Top 10 Mortgage Advisor Certifications

Certifications are important for mortgage advisors in the job market because they demonstrate a level of expertise, knowledge, and professional competence. They also help potential employers to understand the qualifications of an individual and how they will be able to handle the tasks associated with their position. Additionally, certifications provide assurance that an advisor is up-to-date on industry trends and best practices, which can give them a competitive edge when seeking employment. Finally, certifications can help to build trust and credibility with clients since they are a sign that a mortgage advisor has taken the time to learn more about their profession.

The purpose of this article is to provide an overview of the most beneficial certifications for Mortgage Advisors and explain how they can help advance their career.

What are Mortgage Advisor Certifications?

Mortgage advisor certification is a professional designation that recognizes individuals who have completed advanced training and demonstrated knowledge in the area of mortgage advice. It is designed to help advisors better understand their clients’ needs, guide them through the home-buying process, and provide them with sound financial advice.

The certification program includes a comprehensive curriculum covering topics such as consumer protection, loan products and services, mortgage origination, underwriting and closing processes, legal issues, ethics, and more. The program also focuses on providing advisors with the skills needed to advise clients on the best financing options available for their situations.

By becoming certified, mortgage advisors can demonstrate to potential customers that they are knowledgeable about the industry and are qualified to provide sound advice. It can also increase their credibility among lenders, who may be more likely to offer competitive rates or other incentives to those they know are well-trained in the field. Additionally, it provides advisors with an opportunity to stay up-to-date on changing laws and regulations that may affect their work. Finally, certification can open up new career opportunities for those seeking advancement in their chosen profession.

Pro Tip: Make sure your mortgage advisor certification is up to date. You should review the requirements for your certification each year, and take any available classes or exams to keep your knowledge current and stay compliant with industry regulations.

Related: What does a Mortgage Advisor do?

Top 10 Mortgage Advisor Certifications

Here’s our list of the best certifications available to Mortgage Advisors today.

1. Certified Mortgage Advisor (CMA)

A Certified Mortgage Advisor (CMA) is a professional designation that recognizes an individual’s expertise in the field of mortgage lending. The certification is awarded by the Mortgage Bankers Association (MBA) and requires individuals to pass a comprehensive exam and meet certain educational requirements.

The CMA exam covers topics such as mortgage regulations, loan origination, loan processing, underwriting, closing and servicing. It also includes questions on secondary market activities, financial analysis and risk management. To qualify for the CMA designation, individuals must have at least two years of experience in mortgage banking or related fields.

It typically takes about three months to prepare for the CMA exam. During this time, individuals should review course materials provided by the MBA and take practice exams to become familiar with the content of the actual exam.

To get certified as a CMA, individuals must submit an application form to the MBA along with proof of their educational qualifications and experience in mortgage banking or related fields. They must also pay an application fee which varies depending on whether they are members of the MBA or not. Once all documents are submitted, applicants will be notified if they have been approved to take the CMA exam.

The cost of taking the CMA exam varies depending on whether you are a member of the MBA or not. For non-members, it costs $595 while members pay $495. After passing the exam, there is an additional fee of $125 for non-members and $95 for members to receive their certificate from MBA.

2. Certified Mortgage Banker (CMB)

Certified Mortgage Banker (CMB) is a professional designation offered by the Mortgage Bankers Association (MBA). It is designed to recognize individuals who have demonstrated a commitment to excellence in the mortgage banking industry. The CMB designation is a symbol of expertise and professionalism in the mortgage banking industry.

To become a CMB, an individual must meet certain requirements, including having at least three years of experience in the mortgage banking industry, completing at least eight hours of continuing education each year, and passing an examination that tests knowledge and understanding of mortgage banking principles and practices.

The process to become a CMB typically takes between 6-12 months. To get started, you must first submit an application to the MBA along with supporting documentation such as your resume, proof of experience, and transcripts from any relevant courses you’ve taken. Once your application is approved, you can register for the CMB exam which is offered twice per year. After successfully passing the exam, you will be awarded with your CMB designation.

The cost for becoming a CMB varies depending on whether or not you are already an MBA member. For non-members, the cost is $1,500 plus applicable taxes; for members it’s $1,000 plus applicable taxes.

3. Certified Mortgage Consultant (CMC)

A Certified Mortgage Consultant (CMC) is a professional designation that is awarded to individuals who have demonstrated an advanced level of knowledge and experience in the mortgage industry. The CMC designation is issued by the National Association of Mortgage Brokers (NAMB).

In order to become a CMC, applicants must pass an exam administered by NAMB. The exam covers topics such as loan origination, underwriting, compliance, and secondary market operations. Applicants must also have at least two years of full-time experience in the mortgage industry.

The exam consists of 100 multiple-choice questions and takes approximately three hours to complete. The cost of the exam is $225 for NAMB members and $375 for non-members. Once applicants pass the exam, they are eligible to receive their CMC designation.

The CMC designation is valid for two years from the date it was issued. To maintain their certification, CMCs must complete at least 12 hours of continuing education each year.

