Top 11 Mortgage Broker Certifications

Certifications are important for a mortgage broker in the job market because they demonstrate a level of expertise and knowledge that employers look for. Having certifications shows potential employers that you have the necessary qualifications to handle the specific tasks associated with being a mortgage broker. Additionally, certifications can help to differentiate you from other candidates and give you an edge when competing for jobs. Lastly, many lenders require certain certifications before granting a mortgage broker access to their products, so having these certifications may be necessary if you want to work with certain lenders.

This article reviews the most important certifications for Mortgage Brokers and explains how they can help to advance a mortgage broker's career.

What are Mortgage Broker Certifications?

Mortgage broker certification is a professional designation that shows an individual has met the necessary qualifications to work as a mortgage broker. This certification is typically obtained by taking courses and passing exams related to the mortgage industry. It demonstrates that a person has an in-depth knowledge of the rules, regulations, and laws related to mortgages in their area.

Having mortgage broker certification can help individuals gain credibility with potential clients, employers, and other professionals in the industry. It can also help brokers stay up to date with changing regulations and ensure compliance with all applicable laws. Additionally, having this certification may give brokers access to special discounts on certain products or services that are only available to certified mortgage brokers. Finally, it can provide brokers with additional credibility when negotiating with lenders or other professionals in the field.

Pro Tip: Before choosing a mortgage broker, always check their certification status. This can be done by contacting the relevant professional body or regulatory authority in your area. Knowing that your broker has the necessary qualifications and experience to provide you with quality advice is essential in ensuring a successful home loan application.

Related: What does a Mortgage Broker do?

Top 11 Mortgage Broker Certifications

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

1. Certified Mortgage Banker (CMB)

Certified Mortgage Banker (CMB) is a professional designation offered by the Mortgage Bankers Association (MBA). The CMB designation is designed to recognize mortgage professionals who have demonstrated knowledge and experience in the mortgage banking industry.

The CMB program consists of three parts: an online course, a comprehensive exam, and a portfolio review. The online course covers topics such as loan origination, secondary market operations, regulatory compliance, consumer protection, and risk management. Upon completion of the course and passing the exam with a score of 70% or higher, candidates must submit a portfolio of their work for review by MBA staff.

It typically takes between six months to one year for candidates to complete all three parts of the CMB program.

To become certified as a CMB, applicants must meet certain eligibility requirements including having at least five years of full-time experience in mortgage banking or related fields; being employed in the mortgage banking industry; and having completed the required education courses.

The cost for taking the CMB program varies depending on whether you are an MBA member or not. For members, it costs $1,495 for non-members it costs $2,495.

2. Certified Residential Mortgage Specialist (CRMS)

A Certified Residential Mortgage Specialist (CRMS) is an individual who has completed a comprehensive program of study and passed a rigorous exam to demonstrate their knowledge and expertise in the residential mortgage industry. The CRMS designation is recognized by the National Association of Mortgage Brokers as the highest level of professional certification available in the residential mortgage field.

The CRMS program consists of eight courses covering topics such as federal regulations, loan origination processes, loan products, underwriting and closing procedures, secondary market activities, and ethics. Each course requires approximately 20 hours of study time and can be taken online or in person. Upon completion of all eight courses, candidates must pass a comprehensive exam to earn their CRMS designation.

To become a CRMS, individuals must have at least two years of experience working in the residential mortgage industry or hold a valid real estate license. In addition to completing the eight courses and passing the exam, individuals must also adhere to a code of ethics established by NAMB and complete at least four hours of continuing education each year to maintain their certification.

The cost for the CRMS program varies depending on which institution you choose for your studies. Generally speaking, it will cost between $1,500 - $2,000 for all eight courses plus any additional fees associated with taking the exam.

3. Certified Mortgage Consultant (CMC)

Certified Mortgage Consultant (CMC) is a professional designation that recognizes individuals who have demonstrated a high level of knowledge and expertise in the mortgage industry. It is awarded by the National Association of Mortgage Brokers (NAMB), which is a non-profit trade organization that represents the interests of mortgage brokers, lenders, servicers, and other real estate finance professionals.

The CMC designation requires individuals to complete an extensive course of study and pass an exam administered by NAMB. The course covers topics such as loan origination, underwriting, compliance, secondary market products, and more. To become certified, applicants must also have at least two years of experience in the mortgage industry.

It typically takes between three to six months to complete the CMC program depending on how quickly you can study and take the exam. The cost for the program varies depending on whether you are a member or non-member of NAMB. For members, it costs $595 while for non-members it costs $795.

4. National Association of Mortgage Brokers (NAMB)

The National Association of Mortgage Brokers (NAMB) is a professional association representing the interests of mortgage brokers and other real estate finance professionals. NAMB was established in 1973 to promote professionalism and ethical standards within the mortgage industry.

To become a member of NAMB, you must meet certain eligibility requirements. You must be actively engaged in the mortgage industry as either a broker, lender, or service provider; have been in business for at least two years; and be willing to abide by the NAMB Code of Ethics.

It usually takes about two weeks to become a member of NAMB after submitting your application. The application process includes providing proof of your credentials, such as your license number, and completing an online application form.

