Top 11 Mortgage Consultant Certifications

Certifications are important for mortgage consultants in the job market because they demonstrate professionalism and expertise. They provide proof that the consultant has taken the time to learn about the industry, gain knowledge of relevant laws and regulations, and develop an understanding of best practices. This can help employers know that the consultant is qualified and capable of helping them succeed in their business. Certifications also show potential employers that the consultant is willing to invest time in developing themselves professionally, which often translates into a more reliable and knowledgeable employee. Finally, certifications can open up new opportunities for advancement within an organization as well as with other organizations.

This article reviews some of the top certifications for Mortgage Consultants and explains how they can help to advance a mortgage consultant's career.

What are Mortgage Consultant Certifications?

Mortgage consultant certification is a professional designation that indicates a level of expertise and knowledge in the mortgage industry. The certification is awarded by organizations such as the National Association of Mortgage Brokers (NAMB) and the American Association of Residential Mortgage Regulators (AARMR). It is designed to help mortgage consultants demonstrate their competency in the field, as well as providing them with additional resources for continuing education.

The certification process typically involves completion of an approved course, passing a comprehensive exam, and meeting other experience or educational requirements. This ensures that those who receive the certification have met a certain standard for knowledge and expertise in the industry.

For mortgage consultants, having this certification can be beneficial in several ways. It can increase their credibility with clients, show potential employers they have a higher level of knowledge, and enable them to provide more specialized services. Additionally, certified mortgage consultants may be eligible for access to exclusive networking opportunities or discounts on products or services related to their profession. Ultimately, having this certification can help mortgage consultants become more successful in their field by demonstrating their commitment to excellence and providing them with additional resources for career advancement.

Pro Tip: When researching mortgage consultant certification programs, look for ones that provide extensive hands-on training and offer a variety of courses in topics such as loan origination, underwriting, closing, and servicing. It's also important to ensure the program is accredited by a recognized organization. This will give you the assurance that the education you receive meets industry standards and will be accepted by employers.

Related: What does a Mortgage Consultant do?

Top 11 Mortgage Consultant Certifications

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

1. Certified Mortgage Consultant (CMC)

A Certified Mortgage Consultant (CMC) is an individual who has completed a comprehensive training program and has passed the CMC exam. The CMC designation is awarded by the National Association of Mortgage Brokers (NAMB).

The CMC program consists of three courses: Principles of Mortgage Lending, Laws & Regulations, and Professional Practices & Ethics. Each course must be completed within a certain time frame in order to receive the designation. The courses can be taken online or in person at various locations across the country.

It typically takes approximately three months to complete all three courses and pass the exam. The cost for each course varies depending on where you take it, but generally ranges from $500-$1000 per course.

In order to become a Certified Mortgage Consultant, individuals must have at least two years of experience in mortgage lending and must pass a criminal background check. Additionally, they must also adhere to NAMB's Code of Ethics and Standards of Practice. Once these requirements are met, individuals can apply for the CMC designation through NAMB's website.

2. Certified Mortgage Banker (CMB)

Certified Mortgage Banker (CMB) is a professional designation given to individuals who have met the rigorous standards of the Mortgage Bankers Association (MBA). The CMB designation is awarded to mortgage industry professionals who demonstrate a high level of expertise and knowledge in the mortgage banking field.

To become a CMB, an individual must meet certain eligibility requirements, including having at least three years of experience in the mortgage banking industry, completing an approved course of study, and passing an examination. The course of study consists of eight modules that cover topics such as loan origination, underwriting, secondary marketing, servicing and regulatory compliance.

The exam consists of 150 multiple-choice questions covering all aspects of the mortgage banking business. It takes approximately six hours to complete the exam and applicants must score at least 70% to pass.

The cost for obtaining the CMB designation varies depending on where you take the courses and whether or not you are a member of MBA. Generally speaking, it costs around $2,500 for non-members to obtain their CMB designation.

