Top 11 Loan Consultant Certifications

Certifications are important for loan consultants in the job market because they demonstrate a certain level of expertise and knowledge. They can help potential employers determine if a candidate has the skills and experience necessary to handle the job. They also show that the loan consultant is committed to staying up-to-date on industry trends and developments, which can be invaluable when working with clients. Certifications can also open doors to higher paying positions within the same organization or at other organizations, as well as give a loan consultant an edge when competing for jobs against other qualified applicants.

The purpose of this article is to provide an overview of the top certifications for Loan Consultants and how they can benefit a Loan Consultant's career.

What are Loan Consultant Certifications?

Loan consultant certification is a type of professional designation that recognizes individuals who have the knowledge and skills needed to work as loan consultants. Loan consultants are responsible for providing advice to clients on all aspects of the loan process, including the terms and conditions of loans, the types of loans available, and the best options for their particular situation. They may also be responsible for helping clients find lenders, negotiate loan terms, and complete loan applications.

Certification can help potential loan consultants demonstrate their commitment to professionalism in this field and prove that they have the necessary knowledge and experience to provide quality service. Certification can also help them stand out from other applicants in a competitive job market. By taking courses and obtaining certification, loan consultants can show employers that they are well-versed in all aspects of the loan process and have a thorough understanding of relevant laws and regulations. Additionally, certified loan consultants may be eligible for additional benefits such as discounts on services or products related to lending. Finally, certification may provide access to exclusive networking opportunities which can lead to more lucrative prospects.

Pro Tip: If you are considering a loan consultant certification, look for programs that have been accredited by an independent organization, such as the National Association of Mortgage Brokers (NAMB) or the National Mortgage Licensing System (NMLS). Accreditation ensures that the certification program meets high standards and provides quality education.

Related: What does a Loan Consultant do?

Top 11 Loan Consultant Certifications

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

1. Certified Mortgage Loan Originator (CMLO)

A Certified Mortgage Loan Originator (CMLO) is a professional who assists borrowers in obtaining mortgage loans. CMLOs are responsible for helping borrowers understand the loan process, explaining the different types of mortgages available, and helping them select the best loan product for their needs. CMLOs must be licensed by the Nationwide Mortgage Licensing System & Registry (NMLS) and adhere to certain standards of conduct and ethics.

To become a CMLO, an individual must complete 20 hours of NMLS-approved education courses and pass the National Component of the SAFE MLO Test with Uniform State Content. Additionally, applicants must have a minimum of three years’ experience as a loan originator or other related experience in the mortgage industry.

The cost to become a CMLO varies depending on which state you are applying in and what type of license you are seeking. Generally speaking, it will cost around $500-$1,000 to apply for a license. The application process can take anywhere from two weeks to several months depending on how quickly you submit your paperwork and if all documents are in order.

2. Certified Financial Planner (CFP)

Certified Financial Planner (CFP) is a professional designation awarded by the Certified Financial Planner Board of Standards, Inc. (CFP Board). The CFP designation is recognized as the highest standard of financial planning and signifies that an individual has met rigorous requirements for education, experience, and ethics.

It typically takes about two to three years to become a CFP. To become certified, individuals must meet the following criteria:

1. Complete a CFP Board-approved education program in financial planning or related fields such as accounting, taxation, estate planning, or investment management.

2. Pass the comprehensive CFP Certification Examination administered by the CFP Board.

3. Demonstrate at least three years of full-time financial planning-related experience or its equivalent in part-time hours.

4. Agree to adhere to the CFP Board’s Code of Ethics and Professional Responsibility and Financial Planning Practice Standards.

5. Pass a background check conducted by the CFP Board.

The cost for becoming a CFP varies depending on your educational program and other factors such as exam preparation materials and study guides you may purchase along the way. Generally speaking, you should expect to spend anywhere from $2,000-$7,000 on tuition and fees associated with becoming a CFP professional.

