Top 11 Mortgage Loan Closer Certifications

Certifications are important for mortgage loan closers because they demonstrate to potential employers that the individual has the knowledge and skills necessary to perform their job at a high level. They also provide assurance that the individual has been properly trained in the applicable laws and regulations, ensuring compliance with all relevant industry standards. In addition, certifications can help loan closers stand out from other applicants and give them an advantage when competing for positions. Finally, certifications can help loan closers stay up-to-date on changes in the industry, allowing them to remain competitive in an ever-evolving job market.

The purpose of this article is to review some of the top certifications for Mortgage Loan Closers and explain how they can help grow and advance a mortgage loan closer's career.

What are Mortgage Loan Closer Certifications?

Mortgage loan closer certification is an industry-recognized designation that demonstrates a level of expertise and knowledge in the areas of loan origination, processing, and closing. This certification can help mortgage professionals stand out from the competition by demonstrating their commitment to professional development and best practices. It also provides them with the opportunity to network with other certified professionals and gain access to exclusive resources. Furthermore, having this certification may open doors to new opportunities for higher pay or increased responsibility. Lastly, it serves as a reminder to stay up-to-date on changes in the industry as well as any new laws or regulations that may affect the way a mortgage is processed or closed. Ultimately, obtaining mortgage loan closer certification can provide numerous benefits that can help a professional advance their career in the mortgage industry.

Pro Tip: If you are interested in becoming a mortgage loan closer, make sure to obtain certification from an accredited organization such as the National Association of Mortgage Processors (NAMP). This certification is essential for professional success and will demonstrate your commitment and expertise in the field.

Related: What does a Mortgage Loan Closer do?

Top 11 Mortgage Loan Closer Certifications

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

1. Certified Mortgage Loan Closer (CML)

Certified Mortgage Loan Closer (CML) is a professional certification offered by the National Association of Mortgage Processors (NAMP). This certification is designed to recognize mortgage loan closers who demonstrate a high level of knowledge and experience in the field. The CML designation is awarded to individuals who successfully complete an exam that covers topics such as loan closing procedures, title insurance, and closing documents.

It typically takes about 4-6 weeks to complete the CML certification process. To get started, applicants must first register with NAMP. After registering, applicants will receive access to an online learning center where they can review course materials and take practice exams. Once they have completed their studies, applicants must submit an application packet which includes a background check and proof of education or experience in the mortgage industry.

The cost of obtaining the CML certification varies depending on whether you are a member of NAMP or not. For non-members, the cost is $299 for the initial application fee plus $99 for each additional year that you renew your certification. For members of NAMP, there is no initial application fee but there is still a $99 renewal fee every year.

2. Certified Mortgage Loan Originator (CMLO)

Certified Mortgage Loan Originator (CMLO) is a professional designation that recognizes individuals who have met certain educational and experience requirements in the mortgage loan origination field. This certification is issued by the Nationwide Mortgage Licensing System & Registry (NMLS).

It typically takes between 6-12 months to complete the CMLO certification process, depending on how quickly one can complete the required courses and exams. To become a CMLO, applicants must first meet certain eligibility requirements such as having at least three years of full-time experience in residential mortgage loan origination activities and passing the NMLS’s Uniform State Test.

Once these requirements are met, applicants must take an approved 20-hour pre-licensure education course and pass a state-specific test. After completing these steps, applicants must submit an application to the NMLS for approval.

The cost of getting a CMLO certification varies depending on the state, but generally ranges from $100-$200 for registration fees and $300-$400 for pre-licensing education courses.

3. Certified Residential Mortgage Specialist (CRMS)

Certified Residential Mortgage Specialist (CRMS) is a professional designation that recognizes individuals who have demonstrated expertise in the residential mortgage industry. This designation is offered by the National Association of Mortgage Brokers (NAMB).

To become a CRMS, an individual must complete a course of study and pass an exam administered by NAMB. The course consists of five modules: Mortgage Loan Origination, Mortgage Loan Processing, Underwriting, Closing and Post-Closing. Each module includes topics such as loan types, loan programs, credit analysis and more.

