Top 11 Mortgage Banker Certifications

Certifications are important for a mortgage banker in the job market because they demonstrate a level of expertise and knowledge in the field. They can also give a potential employer assurance that the individual has been trained in all aspects of mortgage banking, including finance, legal issues, and regulations. Having certifications is especially important for those seeking to move up in their current position or switch careers into mortgage banking. Additionally, certifications can help potential employers better understand an applicant’s qualifications and abilities. Finally, having certifications may make a candidate more attractive to employers compared to other applicants who do not have any relevant certifications.

The article reviews some of the top certifications for Mortgage Bankers and explains how they can help advance a mortgage banker's career.

What are Mortgage Banker Certifications?

Mortgage banker certification is a professional designation that demonstrates a mortgage banker has met the educational and ethical standards set forth by the National Association of Mortgage Bankers (NAMB). This certification is designed to help ensure that mortgage bankers have the knowledge and skills necessary to provide quality customer service, accurate advice, and assistance when it comes to helping clients secure financing for their home purchase or refinance.

Certified mortgage bankers must complete a series of courses and tests in order to demonstrate their understanding of the industry. They must also commit to adhering to NAMB's Code of Ethics and Standards of Professional Conduct. In addition, they must pass an examination that assesses their knowledge of relevant laws, regulations, and practices related to mortgage banking.

By obtaining this certification, mortgage bankers can demonstrate their commitment to providing quality service. It also serves as proof that they are knowledgeable in all aspects of the industry and are able to comply with applicable laws and regulations. Furthermore, it can be used as a marketing tool to attract potential clients who may prefer working with certified professionals over those who are not certified.

Pro Tip: When considering mortgage banker certification, make sure you check the credentials of any certifying organization to ensure that they are properly accredited and recognized by industry professionals. Additionally, research the course content and exam requirements to ensure that you will be receiving the most up-to-date information on mortgage banking.

Related: What does a Mortgage Banker do?

Top 11 Mortgage Banker Certifications

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

1. 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 expertise in the mortgage banking industry. The CMB designation is recognized and respected by lenders, employers, and consumers alike as an indication of proficiency in the mortgage banking field.

To become a Certified Mortgage Banker, an individual must meet certain requirements set by the MBA. These include having at least three years of experience in the mortgage banking industry, having completed a minimum of 25 hours of continuing education courses related to mortgage banking, and passing a comprehensive exam administered by the MBA.

The CMB exam consists of 150 multiple-choice questions covering topics such as loan origination, underwriting, compliance regulations, secondary market operations, risk management, and more. It takes approximately four hours to complete the exam.

In order to take the CMB exam, an individual must first apply for certification through the MBA's website. The cost for applying for certification is $395 for members of the MBA or $495 for non-members. Once approved for certification, an individual will be able to register for and take the CMB exam at one of several testing centers across the United States.

Once an individual has passed the CMB exam they will be eligible to use the CMB designation after their name on business cards and other materials. This designation indicates that they have achieved a high level of expertise in their field and are committed to upholding ethical standards within their profession.

2. Certified Mortgage Professional (CMP)

Certified Mortgage Professional (CMP) is a designation that recognizes individuals who have demonstrated a high level of knowledge and experience in the mortgage industry. The CMP credential is awarded by the Mortgage Bankers Association (MBA), an organization dedicated to promoting the highest standards of professional excellence in the mortgage banking industry.

The CMP program requires applicants to pass an exam covering topics such as mortgage origination, loan servicing, secondary market activities, and other related topics. In addition to passing the exam, applicants must also complete at least three years of full-time experience in the mortgage banking industry or equivalent education.

The exam is offered twice a year and can be taken online or at a testing center. The cost of taking the exam is $395 for MBA members and $495 for non-members.

Once you have passed the exam, you will receive your CMP designation and become eligible for various benefits including access to exclusive networking events, discounts on MBA products and services, recognition from employers, and more.

3. Certified Residential Mortgage Specialist (CRMS)

Certified Residential Mortgage Specialist (CRMS) is a professional designation that recognizes individuals who have demonstrated a comprehensive knowledge of the mortgage industry. The CRMS designation is awarded by the National Association of Mortgage Brokers (NAMB) and signifies that an individual has completed rigorous training and testing in the areas of loan origination, secondary market, compliance, and ethics.

To obtain the CRMS designation, applicants must meet certain eligibility requirements including at least two years of experience in residential mortgage lending or related fields. Applicants must also pass a comprehensive exam administered by NAMB. The exam covers topics such as loan origination, secondary market, compliance and ethics.

The cost to obtain the CRMS designation is $350 for NAMB members and $400 for non-members. The application process can take up to six weeks to complete depending on when you submit your application and how quickly you complete all required steps.

