Top 10 Loan Assistant Certifications

Certifications are important for loan assistants because they demonstrate a level of knowledge and expertise in the field. Employers look for certified loan assistants who have experience and can provide quality service to customers. Certifications also show that the loan assistant is committed to staying up-to-date on the latest industry trends and regulations, which is essential in this fast-paced and ever-changing sector. Furthermore, certifications can help potential employers differentiate between applicants, as those with certifications may be more likely to have superior skills and knowledge. Ultimately, certifications are a great way for loan assistants to stand out from other job candidates and increase their chances of getting hired.

The purpose of this article is to review and explain how the top certifications for Loan Assistants can enhance their career prospects.

What are Loan Assistant Certifications?

Loan Assistant Certification is a certification program designed to provide loan officers with the skills and knowledge needed to effectively assist in the loan process. It is offered by organizations such as the Mortgage Bankers Association (MBA) and includes courses on topics like loan processing, underwriting, compliance, customer service, and more. This certification can help loan officers gain a better understanding of the entire lending process and how they can best assist customers throughout it. By becoming certified, loan officers are able to demonstrate their commitment to providing quality service to their clients while also staying up-to-date on industry regulations and trends. This can help them build trust with customers and increase their chances of success in obtaining loans for them. Additionally, having this certification may give them an advantage over other loan officers when competing for jobs or promotions within the industry.

Pro Tip: Research and understand the requirements for loan assistant certification in your state before applying. Many states require completion of a certain number of hours of training and a passing score on an exam to become certified. Additionally, some states may also require additional certifications or licensing for specific types of loan assistance.

Related: What does a Loan Assistant do?

Top 10 Loan Assistant Certifications

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

1. Certified Loan Officer (CLO)

A Certified Loan Officer (CLO) is a professional designation for loan officers who have met the educational and experience requirements set by the National Association of Mortgage Professionals (NAMB). The CLO certification is designed to provide assurance that loan officers have the knowledge and skills needed to assist consumers in making informed decisions about their mortgage financing.

The CLO certification requires a minimum of two years of experience as a loan officer, completion of an approved NAMB course, passing of an exam, and successful completion of continuing education courses every two years. The exam covers topics such as federal regulations, loan products, underwriting guidelines, and consumer protection laws.

To become a Certified Loan Officer, you must first meet the eligibility requirements set by NAMB. Once you meet these requirements, you can register for the CLO exam online or through your local NAMB chapter. The cost of registration varies depending on where you take the exam but typically ranges from $50-$100. Additionally, there may be additional fees associated with taking the exam such as travel expenses or study materials.

Once registered for the exam, it typically takes around four weeks to receive your results. If you pass the exam, you will be awarded your CLO certification which is valid for two years before needing to renew it with additional continuing education courses.

2. Certified Mortgage Banker (CMB)

Certified Mortgage Banker (CMB) is a professional designation that recognizes individuals who have achieved a high level of knowledge and experience in the mortgage banking industry. It is awarded by the Mortgage Bankers Association (MBA). To obtain the CMB designation, applicants must meet certain requirements including:

• Have at least three years of experience in the mortgage banking industry;
• Have completed an approved course of study;
• Pass an examination administered by the MBA; and
• Be a member in good standing with the MBA.

The CMB program consists of four courses which are offered online or through self-study materials. The courses cover topics such as mortgage origination, secondary markets, servicing and compliance. The cost for each course ranges from $250 to $500 depending on whether you take it online or via self-study materials. Additionally, there is an application fee of $200 and an exam fee of $200. The entire process typically takes between 4-6 months to complete.

3. Certified Mortgage Planning Specialist (CMPS)

Certified Mortgage Planning Specialist (CMPS) is a professional designation awarded to mortgage professionals who have completed an extensive course of study and passed a comprehensive exam. The CMPS designation is administered by the National Association of Mortgage Planners (NAMP).

The CMPS program is designed to help mortgage professionals understand the complexities of today’s mortgage market, including loan origination, underwriting, servicing and secondary markets. It also covers topics such as financial planning, investment analysis, real estate law and taxation.

The program consists of eight courses totaling 40 hours of instruction. Each course must be completed within one year in order to receive the CMPS designation. The cost for the entire program is $1,495, which includes all materials and the exam fee.

In order to qualify for the CMPS designation, applicants must have at least three years of experience in the mortgage industry or related field and must pass an exam covering all eight courses. The exam consists of 100 multiple-choice questions that must be completed within two hours. All applicants must also adhere to a code of ethics established by NAMP in order to maintain their CMPS status.

Once you have successfully completed all requirements for the CMPS designation, you will receive a certificate from NAMP recognizing your achievement and authorizing you to use the “CMPS” initials after your name.

4. Certified Residential Mortgage Professional (CRMP)

Certified Residential Mortgage Professional (CRMP) is a designation given by the National Association of Mortgage Professionals (NAMP). It is an industry-recognized certification that recognizes mortgage professionals who have demonstrated a high level of knowledge and expertise in the residential mortgage industry.

