Top 11 Mortgage Collector Certifications
This article will provide an overview of the most popular certifications for mortgage collectors, as well as advice on how to choose the right one for your career.
Published 17 min read
Certifications for a mortgage collector are important in the job market because they demonstrate competency and knowledge in the field. A certification indicates that an individual has the necessary skills to work in this area, and employers will typically look more favorably on certified candidates than those without any certifications. Being certified also shows potential employers that a candidate is committed to their professional development and has actively sought out additional training and education. This can be attractive to employers who are looking for employees with up-to-date knowledge of industry trends and regulations. Additionally, certifications can provide mortgage collectors with a competitive edge when applying for jobs as they are often preferred by employers over non-certified applicants.
The purpose of this article is to review some of the top certifications for Mortgage Collectors and explain how they can help further a mortgage collector's career.
What are Mortgage Collector Certifications?
Mortgage Collector Certification is a professional designation that demonstrates an individual's knowledge and expertise in the field of mortgage collection. It is awarded by the National Association of Mortgage Collectors (NAMC) to individuals who have passed a rigorous exam and have met certain criteria. This certification proves that the individual has a comprehensive understanding of mortgage collection laws, regulations, and best practices. It also demonstrates their commitment to ethical practices, customer service excellence, and compliance with industry standards. Having this certification allows mortgage collectors to demonstrate their value to potential employers and clients, as well as give them an edge over other applicants when applying for job openings or looking for new business opportunities. Additionally, it can help increase their earning potential by providing them with more credibility and recognition within the industry.
Pro Tip: To become a certified mortgage collector, it is important to understand the guidelines and regulations of the Fair Debt Collection Practices Act (FDCPA) and be up-to-date on any changes that take place. Additionally, seeking out additional training courses or certifications can help you develop the skills needed for success in this field.
Related: What does a Mortgage Collector do?
Top 11 Mortgage Collector Certifications
Here’s our list of the best certifications available to Mortgage Collectors today.
1. Certified Mortgage Collector (CMC)
Certified Mortgage Collector (CMC) is a professional certification for those who work in the mortgage industry. It is designed to recognize individuals who have demonstrated knowledge, experience and commitment to excellence in mortgage loan servicing and collections.
The CMC certification is offered by the National Association of Mortgage Professionals (NAMP). To become certified, applicants must pass an exam that covers topics such as loan origination, servicing, collections, foreclosure and bankruptcy. The exam also tests knowledge of federal regulations related to mortgage loans.
The CMC exam takes approximately four hours to complete and can be taken at any NAMP-approved testing center. The cost of the exam is $200. Once an applicant has passed the exam, they will receive their CMC certification which is valid for two years.
2. Certified Mortgage Compliance Professional (CMCP)
Certified Mortgage Compliance Professional (CMCP) is a professional certification program designed to recognize individuals who have demonstrated knowledge and expertise in mortgage compliance. It is offered by the Mortgage Bankers Association (MBA), an organization that provides education, research, and advocacy for the mortgage industry.
The CMCP program consists of an online self-study course and an exam. The self-study course covers topics such as federal laws, regulations, and guidance related to mortgage lending; state laws and regulations; consumer protection; loan origination processes; loan servicing; fraud prevention; fair lending practices; and quality control. The exam tests knowledge of these topics and is administered online.
It typically takes about two months to complete the CMCP program. To get started, applicants must register with MBA’s online learning platform and purchase the self-study course materials for $495. After completing the course materials, applicants can schedule their exam at a time that works best for them. Once they pass the exam, they will be awarded their CMCP certification.
3. Certified Mortgage Banker (CMB)
Certified Mortgage Banker (CMB) is a professional designation awarded by the Mortgage Bankers Association (MBA). It is a mark of distinction that recognizes professionals who have demonstrated expertise in the mortgage banking industry.
The CMB program requires completion of four courses and passing two exams. The four courses cover topics such as mortgage origination, secondary marketing, ethics and risk management, and technology. The exams are administered by the MBA and are designed to test an individual's knowledge of the mortgage banking industry.
It typically takes approximately 12-18 months to complete all the requirements for the CMB designation. To get started, individuals must first become members of the MBA. Membership fees vary depending on an individual's profession and experience level, but generally range from $100-$400 per year.
Once membership is obtained, individuals can register for the CMB program online or through their local MBA chapter. The cost of registration varies depending on whether you are registering for one course at a time or registering for all four courses at once. Generally speaking, it costs between $2,000-$3,000 to register for all four courses at once. After completing the required courses and passing both exams, individuals will receive their CMB designation from the MBA.
4. Certified Mortgage Servicing Professional (CMSP)
Certified Mortgage Servicing Professional (CMSP) is a professional designation that recognizes individuals who have demonstrated expertise in mortgage servicing. The CMSP certification is offered by the National Association of Mortgage Professionals (NAMP).
The CMSP certification program is designed to provide mortgage professionals with the knowledge and skills necessary to successfully service mortgages. It covers topics such as loan origination, loan servicing, collections, foreclosure, bankruptcy, and more. The curriculum includes both classroom instruction and online learning modules.