4. Certified Mortgage Lender (CML)

Certified Mortgage Lender (CML) is a designation awarded by the National Association of Mortgage Professionals (NAMB) to qualified mortgage professionals who demonstrate a high level of knowledge and experience in the mortgage industry. The CML designation is recognized as an indication of expertise in all aspects of residential mortgage lending, including origination, processing, underwriting, closing, and post-closing.

It typically takes around 6-8 weeks to get the CML designation. To qualify for the CML designation, applicants must meet certain criteria including having three years of full-time experience in the mortgage industry, passing an exam administered by NAMB, and completing at least 16 hours of continuing education every two years.

The cost for obtaining the CML designation varies depending on how many courses you take and whether you are a member or non-member of NAMB. For members, it typically costs around $400-$500 to obtain the CML designation. For non-members, it may cost up to $700-$800.

5. Certified Mortgage Consultant (CMC)

A Certified Mortgage Consultant (CMC) is a professional designation that recognizes individuals who have achieved a high level of knowledge and expertise in the mortgage industry. The CMC designation is issued by the National Association of Mortgage Brokers (NAMB), a non-profit organization that provides education, resources, and support for mortgage professionals.

The CMC designation requires applicants to complete an extensive course of study and pass an exam. The course covers topics such as loan origination, underwriting, closing procedures, legal issues, and ethics. It typically takes between four to six months to complete the coursework and prepare for the exam.

To become a Certified Mortgage Consultant (CMC), you must be currently employed in the mortgage industry and have at least two years of experience working in mortgage origination or related fields. You must also be a member of NAMB with good standing.

The cost for the CMC designation varies depending on your NAMB membership status. For non-members, the cost is $395; for members, it’s $295; and for student members, it’s $195. Additionally, there are fees associated with taking the exam ($95) and renewing your certification every two years ($50).

6. Certified Mortgage Broker (CMBB)

Certified Mortgage Broker (CMBB) is a designation that indicates a mortgage broker has met the standards set by the National Association of Mortgage Brokers (NAMB). This certification is designed to ensure that mortgage brokers are knowledgeable and experienced in the field of mortgage origination.

To become a Certified Mortgage Broker, an individual must have at least three years of experience as a loan originator or processor, hold a valid NMLS license, complete 20 hours of continuing education courses, and pass the CMBB exam. The exam covers topics such as federal and state regulations, consumer protection laws, loan processing procedures, and ethical practices.

The process of becoming certified typically takes two to four weeks depending on how quickly you complete all the requirements. The cost for the CMBB certification includes registration fees for the exam ($125), continuing education course fees ($150-$400), and application fees ($75).

7. National Association of Mortgage Brokers Designation (NAMB-D)

The National Association of Mortgage Brokers Designation (NAMB-D) is a professional certification program designed to recognize mortgage professionals who demonstrate a high level of knowledge and proficiency in the field. The NAMB-D designation is awarded by the National Association of Mortgage Brokers (NAMB).

In order to obtain the NAMB-D designation, individuals must complete an online course and pass an exam. The online course consists of four modules covering topics such as loan origination, loan processing, underwriting, and closing. The exam tests a candidate’s understanding of these topics as well as their ability to apply them in real-world scenarios. To be eligible for the NAMB-D designation, candidates must have at least one year of experience in the mortgage industry.

The cost to obtain the NAMB-D designation is $199 for members of NAMB and $299 for non-members. It typically takes about 8 hours to complete the online course and pass the exam. Once obtained, the NAMB-D designation must be renewed every two years by completing continuing education credits.

8. National Association of Mortgage Bankers Designation (NAMB-D)

The National Association of Mortgage Bankers Designation (NAMB-D) is a professional designation that recognizes professionals who have demonstrated a high level of knowledge and experience in the mortgage banking industry. It is designed to help individuals enhance their skills and advance their careers in the mortgage banking field.

The NAMB-D designation requires applicants to pass an exam that covers topics such as loan origination, loan servicing, underwriting, compliance, and risk management. The exam consists of 100 multiple choice questions and must be completed within three hours. Upon successful completion of the exam, applicants will receive their NAMB-D certification.

In order to qualify for the NAMB-D designation, applicants must have at least two years of experience in the mortgage banking industry or an equivalent combination of education and experience. Applicants must also complete 15 hours of continuing education every two years in order to maintain their certification.

The cost for taking the NAMB-D exam varies depending on whether you are a member or non-member of NAMB. For members, it costs $395 while non-members pay $495. Additionally, there is an annual fee of $50 for members and $100 for non-members to maintain their certification status.

9. Loan Originator License (LOL)

Loan Originator License (LOL) is a license issued by the National Mortgage Licensing System (NMLS) to individuals who are authorized to originate, process, and close loans. This license is required in order for a person to legally offer loan origination services in the United States.