3. Certified Residential Mortgage Specialist (CRMS)

Certified Residential Mortgage Specialist (CRMS) is a designation offered by the National Association of Mortgage Brokers (NAMB). It is a certification that demonstrates a high level of expertise and knowledge in residential mortgage lending.

To become a CRMS, one must have at least two years of experience in the mortgage industry and pass an exam administered by NAMB. The exam consists of 150 multiple-choice questions covering topics such as loan origination, loan processing, underwriting, closing procedures, and legal compliance.

It typically takes about three months to complete the entire process from start to finish. The cost for taking the exam is $395 for NAMB members and $595 for non-members. Additionally, there may be additional costs associated with obtaining any necessary pre-licensing education or training required in your state.

4. Certified Home Equity Conversion Mortgage Specialist (CHECMS)

A Certified Home Equity Conversion Mortgage Specialist (CHECMS) is a professional designation awarded to individuals who have completed the required training and passed the certification exam. The CHECMS designation is offered by the National Reverse Mortgage Lenders Association (NRMLA).

The CHECMS designation recognizes individuals who have demonstrated a comprehensive understanding of reverse mortgage products, including Home Equity Conversion Mortgages (HECMs). It also provides assurance to consumers that they are working with knowledgeable and experienced professionals who can provide accurate advice about reverse mortgages.

The CHECMS designation requires completion of an approved course, passing an exam, and agreeing to abide by NRMLA’s Code of Ethics. The course and exam must be completed within 12 months of each other. The cost for the course is $495 for NRMLA members and $595 for non-members.

In order to obtain the CHECMS designation, applicants must complete a 20-hour online education program offered by NRMLA or one of its approved providers. After completing the course, applicants must then pass an online certification exam administered by NRMLA. Once both requirements are met, applicants will receive their official CHECMS certificate from NRMLA.

The cost for obtaining the CHECMS designation varies depending on whether or not you are an NRMLA member. For NRMLA members, it costs $495 for the course and $50 for the exam fee; while non-members pay $595 for the course and $100 for the exam fee.

5. Accredited Mortgage Professional (AMP)

Accredited Mortgage Professional (AMP) is a professional designation awarded by the Canadian Association of Accredited Mortgage Professionals (CAAMP). It is a nationally recognized certification that demonstrates a mortgage professional’s commitment to excellence and knowledge of the mortgage industry.

The AMP designation requires successful completion of an extensive course of study, which typically takes approximately one year to complete. The program consists of five core courses, including: Mortgage Lending Principles & Practices; Mortgage Brokerage Business Planning & Management; Advanced Residential Mortgages; Commercial Mortgages and Financial Analysis.

In order to obtain the AMP designation, individuals must first become members of CAAMP and then register for the AMP program. There is an application fee associated with registering for the program and course fees are paid on a per-course basis. Upon successful completion of all five courses, individuals must pass an examination in order to receive their AMP designation.

The total cost for obtaining the AMP designation will vary depending on individual circumstances, but can range from $2,000 to $3,500 or more.

6. Chartered Financial Consultant (ChFC)

Chartered Financial Consultant (ChFC) is a professional designation awarded by The American College of Financial Services to individuals who have completed a rigorous program of study in financial planning and related disciplines. The ChFC designation recognizes the holder’s knowledge and expertise in the areas of insurance, investments, tax, retirement, and estate planning.

It typically takes two to three years to complete the requirements for the ChFC designation. Candidates must complete eight courses totaling 60 credit hours from The American College of Financial Services. These courses cover topics such as financial management, risk management and insurance planning, investment planning, income taxation, retirement planning, and estate planning. In addition to completing these courses, candidates must also pass a comprehensive final exam.

To become a Chartered Financial Consultant (ChFC), you must first meet certain eligibility requirements. To be eligible for the ChFC designation you must have a bachelor's degree or higher from an accredited college or university; three years of relevant full-time work experience; and have successfully completed all required coursework from The American College of Financial Services.

