Top 11 Loan Servicing Specialist Certifications

Certifications can be an important factor for loan servicing specialists in the job market because they demonstrate a level of expertise and knowledge to potential employers. Certifications show that a loan servicing specialist has mastered specific skills and concepts related to their profession, which can give them an edge over other candidates who do not have certifications. Having certifications also demonstrates dedication to staying up-to-date on industry trends and best practices, as well as commitment to professional development. As such, certifications can help loan servicing specialists stand out from the competition and increase their chances of getting hired.

This article reviews the top certifications for Loan Servicing Specialists and explains how they can enhance a loan servicing specialist's career.

What are Loan Servicing Specialist Certifications?

Loan Servicing Specialist Certification is a certification program designed to provide individuals with an understanding of the fundamentals of loan servicing. This certification is beneficial for those who work in the loan servicing industry, as it provides them with the knowledge and skills needed to effectively manage and service loans. With this certification, individuals can gain expertise in areas such as loan origination, underwriting, closing, servicing, and collections.

The certification also covers topics such as customer service, problem solving, ethical practices, and compliance regulations. By completing this coursework and passing the exam associated with it, individuals demonstrate their commitment to excellence in loan servicing. This certification can help employers assess job applicants' qualifications for a position more accurately and quickly. It can also give individuals a competitive edge over other applicants when seeking employment in the loan servicing industry.

Pro tip: When looking into loan servicing specialist certification, make sure to research the requirements and qualifications for the program. It is important to ensure that the program you are enrolling in is accredited and recognized by professional organizations, as well as providing a comprehensive curriculum and practical experience. Additionally, look for programs that provide job placement assistance upon completion of the certification.

Related: What does a Loan Servicing Specialist do?

Top 11 Loan Servicing Specialist Certifications

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

1. Certified Mortgage Loan Servicing Professional (CMLSP)

Certified Mortgage Loan Servicing Professional (CMLSP) is a professional designation that recognizes individuals who have demonstrated a high level of knowledge and expertise in the mortgage loan servicing industry. The CMLSP certification is offered by the Mortgage Bankers Association (MBA).

The CMLSP certification program consists of two parts: an online course and an exam. The online course covers topics such as mortgage servicing regulations, consumer protection laws, customer service, and technology. The exam is designed to test the applicant’s knowledge of the material covered in the course.

To become certified, applicants must complete the online course and pass the exam with a score of 70% or higher. Applicants must also have at least three years of experience in mortgage loan servicing or related fields.

The cost for the CMLSP certification program is $495 for MBA members and $595 for non-members. The cost includes access to the online course, exam registration fees, and a one-year membership to MBA's Certified Mortgage Loan Servicing Professional Program (CMLSPP).

It typically takes about four weeks to complete the online course and take the exam. After successfully completing both parts of the program, applicants will receive their CMLSP certification within two weeks.

2. Certified Loan Servicing Specialist (CLSS)

Certified Loan Servicing Specialist (CLSS) is a professional certification offered by the National Association of Certified Loan Specialists. It is designed to recognize individuals who have demonstrated proficiency in the field of loan servicing and demonstrate a commitment to continuing education in the areas of loan servicing, collections, foreclosure, and bankruptcy.

The CLSS certification program consists of three courses: Loan Servicing Basics, Advanced Loan Servicing, and Professional Practices. Each course must be completed within 12 months from the start date.

To become certified as a CLSS, applicants must successfully complete all three courses and pass an exam with a score of at least 80%. The exam covers topics such as loan processing, collections, foreclosure procedures, bankruptcy law, and other related topics.

The cost for the CLSS certification program varies depending on the provider but typically ranges between $500 - $1,000 USD.

3. Certified Loan Processor (CLP)

Certified Loan Processor (CLP) is a certification program designed to recognize loan processors who have demonstrated a high level of proficiency in the mortgage industry. The CLP program is administered by the National Association of Mortgage Processors (NAMP).

To become certified, loan processors must complete a comprehensive course and pass an exam that covers topics such as mortgage origination, underwriting, closing, and post-closing procedures. The course typically takes about 8-10 hours to complete and the exam requires a passing score of 70% or higher.

The cost for the CLP certification program is $399 for NAMP members and $499 for non-members. This fee includes access to the online course materials and practice exams, as well as one attempt at the final exam.

Once you successfully pass the exam, you will be awarded your Certified Loan Processor (CLP) designation. You will also receive a certificate of completion which can be used to demonstrate your knowledge in the mortgage industry.

4. Certified Residential Mortgage Specialist (CRMS)

Certified Residential Mortgage Specialist (CRMS) is a certification program designed to provide mortgage professionals with the knowledge and skills necessary to become successful in the residential mortgage industry. The CRMS program is administered by the National Association of Mortgage Brokers (NAMB).

The CRMS certification is earned through a combination of education, experience, and passing an examination. To qualify for the CRMS designation, candidates must meet certain educational requirements, have at least two years of experience in the mortgage industry, and pass a comprehensive exam.