3. Certified Residential Mortgage Specialist (CRMS)

Certified Residential Mortgage Specialist (CRMS) is a professional designation that recognizes expertise in the residential mortgage industry. It is awarded by the National Association of Mortgage Brokers (NAMB) to individuals who have completed a rigorous course of study and passed an examination. The CRMS designation demonstrates that an individual has a deep understanding of the mortgage process, from origination through closing, as well as knowledge of all applicable federal and state laws and regulations.

The CRMS course consists of five modules covering topics such as loan origination and processing, underwriting, closing, secondary market products, and legal/regulatory compliance. The course also includes an exam that must be passed in order to earn the designation.

In order to qualify for the CRMS course, applicants must have at least two years of experience in the residential mortgage industry or complete NAMB's Mortgage Loan Originator Pre-Licensing Course.

The cost for the CRMS course is $595 for NAMB members and $695 for non-members. The cost includes access to online study materials, practice exams, and the final exam. The entire program typically takes about four weeks to complete but can be completed sooner depending on how much time you are able to dedicate to studying each day.

4. Certified Home Loan Professional (CHLP)

Certified Home Loan Professional (CHLP) is a professional designation that provides recognition of expertise in the mortgage lending industry. This certification is offered by the National Association of Mortgage Professionals (NAMB).

To be eligible for the CHLP designation, applicants must have at least three years of experience in the mortgage industry and must pass an exam that covers topics such as loan origination, underwriting, closing procedures, and compliance. The exam consists of 40 multiple-choice questions and takes approximately two hours to complete.

To get the CHLP designation, applicants must first register online with NAMB and pay a fee of $195. Once registered, applicants can take the exam at any one of NAMB's testing centers located throughout the United States. Upon successful completion of the exam, applicants will receive their CHLP certification from NAMB.

5. Certified Mortgage Planning Specialist (CMPS)

Certified Mortgage Planning Specialist (CMPS) is a professional designation offered by the National Association of Mortgage Planners (NAMP). The CMPS certification program is designed to provide mortgage professionals with the knowledge, skills, and resources necessary to provide comprehensive mortgage planning services to their clients.

The CMPS certification requires completion of an online course and passing a final exam. The course consists of three modules: Understanding Mortgage Planning, Analyzing Mortgage Planning Solutions, and Implementing Mortgage Plans. The total time required for completion of the course and exam is approximately 25 hours.

To become a Certified Mortgage Planning Specialist (CMPS), applicants must have at least three years of experience in the mortgage industry or related field. They must also complete the online course and pass the final exam with a score of 80% or higher.

The cost for the CMPS certification program is $595 USD. This fee covers all materials, access to online courses, and access to NAMP’s online community for support and networking opportunities.

6. National Association of Mortgage Brokers Professional Designation Program (NAMB-PDP)

The National Association of Mortgage Brokers Professional Designation Program (NAMB-PDP) is a comprehensive program designed to provide mortgage professionals with the knowledge and skills needed to be successful in the industry. The program consists of three levels of certification: Certified Mortgage Broker (CMB), Certified Mortgage Banker (CMB) and Certified Mortgage Professional (CMP).

The CMB certification is the entry-level designation, which requires completion of a two-day course and passing an exam. The CMB certification is valid for two years and can be renewed by completing additional continuing education courses. The CMB certification is intended for those who are new to the industry or who have limited experience.

The CMB certification is followed by the Certified Mortgage Banker (CMB) designation, which requires completion of a four-day course and passing an exam. This designation is valid for four years and can be renewed by completing additional continuing education courses. The CMB certification is intended for those who have more experience in the mortgage industry or who wish to specialize in certain areas such as loan origination, underwriting, servicing, or compliance.

Finally, the highest level of certification offered through NAMB-PDP is the Certified Mortgage Professional (CMP) designation. This designation requires completion of a six-day course and passing an exam. This designation is valid for five years and can be renewed by completing additional continuing education courses. The CMP certification is intended for experienced professionals who wish to demonstrate their mastery of all aspects of mortgage banking including origination, underwriting, servicing, compliance, and risk management.

