Top 10 Loan Coordinator Certifications

Certifications are important for loan coordinators in the job market because they demonstrate a level of knowledge, expertise, and professionalism that many employers look for when hiring. Certifications also provide a competitive edge to job seekers by demonstrating their commitment to their profession and providing evidence of their ability to perform the duties required of them. Additionally, certifications can help employers identify qualified candidates who may not have had prior experience in the loan coordinator field but have demonstrated mastery of the material through certification attainment. Finally, certifications may also provide access to certain job opportunities that may otherwise be closed off to those without them.

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

What are Loan Coordinator Certifications?

Loan coordinator certification is an educational and professional credential that demonstrates a person’s expertise in loan coordination. Loan coordinators are responsible for managing the process of obtaining and coordinating loans. This involves managing loan applications, negotiating with lenders, preparing documents, verifying information, and ensuring that all parties involved are in compliance with all applicable laws and regulations.

This certification can help individuals demonstrate their expertise to potential employers or clients. It also provides assurance that they have the necessary qualifications to handle loan coordination tasks competently and efficiently. Additionally, it may provide access to more advanced courses or specialized training opportunities that could further enhance their skillset. Finally, having this certification may also open doors to new career opportunities in the field of loan coordination or related areas such as banking or financial services.

Pro Tip: When considering loan coordinator certification, make sure to research the various certifications available and choose one that is tailored to your specific career goals and interests. Also, consider taking advantage of online courses or webinars that offer a comprehensive overview of the industry, so you can stay up to date with the latest trends and best practices.

Related: What does a Loan Coordinator do?

Top 10 Loan Coordinator Certifications

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

1. Certified Loan Coordinator (CLC)

A Certified Loan Coordinator (CLC) is a professional designation for individuals who specialize in loan origination and processing. The CLC designation is awarded by the Mortgage Bankers Association of America (MBA) after successful completion of a comprehensive training program.

The CLC training program consists of two parts: an online course and an in-person workshop. The online course covers topics such as mortgage regulations, loan products, underwriting guidelines, and closing procedures. The in-person workshop provides hands-on experience with loan origination software and other tools used in the loan process.

It typically takes about four to six weeks to complete the CLC program. To get started, you must first register with MBA and pay a fee of $495 USD. Once registered, you will receive access to the online course materials and be able to schedule your in-person workshop. After completing both components of the program, you will be eligible to take the CLC exam which is administered by MBA. Upon passing the exam, you will be granted your CLC certification from MBA.

2. Certified Mortgage Loan Processor (CMLP)

Certified Mortgage Loan Processor (CMLP) is a professional certification that recognizes individuals who have demonstrated expertise in the mortgage loan processing field. The CMLP certification is offered by the National Association of Mortgage Processors (NAMP), an organization dedicated to providing training and resources to mortgage professionals.

To become certified, applicants must meet certain eligibility requirements and pass an exam administered by NAMP. Eligibility requirements include having at least two years of experience in the mortgage industry, successfully completing a minimum of 10 hours of approved continuing education courses, and passing a background check.

The exam consists of 100 multiple-choice questions covering topics such as loan origination, underwriting, closing procedures, compliance regulations, customer service, and more. The exam takes approximately four hours to complete and costs $395 for NAMP members or $495 for non-members. Once applicants have passed the exam, they will receive their CMLP certification within six weeks.

3. Certified Loan Officer (CLO)

A Certified Loan Officer (CLO) is a professional designation that recognizes individuals who have demonstrated a high level of knowledge and expertise in the mortgage loan origination industry. CLOs are responsible for originating, processing, and closing residential and commercial mortgage loans. They must be knowledgeable about all aspects of the loan process, including credit analysis, underwriting guidelines, loan documents, and regulations.

The certification process typically takes between six to twelve months to complete. To become certified, applicants must pass an exam administered by the National Association of Mortgage Professionals (NAMP). The exam covers topics such as mortgage law, ethics, lending regulations, and loan products.

In order to take the exam, applicants must first complete an approved pre-licensing course that covers all of the topics on the exam. The cost of this course varies depending on the provider but generally ranges from $400 to $600. After completing the pre-licensing course and passing the exam, applicants must then apply for their CLO certification with NAMP. This costs an additional $150 fee.

Once certified, CLOs must adhere to a code of ethics and continue their education in order to maintain their certification status.

4. Certified Mortgage Banker (CMB)

Certified Mortgage Banker (CMB) is a professional designation awarded by the Mortgage Bankers Association (MBA) to those individuals who have demonstrated the highest level of knowledge and experience in the mortgage banking industry. The CMB designation is widely recognized as a mark of excellence among mortgage bankers, lenders, and other real estate finance professionals.