The cost to join NAMB depends on your membership type. There are several different types of memberships available, ranging from $95 for an individual membership to $1,395 for a corporate membership.

NAMB offers its members access to educational resources, networking opportunities, discounts on products and services, and more. It also provides advocacy on behalf of its members with government agencies and other organizations that affect the mortgage industry.

5. National Association of Professional Mortgage Brokers (NAPMB)

The National Association of Professional Mortgage Brokers (NAPMB) is a non-profit organization that provides education, advocacy, and resources to mortgage professionals. It was founded in 1997 as the first national association for independent mortgage brokers.

The NAPMB offers several levels of membership, including individual memberships, corporate memberships, and affiliate memberships. To become an individual member of the NAPMB, you must be a licensed mortgage broker or loan originator in the United States or Canada. You must also have at least three years of experience in the industry and meet certain educational requirements.

It typically takes one to two weeks to complete the application process and become a member of the NAPMB. To apply for membership, you will need to fill out an online application form and provide supporting documents such as proof of licensure and experience. The application fee is $100 for individual memberships and $500 for corporate memberships.

Once you become a member of the NAPMB, you will have access to exclusive benefits such as discounts on continuing education courses, access to networking events, discounts on products and services from partner companies, and more.

6. Certified Mortgage Planning Specialist (CMPS)

Certified Mortgage Planning Specialist (CMPS) is a professional designation that recognizes individuals who have demonstrated expertise in the area of mortgage planning. The CMPS certification is offered by the Certified Mortgage Planning Institute (CMPI), which is an independent, third-party organization that provides education and training to mortgage professionals.

The CMPS certification requires completion of a comprehensive course of study and successful completion of a final exam. The course includes topics such as loan origination, loan processing, underwriting, closing, post-closing, legal compliance and more. It typically takes between 8-10 weeks to complete the coursework and pass the exam.

The cost for the CMPS certification varies depending on the provider but typically ranges from $500-$1,000. This fee covers all materials needed for the course as well as access to online resources such as webinars and practice exams. Additionally, some providers may offer discounts or payment plans to help make the cost more manageable.

To become a Certified Mortgage Planning Specialist (CMPS), you must first meet certain eligibility requirements including having at least two years' experience in mortgage lending or related fields and passing a criminal background check. Once these requirements are met, you can then register for the CMPS program with an approved provider and begin your studies.

7. Certified Home Financing Expert (CHFE)

Certified Home Financing Expert (CHFE) is a professional certification program that provides individuals with the knowledge and skills needed to become an expert in home financing. The program focuses on helping people understand the complexities of the home financing process, including loan types, interest rates, credit scores, and other factors. It also covers topics such as financial planning, budgeting, and risk management.

The CHFE certification program consists of three courses: Introduction to Home Financing, Advanced Home Financing Strategies, and Professional Development for Home Financing Experts. Each course is designed to help participants develop their understanding of the home financing process and gain a better understanding of how to use it effectively.

It typically takes about four months to complete all three courses in order to obtain the CHFE certification. In addition to completing the courses, individuals must also pass an exam in order to receive their certification.

In order to get started with the CHFE program, individuals should contact a qualified training provider or school offering the certification program. Most providers offer online classes or in-person classes depending on individual preferences and availability. The cost of the program varies depending on which provider is chosen but typically ranges from $500-$2,000 USD for all three courses.

8. Accredited Mortgage Professional (AMP)

Accredited Mortgage Professional (AMP) is a designation earned by mortgage professionals who have demonstrated their knowledge and experience in the mortgage industry. It is awarded by the Canadian Association of Accredited Mortgage Professionals (CAAMP).

To become an AMP, applicants must meet certain educational requirements and pass an examination. The educational requirements include completion of a CAAMP-approved course or program, with topics ranging from mortgage fundamentals to advanced lending principles. Applicants must also have two years of experience in the mortgage industry.

The exam consists of multiple-choice questions covering topics such as mortgage regulations, legal aspects, ethics, and risk management. It takes approximately four hours to complete the exam and applicants are expected to score at least 70% in order to pass.

The cost for taking the AMP exam varies depending on whether you are a member of CAAMP or not. For non-members, it costs $375 plus applicable taxes; for members, it costs $225 plus applicable taxes.

9. Loan Originator License

A Loan Originator License is a license issued by state or federal regulators that allows individuals to originate, process, and close mortgage loans. It is required for anyone who works in the mortgage industry, whether they are employed by a lender or broker.

The requirements and process for obtaining a Loan Originator License vary from state to state. Generally, applicants must complete an approved pre-licensing education course, pass an exam, submit fingerprints and background check information, and pay licensing fees. The pre-licensing education course typically takes between 20-30 hours to complete depending on the state.

In order to get a Loan Originator License, applicants must first register with the Nationwide Mortgage Licensing System (NMLS). After registering with the NMLS, applicants must complete the appropriate pre-licensing education course for their state and pass the associated exam. Applicants must also submit fingerprints and background check information through the NMLS system as part of their application process. Once all requirements have been met, applicants can submit their application for review by their state regulator.

