such as loan documents, loan servicing, credit analysis, collections, bankruptcy, foreclosure, repossession, and more. Upon successful completion of the exam, applicants receive their CCLS certification.

The cost for the CCLS certification program varies depending on whether you are taking the exam online or in person. The online version costs $395 while the in-person version costs $495. Additionally, there may be additional fees associated with taking the exam in person such as travel expenses or testing center fees.

It typically takes about two weeks for applicants to receive their results after taking the exam. Once you have received your results, you will be able to access your certificate through your NACFB account.

9. Certified Mortgage Servicing Professional (CMSP)

Certified Mortgage Servicing Professional (CMSP) is a professional designation offered by the National Association of Mortgage Professionals (NAMP). It is designed to recognize mortgage professionals who have demonstrated knowledge and experience in the mortgage servicing industry. The CMSP certification requires individuals to demonstrate proficiency in areas such as loan origination, loan servicing, legal and regulatory compliance, customer service, and financial analysis.

The CMSP certification process involves taking an online exam that covers topics such as loan origination, loan servicing, legal and regulatory compliance, customer service, and financial analysis. The exam consists of multiple-choice questions and takes approximately two hours to complete. After passing the exam, individuals must submit proof of at least three years of relevant experience in the mortgage industry. Once all requirements have been met, applicants will receive their official CMSP certificate.

The cost for the CMSP certification is $399 for NAMP members or $499 for non-members. This fee covers the cost of the exam as well as any additional materials required for completion of the program.

10. Accredited Mortgage Professional (AMP)

Accredited Mortgage Professional (AMP) is a designation recognized by the Canadian Association of Accredited Mortgage Professionals (CAAMP). It is a certification that demonstrates an individual’s knowledge and expertise in the mortgage industry. It is designed to help ensure that mortgage professionals have the skills and knowledge necessary to provide quality advice and service to their clients.

To become an AMP, applicants must complete an approved program from one of CAAMP’s accredited educational institutions. The program consists of four courses: Mortgage Fundamentals, Mortgage Brokerage, Mortgage Administration and Advanced Mortgage Practices. Each course lasts approximately 10 weeks and requires a minimum grade of 70% in order to pass.

Once all four courses are completed, applicants must successfully pass a final exam administered by CAAMP. After passing the exam, applicants will be awarded their AMP designation and can begin working as a mortgage professional.

The cost of the AMP program varies depending on which institution you choose to take it through. Generally speaking, it costs around $1,500-$2,000 for the entire program including tuition fees and exam fees.

11. National Association of Mortgage Brokers Designation Program

The National Association of Mortgage Brokers (NAMB) Designation Program is a comprehensive program that helps mortgage professionals demonstrate their knowledge and commitment to the industry. The program offers designations for both new and experienced mortgage brokers, as well as continuing education courses.

The NAMB Designation Program consists of two levels: the Certified Mortgage Professional (CMP) and the Certified Mortgage Consultant (CMC). The CMP designation is designed for entry-level mortgage professionals who are just starting out in the industry. The CMC designation is intended for experienced mortgage professionals who want to expand their knowledge and expertise.

It typically takes 6-12 months to complete the NAMB Designation Program, depending on how much time you have available to dedicate to studying and completing coursework. To get started, you will need to apply online and pay an application fee of $200. Once your application has been accepted, you can begin taking courses and earning credits towards your designation.

In addition to the application fee, there are also fees associated with each course or exam that you take. Course fees vary depending on the type of course being taken, but generally range from $50-$150 per credit hour. Exam fees range from $75-$150 per exam taken.

Once you have completed all of the required courses and exams, you can submit an application for your designation. There is a one-time fee of $250 for either the CMP or CMC designation that must be paid before your application can be processed. Upon successful completion of the program, you will receive your official NAMB Designation certificate in the mail within 6-8 weeks.

Do You Really Need a Loan Administrator Certificate?

The answer to this question depends on the individual's specific career goals and aspirations. For those who are looking to become loan administrators, a certificate may be beneficial. The certificate will provide the necessary training and education needed to handle important tasks related to loan administration. It can also help demonstrate knowledge of basic principles and practices related to loan management, such as financial analysis, customer service, and risk assessment.

On the other hand, for those who already have experience in the field of loan administration or who are simply looking for a way to advance their current career in this area, obtaining a loan administrator certificate may not be necessary. Many employers require only an associate degree or equivalent experience in order to qualify for positions related to loan administration. Additionally, some employers may prefer candidates with a Bachelor’s degree in finance or business-related fields as well as additional certifications that demonstrate expertise in areas such as risk management or customer service.

Ultimately, it is up to the individual to decide if obtaining a loan administrator certificate is worth the cost and effort involved. For those who are just starting out in this field or want more formal education in order to move ahead in their careers, then obtaining a certificate could be beneficial. However, for those who already have experience and knowledge of loan administration practices, then further certification may not be necessary.

Related: Loan Administrator Resume Examples

FAQs About Loan Administrator Certifications

1. What is a Loan Administrator Certification?

Answer: A Loan Administrator Certification is a professional designation that demonstrates an individual's knowledge and expertise in the loan administration field. It is typically earned through a combination of formal education, on-the-job training and professional experience.

2. How do I become certified as a Loan Administrator?

Answer: To become certified as a Loan Administrator, you must meet certain educational requirements, complete an approved certification program, and pass the certification exam administered by the certifying organization.

3. What are the benefits of becoming certified as a Loan Administrator?

Answer: Becoming certified as a Loan Administrator can help you demonstrate to employers your knowledge and skills in the loan administration field, increase your earning potential, and open up new career opportunities.

4. How long does it take to obtain a Loan Administrator Certification?

Answer: The amount of time it takes to obtain a Loan Administrator Certification varies depending on factors such as the certifying organization, your level of experience in the loan administration field, and how much time you're willing to commit to studying for the certification exam. Generally speaking, it can take anywhere from six months to two years to become fully certified.

5. Is there an age requirement for obtaining a Loan Administrator Certification?

Answer: No, there is no age requirement for obtaining a Loan Administrator Certification; however, since some certifying organizations may require applicants to have at least two years of relevant work experience in the loan administration field, younger individuals may need additional time to meet this requirement before applying for certification.