Top 10 Loan Closer Certifications

Certifications are important for a loan closer in the job market because they demonstrate knowledge and proficiency in the field. They provide employers with an indication that the loan closer has met certain standards of competence and is qualified to handle complex financial transactions. Furthermore, certifications can give a loan closer an advantage when competing for jobs or negotiating salary. In addition, by obtaining certifications, a loan closer can stay up-to-date with industry trends and best practices, which can help them remain competitive in the job market.

The purpose of this article is to review some of the top certifications for Loan Closers and explain how they can help advance a loan closer's career.

What are Loan Closer Certifications?

Loan closer certification is a type of professional certification for loan closers. Loan closers are responsible for ensuring that all of the details related to a given loan transaction are handled accurately and efficiently. The goal of loan closer certification is to provide assurance to employers and clients that loan closers have the necessary skills, knowledge, and experience to effectively manage the closing process.

Loan closer certification helps ensure that loan closers are able to properly handle the complexities associated with closing loans. It also helps ensure that loan closers have an understanding of all applicable laws and regulations related to their profession, as well as up-to-date knowledge of industry trends and best practices. Additionally, it can provide assurance to employers and clients that a given loan closer is qualified and experienced enough to be trusted with important financial decisions. Finally, having a certified loan closer on staff can help organizations differentiate themselves from competitors in a competitive market.

Pro Tip: When considering loan closer certification, look for courses that provide comprehensive training and support, such as those offered by the American Association of Professional Loan Closers. This will ensure you have the necessary knowledge and skills to become a successful loan closer.

Related: What does a Loan Closer do?

Top 10 Loan Closer Certifications

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

1. Certified Mortgage Loan Closer (CMLC)

Certified Mortgage Loan Closer (CMLC) is a professional designation that recognizes individuals who have demonstrated expertise in the closing process of mortgage loans. The CMLC designation is awarded by the National Association of Mortgage Processors (NAMP).

To obtain the CMLC designation, applicants must complete an online course and pass an exam administered by NAMP. The course covers topics such as loan closing documents, title insurance, escrow accounts, loan origination fees, and other related topics. It typically takes about 8-10 hours to complete the course and pass the exam.

The cost of obtaining the CMLC designation varies depending on whether you are a member of NAMP or not. For non-members, it costs $399 for the course and exam. For members, it costs $299 for the course and exam.

2. Certified Loan Closing Specialist (CLCS)

A Certified Loan Closing Specialist (CLCS) is a professional designation that demonstrates expertise in the loan closing process. The CLCS designation is awarded by the National Association of Mortgage Processors (NAMP) after a successful completion of their certification program. This program focuses on the legal, regulatory and operational aspects of loan closings.

The certification process typically takes between 4-6 weeks to complete, depending on the individual’s progress and availability. To obtain the CLCS designation, an individual must first register for the NAMP Certification Program and pay a fee of $299. After registration is complete, they will be given access to a variety of online courses and materials related to loan closing processes. Upon successful completion of all required coursework and exams, they will receive their CLCS certification.

The CLCS designation is beneficial for individuals who are looking to demonstrate their knowledge in loan closings or advance their careers in mortgage processing or banking. It also provides employers with assurance that employees have been trained in industry best practices related to loan closings.

3. Certified Residential Mortgage Closer (CRMC)

Certified Residential Mortgage Closer (CRMC) is a professional designation that is earned by mortgage professionals who have demonstrated a high level of knowledge and experience in the field of residential mortgage closing. The CRMC designation is offered by the National Association of Mortgage Underwriters (NAMU).

To become a Certified Residential Mortgage Closer, individuals must meet certain eligibility criteria, including having at least two years of experience as a mortgage loan closer or processor. They must also pass an exam that covers topics such as loan documents, title insurance, closing procedures, and post-closing requirements.

The exam consists of 100 multiple-choice questions and takes approximately three hours to complete. It is offered twice each year in April and October. The cost for the exam is $400 for NAMU members and $500 for non-members.

Once an individual has passed the exam, they will receive their CRMC designation from NAMU. This designation can be used to demonstrate expertise in the field of residential mortgage closing and may help individuals secure higher positions or higher pay rates within their current job.

4. Certified Loan Officer (CLO)

A Certified Loan Officer (CLO) is a professional designation awarded to mortgage loan officers who have successfully completed an approved course of study and passed an exam. The CLO designation is administered by the National Association of Mortgage Brokers (NAMB).

