Top 10 Loan Document Specialist Certifications

Certifications are important for loan document specialists in the job market because they demonstrate a level of proficiency and knowledge in the field. A certification shows that the specialist has taken the time to learn and understand the necessary information to be successful in his or her role. Additionally, certifications can help build confidence with employers as it is proof of an individual’s expertise. Certifications also show potential employers that a specialist is willing to invest time and resources into their profession, which can be attractive from a hiring perspective. Finally, certifications can provide opportunities for career advancement and open up more job opportunities for loan document specialists.

This article reviews and explains how certifications for Loan Document Specialists can contribute to the success of a professional in the field.

What are Loan Document Specialist Certifications?

Loan document specialist certification is a professional credential that demonstrates an individual's expertise in loan document preparation. The certification is offered by the American Bankers Association (ABA) and requires successful completion of both a course and an exam. Loan document specialists must have comprehensive knowledge of loan documents, including their purpose, content, and legal implications.

The certification is designed to help loan document specialists demonstrate their knowledge and skills to employers. By obtaining the credential, individuals are able to stand out from other applicants for loan document specialist positions. Furthermore, having the certification can provide job security because it demonstrates that the individual has the necessary skills to handle complex loan documents.

The certification also provides loan document specialists with access to helpful resources such as workshops and webinars on up-to-date regulations and best practices within the industry. This helps them stay informed of any changes or developments in their field so they can provide more accurate and efficient services. Additionally, ABA members who hold the certificate are eligible for discounts on products and services related to loan documents.

Overall, obtaining loan document specialist certification can be beneficial for individuals looking to advance their career in this field by demonstrating their qualifications as well as staying current with industry trends.

Pro Tip: Make sure to research the different certifications available for loan document specialists before selecting one. Many certificates require specific educational background and/or experience, so make sure you understand what is required for each certification to ensure you are getting the most appropriate certification for your needs.

Related: What does a Loan Document Specialist do?

Top 10 Loan Document Specialist Certifications

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

1. Certified Loan Document Specialist (CLDS)

A Certified Loan Document Specialist (CLDS) is a professional designation that recognizes individuals who have achieved a high level of competency in the field of loan document preparation. The CLDS certification program is administered by the National Notary Association (NNA).

The CLDS certification requires completion of an online training course and passing an exam. The course covers topics such as loan document preparation, loan origination, and closing procedures. It typically takes about 8-10 hours to complete the course and pass the exam.

To get certified, you must first register for the NNA’s CLDS Certification Program. You can do this by visiting their website or calling their customer service department. Once registered, you will be provided with access to the online training course and exam. After completing the course and passing the exam, you will receive your CLDS certificate in the mail within 4-6 weeks.

The cost of becoming a Certified Loan Document Specialist varies depending on whether or not you are already an NNA member. For non-members, it costs $179 to register for the program and take the exam; for members, it costs $99.

2. Certified Mortgage Document Specialist (CMDS)

Certified Mortgage Document Specialist (CMDS) is a professional certification program that provides individuals with the knowledge and skills necessary to become successful mortgage document specialists. The program is designed to provide an in-depth understanding of the mortgage loan process, from origination through closing. It includes topics such as loan origination, underwriting, processing, closing, and post-closing activities.

The CMDS certification requires completion of a two-day training program offered by the National Association of Mortgage Processors (NAMP). The cost for the two-day training program is $595. After completing the training program, individuals must pass an online exam to become certified.

The CMDS certification is valid for two years and must be renewed every two years by passing a recertification exam or taking additional courses approved by NAMP. The cost for recertification is $150.

In addition to passing the exams, individuals must also meet certain experience requirements in order to become certified as a CMDS. Individuals must have at least one year of full-time experience in mortgage document preparation or processing within the last five years prior to applying for certification.

Overall, it typically takes around three months from start to finish to complete all requirements for CMDS certification.

3. Certified Residential Mortgage Underwriter (CRMU)

Certified Residential Mortgage Underwriter (CRMU) is a professional certification for mortgage underwriters. It is designed to recognize individuals who possess the skills and knowledge necessary to effectively evaluate residential mortgage applications.

The CRMU certification is administered by the Mortgage Bankers Association (MBA). To become certified, applicants must pass an exam that tests their understanding of the mortgage industry, including loan origination, underwriting, and closing procedures. The exam consists of 150 multiple-choice questions and must be completed within two hours.

In order to take the exam, applicants must have at least three years of experience in residential mortgage lending or underwriting. They must also complete an online application and pay a fee of $395.

Once applicants have passed the exam, they will receive their CRMU certification from the MBA. This certificate is valid for three years and can be renewed by completing continuing education courses or retaking the exam.

4. Certified Mortgage Banker (CMB)

Certified Mortgage Banker (CMB) is a professional designation given to those in the mortgage banking industry who have completed a rigorous educational program and passed an examination. It is administered by the Mortgage Bankers Association (MBA). The CMB designation recognizes individuals who have demonstrated expertise in the areas of mortgage banking, including origination, underwriting, servicing, and secondary marketing.

