Top 11 Mortgage Assistant Certifications
This article provides an overview of the top certifications for mortgage assistants, including requirements, fees and benefits.
Published 18 min read
Certifications are important for a mortgage assistant in the job market because they demonstrate that the individual has the necessary knowledge and skills to perform their job duties. Certifications can provide employers with an assurance that the mortgage assistant is qualified and capable of tackling any tasks related to their position. Additionally, certifications show potential employers that the individual is committed to staying up-to-date on industry trends and regulations, which can be beneficial in a competitive job market.
The purpose of this article is to review some of the top certifications for Mortgage Assistants and explain how they can help further a mortgage assistant's career.
What are Mortgage Assistant Certifications?
Mortgage assistant certification is a program designed to provide mortgage professionals with the knowledge and skills necessary to assist with loan origination and processing. The certification, which is offered by the Mortgage Bankers Association (MBA), requires individuals to complete a comprehensive training program and pass an exam.
The certification can help mortgage professionals in many ways. It demonstrates their commitment to professional development and provides them with the skills they need to perform at a higher level. It also helps them stay current on industry trends, regulations, and best practices. Additionally, it gives them an edge when competing for jobs or promotions within the industry. Finally, having a certified mortgage assistant on staff can give customers more confidence in the lender’s ability to provide quality services.
Pro Tip: When considering a mortgage assistant certification, make sure to research the program thoroughly. Look for programs with comprehensive training that covers not only the basics of mortgage processing, but also more advanced topics such as loan origination, underwriting, and closing. Additionally, ask about any continuing education requirements that may be necessary to keep your certification up-to-date.
Related: What does a Mortgage Assistant do?
Top 11 Mortgage Assistant Certifications
Here’s our list of the best certifications available to Mortgage Assistants today.
1. Certified Mortgage Loan Originator (CMLO)
A Certified Mortgage Loan Originator (CMLO) is a professional who has met the qualifications and standards established by the Nationwide Mortgage Licensing System & Registry (NMLS). The CMLO designation is granted to individuals who have successfully completed a rigorous training program and passed a comprehensive examination.
The training program for CMLOs typically takes between 20-30 hours, depending on the complexity of the material covered. The coursework includes topics such as federal and state lending laws, loan origination practices, consumer protection regulations, and ethical considerations. Upon successful completion of the coursework and passing of the examination, candidates are awarded their CMLO designation.
To become a CMLO, you must first apply for an NMLS license. This process requires submitting an application with the appropriate fees to your state's regulatory agency. Once approved, you will then be able to register for an approved training program and take the necessary exams.
The cost of becoming a CMLO varies depending on your state's requirements as well as any additional courses or exams that may be required. Generally speaking, you can expect to pay anywhere from $100-$500 in fees associated with obtaining your license and taking the necessary courses/exams.
2. Certified Mortgage Banker (CMB)
Certified Mortgage Banker (CMB) is a professional designation awarded by the Mortgage Bankers Association (MBA) to individuals who demonstrate a high level of knowledge and experience in the mortgage banking industry. The CMB designation is recognized as one of the most prestigious credentials for mortgage bankers and other real estate professionals.
To obtain the CMB designation, individuals must meet certain requirements including having at least three years of full-time experience in the mortgage banking industry, passing an exam that covers topics such as loan origination, underwriting, servicing, compliance, and secondary marketing, and completing continuing education credits every two years.
The process of obtaining a CMB designation typically takes several months to complete. Individuals must first submit an application to MBA which includes providing proof of their experience in the mortgage banking industry. Once approved, applicants can register for the exam which is administered twice per year at various locations across the United States. After passing the exam, applicants will receive their CMB designation certificate from MBA.
The cost of obtaining a CMB designation varies depending on whether or not you are an MBA member. For non-members, it costs $1,250 to apply for the program and take the exam; for members, it costs $850. Additionally, there is a $50 fee for each continuing education credit taken every two years to maintain your certification status.
3. Certified Mortgage Planning Specialist (CMPS)
Certified Mortgage Planning Specialist (CMPS) is a professional designation that certifies mortgage professionals who have demonstrated expertise in the areas of mortgage planning and financial analysis. To become certified, you must complete a series of courses and pass an exam. The CMPS program is administered by the Mortgage Bankers Association (MBA).