The CLO program consists of two courses, both of which must be completed in order to receive the certification. The first course is a six-hour online course that covers topics such as loan origination, underwriting, and compliance. The second course is a three-hour classroom course that focuses on ethics, consumer protection laws, and state regulations.

To get the CLO designation, you must complete both courses and pass the exam with a score of 70% or higher. The cost for both courses and the exam is $225 USD. It typically takes about 8-10 weeks to complete the program from start to finish.

5. Certified Mortgage Banker (CMB)

Certified Mortgage Banker (CMB) is a professional designation awarded by the Mortgage Bankers Association (MBA) to mortgage banking professionals who demonstrate a high level of knowledge and experience in the field. The CMB designation is a mark of excellence that signifies an individual’s commitment to continuing education, ethical standards, and industry best practices.

The CMB program consists of three parts: an online application, an exam, and continuing education requirements. To be eligible for the CMB program, applicants must have at least two years of full-time mortgage banking experience and must possess either a bachelor’s degree or equivalent work experience.

The application process takes approximately four weeks to complete. Once the application is approved, applicants can register for the CMB exam which is offered twice a year in April and October. The exam consists of 150 multiple-choice questions covering topics such as mortgage origination, secondary market operations, loan servicing, underwriting/credit analysis, regulatory compliance, and more.

The cost to apply for the CMB program varies depending on your membership status with MBA; non-members pay $450 while members pay $350. Additionally, there are fees associated with registering for the exam ($395) as well as annual renewal fees ($150).

6. Certified Mortgage Servicing Professional (CMSP)

Certified Mortgage Servicing Professional (CMSP) is a professional designation offered by the National Association of Mortgage Servicers (NAMMS). The CMSP is designed to recognize individuals who demonstrate a high level of knowledge and proficiency in mortgage servicing.

The certification requires applicants to pass an exam that covers topics such as loan origination, loan servicing, foreclosure prevention, loss mitigation, and regulatory compliance. It also requires applicants to have at least two years of experience in the mortgage servicing industry.

It typically takes between six months and one year to complete the program and obtain the CMSP designation. The cost of the program varies depending on where you take it but generally ranges from $500-$1000. To get certified, applicants must first register with NAMMS and then complete an online application form. After submitting their application, they will be required to take an online exam which consists of multiple-choice questions covering all aspects of mortgage servicing. Once they pass the exam, they will receive their certificate and can begin using their CMSP designation.

7. 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) to provide guidance and advice on reverse mortgages. This certification requires that the individual has completed an approved course of study, passed a comprehensive exam, and agrees to adhere to NRMLA's Code of Ethics.

The process for obtaining CHECMP certification typically takes about two weeks. To become certified, you must first complete an approved course of study which can be completed online or in-person. After completing the course, you will need to take and pass the CHECMP Certification Exam. The exam consists of multiple-choice questions and covers topics such as reverse mortgage products, eligibility requirements, loan origination processes, counseling requirements, and more. Once you have passed the exam, you will be issued your CHECMP certification.

The cost for becoming a CHECMP varies depending on where you take your course of study and whether you are taking it online or in-person. Generally speaking, courses range from $200 - $500 USD. In addition to this cost, there may also be additional fees associated with taking the certification exam such as registration fees or proctoring fees if applicable.

Once certified as a CHECMP professional, you will be able to provide guidance and advice on reverse mortgages in accordance with NRMLA's Code of Ethics. As a CHECMP professional, you will also have access to resources such as webinars and other educational materials related to reverse mortgages that can help keep you up-to-date on industry changes and trends.

8. American Bankers Association's National Certification in Consumer Lending (NCCL)

The American Bankers Association’s National Certification in Consumer Lending (NCCL) is a professional certification program designed to recognize individuals with the knowledge and skills necessary to succeed in consumer lending. The program provides a comprehensive education in consumer lending, including topics such as loan origination, underwriting, servicing, collections, and compliance.

To obtain the NCCL certification, applicants must complete two courses: the NCCL Core Course and the NCCL Specialty Course. The Core Course is an online course that covers all aspects of consumer lending and takes approximately 10 hours to complete. The Specialty Course is an online or instructor-led course that focuses on a particular area of consumer lending and takes approximately 5 hours to complete.