4. National Association of Mortgage Brokers (NAMB) Certified Mortgage Professional (CMP)

The National Association of Mortgage Brokers (NAMB) Certified Mortgage Professional (CMP) designation is a professional certification program for mortgage professionals. It is designed to recognize those individuals who have achieved a high level of knowledge, experience, and expertise in the mortgage industry.

To become a NAMB CMP, individuals must meet certain criteria, including having at least two years of active experience in the mortgage industry and passing an examination. The exam consists of four sections: general mortgage knowledge; federal law and regulations; state law and regulations; and ethics. The exam takes approximately three hours to complete and costs $250.

In addition to passing the exam, applicants must also meet continuing education requirements every two years in order to maintain their certification. This includes completing at least 24 hours of approved continuing education courses every two years.

Overall, obtaining the NAMB CMP designation requires dedication and commitment from those seeking it. However, it can provide many benefits for those who achieve it, such as increased credibility within the industry, higher earning potential, access to exclusive resources and networking opportunities with other certified professionals.

5. American Bankers Association (ABA) Certified Residential Mortgage Specialist (CRMS)

The American Bankers Association (ABA) Certified Residential Mortgage Specialist (CRMS) is a professional designation for mortgage professionals. This certification is awarded to individuals who demonstrate expertise in the residential mortgage lending industry.

To become an ABA CRMS, applicants must complete a comprehensive training program and pass an examination. The training program consists of five core courses and three elective courses, which cover topics such as loan origination, underwriting, closing, and servicing. The total training time required to complete the program is approximately 80 hours.

In order to be eligible for the certification exam, applicants must have at least two years of experience in residential mortgage lending or related fields. They must also submit a completed application form and pay the relevant fees. The cost of the ABA CRMS certification program is $1,495 plus applicable taxes.

Once all requirements are met, applicants can register for the exam online through ABA’s website. The exam consists of 150 multiple-choice questions that must be completed within 3 hours. Upon passing the exam, applicants will receive their ABA CRMS certification and will be entitled to use the designation on business cards and other marketing materials.

6. National Association of Realtors® (NAR) Accredited Mortgage Professional (AMP)

The National Association of Realtors® (NAR) Accredited Mortgage Professional (AMP) is a designation that recognizes real estate professionals who have met certain criteria in the mortgage industry. This designation is designed to provide recognition to those who are knowledgeable and experienced in the mortgage industry, and demonstrate a commitment to professional excellence.

To become an AMP, you must meet certain education requirements and pass an exam. The NAR offers two levels of certification: Level 1 and Level 2. Level 1 requires completion of six courses related to the mortgage industry, while Level 2 requires completion of seven courses plus an additional course on ethics. You must also pass a comprehensive exam for each level.

The cost for the AMP program varies depending on the number of courses taken and whether you take them online or in-person. Generally speaking, it will cost between $1,000-$2,000 for both levels combined.

It typically takes 3-6 months to complete the program if you are taking classes online or attending classes in person. However, this timeline may vary depending on your availability and how quickly you can complete the required courses and exams.

7. American Institute of Certified Public Accountants (AICPA) Personal Financial Planning Certificate Program

The American Institute of Certified Public Accountants (AICPA) Personal Financial Planning Certificate Program is a professional credential designed to recognize CPAs who have demonstrated expertise in the area of personal financial planning. The program consists of three courses and a comprehensive exam.

It takes approximately 18-24 months to complete the program, depending on the individual’s availability and learning pace. To get the certificate, you must complete all three courses, pass the comprehensive exam, and meet any other requirements specified by AICPA.

The cost of the program varies depending on the course selection. The total cost is approximately $2,500-$3,000 for all three courses and the exam fee. This cost does not include any additional fees associated with obtaining or maintaining your CPA license.

8. National Reverse Mortgage Lenders Association (NRMLA) Certified Reverse Mortgage Professional

The National Reverse Mortgage Lenders Association (NRMLA) Certified Reverse Mortgage Professional (CRMP) designation is the highest level of professional recognition available to those who work in the reverse mortgage industry. The CRMP designation recognizes individuals who have demonstrated a comprehensive knowledge of reverse mortgage products and the ability to apply that knowledge in order to serve customers responsibly and ethically.

In order to become a CRMP, an individual must complete an approved education program, pass an exam, and agree to abide by NRMLA’s Code of Ethics. The education program includes 6 courses covering topics such as reverse mortgage basics, product features and options, loan origination process, servicing requirements, consumer protection laws and regulations, and ethical considerations. The program can be completed online or through in-person classes.

The cost for the entire program is $1,495 which includes tuition for all six courses as well as access to study materials and the exam. It typically takes between 8-10 weeks to complete the program depending on how quickly you are able to study and take the exams.

Once you have successfully completed all of the required courses and passed the exam with a score of 80% or higher, you will receive your official CRMP designation from NRMLA. This certification is valid for two years after which time it must be renewed by completing continuing education credits every two years.