The course can be completed online or in person and typically takes around 40 hours to complete. Once the course is completed, applicants must pass the CRMS exam with a score of 70% or higher to receive the designation.

The cost for the CRMS program varies depending on whether you take it online or in person. The online version costs $299 while the in-person version costs $499. There are also additional fees for taking the exam which range from $50-$150 depending on your location.

4. National Mortgage Licensing System (NMLS) Certification

The National Mortgage Licensing System (NMLS) is a web-based system that provides state-level licensing and registration for mortgage companies, loan originators, and other financial services professionals. It is administered by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR).

In order to become NMLS certified, individuals must complete a series of requirements set forth by the NMLS. This includes completing an approved pre-licensure education course, passing a criminal background check, submitting fingerprints for a national background check, and passing the NMLS Uniform State Test.

The amount of time it takes to get certified depends on how quickly you can complete all the requirements. Generally speaking, it could take anywhere from two weeks to several months depending on your individual situation.

To get started with the certification process, you will need to register for an account on the NMLS website and submit your application materials. Once your application has been accepted, you will be able to access online courses or attend classes in person to fulfill your pre-licensure education requirement. After completing this step, you will be required to pass a criminal background check as well as submit fingerprints for a national background check. Finally, you must pass the NMLS Uniform State Test before becoming fully certified.

The cost of getting NMLS certification varies depending on where you live and what type of license you are seeking. Generally speaking, fees range from $100-$1000 plus any additional costs associated with taking classes or obtaining fingerprinting services.

5. Certified Home Loan Processor (CHLP)

A Certified Home Loan Processor (CHLP) is a professional certification that demonstrates knowledge and understanding of the home loan processing process. The CHLP designation is earned through successful completion of an online course and exam offered by the National Association of Mortgage Processors (NAMP).

The course covers topics such as loan origination, underwriting, closing, post-closing, and servicing. It also provides information on current industry trends and regulations. Upon successful completion of the course and exam, you will receive a Certificate of Completion from NAMP.

The course takes approximately 10 hours to complete and can be taken at your own pace. The cost for the course is $399 USD, which includes access to all materials needed to complete the program.

To become certified as a CHLP, you must first take and pass the online course offered by NAMP. After passing the course, you will need to submit an application for certification along with proof of completion of the online course. Once your application has been approved, you will receive your official CHLP certification from NAMP.

The cost for certification is $150 USD plus any applicable taxes or fees.

6. Certified Mortgage Banker (CMB)

Certified Mortgage Banker (CMB) is a professional designation awarded by the Mortgage Bankers Association (MBA). The CMB certification is designed to recognize individuals who demonstrate a high level of knowledge and experience in the mortgage banking industry. To earn the CMB designation, individuals must complete a rigorous program of study, pass an examination, and meet certain educational and professional experience requirements.

The CMB program consists of four courses: Principles of Mortgage Banking, Secondary Market Activities, Regulatory Compliance, and Professionalism & Ethics. Each course requires approximately 20 hours of study time and must be completed within one year. Upon successful completion of all four courses, applicants must pass the CMB Examination to receive their certification.

The cost for the CMB program varies depending on whether you are an MBA member or non-member. For MBA members, the cost is $1,495 for all four courses plus the exam fee. For non-members, the cost is $2,195 for all four courses plus the exam fee.

In addition to completing the coursework and passing the exam, applicants must also meet certain educational and professional experience requirements in order to qualify for certification. Applicants must have a minimum of three years’ experience in residential mortgage banking or related fields such as secondary market activities or regulatory compliance; hold at least a bachelor’s degree from an accredited college or university; and have successfully completed at least 12 hours of continuing education in mortgage banking topics within two years prior to applying for certification.

Overall, it typically takes around six months to complete all four courses required for certification as well as meeting all other eligibility requirements before taking the CMB Exam.