To become a Certified Mortgage Banker, you must meet certain eligibility requirements. These include having at least three years of experience in the mortgage banking industry and completion of MBA’s CMB Education Program. The program consists of seven courses covering topics such as mortgage finance fundamentals, loan origination, underwriting, secondary marketing, servicing and compliance.

It typically takes between 6-9 months to complete the CMB Education Program depending on how quickly you can complete each course. Once all seven courses are completed and passed with a grade of 70% or higher, you can apply for the CMB Exam. To be eligible for the exam you must also meet certain experience requirements.

The cost to become a Certified Mortgage Banker varies depending on which option you choose to pursue your education through: self-study or instructor-led classes. Generally speaking, self-study courses cost less than instructor-led classes but require more time commitment from the student as they are not guided by an instructor throughout the process.

The cost for taking the CMB Exam is $495 for MBA members and $695 for non-members. Additionally, there is an annual fee of $195 due each year after passing the exam in order to maintain your certification status.

5. Certified Loan Originator (CLO)

A Certified Loan Originator (CLO) is an individual who has completed specialized training and passed a comprehensive exam to become certified by the Nationwide Mortgage Licensing System & Registry (NMLS). This certification is required for individuals who originate mortgage loans in the United States.

The CLO certification process typically takes about three months from start to finish. To get started, applicants must first register with NMLS and create a unique identifier. Then they must complete 20 hours of pre-licensure education, pass the SAFE MLO Test with a score of 75% or higher, complete 8 hours of continuing education annually, and submit fingerprints for background checks.

The cost for obtaining a CLO certification varies depending on the state where you plan to practice. Generally, it will cost between $100-$300 to register with NMLS and another $100-$200 for the pre-licensure education course. The cost of taking the SAFE MLO Test is usually around $120-$150, while fingerprinting costs can range from $50-$100.

6. Certified Mortgage Processor (CMP)

A Certified Mortgage Processor (CMP) is an individual who has completed a training program and passed an exam to demonstrate their knowledge of the mortgage processing industry. The CMP designation is offered by the National Association of Mortgage Processors (NAMP).

The CMP program consists of four courses: Introduction to Mortgage Processing, FHA/VA Processing, Conventional Processing, and Regulatory Compliance. Each course includes a comprehensive online study guide and practice exams. After completing all four courses and passing the final exam with a score of 80% or higher, individuals will be awarded the CMP designation.

It typically takes 8-10 weeks to complete the CMP program. Individuals can enroll in all four courses at once or one at a time depending on their availability.

The cost for the CMP program is $1,295 for NAMP members and $1,495 for non-members. This fee includes access to all four courses and materials as well as the final exam.

In addition to completing the CMP program, individuals must also meet certain eligibility requirements in order to become certified. These requirements include having at least one year of direct mortgage processing experience or 12 months of related experience in banking or financial services, as well as passing a criminal background check.

7. Accredited Mortgage Professional (AMP)

Accredited Mortgage Professional (AMP) is a professional designation offered by the Canadian Association of Accredited Mortgage Professionals (CAAMP). It is designed to recognize and reward mortgage professionals who have demonstrated excellence in the industry.

To become an AMP, you must first pass an online exam. The exam consists of multiple-choice questions and covers topics such as mortgage fundamentals, loan origination, legal and regulatory issues, and consumer protection. The exam typically takes two to three hours to complete.

In order to apply for the AMP designation, you must have at least two years of experience in the mortgage industry or be a graduate of a recognized post-secondary institution with a related degree or diploma. You must also demonstrate that you are in good standing with your provincial regulator or other relevant professional body.

The cost of obtaining the AMP designation varies depending on your province and whether or not you are a CAAMP member. In general, it costs around $500-$600 for non-members and $400-$500 for members.

8. National Notary Association Certification for Loan Signing Agents (NNA-LSAC)

The National Notary Association (NNA) Certification for Loan Signing Agents (NNA-LSAC) is a certification program that provides loan signing agents with the knowledge and skills necessary to properly handle loan documents. This certification is designed to ensure that loan signing agents are knowledgeable about the laws, regulations, and procedures related to loan document signings.

The NNA-LSAC certification process includes an online course and a final exam. The online course covers topics such as notary law, notary ethics, notary recordkeeping, document execution requirements, and more. The final exam consists of multiple choice questions and requires a passing score of 80% or higher in order to receive the certification.

It typically takes 4-6 weeks to complete the NNA-LSAC certification process from start to finish. To get started on the process, you must first register for the online course through the NNA website. After registering for the course, you will be given access to all of the materials needed for completion including videos, quizzes, practice exams, and more. Once you have completed all of the materials in the course, you can take your final exam at any time within 60 days of registration.

The cost of obtaining your NNA-LSAC certification varies depending on whether or not you are an NNA member. If you are an NNA member, then it will cost $99 plus applicable taxes; if you are not an NNA member then it will cost $129 plus applicable taxes.