9. The Five Star Institute’s Five Star Certification Program

The Five Star Institute's Five Star Certification Program is a comprehensive training and certification program designed to help mortgage professionals stay up-to-date on the latest industry trends, regulations, and best practices. The program is designed to help mortgage professionals gain the knowledge and skills they need to succeed in today's competitive mortgage market.

The program consists of four courses: Introduction to Mortgage Lending, Loan Origination Process, Mortgage Compliance, and Advanced Mortgage Products & Practices. Each course is offered online or in-person. The online courses typically take about 8 hours to complete while the in-person classes can take up to 16 hours.

To get certified, participants must pass all four courses with a score of at least 70%. Once all four courses are completed, participants will receive a certificate from the Five Star Institute that validates their completion of the program.

The cost of the Five Star Certification Program varies depending on whether you choose to take the online or in-person classes. The cost for online classes is $299 per course while the cost for in-person classes is $399 per course.

10. Credit Union National Association's Credit Union Mortgages Certification Program

The Credit Union National Association (CUNA) Credit Union Mortgages Certification Program is a comprehensive training and certification program designed to help credit union professionals better understand the mortgage industry. The program provides credit union personnel with an in-depth understanding of the mortgage process, from origination to closing. It also covers topics such as loan products, compliance, marketing and sales strategies, and best practices for working with members.

The program consists of two courses: Mortgage Basics and Advanced Mortgage Lending. The Mortgage Basics course is offered online or in person and covers the fundamentals of mortgage lending. The Advanced Mortgage Lending course is offered only in person and provides more detailed information on the mortgage process. Both courses are required for certification.

The program takes approximately 8 weeks to complete, depending on the student’s schedule and availability. To get started, students must first register for the program by completing an online application form. Once accepted into the program, students will receive access to their online course materials and will be able to begin taking classes right away.

The cost of the CUNA Credit Union Mortgages Certification Program varies depending on whether you take both courses online or in person. For those taking both courses online, the cost is $1,495. For those taking both courses in person, the cost is $2,495 plus travel expenses if applicable.

Do You Really Need a Mortgage Advisor Certificate?

Yes, it is recommended that you obtain a mortgage advisor certificate if you want to become a successful mortgage advisor. A mortgage advisor certificate shows potential employers and clients that you have the necessary knowledge, skills and qualifications to provide sound advice on mortgages and other related financial products. It also demonstrates your commitment to the industry and gives you an edge over others who don’t have a certificate.

The process for obtaining a mortgage advisor certificate can vary depending on your country or state; however, in most cases, there is an exam that must be taken in order to demonstrate your knowledge of the industry. The exam may cover topics such as loan origination, debt management, credit analysis, legal regulations and consumer protection laws. Once you pass the exam, you will receive your official certification from a professional organization such as the Mortgage Bankers Association of America (MBA).

Having a mortgage advisor certificate provides several advantages. It allows you to earn more money because it demonstrates that you are knowledgeable about the industry and capable of providing excellent advice. It also helps build trust with clients since they know that they are dealing with someone who has been certified by a reputable organization. Finally, having a certificate can help you secure better job opportunities since many employers prefer candidates with certifications.

In conclusion, obtaining a mortgage advisor certificate is highly recommended if you want to become successful in this field. Not only does it demonstrate your knowledge and skills but it also shows potential employers and clients that you are committed to providing excellent service in this field.

Related: Mortgage Advisor Resume Examples

FAQs About Mortgage Advisor Certifications

1. What is a Mortgage Advisor Certification?

Answer: A Mortgage Advisor Certification is a professional qualification that demonstrates an individual’s knowledge and expertise in the mortgage industry. It serves as proof of their ability to provide sound advice and guidance to customers when it comes to taking out a mortgage.

2. What are the benefits of obtaining a Mortgage Advisor Certification?

Answer: The main benefit of obtaining a Mortgage Advisor Certification is that it provides reassurance for clients that they are dealing with someone who is knowledgeable and experienced in the mortgage industry, and can provide them with reliable advice when selecting the best mortgage option for their individual needs. Additionally, having this certification may help set one apart from other advisors in the field.

3. How do I become certified as a Mortgage Advisor?

Answer: In order to become certified as a Mortgage Advisor, you must first complete an accredited training program or course approved by your local regulatory body or governing institution. After completing the program or course, you will then be required to pass an examination administered by the relevant regulatory body in order to receive your official certification.

4. Is there an expiration date on my Mortgage Advisor Certification?

Answer: Yes, most certifications have an expiration date which typically ranges from two to three years after they are granted, depending on your specific jurisdiction’s requirements. It is important to note that you must renew your certification before it expires in order to maintain its validity.

5. Are there any continuing education requirements for maintaining my Mortgage Advisor Certification?

Answer: Yes, most jurisdictions require certified advisors to take part in ongoing educational activities throughout their certification period in order to keep up-to-date on new developments and regulations within the industry. Additionally, many jurisdictions require advisors to take part in additional courses or seminars related to their field of expertise prior to renewal of their certification each year.