To get started on the path towards earning your CRMS designation, you will first need to complete an approved course of study. This can be done either online or through a traditional classroom setting. Once you have completed your coursework, you will then need to submit an application to NAMB along with any required documentation. After your application has been accepted, you will then be able to take the CRMS exam.

The cost of obtaining your CRMS designation varies depending on how you choose to pursue it. If you opt for an online course of study, it typically costs between $1,000 and $2,000. If you choose to attend a traditional classroom setting for your coursework, it can cost anywhere from $3,000-$4,000 depending on where you live and what school you attend. Additionally there is also an exam fee that must be paid prior to taking the exam which typically ranges from $200-$300 dollars depending on where you take it.

Overall it usually takes between 6-12 months to complete all requirements needed in order to earn your Certified Residential Mortgage Specialist (CRMS) designation.

5. Certified Credit and Collection Professional (CCCP)

Certified Credit and Collection Professional (CCCP) is a professional certification offered by the National Association of Credit Management (NACM). It is designed to recognize individuals who have demonstrated expertise in credit and collection management. The CCCP certification is based on a comprehensive body of knowledge that covers all aspects of credit and collection management, including risk assessment, legal compliance, customer service, technology, and financial analysis.

It typically takes 12-18 months to complete the CCCP program. To become certified, candidates must pass an exam that tests their knowledge and skills in credit and collections. The exam consists of multiple-choice questions covering topics such as accounts receivable management, credit policy development, legal compliance, customer service, financial analysis, collections techniques, and technology.

To get the CCCP certification you must first meet certain requirements such as having at least two years of experience in the field or completing a qualifying degree program. Once these requirements are met you can apply for the certification online through NACM’s website.

The cost for the CCCP certification varies depending on your membership status with NACM. Non-members pay $495 for the application fee plus an additional $395 for the exam fee. Members receive discounted rates of $295 for the application fee plus an additional $195 for the exam fee.

6. Certified Home Equity Conversion Mortgage Professional (CHECMP)

A Certified Home Equity Conversion Mortgage Professional (CHECMP) is a professional who has been trained and certified to provide advice and assistance to those interested in obtaining a reverse mortgage. A reverse mortgage is a loan that allows senior homeowners to access the equity in their home without having to make monthly payments.

The process of becoming a CHECMP takes approximately 8-10 weeks. The first step is to complete an online application, which includes an assessment of your knowledge of the reverse mortgage industry, as well as your experience with the product. Once you have completed the application, you will be required to take an online exam, which tests your understanding of the various aspects of reverse mortgages. Once you have passed this exam, you will receive your certification from the National Reverse Mortgage Lenders Association (NRMLA).

Once you have received your certification, you can begin providing services for clients interested in obtaining a reverse mortgage. You will need to become familiar with all applicable laws and regulations related to reverse mortgages, as well as understand how they work and what options are available for different types of borrowers. Additionally, you should be able to explain the benefits and drawbacks associated with each type of loan product in order to help clients make informed decisions about their financial future.

The cost for becoming a CHECMP varies depending on which organization provides the training and certification program. Generally speaking, however, it typically costs between $500-$1,000 USD for the entire process.

7. Accredited Mortgage Professional (AMP)

Accredited Mortgage Professional (AMP) is a professional designation program designed to recognize mortgage professionals who have achieved the highest level of industry knowledge and experience. The AMP designation is awarded by the Canadian Association of Accredited Mortgage Professionals (CAAMP) and is recognized nationally as a mark of excellence in the mortgage industry.

To become an AMP, applicants must have at least three years of full-time mortgage experience, or equivalent part-time experience, as well as successfully complete CAAMP’s comprehensive coursework and examinations. The coursework consists of four modules: Mortgage Fundamentals, Mortgage Lending Practices & Procedures, Mortgage Law & Regulations, and Business Development & Ethics. Each module requires approximately 40 hours of study time.

The cost for the AMP designation is $1,395 plus applicable taxes. This fee covers all course materials, exams and registration fees.

Once you have completed all four modules and passed the examinations with a minimum score of 75%, you will be awarded your Accredited Mortgage Professional designation. It typically takes between 6 - 8 months to complete all four modules and receive your AMP designation.

8. National Association of Mortgage Processors (NAMP)

The National Association of Mortgage Processors (NAMP) is a professional organization that provides education, certification, and networking opportunities for mortgage processors. NAMP’s mission is to help members stay up-to-date on the latest industry trends and regulations, as well as provide resources to help them become more successful in their profession.

Getting certified by NAMP typically takes between four and six weeks. The process involves completing an online application, passing a background check, and taking an online exam. The cost of certification depends on the type of membership you choose; however, it typically ranges from $99 to $299.

In addition to certification, NAMP also offers educational courses and webinars that can help members stay up-to-date with the latest industry news and regulations. They also offer networking opportunities through their member directory so that members can connect with other mortgage professionals in their area.

9. National Association of Mortgage Underwriters (NAMU)

The National Association of Mortgage Underwriters (NAMU) is a professional organization that provides education and certification for mortgage underwriters. NAMU offers training and certification programs to help mortgage underwriters stay up to date on the latest industry standards and regulations.