The cost of obtaining a Loan Originator License varies from state to state but generally includes fees for registration with NMLS, pre-licensing education courses, exams, fingerprinting and background checks. In most states these fees range from $200-$400 depending on the specific requirements of each state regulator.

10. Real Estate Broker License

A real estate broker license is a professional license that allows an individual to legally act as an agent and facilitate the sale, lease, or rental of real estate. A real estate broker typically works with buyers and sellers of residential or commercial property, negotiates contracts, and oversees the entire transaction process.

In order to obtain a real estate broker license, an individual must meet certain requirements set by their state licensing board. These requirements vary from state to state but generally include completing a certain number of pre-licensing education courses, passing the state licensing exam, and having a certain amount of experience in the industry. The length of time it takes to get a real estate broker license can range from several weeks to several months depending on the individual’s prior experience and knowledge.

To get started on obtaining a real estate broker license, individuals should contact their local or state licensing board to find out what specific requirements they need to meet in order to be eligible for licensure. In addition, individuals should research any additional educational courses they may need to take in order to become licensed as well as any fees associated with obtaining a license.

The cost of obtaining a real estate broker license varies from state to state but generally includes application fees, pre-licensing course fees, exam fees, and other miscellaneous costs such as background checks or fingerprinting fees. Depending on the individual’s situation and location, these costs can range from several hundred dollars up into the thousands.

11. Financial Industry Regulatory Authority Series 7 & 63 Licenses

The Financial Industry Regulatory Authority (FINRA) Series 7 and 63 licenses are securities licenses that allow individuals to work as stockbrokers or financial advisors. The Series 7 license is the most comprehensive of the two, and it allows individuals to buy and sell securities such as stocks, bonds, mutual funds, options, and other investments. The Series 63 license is a state-level license that permits individuals to act as securities agents within their state of residence.

It typically takes between three and six months to obtain a FINRA Series 7 or 63 license. To get started, you must first register with FINRA by submitting an application for registration through its website. Once your application has been approved, you will be able to take the required exams. Both exams require extensive study in order to pass; the Series 7 exam consists of 250 multiple-choice questions and lasts for 6 hours while the Series 63 exam consists of 65 multiple-choice questions and lasts for 1 hour.

The cost of taking the FINRA exams varies depending on which tests you take and where you take them. Generally speaking, the cost for both exams ranges from $200-$400 per exam plus any additional fees associated with taking the tests at a testing center. In addition to paying for the exams themselves, applicants may also need to pay additional fees such as registration fees or background check fees.

Once you have passed both examinations successfully, your FINRA license will be issued within 10 business days after your results have been reported by FINRA. After obtaining your license, you will need to complete ongoing continuing education courses in order to maintain it.

Do You Really Need a Mortgage Broker Certificate?

When it comes to choosing a career in the mortgage industry, you may be wondering if you need a mortgage broker certificate. The answer is that while having a certificate can be beneficial, it isn't necessary to become a successful mortgage broker.

The fact is, there are many different paths to becoming a successful mortgage broker and having a certificate isn’t the only way. You can also become an independent contractor or work for an established brokerage firm. This means that you don’t necessarily need to obtain the extra credential of a mortgage broker certificate in order to start your career in this field.

That said, having a certificate can give you an edge and make you more attractive to potential employers or clients. A certification program will provide you with knowledge of the industry and its regulations, as well as give you access to resources and networks that could help advance your career. Additionally, some states require brokers to have a license or certification in order to be able to work there.

Ultimately, whether or not you should pursue obtaining a mortgage broker certificate depends on your specific situation and goals within the industry. Taking the time to research what options are available and deciding which path best suits your needs is important before making any decisions about getting certified or not.

Related: Mortgage Broker Resume Examples

FAQs About Mortgage Broker Certifications

1. What is a Mortgage Broker Certification?

Answer: A Mortgage Broker Certification is an accreditation that certifies an individual has met all the professional standards and training requirements to legally act as a mortgage broker in their jurisdiction.

2. How do I become a Certified Mortgage Broker?

Answer: To become a certified mortgage broker, you must first meet the educational requirements set by your state or country and pass the relevant exams. After this, you need to register with your local regulatory body, obtain any necessary licenses, and complete any additional training or certifications required by your jurisdiction.

3. What are the benefits of becoming a Certified Mortgage Broker?

Answer: Becoming a certified mortgage broker can provide many benefits including increased credibility, improved job prospects and higher earning potential. It also demonstrates to clients that you have achieved the highest level of industry knowledge and expertise, which may help them feel more confident in working with you.

4. Is there an exam to become a Certified Mortgage Broker?

Answer: Yes, depending on your jurisdiction, you may need to pass an exam in order to become certified as a mortgage broker. The exam will assess your knowledge of the legal aspects of mortgages and related topics such as loan processing, credit scoring, real estate law and financial analysis.

5. How often do I need to renew my certification?

Answer: Generally speaking, most jurisdictions require that mortgage brokers renew their certification every two years in order to remain active in the industry. However, this requirement may vary depending on where you live so make sure to check with your local regulatory body for exact information on renewal requirements.