It typically takes between six months and one year to complete the coursework and pass the exam required for certification. To get certified, applicants must first complete an application form and submit it to NAMP along with supporting documents such as transcripts or proof of work experience. After submitting their application, applicants must then take the CMSP exam which consists of multiple-choice questions covering topics related to mortgage servicing.
The cost of becoming a Certified Mortgage Servicing Professional varies depending on whether you are taking the course online or in-person. Online courses typically range from $500-$1000 while in-person courses can cost up to $2000. Additionally, there is an exam fee of $250 that must be paid prior to taking the exam.
5. Certified Loss Mitigation Professional (CLMP)
Certified Loss Mitigation Professional (CLMP) is a professional designation that recognizes those who have achieved a high level of proficiency in the field of loss mitigation. Loss mitigation is the process of minimizing or avoiding losses associated with mortgage delinquencies, foreclosures, and other credit-related issues. The CLMP designation is administered by the Association of Certified Loss Mitigation Professionals (ACLMP).
It typically takes between two to three months to become certified as a CLMP. To qualify for certification, applicants must meet certain educational and experience requirements. Applicants must complete an accredited course in loss mitigation, pass an exam administered by ACLMP, and submit proof of their professional experience in the field.
The cost to become certified as a CLMP varies depending on the applicant’s individual circumstances. Generally speaking, applicants can expect to pay fees for the coursework, exam fee, and any additional materials required for certification.
Overall, becoming certified as a CLMP can be a valuable asset for those looking to pursue careers in loss mitigation or related fields. It demonstrates mastery of the subject matter and provides employers with assurance that applicants are qualified professionals in this area.
6. Certified Loan Originator (CLO)
Certified Loan Originator (CLO) is a professional designation given to experienced loan originators who have met certain criteria, including passing an exam and taking continuing education courses. The CLO designation is issued by the Nationwide Mortgage Licensing System & Registry (NMLS).
It typically takes approximately three months to complete the certification process. To become certified, you must first create an NMLS account and submit a company registration form. Once your company has been registered, you can apply for the CLO designation. You will need to provide proof of your experience in the mortgage industry, pass a background check, and take a comprehensive exam.
The cost of obtaining the CLO designation varies depending on the state in which you are applying for certification. Generally, there is a one-time fee for registering with NMLS and additional fees for taking the exam and completing continuing education courses.
7. National Association of Mortgage Brokers Certification Program (NAMBCP)
The National Association of Mortgage Brokers Certification Program (NAMBCP) is a voluntary certification program designed to help mortgage brokers demonstrate their commitment to professional and ethical standards. This certification program is administered by the National Association of Mortgage Brokers (NAMB), which is the leading organization for mortgage professionals in the United States.
The NAMBCP requires successful completion of an online course, which includes topics such as: federal and state laws, regulations, and best practices related to mortgage origination; ethics; risk management; customer service; loan processing; and other areas related to the mortgage industry. The course typically takes about 8-10 hours to complete, depending on the individual's level of knowledge and experience.
Once the course has been completed, individuals must pass an exam with a score of at least 80% in order to receive their certification. The exam consists of 100 questions and must be completed within 2 hours.
In order to get certified through NAMBCP, individuals must first become a member of NAMB. Membership costs $195 per year for individuals or $395 per year for companies. After becoming a member, individuals can then register for the NAMBCP course and pay the associated fee ($295). Once they have passed the exam, they will receive their certification from NAMB.
Overall, obtaining a NAMBCP certification requires approximately 10-12 hours of work (including taking the online course and passing the exam) as well as paying membership fees and registration fees associated with NAMB ($490 total).
8. National Association of Mortgage Processors Certification Program (NAMP)
The National Association of Mortgage Processors (NAMP) Certification Program is a professional certification program designed to provide recognition for mortgage processing professionals who have demonstrated knowledge, experience and proficiency in the field. It is intended to help mortgage processors demonstrate their commitment to professionalism and excellence in the industry.
The NAMP Certification Program consists of two levels: Certified Mortgage Processor (CMP) and Advanced Certified Mortgage Processor (ACMP). To become certified, applicants must pass an online exam that tests their knowledge of mortgage processing principles, processes, regulations and compliance. The exam covers topics such as loan origination procedures, credit analysis, underwriting guidelines, closing procedures and post-closing requirements.
It typically takes between four to six weeks to complete the certification process. To get started, applicants must first create an account on the NAMP website and pay a fee of $395 for CMP certification or $595 for ACMP certification. Applicants will then receive access to study materials which they can use to prepare for the exam. Once they are ready, applicants can schedule their online exam through the NAMP website.
After passing the exam, applicants will be awarded either a CMP or ACMP certificate along with a digital badge that can be shared on social media platforms or added to resumes and email signatures. They will also gain access to exclusive member benefits such as discounts on continuing education courses and events hosted by NAMP.
9. American Institute of Financial Management's Certified Mortgage Processor (AIFM-CMP)
The American Institute of Financial Management's Certified Mortgage Processor (AIFM-CMP) is a certification program designed to recognize individuals who have the knowledge and skills necessary to effectively process mortgage loans. The program is intended to help ensure that mortgage processors are knowledgeable in all aspects of the loan processing process, from pre-qualification to closing.