The CRMP designation requires applicants to complete an extensive training program and pass a rigorous examination. The coursework covers topics such as loan origination, underwriting, servicing, compliance, and risk management. In addition to the training coursework, applicants must also meet certain experience requirements and demonstrate ethical conduct.

To obtain the CRMP designation, applicants must complete all required coursework and pass the exam within two years of enrolling in the program. The program typically takes six to eight months to complete depending on the individual's schedule and availability.

The cost for obtaining the CRMP designation varies depending on whether you choose to take the online or classroom-based courses. The online courses typically cost around $1,000 while classroom-based courses can range from $2,500 to $3,000.

5. Certified Home Equity Conversion Mortgage Professional (CHECMP)

A Certified Home Equity Conversion Mortgage Professional (CHECMP) is a professional who has been certified by the National Reverse Mortgage Lenders Association (NRMLA). This certification requires that the individual has completed an approved education program and passed a comprehensive exam. The CHECMP designation is intended to demonstrate that the individual has the knowledge and expertise necessary to provide quality advice and counsel on reverse mortgages.

A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM), is a loan product designed for homeowners 62 years of age or older. It allows them to access their home equity without having to make monthly payments. Instead, they receive either a lump sum, regular payments, or both. The loan does not have to be repaid until the borrower moves out of the home permanently or passes away.

The process of obtaining a reverse mortgage typically takes between 30-45 days from start to finish. The first step is for the homeowner to meet with a CHECMP who can explain all aspects of the loan and answer any questions they may have. The homeowner will then need to submit an application along with various documents such as proof of income, credit report, appraisal, etc. Once these documents are received and reviewed by the lender, they will issue an approval decision within 7-10 business days.

The cost associated with obtaining a reverse mortgage vary depending on factors such as location and type of loan product selected. Generally speaking, closing costs can range anywhere from $2,000-$6,000 depending on those factors mentioned above. These costs typically include origination fees, appraisal fees, title insurance fees and other miscellaneous charges related to closing the loan transaction.

In summary, Certified Home Equity Conversion Mortgage Professionals (CHECMPs) are individuals who have been certified by NRMLA in order to provide quality advice regarding reverse mortgages for senior homeowners aged 62 years or older. The process typically takes between 30-45 days from start to finish and can cost anywhere from $2,000-$6,000 in closing costs depending on various factors such as location and type of loan product selected.

6. FHA/VA Direct Endorsement Underwriter (DEU)

FHA/VA Direct Endorsement Underwriter (DEU) is a certification issued by the U.S. Department of Housing and Urban Development (HUD) that allows mortgage lenders to approve FHA and VA loan applications without prior review from HUD.

Getting DEU certification requires applicants to take an approved training course and pass a comprehensive exam. The training course typically takes around two weeks to complete, depending on the complexity of the material and the applicant’s ability to learn it.

The cost of obtaining DEU certification varies depending on the provider offering the training course, but can range anywhere from $1,000-$2,500. It is important to research different providers in order to find one that offers quality training at an affordable price.

In addition to taking a training course, applicants must also pass a comprehensive exam administered by HUD in order to receive their DEU certification. This exam tests an applicant’s knowledge of FHA and VA loan processing procedures as well as their understanding of federal regulations related to mortgage lending. Once an applicant passes this exam, they will be issued their DEU certification which is valid for three years before needing renewal.

7. National Mortgage Licensing System and Registry (NMLS)

The National Mortgage Licensing System and Registry (NMLS) is an online system that provides a central registry of all mortgage loan originators (MLOs). It is a secure, web-based platform administered by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR). The NMLS was created to improve consumer protection in the mortgage industry by providing uniform licensing standards for MLOs.

It typically takes between four to six weeks for an individual to receive their NMLS license after submitting their application. To apply for an NMLS license, individuals must first register with the NMLS, complete a criminal background check, submit fingerprints, complete pre-licensing education courses and pass a licensing exam.

The cost to obtain an NMLS license varies depending on the state in which you are applying. Generally, applicants should expect to pay fees ranging from $50-$500 for registration and background checks as well as additional fees for pre-licensing courses and exams.

8. National Association of Mortgage Brokers Certification Program

The National Association of Mortgage Brokers (NAMB) Certification Program is a program that provides a set of standards for mortgage brokers to adhere to in order to become certified. The program is designed to ensure that mortgage brokers have the knowledge and skills necessary to provide quality services to their clients.

To get certified, applicants must first complete an online application and pay the applicable fee. Once the application is approved, applicants must pass a series of exams that cover topics such as loan origination, underwriting, ethics, and state-specific laws. The exams are administered by Prometric Testing Centers located throughout the United States.

The certification process typically takes between three and six months depending on how quickly applicants can complete all of the required steps. Applicants should plan on spending approximately 20 hours studying for each exam they take as part of the certification process.

The cost of becoming certified varies depending on which type of certification you are seeking and which state you live in. Generally speaking, it costs around $500-$600 for NAMB’s Certified Mortgage Loan Originator (CMLO) designation and around $1,000 for its Certified Mortgage Banker (CMB) designation.