The cost of obtaining the ChFC designation varies depending on your individual circumstances but typically ranges from $2,000 to $4,000 USD including tuition fees and examination fees.

7. Chartered Retirement Planning Counselor (CRPC)

Chartered Retirement Planning Counselor (CRPC) is a professional designation awarded by the College for Financial Planning. It is designed to recognize professionals who have demonstrated expertise in retirement planning and counseling.

To become a CRPC, individuals must meet certain educational requirements and pass an exam administered by the College for Financial Planning. The educational requirements include completion of three courses offered by the College for Financial Planning: Retirement Planning, Investment Strategies, and Taxation of Retirement Plans. Each course requires approximately 40 hours of study time, so it may take up to 120 hours to complete all three courses.

In addition to completing the courses, individuals must also pass a comprehensive exam that covers topics such as retirement planning strategies, investment options, taxation issues, Social Security benefits, and estate planning considerations. The exam consists of 150 multiple-choice questions and takes about four hours to complete.

The cost for obtaining the CRPC designation varies depending on the number of courses taken and whether or not you are a member of the College for Financial Planning. Generally speaking, it can cost anywhere from $1,500-$3,000 to obtain the designation.

8. National Association of Mortgage Brokers Certification Program

The National Association of Mortgage Brokers (NAMB) Certification Program is a voluntary certification program designed to recognize mortgage professionals who demonstrate a commitment to professional standards and ethical practices. The NAMB Certification Program is the only national program that recognizes mortgage professionals for their knowledge, skills, and experience in the industry.

The NAMB Certification Program requires applicants to meet certain educational requirements, pass an exam, and complete a background check. Applicants must have at least three years of experience as a mortgage broker or loan originator in order to be eligible for the certification.

The exam consists of 100 multiple-choice questions and takes approximately two hours to complete. The exam covers topics such as loan origination, underwriting, compliance, and ethics. After passing the exam, applicants must submit an application with supporting documentation to receive their certification.

The cost of the NAMB Certification Program varies depending on whether you are a member or non-member of NAMB. For members, the cost is $295 for the initial certification fee and $95 for each renewal cycle thereafter. For non-members, the cost is $395 for the initial certification fee and $195 for each renewal cycle thereafter.

In addition to passing the exam and submitting an application with supporting documentation, applicants must also complete continuing education courses every two years in order to maintain their certification status. The continuing education courses cover topics such as loan origination processes, compliance issues, ethics training, and other related topics.

9. American Bankers Association National Graduate Lending School

The American Bankers Association National Graduate Lending School (ABA NGL) is a comprehensive training program designed to provide financial professionals with the knowledge and skills necessary to become successful lenders. It is a three-day course that covers topics such as loan origination, underwriting, credit analysis, risk management, and portfolio management. The program also includes an in-depth look at the regulatory environment and current trends in lending.

The ABA NGL is offered twice a year in different locations across the United States. To register for the program, you must be an ABA member or have access to an ABA member’s website. The cost of the program varies depending on your membership status; however, it typically ranges from $1,500 - $2,000 per person.

To get accepted into the ABA NGL program, you must have at least two years of experience in lending or related fields. Additionally, you must pass a written exam prior to attending the course. Once accepted into the program, you will receive instruction from experienced professionals who are experts in their field.

At the end of the course, participants will receive a certificate of completion from ABA that can be used to demonstrate their expertise in lending and advance their career opportunities.

10. Consumer Credit Compliance Certification

Consumer Credit Compliance Certification is a professional designation that demonstrates a person's knowledge and expertise in the area of consumer credit compliance. This certification is designed to help individuals who work in the financial services industry gain the necessary skills to ensure their company complies with federal and state laws related to consumer credit.

The certification process generally takes between six months and one year, depending on the individual's experience level. To become certified, applicants must complete an online course or attend an in-person training program. The coursework covers topics such as consumer credit regulations, consumer protection laws, and risk management principles. Once completed, applicants must pass an exam administered by a third-party organization to receive their certification.