The cost of obtaining the NCCL certification varies depending on the type of course taken. The online Core Course costs $299 for ABA members ($399 for non-members), while the online Specialty Courses cost $99 for ABA members ($149 for non-members). In addition, there are instructor-led courses available at select locations around the country that cost $495 for ABA members ($595 for non-members).

Once both courses have been completed, applicants must pass an exam to receive their certification. The exam consists of 60 multiple choice questions and takes approximately 90 minutes to complete. Upon passing the exam, applicants will receive their official NCCL certificate from the American Bankers Association.

9. National Notary Association's Signing Agent Certification Program

The National Notary Association's Signing Agent Certification Program is an online certification program designed to ensure that notaries public are qualified to serve as signing agents. Signing agents are responsible for verifying the identity of signers, ensuring they understand the documents they are signing, and witnessing their signatures.

The program consists of two parts: a background check and an online course. The background check is completed by NNA-approved vendors and includes a criminal record search, verification of identity, and verification of notary commission status. The online course covers topics such as notary law, best practices for signing agent services, and fraud prevention.

It typically takes about 4-6 weeks to complete the Signing Agent Certification Program. To get started, applicants must first register with the NNA and submit their background check paperwork. After completing the background check process, applicants can then begin taking the online course.

The cost for the Signing Agent Certification Program varies depending on which state you live in but generally ranges from $50-$100 plus any applicable state fees or taxes.

10. FHA/VA Direct Endorsement Underwriter Certification

FHA/VA Direct Endorsement Underwriter Certification is a certification program administered by the U.S. Department of Housing and Urban Development (HUD) that allows mortgage lenders to underwrite FHA and VA loans without prior HUD approval. This certification program is designed to ensure that mortgage lenders have the knowledge and expertise necessary to properly underwrite FHA and VA loans.

The certification process typically takes about two weeks, depending on the complexity of the application. To become certified, applicants must first complete an online application, which includes providing information about their experience in mortgage lending, their education background, and any applicable licenses or certifications. After submitting the application, applicants must pass a written exam that tests their knowledge of FHA and VA loan requirements. Once they pass the exam, they will receive their certification from HUD.

The cost of obtaining FHA/VA Direct Endorsement Underwriter Certification varies depending on the lender’s specific requirements. Generally speaking, it can range anywhere from $500-$2,000 for the entire process.

Do You Really Need a Loan Closer Certificate?

Whether or not you need a loan closer certificate depends on the type of loan you are closing. A loan closer certificate is usually required for certain types of loans, such as mortgages and commercial loans. The certificate is a document that verifies that the loan has been closed and all the paperwork has been completed correctly. It also serves to protect the lender from any potential liability related to the loan closing process.

Having a loan closer certificate can be beneficial in some cases, as it can give lenders more confidence that the loan has been properly closed and all legal requirements have been met. It can also help lenders avoid potential financial losses due to mistakes made during the closing process. However, not all types of loans require a loan closer certificate, so it’s important to understand what type of loan you are closing before deciding whether or not one is necessary.

In general, if you are working in a field that involves mortgage or commercial loans, then having a loan closer certificate would be beneficial for both you and your clients. However, if you are working with other types of loans, such as personal loans or student loans, then it may not be necessary to obtain one. Ultimately, it’s up to you and your employer to decide if obtaining a loan closer certificate is necessary for your job duties.

Related: Loan Closer Resume Examples

FAQs About Loan Closer Certifications

1. What is a Loan Closer Certification?

Answer: A Loan Closer Certification is an official certification that verifies a person has the necessary knowledge and experience to accurately close a loan transaction.

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

Answer: To become certified as a Loan Closer, you must complete an approved training program, pass an examination and meet any other requirements set by your state or local government.

3. What are the benefits of having a Loan Closer Certification?

Answer: The benefits of having a Loan Closer Certification include being able to demonstrate your knowledge and competence in loan closing processes, gaining recognition from employers and increasing your earning potential.

4. Are there any continuing education requirements for maintaining my Loan Closer Certification?

Answer: Yes, most states and organizations require that you complete continuing education courses in order to maintain your certification.

5. Is the Loan Closer Certification valid in all states?

Answer: No, each state may have different requirements for loan closers so it is important to check with your local government or organization to make sure that your certification will be valid in the state where you plan to work.