It typically takes about two years to complete the requirements for the CMB designation. The first step is to become an MBA member and then complete a series of courses designed to provide an in-depth understanding of various aspects of mortgage banking, including loan origination, underwriting, closing procedures, and regulatory compliance. In addition to coursework, applicants must also pass a comprehensive exam administered by the MBA.

The cost for obtaining the CMB designation varies depending on whether you are an MBA member or non-member. For MBA members, there is a $250 application fee plus course fees ranging from $1,000-$2,500 per course. Non-members pay a $750 application fee plus course fees ranging from $2,500-$3,500 per course.

Once you have completed all requirements for the CMB designation and passed the exam with a score of at least 70%, you will be eligible to use the CMB designation after your name when engaging in business activities related to mortgage banking.

5. National Mortgage Licensing System (NMLS) Certification

The National Mortgage Licensing System (NMLS) is an online system that provides a uniform licensing and registration system for the residential mortgage industry. The NMLS was created to streamline the process of obtaining and maintaining state licenses for mortgage loan originators, companies, and other entities in the mortgage industry.

To obtain NMLS certification, applicants must first register and create an account on the NMLS website. They must then complete a 20-hour pre-licensure education course and pass a comprehensive exam. Once these requirements are met, applicants can submit their application to the NMLS for review.

The entire process typically takes between two to four weeks depending on how quickly all of the necessary documents are submitted. It is important to note that each state has different requirements for licensure, so applicants should check with their specific state’s licensing board prior to beginning the process.

The cost of obtaining an NMLS certification varies depending on the type of license being sought and which state it is being applied for in. Generally speaking, most states charge a fee ranging from $50-$200 for initial applications and renewals. Additional fees may also be required depending on the type of license being sought after.

6. Credit Union Loan Officer Certification

Credit Union Loan Officer Certification is a certification program designed to help loan officers gain the knowledge and skills needed to work in the credit union industry. The certification program is administered by the Credit Union National Association (CUNA) and requires passing an exam.

The certification program consists of two courses: Principles of Credit Unions and Lending Fundamentals for Credit Unions. The Principles of Credit Unions course covers topics such as credit union history, structure, governance, operations, products, services, and regulations. The Lending Fundamentals for Credit Unions course covers topics such as loan underwriting, loan origination, loan servicing, collections, and fraud prevention.

The certification process typically takes 6-9 months to complete. To get certified, applicants must first complete both courses with a grade of 70% or higher. After completing the courses, applicants must then pass an exam administered by CUNA with a score of 80% or higher to receive their certification.

The cost for the certification program varies depending on the number of courses taken and whether or not you are a CUNA member. For non-members, each course costs $395 plus $125 for the exam fee; for members it’s $295 per course plus $125 for the exam fee.

7. American Bankers Association’s Certified Lending Professional (CLP)

The American Bankers Association’s Certified Lending Professional (CLP) is a professional certification program that recognizes individuals who have demonstrated knowledge, skill and experience in the field of commercial lending. The CLP certification is designed to provide banking professionals with an opportunity to demonstrate their expertise in the areas of credit analysis, loan structuring, portfolio management, and risk management.

To become certified as a CLP, candidates must meet certain eligibility requirements and pass an exam. Eligibility requirements include having at least three years of full-time commercial lending experience within the last five years; or having two years of full-time commercial lending experience within the last five years and either a bachelor’s degree or a combination of college coursework and/or professional training related to commercial lending.

The CLP exam consists of 100 multiple choice questions covering topics such as credit analysis, loan structuring, portfolio management, risk management, regulatory compliance, and more. Candidates have up to three hours to complete the exam.

The cost for taking the CLP exam is $400 for ABA members and $500 for non-members. The fee covers registration for the exam as well as access to study materials such as practice tests and webinars.

Once you have passed the exam, you will receive your official CLP certificate from ABA. You will also be listed in ABA’s online directory of Certified Lending Professionals.

8. Certified Financial Services Auditor (CFSA)

Certified Financial Services Auditor (CFSA) is a professional certification offered by the Institute of Internal Auditors (IIA). The CFSA designation is designed for professionals who audit, review and evaluate financial services organizations. It is intended to demonstrate a mastery of the knowledge and skills necessary to perform financial services audits in accordance with international standards.

To become a Certified Financial Services Auditor, individuals must pass an examination administered by the IIA. The exam consists of multiple-choice questions covering topics such as risk management, internal controls, financial reporting, governance and compliance. Candidates must have at least three years of experience in auditing or related fields to be eligible for the exam.

The cost of taking the CFSA exam varies depending on where you take it. Generally, it costs between $400 and $600 USD. The exam takes approximately four hours to complete and includes 150 multiple-choice questions. After passing the exam, candidates must also complete continuing education requirements every two years to maintain their certification status.