The process of obtaining an LOL typically takes between 4-6 weeks. The first step is to complete the NMLS application and pay the applicable fees. After submitting the application, you will need to complete 20 hours of pre-licensing education courses and pass a criminal background check. Once these steps have been completed, you will be able to take the Loan Originator Exam which consists of two parts: a national component and a state component.

The cost of obtaining an LOL varies from state to state but generally costs around $500-$700 total including application fees, pre-licensing education course fees, exam fees, and any other associated costs.

10. Licensed Loan Officer/Mortgage Originator

A Licensed Loan Officer/Mortgage Originator is a professional who works with borrowers to originate and process mortgage loans. They are responsible for evaluating loan applications, advising borrowers on the best loan products for their needs, and helping them through the entire loan process from application to closing.

In order to become a Licensed Loan Officer/Mortgage Originator, individuals must meet certain requirements set by their state. These may include completing an approved pre-licensing education course, passing a background check, and obtaining a surety bond or other form of financial protection. The amount of time it takes to become licensed varies by state but typically ranges from several weeks to several months.

The cost of becoming a Licensed Loan Officer/Mortgage Originator also varies by state but generally includes fees for the pre-licensing education course, licensing exam fees, surety bond costs, and any applicable background check fees.

To get started in the process of becoming a Licensed Loan Officer/Mortgage Originator, individuals should contact their state’s regulatory agency for more information about specific requirements and fees.

11. Accredited Mortgage Professional (AMP)

Accredited Mortgage Professional (AMP) is a professional designation for experienced mortgage professionals. It is awarded by the Canadian Association of Accredited Mortgage Professionals (CAAMP) and recognizes individuals who have demonstrated a high level of knowledge, experience, and professionalism in the mortgage industry.

To qualify for an AMP designation, applicants must pass a two-part exam that covers topics such as mortgage financing, credit analysis, legal considerations, and risk management. The exam consists of multiple choice questions and takes approximately three hours to complete.

In order to apply for the AMP designation, applicants must be members of CAAMP and have at least three years of full-time experience in the mortgage industry. Applicants must also submit proof of their educational background and work experience.

The cost to apply for an AMP designation is $495 plus applicable taxes. This fee covers the cost of the application process, exam preparation materials, and administration fees.

Do You Really Need a Mortgage Banker Certificate?

A mortgage banker certificate is a credential that many mortgage bankers must have in order to practice their profession. This certificate is a sign of competence and professionalism, and it can help you stand out from the competition in the industry. However, the question remains: do you really need a mortgage banker certificate?

The answer depends on your career goals. If you are looking to become a successful mortgage banker and compete for high-paying jobs, then having a certificate can be beneficial. You will demonstrate to potential employers that you have taken the time to learn about the industry, and that you possess the necessary skills and knowledge required for success in this field. Additionally, having a certifcate can also help you build credibility with clients since they know that you are qualified to provide them with quality services.

On the other hand, if your goal is simply to gain some basic knowledge about mortgages and banking, then obtaining a mortgage banker certificate may not be necessary. While it does demonstrate expertise in the field, there are other resources available which can provide individuals with an understanding of how mortgages work without requiring them to obtain certification.

Ultimately, whether or not you need a mortgage banker certificate depends on your individual career goals and ambitions. If becoming certified seems like an appropriate step for your journey towards becoming a successful mortgage banker, then it may be worth pursuing this credential. Otherwise, there are plenty of ways to gain knowledge about this field without requiring certification.

Related: Mortgage Banker Resume Examples

FAQs About Mortgage Banker Certifications

1. What are the requirements to become a mortgage banker?

Answer: To become a mortgage banker, you must have at least a high school diploma or equivalent and complete an approved pre-licensing education program. You will also need to pass the National Mortgage Licensing System (NMLS) exam and meet other state-specific requirements.

2. How long does it take to get certified as a mortgage banker?

Answer: The exact time it takes to get certified as a mortgage banker will depend on your state’s licensing requirements and the amount of time you spend studying for the NMLS exam. Generally, it can take anywhere from three weeks to three months to become fully licensed.

3. Are there any continuing education requirements for mortgage bankers?

Answer: Yes, most states require that mortgage bankers complete continuing education courses in order to maintain their license and remain compliant with regulations. Generally, these courses must be completed every two years in order for the license to remain valid.

4. What is the difference between a mortgage broker and a mortgage banker?

Answer: A mortgage broker acts as an intermediary between borrowers and lenders by helping them find loan products that best meet their needs. On the other hand, a mortgage banker works directly with lenders and offers loan products from only one source – typically their own bank or financial institution.

5. Do I need additional certifications or designations in order to become a successful mortgage banker?

Answer: While additional certifications or designations may help you stand out from other applicants, they are usually not required for success as a mortgage banker. It is important, however, that you stay up-to-date on industry trends and regulations so that you can provide your clients with accurate advice and guidance when making decisions about financing options.