To get any one of these certifications you must first complete the required coursework either online or in person at one of NAMB’s approved training centers around the country. Once you have completed your coursework you must then pass an exam administered by NAMB that covers topics related to mortgage banking such as loan origination, underwriting, servicing, compliance, and risk management.

The cost to obtain any one of these designations varies depending on where you take your courses but generally ranges from $500-$1000 per level plus any applicable registration fees or exam fees charged by NAMB itself. It typically takes anywhere from 2 weeks to several months to complete each level depending on how quickly you are able to complete your coursework and pass your exams.

7. Accredited Mortgage Professional (AMP)

Accredited Mortgage Professional (AMP) is a professional designation offered by the Canadian Association of Accredited Mortgage Professionals (CAAMP). It is designed to provide mortgage professionals with the knowledge and tools they need to excel in their field.

The AMP designation requires a minimum of two years of experience in the mortgage industry, along with successful completion of the CAAMP Accreditation Program. The program consists of five courses: Introduction to Mortgages, Mortgage Lending Practices, Mortgage Administration, Advanced Mortgage Lending Practices and Regulatory Compliance. Each course takes approximately 30 hours to complete and must be taken in order.

To get an AMP designation, individuals must first register for the CAAMP Accreditation Program. Registration costs $495 plus applicable taxes. Once registered, individuals can take each course online at their own pace over a period of up to one year. Upon successful completion of all five courses and passing the final exam, individuals will receive their AMP designation.

In addition to the registration fee, individuals may also incur additional costs such as course materials or exam fees.

8. Certified Reverse Mortgage Professional (CRMP)

A Certified Reverse Mortgage Professional (CRMP) is a designation given to individuals who have met the education, experience and ethical requirements set forth by the National Reverse Mortgage Lenders Association (NRMLA). The CRMP designation is recognized as the highest standard of professional achievement in the reverse mortgage industry.

To obtain a CRMP designation, individuals must meet certain educational requirements, pass an exam, adhere to a code of ethics, and complete continuing education courses every two years.

The educational requirements for obtaining a CRMP include completing an approved course on reverse mortgages and passing an exam administered by NRMLA. In addition to the educational requirements, applicants must also have at least three years of experience in the reverse mortgage industry or related financial services field.

The cost of obtaining a CRMP designation varies depending on whether you are already a member of NRMLA or not. Non-members pay $295 for the application fee and $395 for the exam fee. Members pay only $195 for the application fee and $395 for the exam fee.

It typically takes about six weeks to receive your results after taking the exam. Once you have passed the exam and met all other requirements, you will be awarded your CRMP designation.

9. National Association of Realtors® e-PRO Certification

The National Association of Realtors® e-PRO Certification is a program designed to help real estate professionals stay up-to-date on the latest technology and digital marketing strategies. This certification is designed to help Realtors® better serve their clients by providing them with the tools and knowledge they need to succeed in today’s digital world.

Getting your e-PRO Certification takes approximately 16 hours, which can be completed online or in person at a local NAR office. The cost of the certification varies depending on whether you take it online or in person, but typically ranges from $150-$200.

To get your e-PRO Certification, you must first complete an online assessment that covers topics such as digital marketing, social media, website design, search engine optimization (SEO), and more. After completing the assessment, you will then have to attend a two-day course that covers all the topics in greater detail. Once you have completed both components of the program, you will receive your e-PRO Certification from NAR.

The National Association of Realtors® e-PRO Certification is a great way for real estate professionals to stay current on the latest technologies and digital marketing strategies. It also helps them better serve their clients by giving them access to new tools and knowledge that can help them succeed in today’s digital world.

10. FHA DE Underwriter Certification

FHA DE Underwriter Certification is a certification program offered by the Federal Housing Administration (FHA) that provides mortgage loan originators with the knowledge and skills necessary to properly underwrite FHA-insured mortgage loans. The program is designed to ensure that FHA-approved lenders are knowledgeable in the latest underwriting guidelines, requirements, and procedures for single family housing programs.