7. American Bankers Association's Accredited Mortgage Professional (AMP)

The American Bankers Association's Accredited Mortgage Professional (AMP) is a professional certification program designed to recognize and promote the highest standards of mortgage banking. The AMP designation is awarded to individuals who demonstrate expertise in the areas of mortgage banking, loan origination, underwriting, servicing and compliance.

To earn the AMP designation, applicants must have at least three years of experience in the mortgage banking industry and pass an examination that covers topics such as federal regulations, consumer protection laws, loan processing and closing procedures. Applicants must also complete a minimum of 12 hours of continuing education courses within three years prior to applying for the AMP designation.

It typically takes about 6 months to complete all requirements for the AMP designation. To get started on obtaining your certification you will need to submit an application through ABA's website which includes providing information about your work history and educational background. Once your application has been approved, you can then register for the exam which is offered twice a year.

The cost of obtaining the AMP designation varies depending on whether or not you are already a member of ABA. If you are not currently an ABA member, it will cost $495 for both members and non-members to take the exam. For current ABA members, there is a discounted rate of $395 for taking the exam. Additionally, there may be additional costs associated with taking any required continuing education courses prior to registering for the exam.

8. Fannie Mae's HomeReady Certification

Fannie Mae’s HomeReady Certification is a program designed to help low- and moderate-income homebuyers access more affordable mortgage financing. It is available through Fannie Mae-approved lenders, and it allows borrowers to qualify for a lower down payment, reduced mortgage insurance premiums, and other benefits.

To be eligible for the HomeReady Certification program, borrowers must meet certain income requirements and purchase a home in an eligible area. The borrower must also complete an online homebuyer education course.

It typically takes about two weeks to get the HomeReady Certification from the time you submit your application. During this time, your lender will review your application and verify your income and credit history. Once approved, you will receive a certificate of completion that confirms you have met all of the requirements for the HomeReady program.

The cost of the HomeReady Certification varies depending on the lender you choose. Some lenders may charge an upfront fee or require additional documentation in order to process your application. Additionally, some lenders may offer discounts or incentives if you use their services for both the certification process and your loan origination.

9. Freddie Mac's Home Possible Certification

Freddie Mac's Home Possible Certification is a program designed to help first-time homebuyers and low-to-moderate income families purchase a home. It offers more flexible financing options than traditional mortgages, making homeownership more accessible for those who may not qualify for a traditional mortgage. The program has been around since 2015 and is available to qualified borrowers in all 50 states.

To get the Home Possible Certification, you must meet certain eligibility requirements set by Freddie Mac. These include having an income below 80% of the area median income (AMI), being able to make a minimum 3% down payment, and having good credit history. You also need to be able to demonstrate that you have enough money saved up for closing costs and other expenses associated with buying a home.

The process of getting the certification typically takes about four weeks from start to finish. During this time, you'll need to submit your application along with supporting documents such as pay stubs, tax returns, bank statements, and proof of employment. Once your application is approved, you'll receive your certification letter from Freddie Mac which will allow you to move forward with the home buying process.

The cost of getting the Home Possible Certification varies depending on the lender or broker you use but typically ranges between $500-$1000. This fee covers the cost of processing your application and providing Freddie Mac with all necessary documentation needed for approval.

10. VA Lender Approval Certification

VA Lender Approval Certification is a document issued by the U.S. Department of Veterans Affairs (VA) that certifies that a lender has met the VA’s requirements for approving and servicing VA home loans. The certification process is designed to ensure that lenders have the necessary knowledge, experience, and resources to provide quality service to veterans and their families who are seeking VA-backed mortgages.

The process typically takes between 4-6 weeks to complete, depending on the complexity of the application and its review by the VA. To obtain approval, lenders must submit an application package that includes documentation such as financial statements, business plans, marketing materials, and other relevant information.

The cost of obtaining VA Lender Approval Certification varies depending on the size of the lender's operation and its geographic location. Generally speaking, larger lenders pay more because they require more extensive review processes. Smaller lenders may be able to obtain approval for less money.