Overall, obtaining your NNA-LSAC certification is an important step in becoming a successful loan signing agent as it demonstrates your knowledge and understanding of loan document signings as well as your commitment to providing quality service to clients.

9. American Institute of Financial Professionals Certification in Loan Documentation and Closing Procedures (AIFP-CDCP)

The American Institute of Financial Professionals (AIFP) Certification in Loan Documentation and Closing Procedures (AIFP-CDCP) is a professional certification program designed to provide individuals with the knowledge, skills, and expertise necessary to develop loan documents and close loans. The AIFP-CDCP certification is an industry-recognized credential that demonstrates a commitment to excellence in loan documentation and closing procedures.

The AIFP-CDCP certification requires successful completion of a comprehensive exam covering topics such as loan origination, loan processing, loan closing, compliance regulations, consumer protection laws, and more. The exam consists of multiple choice questions and must be taken at an approved testing center. The exam takes approximately three hours to complete.

To become certified by the AIFP, applicants must have a minimum of two years of experience in loan documentation or closing procedures. Applicants must also submit an application form along with their resume and proof of experience to the AIFP for review. Once approved, applicants can register for the exam at an approved testing center.

The cost for the AIFP-CDCP certification is $350 USD which covers the cost of the exam fee as well as all study materials needed for preparation.

10. National Association of Mortgage Processors Certification in Loan Processing and Underwriting Principles and Practices (NAMP-LPUP).

The National Association of Mortgage Processors Certification in Loan Processing and Underwriting Principles and Practices (NAMP-LPUP) is a professional certification program that provides training and certification for mortgage loan processors and underwriters. The certification demonstrates a high level of expertise in the areas of loan processing, underwriting, closing, and post-closing activities.

The NAMP-LPUP certification is offered through the National Association of Mortgage Processors (NAMP). It is designed to provide an industry-recognized credential that validates an individual’s knowledge, skills, and abilities related to the mortgage loan industry. The program consists of two parts: a self-study course and an online exam.

The self-study course takes approximately 10 hours to complete and covers topics such as loan processing procedures, underwriting guidelines, closing documents, post-closing activities, Fair Lending laws, FHA/VA/USDA requirements, fraud prevention techniques, and more. After completing the self-study course material, candidates must pass an online exam with a score of 80% or higher in order to receive their NAMP-LPUP certification.

The cost for the NAMP-LPUP Certification Program is $299 USD. This includes access to the self-study course material as well as one attempt at the online exam. Additional attempts at the exam can be purchased for $99 USD each.

Overall, obtaining the NAMP-LPUP Certification demonstrates a commitment to excellence in mortgage loan processing and underwriting principles and practices. It also serves as proof of professional development within this field which can be beneficial when applying for positions or promotions within this industry.

Do You Really Need a Loan Document Specialist Certificate?

Whether or not you need a loan document specialist certificate depends on your individual situation. If you are looking to pursue a career in the financial services industry, then having a loan document specialist certificate can be beneficial. It can help demonstrate that you have the necessary knowledge and skills to work with loan documents and provide accurate advice to clients.

Having a loan document specialist certificate can also make you more competitive in the job market. Companies may view this type of certification as evidence that you are knowledgeable about all aspects of loan documentation and can help them better manage their financial transactions. Having this type of certification may also put you in a better position to obtain promotions or higher-level positions within the company.

On the other hand, if you already have experience working with loan documents, then having a loan document specialist certificate may not be necessary. Employers will likely look more favorably upon your existing experience rather than your certification alone. Additionally, employers may want to see that you have had additional training or education related to finance before hiring for any positions related to loans or financial services.

In short, whether or not you need a loan document specialist certificate depends on your individual situation and goals. If you are interested in pursuing a career in the financial services industry, then having this type of certification could be beneficial and make it easier for employers to recognize your qualifications and expertise. However, if you already have experience working with loan documents, then it may not be necessary for achieving success in this field.

Related: Loan Document Specialist Resume Examples

FAQs About Loan Document Specialist Certifications

1. What is a Loan Document Specialist Certification?

Answer: A Loan Document Specialist Certification is a credential that certifies an individual as having the knowledge and skills to professionally review, analyze, and process loan documents.

2. How long does it take to get certified as a Loan Document Specialist?

Answer: The length of time to obtain certification can vary depending on the institution offering the certification, but typically takes anywhere from 6-12 months to complete the necessary coursework and pass the certification exam.

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

Answer: Benefits of having a Loan Document Specialist Certification include increased job opportunities, higher salary potential, and greater professional credibility in the loan processing field.

4. Are there prerequisites for obtaining a Loan Document Specialist Certification?

Answer: Yes, most institutions offering this certification require applicants to have at least one year of experience in loan document processing prior to taking the exam.

5. What type of topics are covered during a Loan Document Specialist Certification program?

Answer: Typical topics covered during this certification program include understanding documents related to mortgage loans and other consumer loans, analyzing credit reports and other financial documents associated with loan processing, and understanding legal requirements in relation to loan origination and documentation processes.