9. American Bankers Association Accredited Lending Professional

The American Bankers Association Accredited Lending Professional (ABA-ALP) is a professional certification that recognizes individuals who have demonstrated a mastery of the knowledge and skills necessary to successfully originate, underwrite, and manage consumer, commercial, and real estate loan portfolios. This certification is offered through the American Bankers Association (ABA) and is designed to help lenders stay up-to-date on industry best practices, regulations, and trends.

It typically takes between 6-12 months to complete the ABA-ALP program. The program consists of five modules that are completed in sequence: Loan Origination & Documentation; Underwriting & Credit Analysis; Risk Management & Compliance; Portfolio Management & Monitoring; and Loan Servicing. Each module includes online courses with quizzes and assessments as well as an online exam that must be passed before moving onto the next module.

To get started on the ABA-ALP certification process, you will need to register for the program through the ABA website. There is an application fee of $50 that must be paid at this time. After registering for the program, you will receive access to all five modules which can be completed at your own pace within 12 months from registration date.

Once all five modules have been completed, you will need to take a final exam which covers all material presented in each module. Upon passing this exam with a score of 80% or higher, you will receive your official ABA-ALP certification along with a certificate of completion from the ABA.

The cost of becoming an ABA-ALP certified professional varies depending on whether or not you are already an ABA member when registering for the program. For non-members, there is an initial application fee of $50 plus a total cost of $1125 for completing all five modules ($225 per module). For current members of the ABA, there is no additional application fee but they still must pay $1125 for completing all five modules ($225 per module).

10. American Institute of Financial Education Loan Originator Certification

The American Institute of Financial Education Loan Originator Certification (AIFELOC) is a certification program designed to help loan originators become more knowledgeable and proficient in their field. It is recognized by the National Mortgage Licensing System (NMLS) as a valid certification for loan originators.

The AIFELOC program consists of four courses: Introduction to Loan Origination, Loan Origination Process, Risk Management and Regulatory Compliance, and Advanced Loan Origination. Each course takes approximately 8-10 hours to complete. After completing all four courses, you will receive your AIFELOC certification.

To get the AIFELOC certification, you must first register for the program online through the AIFELOC website. You will then be required to pay a one-time fee of $199 USD in order to access the course materials and take the exams. Once you have completed all four courses and passed the exams with a score of 80% or higher, you will receive your AIFELOC certification.

Overall, it should take approximately 32-40 hours to complete the entire AIFELOC program and receive your certification.

Do You Really Need a Loan Assistant Certificate?

The answer to this question really depends on the individual’s goals and circumstances. While a Loan Assistant Certificate may be beneficial for those looking to pursue a career as a Loan Officer, it is not necessarily required in order to secure a loan. In some cases, banks or other lenders may require that their loan officers have a certificate, but each lender will have their own requirements.

For individuals who are considering a career as a Loan Officer, having a Loan Assistant Certificate can be extremely beneficial. It can open up the opportunity to work with more lenders and increase your chances of being hired. The certificate also shows potential employers that you have taken the initiative to understand the industry and are knowledgeable about loan products, credit policies, and related regulations. It also demonstrates that you possess the necessary skills for this profession such as problem solving, customer service, and financial analysis.

However, for those who are simply looking for assistance with obtaining a loan or refinancing an existing one, having a Loan Assistant Certificate may not be necessary. Some lenders may prefer applicants who have had formal training in the industry but most will accept applications from anyone who meets certain criteria such as credit score and income requirements.

In conclusion, whether or not you need a Loan Assistant Certificate really depends on your individual goals and circumstances. For those looking to pursue a career in the field of loans and finance, having this certification could prove beneficial in demonstrating your knowledge and commitment to the industry. However, if you are simply seeking assistance with obtaining or refinancing an existing loan then it is likely not necessary to obtain this certification.

Related: Loan Assistant Resume Examples

FAQs About Loan Assistant Certifications

1. What is a Loan Assistant Certification?

Answer: A Loan Assistant Certification is a credential that demonstrates the holder has met certain educational and professional qualifications to work in the loan industry. It typically requires passing an exam and completing an approved course of study.

2. What are the benefits of obtaining a Loan Assistant Certification?

Answer: Obtaining a Loan Assistant Certification can help you stand out from other job applicants, demonstrate your knowledge of the loan industry, and increase your earning potential. It can also open up new opportunities for career advancement in the loan sector.

3. How long does it take to get certified as a Loan Assistant?

Answer: The time frame for obtaining certification varies depending on the institution offering the certification program, but generally it takes between 6 months to 1 year to complete all requirements for certification.

4. What does a Loan Assistant do?

Answer: A Loan Assistant works with lenders and borrowers to ensure that loans are processed efficiently and accurately. They may be responsible for verifying documents, preparing paperwork, providing customer service, or assisting with loan applications and closings.

5. Is there ongoing education required to maintain my Loan Assistant Certification?

Answer: Yes, most certifications require continuing education units (CEUs) to maintain their validity. Check with your certification provider for details on their specific requirements for CEUs and how often they must be completed in order to keep your certification active.