The AIFM-CMP program consists of four courses: Introduction to Mortgage Processing, Loan Documentation and Compliance, Loan Closing and Post-Closing, and Advanced Mortgage Processing. The courses must be completed within six months in order to receive certification.
In order to get the AIFM-CMP certification, applicants must first complete an application form and submit it along with a fee of $395 USD. Once the application is approved, applicants will be required to take all four courses and pass an examination administered by AIFM. Upon successful completion of the examination, applicants will receive their AIFM-CMP certification.
The cost for taking all four courses is $1,195 USD ($295 per course). This cost does not include any fees associated with taking the examination or receiving certification.
10. American Institute of Financial Management's Certified Loan Officer (AIFM-CLO)
The American Institute of Financial Management's Certified Loan Officer (AIFM-CLO) is a professional certification for loan officers, mortgage brokers, and other financial services professionals. The AIFM-CLO certification is designed to demonstrate an individual's knowledge and proficiency in the field of loan origination and management.
The AIFM-CLO certification requires completion of a three-part examination. The first part of the exam covers topics such as federal lending laws, loan origination procedures, and loan servicing practices. The second part focuses on credit analysis and underwriting principles, while the third part covers risk management strategies and portfolio management techniques.
In order to become certified, applicants must have at least two years of experience in the loan origination or loan servicing industry. Applicants must also pass all three parts of the exam with a score of 70% or higher.
The cost for taking the AIFM-CLO exam is $795 USD, which includes registration fees and study materials. The exam can be taken online or in person at one of AIFM's testing centers located throughout the United States. It typically takes about four hours to complete all three parts of the exam.
11. American Institute of Financial Management's Certified Mortgage Underwriter (AIFM-CMU).
The American Institute of Financial Management’s Certified Mortgage Underwriter (AIFM-CMU) is a professional certification designed to provide mortgage underwriters with the knowledge and skills necessary to excel in their profession. The program focuses on loan origination, loan processing, underwriting, and closing procedures. It also covers topics such as legal considerations, credit analysis, risk management, fraud prevention, and post-closing quality control.
The AIFM-CMU certification requires successful completion of a comprehensive online training program that includes interactive lectures, quizzes, and practical exercises. The program typically takes about 40 hours to complete and can be completed at your own pace over several weeks or months. Upon successful completion of the program, you will receive an official certificate from AIFM.
To qualify for the AIFM-CMU certification you must have at least two years of experience in mortgage underwriting or related fields. You must also pass an exam administered by AIFM that tests your knowledge and understanding of mortgage underwriting principles.
The cost of the AIFM-CMU certification is $250 USD for members of AIFM or $400 USD for non-members. This fee includes access to the online training program as well as the exam fee.
Do You Really Need a Mortgage Collector Certificate?
A Mortgage Collector Certificate is a certification that confirms the holder has completed a specific program of study in mortgage collection and related topics. The certificate is not required to work in the field, but it can be beneficial for those who are looking to increase their knowledge of the industry or gain additional credentials.
The need for a Mortgage Collector Certificate depends on an individual's goals and experience. For someone who is just starting out in the industry, completing a course may provide valuable insight into how mortgages work and how to properly manage them. It can also be useful for those who have been working in the industry for some time but want to expand their knowledge or add another credential to their resume.
For those with more experience, a Mortgage Collector Certificate may not be necessary unless they are looking to switch employers or take on a higher level position within their current organization. In this case, having additional credentials may give them an edge over other applicants when applying for jobs or promotions.
Overall, whether or not you need a Mortgage Collector Certificate is largely dependent on your individual situation and goals. If you are just starting out, it could be beneficial to complete an educational program so that you have an understanding of the fundamentals of mortgage collection and related topics. However, if you already have experience in the field, then a certificate may not be necessary unless you are looking to switch employers or advance your career.
Related: Mortgage Collector Resume Examples
FAQs About Mortgage Collector Certifications
1. What certifications are required to become a mortgage collector?
Answer: The specific certifications required to become a mortgage collector vary depending on the state. Generally, you must be licensed by the Nationwide Mortgage Licensing System (NMLS) and have completed pre-licensing and continuing education courses in accordance with state and federal regulations.
2. How long does it take to get certified as a mortgage collector?
Answer: The time it takes to complete the certification process depends on the state you live in, but typically the entire process can take anywhere from six weeks to four months.
3. Is there an exam I need to pass in order to become a mortgage collector?
Answer: Yes, most states require that applicants pass an exam administered by the NMLS before they can be certified as a mortgage collector.
4. What type of background check is required for certification as a mortgage collector?
Answer: In most cases, applicants must submit their fingerprints for a criminal background check that will be conducted by the NMLS. This background check will include both federal and state records searches.
5. How much does it cost to get certified as a mortgage collector?
Answer: The cost of getting certified as a mortgage collector varies depending on your state’s requirements, but generally includes fees for application processing, fingerprinting and other administrative costs associated with becoming certified through the NMLS.