The CMPS program consists of five courses:
1. Introduction to Mortgage Planning
2. Financial Analysis for Mortgage Planners
3. Tax Implications for Mortgage Planners
4. Legal Aspects of Mortgage Planning
5. Advanced Strategies for Mortgage Planners
The courses can be taken online or in-person and typically take about 40 hours to complete. Once you have completed all five courses, you can register to take the CMPS exam which consists of 100 multiple-choice questions. The exam is administered by Prometric testing centers across the United States and Canada, as well as online through ProctorU. You must score at least 75% on the exam to become certified as a CMPS professional.
The cost of the CMPS program varies depending on whether you choose to take the courses online or in-person, but generally ranges from $1,000-$2,500 USD depending on your location and course selection.
4. National Association of Mortgage Brokers Certification (NAMB-C)
The National Association of Mortgage Brokers Certification (NAMB-C) is a certification program offered by the National Association of Mortgage Brokers (NAMB). It is designed to provide mortgage professionals with the knowledge and skills necessary to effectively serve customers in the residential mortgage industry. The NAMB-C certification is intended to demonstrate that an individual has the necessary qualifications and experience to work as a mortgage broker or loan originator.
It typically takes between six and eight weeks to complete the NAMB-C certification process. The first step is to submit an application, which includes providing information about your professional background and experience in the mortgage industry. Once your application has been approved, you will need to complete a series of online courses that cover topics such as ethics, compliance, loan origination, marketing, customer service, and more. After completing all of the courses, you will be required to take a final exam in order to earn your certification.
In order to get certified through NAMB-C, you must be a member of NAMB and pay an annual fee of $200. You must also pay an additional fee for each course taken ($100 per course). Additionally, there may be additional fees associated with taking the final exam ($75) or obtaining continuing education credits ($50).
Overall, obtaining NAMB-C certification can be costly but it can also be beneficial for those looking to advance their career in the mortgage industry. It demonstrates that you have taken steps towards becoming knowledgeable and experienced in this field and can help you stand out from other applicants when applying for jobs or promotions.
5. Certified Residential Mortgage Professional (CRMP)
Certified Residential Mortgage Professional (CRMP) is a professional designation for mortgage loan originators and other professionals in the residential mortgage industry. It is awarded by the National Association of Mortgage Professionals (NAMP).
The CRMP designation signifies that an individual has achieved a high level of expertise in residential mortgage origination and lending. To obtain the CRMP designation, individuals must complete a rigorous certification process that includes education, testing, and experience requirements.
To obtain the CRMP designation, individuals must:
- Have at least two years of experience in the residential mortgage industry;
- Pass an exam administered by NAMP;
- Complete 16 hours of continuing education every two years; and
- Agree to adhere to NAMP’s Code of Ethics.
The cost to obtain the CRMP designation is $395 for NAMP members and $495 for non-members. The exam fee is included in this cost. The exam consists of 100 multiple choice questions and takes approximately three hours to complete.
6. Certified Home Loan Specialist (CHLS)
A Certified Home Loan Specialist (CHLS) is a professional designation that recognizes individuals who have achieved a high level of knowledge and expertise in the home loan industry. The CHLS designation is offered through the Mortgage Bankers Association (MBA) and is designed to help mortgage professionals stand out from the competition.
The CHLS program consists of five courses, each focusing on different aspects of the home loan process. These include residential lending fundamentals, loan origination and processing, underwriting, closing and post-closing activities. Upon completion of all five courses, participants will receive their CHLS certification.
The entire program takes approximately 10 weeks to complete, depending on how quickly an individual works through the course material. The cost for the program is $1,295 for MBA members and $1,495 for non-members.
In order to get certified as a CHLS, applicants must first meet certain eligibility requirements including having at least two years of experience in the home loan industry or completing an approved training program. Once these requirements are met, applicants can then register for the CHLS program online or by mail. After registering for the program, applicants will be provided with access to all five courses which they can complete at their own pace over a 10-week period.