In order to get Consumer Credit Compliance Certification, applicants must meet certain educational requirements. Generally, they must have at least two years of experience in the financial services industry or have completed a college degree in business or finance. Additionally, applicants must demonstrate their knowledge of consumer credit laws through either passing an exam or completing additional coursework.

The cost for Consumer Credit Compliance Certification varies depending on the institution offering it and the type of program chosen (online vs in-person). Generally speaking, the cost ranges from $500-$2,000 USD.

11. Certified Credit Consultant (CCC)

A Certified Credit Consultant (CCC) is a professional who provides credit counseling and financial education services to individuals and families. The CCC designation is awarded by the National Association of Certified Credit Counselors (NACCC), an independent, nonprofit organization that sets standards for credit counseling professionals.

To become a CCC, applicants must have at least two years of experience in the field of credit counseling or financial education and complete the NACCC’s certification program. The certification program consists of three courses: Credit Basics, Financial Education, and Professional Practices & Ethics. Each course takes approximately 10-15 hours to complete online and costs $75 per course. Once all three courses are completed, applicants must pass an exam with a score of 75% or higher in order to receive their CCC designation.

The cost for the entire certification process is $225 plus any applicable taxes or fees. Additionally, applicants must pay an annual fee of $50 to maintain their CCC status each year.

Do You Really Need a Loan Consultant Certificate?

When considering the need for a loan consultant certificate, it is important to understand that there are many different types of loan consultants and each has their own unique set of qualifications and responsibilities. Loan consultants may be employed by banks, credit unions, mortgage companies, or other financial institutions. They may also be independent contractors who provide services to a variety of lenders.

In order to become a successful loan consultant, an individual must possess certain skills and knowledge, including knowledge of credit reports and scores, loan documents, debt collection laws, and other related topics. Depending on the type of loan consultant being considered, additional education or certification may be required in order to meet certain state or federal requirements. For example, some states require licensing for mortgage brokers while others may require certification for consumer finance lenders.

In addition to any state or federal requirements that must be met in order to become a loan consultant, there are also private organizations that offer loan consultant certificates which demonstrate expertise in the field. These certificates are often offered as part of continuing education programs for individuals working in the finance industry and can help distinguish one loan consultant from another when it comes time to seek employment.

Ultimately, whether or not you need a loan consultant certificate will depend on your individual career goals and needs. If you are interested in becoming an independent contractor providing services to multiple lenders or if you would like to gain additional recognition in the field then obtaining a certificate could be beneficial. However, if you plan on working with just one lender then obtaining a certificate may not be necessary unless it is specifically required by law.

Related: Loan Consultant Resume Examples

FAQs About Loan Consultant Certifications

Q1. What is a loan consultant certification?

A1. A loan consultant certification is a professional designation obtained by individuals who have completed a course of study in the field of loan consulting and passed an examination. The certification demonstrates that the individual has achieved a level of expertise in providing advice and guidance on loans to clients.

Q2. How do I become certified as a loan consultant?

A2. To become certified as a loan consultant, you must complete an approved program and pass an exam administered by the certifying organization. The program typically includes courses in financial analysis, credit analysis, risk management, and other topics related to loan consulting.

Q3. Are there any prerequisites for becoming certified as a loan consultant?

A3. Yes, most certifying organizations require applicants to have at least two years of relevant work experience or education before applying for certification. Additionally, some organizations may require applicants to submit to background checks or provide proof of good character prior to being accepted into the program.

Q4. How much does it cost to become certified as a loan consultant?

A4. The cost of obtaining certification varies depending on the certifying organization and the length of the program taken; however, most programs range from $500 - $2,000 USD including tuition fees and exam costs.

Q5. What are the benefits of becoming certified as a loan consultant?

A5: Becoming certified as a loan consultant can improve your job prospects and earning potential, increase your credibility with clients, and help you build relationships within the industry that can lead to more business opportunities over time