9. Certified Consumer Credit Professional (CCCP)

Certified Consumer Credit Professional (CCCP) is a professional certification program developed by the National Association of Certified Credit Counselors (NACCC). It is designed to provide credit professionals with the knowledge and skills needed to effectively advise consumers on their financial matters.

The CCCP certification requires applicants to pass a comprehensive exam that covers topics such as consumer credit law, debt management, budgeting, and credit counseling. The exam consists of multiple-choice questions and takes approximately two hours to complete. Applicants must also submit documentation demonstrating at least two years of experience in the field of consumer credit counseling or related areas.

In order to become certified, applicants must successfully complete an online application process, pay a fee of $275 USD, and pass the CCCP examination with a score of 70% or higher. Once certified, individuals are required to renew their certification every three years by completing continuing education courses and paying an annual renewal fee of $125 USD.

Overall, becoming a Certified Consumer Credit Professional can be beneficial for those seeking to advance their career in the field of consumer credit counseling. It provides individuals with the necessary credentials to demonstrate their expertise in this area and can help them stand out from other job seekers.

10. Chartered Financial Analyst (CFA®)

Chartered Financial Analyst (CFA®) is a professional credential offered by the CFA Institute, a global association of investment professionals. The CFA designation is considered one of the most prestigious and sought-after credentials in finance and investment management. It signifies a deep understanding of advanced investment analysis and real-world portfolio management skills.

The CFA Program consists of three levels of exams that must be completed within four years. Each level focuses on different aspects of financial analysis, including ethical and professional standards, quantitative methods, economics, financial statement analysis, corporate finance, equity investments, fixed income investments, derivatives, alternative investments, portfolio management and wealth planning.

To become a CFA charterholder you must have at least four years of qualified work experience in the investment decision-making process or hold an undergraduate degree from an accredited university. You must also pass all three levels of the CFA Exam within four years to obtain the charter.

The cost for the entire program varies depending on your country/region but typically ranges from USD $2,000 to $4,000 (including registration fees). This cost includes access to study materials such as books and practice tests.

Do You Really Need a Loan Coordinator Certificate?

No, you do not need a loan coordinator certificate to be successful in the loan coordination field. Although having a certification can indicate a level of expertise and experience, it is not always necessary. Many people have been able to gain success in the loan coordination industry without holding any formal certifications.

In order to become successful in loan coordination, it is important to understand the various laws and regulations that apply to the industry. Having an understanding of these laws and regulations can help ensure compliance with all applicable laws and regulations. Additionally, having knowledge of different types of loans and their associated requirements can also be beneficial when working as a loan coordinator.

Having strong communication skills is also essential for those working in this field. Loan coordinators must be able to effectively communicate with lenders, borrowers, and other parties involved in the loan process. Being able to clearly explain different options available for borrowers is also important in order to ensure that they are making informed decisions about their finances.

Finally, having strong organizational skills is key when working as a loan coordinator. Being organized helps ensure that all paperwork and documents are gathered correctly and on time so that the process runs smoothly for everyone involved.

Overall, while a loan coordinator certificate may be helpful in demonstrating expertise in this field, it is not required to be successful as a loan coordinator. Those who have an understanding of relevant laws and regulations, possess good communication skills, and have strong organizational abilities will likely find success regardless of whether they hold any formal certifications or not.

Related: Loan Coordinator Resume Examples

FAQs About Loan Coordinator Certifications

1. What is a Loan Coordinator Certification?

Answer: A Loan Coordinator Certification is a professional certification that demonstrates an individual's expertise in the loan processing and coordination of mortgage loans. It validates an individual's knowledge and understanding of the loan process, from application to closing.

2. How do I obtain a Loan Coordinator Certification?

Answer: To obtain a Loan Coordinator Certification, you must complete an approved training program and pass an examination administered by a recognized certifying body. Additionally, most certifying bodies require continuing education credits to maintain your certification.

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

Answer: Having a Loan Coordinator Certification will give you credibility with employers and clients, demonstrate your commitment to excellence in the loan process, increase your earning potential, provide greater job security and increase your chances of being hired for higher level positions within the industry.

4. How long does it take to obtain my Loan Coordinator Certification?

Answer: The length of time required to obtain your Loan Coordinator Certification will depend on which program you choose and how quickly you can complete the coursework and pass the exam. Generally speaking, it takes between 6-12 months to successfully complete the program and receive your certification.

5. Are there any prerequisites for obtaining a Loan Coordinator Certification?

Answer: Yes, most certifying bodies require applicants to have at least 2 years of experience in loan processing or related field prior to applying for their certification programs. Additionally, some certifying bodies may require additional educational prerequisites such as college courses or other specialized training programs