NAMU offers two levels of certification: Certified Mortgage Underwriter (CMU) and Professional Mortgage Underwriter (PMU). To become certified, applicants must complete an online course, pass a written exam, and submit a portfolio of their work. The CMU program requires 80 hours of study time, while the PMU program requires 160 hours. Both certifications require continuing education credits to remain active.

The cost of the NAMU certification program varies depending on the level of certification chosen. The CMU program costs $399, while the PMU program costs $599. Both programs include access to online courses, practice exams, and study materials.

Overall, NAMU is an excellent resource for mortgage underwriters who want to stay up-to-date with industry standards and regulations. It is also a great way to demonstrate your expertise in the field and stand out from other job applicants.

10. American Bankers Association's School of Consumer Lending

The American Bankers Association's School of Consumer Lending is a comprehensive program designed to provide bankers and other financial professionals with the skills and knowledge necessary to effectively manage consumer lending operations. The program consists of four courses that cover all aspects of consumer lending, from risk management and compliance to collections and customer service. Each course takes approximately two days to complete, for a total of eight days.

The School of Consumer Lending is offered in both online and in-person formats, with the online option being available on demand. The cost for the entire program is $1,995, which includes access to all four courses as well as any additional materials or resources needed.

To enroll in the School of Consumer Lending, you must be an ABA member or have a valid ABA membership number. Once enrolled, you will receive access instructions via email within one business day after registering.

11. American Institute of Financial Education's Loan Servicing Certification Program

The American Institute of Financial Education’s Loan Servicing Certification Program is a comprehensive program designed to give individuals the knowledge and skills necessary to become a successful loan servicing professional. This certification program provides an in-depth look at the fundamentals of loan servicing, including topics such as loan origination, underwriting, collections, and compliance. The program also covers important areas such as customer service, communication, and problem solving.

The Loan Servicing Certification Program takes approximately six months to complete. It consists of three courses that must be completed in order: Introduction to Loan Servicing (ILS), Advanced Loan Servicing (ALS), and Professional Loan Servicing (PLS). Each course requires approximately 40 hours of study time and includes online lectures, quizzes, assignments, and exams.

To get the Loan Servicing Certification Program you must first register with AIFE. Once registered you can purchase the courses online or through an approved partner institution. The cost for all three courses is $1,495 USD.

Upon successful completion of all three courses you will receive your AIFE Loan Servicing Certificate which is valid for two years from the date it was issued.

Do You Really Need a Loan Servicing Specialist Certificate?

The answer to this question depends on your individual goals and career aspirations. For those who are looking to break into the loan servicing industry, a Loan Servicing Specialist Certificate can be an invaluable asset. This certificate will demonstrate that you have a comprehensive understanding of loan servicing regulations and processes, which can give you an edge over other applicants when applying for jobs or promotions.

However, if you are already working in the loan servicing field and simply want to strengthen your existing skillset, then a Loan Servicing Specialist Certificate may not be necessary. Depending on your employer’s policies, you may be able to take classes or attend workshops on loan servicing topics without having to obtain a formal certification. In addition, if you have been working in the loan servicing field for some time, employers may take into consideration your experience when evaluating your qualifications for a job or promotion.

Ultimately, it is up to you to decide whether or not obtaining a Loan Servicing Specialist Certificate would be beneficial for your career path. If you feel that having the certification would help advance your goals, then it is worth considering investing in one.

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FAQs About Loan Servicing Specialist Certifications

Q1. What is a Loan Servicing Specialist Certification?

A1. A Loan Servicing Specialist Certification is a professional certification that demonstrates an individual’s knowledge and expertise in the field of loan servicing. It provides recognition to those who have achieved a certain level of proficiency in the areas of loan origination, servicing and collection activities.

Q2. How do I get certified as a Loan Servicing Specialist?

A2. To become certified as a Loan Servicing Specialist, you must complete an approved course of study offered by an accredited institution. After completing the coursework, you must pass an exam in order to receive your certification.

Q3. What are the benefits of being a certified Loan Servicing Specialist?

A3. Being certified as a Loan Servicing Specialist can give you many advantages over other job applicants who lack this credential. It demonstrates your expertise in the area and may give you access to higher-paying jobs or promotions within your current organization. Additionally, it may also provide opportunities for career advancement or increased responsibility within the industry.

Q4. How much does it cost to become certified as a Loan Servicing Specialist?

A4. The cost for becoming certified as a Loan Servicing Specialist can vary depending on the institution offering the certification program and other factors such as whether or not you need to purchase additional materials or take additional courses beyond those required for certification eligibility requirements. Generally speaking, however, most institutions will charge between $500-$1000 for certification programs and related materials/courses needed to qualify for certification status.

Q5. How long does it take to become a certified Loan Servicing Specialist?

A5: The amount of time it takes to become certified as a Loan Servicing Specialist varies based on each individual's experience level and personal goals but typically requires between six months to one year of dedicated study and preparation prior to taking the exam necessary for certification eligibility requirements