Upon successful completion of all five courses and passing the final exam with a score of 80% or higher, participants will receive their CHLS certification from MBA.
7. American Bankers Association Accredited Mortgage Professional (AMP)
The American Bankers Association Accredited Mortgage Professional (AMP) is a certification program that provides mortgage professionals with the knowledge and skills needed to succeed in the industry. The AMP certification is designed to help mortgage professionals advance their careers and increase their earning potential.
To become an AMP, a mortgage professional must pass a comprehensive exam that covers topics such as loan origination, underwriting, servicing, compliance, and secondary market operations. The exam consists of 140 multiple-choice questions and takes approximately two hours to complete.
In order to be eligible for the AMP certification, applicants must have at least two years of experience in the mortgage industry or have completed an approved training program. Additionally, applicants must possess a valid state license or registration as required by applicable law.
The cost of taking the AMP exam varies depending on the state in which you are taking it. In general, the cost ranges from $195-$250 per exam attempt plus any applicable taxes or fees.
Once an individual has successfully passed the AMP exam, they will receive an official certificate indicating their achievement and will be listed in the ABA’s online directory of certified mortgage professionals.
8. Certified Home Loan Consultant (CHLC)
A Certified Home Loan Consultant (CHLC) is a professional designation that demonstrates an individual's expertise in the field of home loan consulting. CHLCs are knowledgeable about the mortgage industry and have a thorough understanding of the various types of lending products available. They are able to provide advice on how to best structure a loan for a particular borrower, as well as provide guidance on the best lenders and loan terms for their clients.
The CHLC designation requires successful completion of an online course offered by the Home Loan Consulting Institute. The course consists of six modules, which cover topics such as loan origination, underwriting, closing, servicing and compliance. It typically takes 8-10 hours to complete the course and pass the final exam with a score of 80% or higher.
The cost for taking the CHLC course is $299 USD. After successfully completing the course and passing the exam, individuals will receive their certificate from the Home Loan Consulting Institute. This certification is valid for two years before it must be renewed by taking additional courses or attending seminars related to home loan consulting.
9. National Reverse Mortgage Lenders Association Certification (NRMLA-C)
The National Reverse Mortgage Lenders Association (NRMLA) Certification is a voluntary program that allows lenders to demonstrate their commitment to providing quality reverse mortgage products and services to consumers. The NRMLA-C certification requires lenders to meet certain standards of professional conduct, including ethical practices, compliance with all applicable laws and regulations, and ongoing education.
In order to obtain the NRMLA-C certification, lenders must complete an application process that includes submitting documentation of their qualifications and experience in the reverse mortgage industry. The application also requires disclosure of any past or current legal proceedings involving the lender. After submitting the application, it typically takes about two weeks for NRMLA staff to review the information and make a decision on whether or not to grant certification.
The cost of obtaining the NRMLA-C certification depends on the size of the lender’s business. For large companies with more than $50 million in annual origination volume, there is an initial fee of $2,500 plus an annual renewal fee of $1,500. For medium-sized companies with between $10 million and $50 million in annual origination volume, there is an initial fee of $1,000 plus an annual renewal fee of $750. And for small companies with less than $10 million in annual origination volume, there is no initial fee but an annual renewal fee of $500.
Overall, obtaining NRMLA-C certification can be beneficial for lenders as it demonstrates their commitment to providing quality reverse mortgage products and services while helping them stay compliant with all relevant laws and regulations.
10. FHA/VA Direct Endorsement Underwriter Certification
FHA/VA Direct Endorsement Underwriter Certification is a program offered by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA). This certification allows an individual to become a certified underwriter for FHA and VA loans.
The certification process typically takes between four and six weeks, depending on the applicant's experience level. To become certified, applicants must complete the following steps:
1. Complete the FHA/VA Direct Endorsement Underwriter Certification Course. This course is offered online or in-person and covers topics such as loan origination, underwriting standards, mortgage regulations, and more.
2. Pass the FHA/VA Direct Endorsement Underwriter Certification Exam. The exam consists of multiple-choice questions and tests an applicant’s knowledge of FHA and VA loan programs.