To obtain FHA DE Underwriter Certification, applicants must complete an approved course of study and pass an exam administered by the FHA. The course typically takes about six weeks to complete and requires a minimum of 20 hours of instruction. The cost for the course varies depending on the provider but generally ranges from $300-$500. After successfully completing the course and passing the exam, applicants will receive their FHA DE Underwriter Certification.

11. VA Loan Lending Certification

VA Loan Lending Certification is a program that allows lenders to become certified to originate VA loans. The certification process is designed to ensure that lenders have the necessary knowledge and experience to properly originate and service VA loans.

The certification process typically takes between 4-6 weeks, depending on the lender's workload. To get started, lenders must first apply for the certification through the Department of Veterans Affairs (VA). This involves submitting an application along with supporting documents such as financial statements, proof of licensing, and other relevant information. Once approved, lenders will receive a certificate of approval from the VA.

The cost of obtaining VA Loan Lending Certification varies depending on the lender's size and complexity of their operations. Generally speaking, it can range from several hundred dollars up to several thousand dollars in fees and expenses.

Do You Really Need a Mortgage Consultant Certificate?

A mortgage consultant certificate is not a required credential in order to become a successful mortgage consultant, but it can be beneficial in several ways. The primary benefit of obtaining such a certificate is that it can demonstrate your competence and knowledge in the field of mortgages, which may give you an edge over other applicants when applying for jobs or promotions. Additionally, having a mortgage consultant certificate can help you network with other professionals in the industry and stay up to date on the latest trends and regulations.

Having a mortgage consultant certificate also demonstrates your commitment to professional development, which could make you more attractive to employers. Furthermore, many employers require their employees to have certain certifications in order to work with them, so having one could open up new opportunities for you.

Finally, having a mortgage consultant certificate can boost your confidence as well as your credibility when dealing with customers or clients. This can help you build trust with them more quickly and lead to better customer service and rapport overall.

Overall, while obtaining a mortgage consultant certificate is not necessary for success in the field of mortgages, it can certainly be beneficial if done correctly. It can demonstrate your commitment to professional development as well as give you an edge over other applicants when looking for jobs or promotions. Additionally, it can also help build trust with customers or clients more quickly and easily.

Related: Mortgage Consultant Resume Examples

FAQs About Mortgage Consultant Certifications

1. What type of certifications do Mortgage Consultants need?

Answer: Mortgage Consultants need to have a valid license issued by their state or jurisdiction in order to practice. Depending on the state, this may require completion of an approved pre-licensing course and passing a state exam. Additionally, some states require continuing education credits or additional certifications such as Certified Mortgage Planning Specialist (CMPS) or Certified Mortgage Banker (CMB).

2. How long does it take to become certified?

Answer: The amount of time needed to become certified depends on the type of certification and your experience level. Generally, it takes about 4-6 months for someone with no experience to complete the necessary courses and exams required for licensure. For more advanced certifications such as CMPS or CMB, it can take up to two years depending on the candidate’s educational background and work experience.

3. What are the benefits of becoming a certified Mortgage Consultant?

Answer: Becoming a certified Mortgage Consultant helps you stay current with industry standards and best practices, gain credibility within your industry, increase earning potential, and demonstrate expertise in mortgage loan origination. It also helps you stay compliant with all applicable laws and regulations related to mortgage loan origination activities.

4. Are there any fees associated with becoming a certified Mortgage Consultant?

Answer: Yes, there are fees associated with obtaining certain certifications such as CMPS or CMB which include application fees, exam fees, and membership dues/fees if applicable. Additionally, some states may require additional licensing fees depending on their regulations.

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

Answer: The frequency of renewal depends on the type of certification you hold; however most certifications will need to be renewed every 2-3 years in order to maintain active status. Renewal typically requires completion of continuing education credits which vary depending on the certification held.