11. HUD/FHA DE Underwriter Certification

HUD/FHA DE Underwriter Certification is a designation given to mortgage loan underwriters who have met certain requirements set forth by the U.S. Department of Housing and Urban Development (HUD). The certification allows underwriters to originate, process, and underwrite FHA-insured mortgages. To obtain the certification, an individual must pass a written exam administered by HUD. The exam covers topics such as FHA policies and procedures, mortgage origination, credit analysis, and loan processing.

The certification process typically takes about two weeks from start to finish. First, the applicant must submit an application to HUD with the appropriate fees (typically $150-$200). Once approved, they will be sent an authorization letter which contains instructions on how to register for the exam. After registering for the exam, applicants will receive study materials from HUD that should be studied in preparation for taking the test. Once all study materials are reviewed and applicants feel prepared, they can schedule their exam at a local testing center. Upon successful completion of the exam, applicants will receive their official DE Underwriter Certification from HUD.

The cost of obtaining a HUD/FHA DE Underwriter Certification includes both application fees and test fees. Application fees are typically between $150-$200 depending on whether or not you are already employed by an FHA-approved lender or not. Test fees vary depending on location but generally range from $100-$300 per person per test session.

Do You Really Need a Mortgage Loan Closer Certificate?

When it comes to the decision of whether or not to obtain a mortgage loan closer certificate, there are many factors to consider. A mortgage loan closer certificate is required for those who wish to become a loan closer in the real estate and finance industry. This certification verifies that an individual has the necessary skills and knowledge necessary to close real estate transactions.

The first factor to consider is your current career path. If you are already working in the mortgage industry, obtaining a mortgage loan closer certificate may be beneficial for your career development. A certification can provide you with additional qualifications that could help you secure more rewarding positions within the industry, as well as demonstrate your commitment and proficiency in the field. It can also be helpful if you plan on changing careers or transitioning into a new job role related to closing real estate transactions.

The second factor is your financial situation. Obtaining a mortgage loan closer certificate requires an upfront cost associated with taking classes and buying materials such as books or study guides. Therefore, if you have limited financial resources or are unable to invest money into training at this time, then pursuing a certification may not be feasible for you right now.

Finally, it’s important to assess your overall interest in becoming a loan closer and whether or not it’s something that you would enjoy doing long-term. Obtaining a certificate is not only an investment of time but also money so it’s important that it’s something that genuinely interests you and aligns with your career goals before making any commitments.

Ultimately, whether or not you need a mortgage loan closer certificate depends on several factors including your current career path, financial situation, and interest level in becoming a loan closer. It’s important to weigh all these factors carefully before making any decisions about pursuing this type of certification.

Related: Mortgage Loan Closer Resume Examples

FAQs About Mortgage Loan Closer Certifications

1. What is a Mortgage Loan Closer Certification?

Answer: A Mortgage Loan Closer Certification is a specialized certification program designed to give loan closers the knowledge, skills and abilities needed to close mortgage loans in accordance with the laws and regulations governing the mortgage industry.

2. What are the requirements for obtaining a Mortgage Loan Closer Certification?

Answer: To obtain a Mortgage Loan Closer Certification, applicants must have at least one year of experience closing mortgage loans, complete an approved course of study, pass an exam, and submit to background checks and continuing education requirements.

3. How long does it take to get certified as a Mortgage Loan Closer?

Answer: The length of time it takes to get certified as a Mortgage Loan Closer can vary depending on your experience level and the requirements of the certifying organization. Generally speaking, it takes between three and six months from start to finish.

4. What benefits do I receive after becoming a Certified Mortgage Loan Closer?

Answer: Benefits may include increased job opportunities, higher pay rates, greater job security and recognition for your expertise in the field of mortgage loan closing.

5. How much does it cost to get certified as a Mortgage Loan Closer?

Answer: The cost of certification can vary based on the certifying organization you choose and any additional fees associated with testing or background checks that may be required by that organization. Generally speaking, certification costs range from $500-$2000 USD depending on individual circumstances.