3. Submit a completed application to the FHA or VA for review and approval. Once approved, applicants will receive their certification from either agency.
The cost of obtaining this certification varies depending on the provider offering the course or exam preparation materials. Generally speaking, courses range from $500 to $1,000 while exam preparation materials can range from $100 to $300.
11. US Department of Housing and Urban Development Approved Lender Training Certificate
The US Department of Housing and Urban Development (HUD) Approved Lender Training Certificate is a certificate that lenders must obtain in order to become approved by HUD. This certificate verifies that the lender has completed training on HUD’s rules and regulations, as well as other topics related to lending.
The length of time it takes to get the certificate depends on how quickly the lender completes the required coursework. Generally, it should take around two weeks for a lender to complete the necessary training and receive their certificate.
To get the certificate, lenders must first register with HUD’s e-learning portal and then complete all of the required courses. The courses cover topics such as loan origination, underwriting, servicing, compliance, fair lending, and more. After completing all of these courses, lenders will be issued a certificate verifying their completion of the training program.
The cost of getting the HUD Approved Lender Training Certificate varies depending on which courses are taken and how many credits are earned from each course. Generally speaking, it should cost between $300-$500 for a lender to complete all of the necessary courses and receive their certificate.
Do You Really Need a Mortgage Assistant Certificate?
Whether or not you need a Mortgage Assistant Certificate depends on your personal career goals. With the increasing complexity of mortgage lending and home loan products, it is becoming increasingly important for those looking to pursue a career in this field to be properly trained and certified. A Mortgage Assistant Certificate can provide you with the knowledge and skills necessary to help individuals navigate through the loan process, from prequalifying potential borrowers to closing a successful loan.
A Mortgage Assistant Certificate can provide you with the understanding of mortgage laws, regulations, and industry standards that are necessary for successful loan processing. You will also learn about various types of mortgages such as fixed-rate, adjustable-rate, jumbo loans, reverse mortgages, as well as refinancing options. Additionally, you will gain an understanding of financial documents such as credit reports, income statements, and appraisals. You will also develop customer service skills that are essential for working with clients throughout the loan process.
For those who have already obtained some experience in the mortgage industry or are looking to break into this field from another background, having a Mortgage Assistant Certificate can give you an edge over other applicants when applying for positions in this field. It can also make you more attractive to employers by demonstrating your commitment to learning and developing your knowledge base in this field.
Ultimately it is up to you whether or not obtaining a Mortgage Assistant Certificate is right for your individual career goals. If it is something that interests you and would be beneficial for your professional development then it may be worth considering getting certified in this area.
Related: Mortgage Assistant Resume Examples
FAQs About Mortgage Assistant Certifications
1. What is a Mortgage Assistant Certification?
Answer: A Mortgage Assistant Certification is a specialized certification program designed to provide mortgage professionals with the skills and knowledge they need to perform their job effectively and efficiently. The certification covers topics such as loan origination, underwriting, closing, servicing and other related areas.
2. How do I obtain a Mortgage Assistant Certification?
Answer: To obtain a Mortgage Assistant Certification, you must complete an accredited training program that meets the requirements of the National Association of Mortgage Professionals (NAMP). This typically requires completing at least 20 hours of coursework in addition to passing an exam at the end of the program.
3. How long does it take to complete a Mortgage Assistant Certification?
Answer: The amount of time it takes to complete a Mortgage Assistant Certification will depend on the specific course you choose and how quickly you can complete each module or course requirement. Generally speaking, most programs take between four weeks and three months depending on your level of commitment and dedication.
4. Are there any prerequisites for obtaining a Mortgage Assistant Certification?
Answer: Yes, most programs require applicants to have some prior experience with mortgage-related activities such as loan origination or underwriting before applying for certification. Additionally, some programs may also require applicants to pass certain exams or tests before being accepted into the program.
5. What are the benefits of obtaining a Mortgage Assistant Certification?
Answer: Obtaining a Mortgage Assistant Certification can provide individuals with an edge in the competitive mortgage industry by demonstrating their knowledge in key areas such as loan origination, underwriting, closing and servicing loans. Additionally, it can help boost credibility among potential employers and clients by showcasing your expertise in this field.