Top 11 Mortgage Loan Underwriter Certifications

Certifications for a mortgage loan underwriter are important in the job market because they demonstrate an individual’s knowledge and experience in the field. Certification programs provide formal training and education in the specific area of mortgage loan underwriting, and can give potential employers confidence that a candidate is competent in their skills. Certifications also show potential employers that an individual is committed to staying updated on industry trends and regulations. Lastly, certifications can give an individual an advantage over their competition when applying for jobs, as they are seen as indicators of excellence.

The purpose of this article is to review and explain how top certifications in Mortgage Loan Underwriting can enhance an underwriter's career.

What are Mortgage Loan Underwriter Certifications?

Mortgage loan underwriter certification is a professional designation that demonstrates an individual’s proficiency and knowledge in the field of mortgage underwriting. To obtain this certification, individuals must pass an exam administered by a recognized organization such as the Mortgage Bankers Association (MBA) or American Institute of Certified Public Accountants (AICPA). This certification is beneficial to those who are employed in the mortgage industry, as it provides credibility and shows employers that they have a comprehensive understanding of loan underwriting processes and regulations. Furthermore, having this certification may give applicants an advantage when competing for open positions within the mortgage industry.

On the other hand, having this certification can also be advantageous to lenders and brokers. As certified mortgage loan underwriters are trained in all aspects of loan evaluation, they can provide valuable insight into potential borrowers’ creditworthiness, as well as their ability to repay their loans. This helps lenders and brokers make informed decisions about which loans to approve or deny, reducing the risk of default or fraud. Additionally, having certified mortgage loan underwriters on staff can help lenders streamline their processes since they will have access to experts with up-to-date information on relevant regulations.

Pro Tip: Take advantage of available online courses to gain a better understanding of the mortgage loan underwriting process. These courses will help you become more familiar with the regulations and guidelines that impact the loan approval decision, as well as provide insight into how lenders assess creditworthiness and evaluate risk. Additionally, certification in this area can help demonstrate your expertise to potential employers and clients.

Related: What does a Mortgage Loan Underwriter do?

Top 11 Mortgage Loan Underwriter Certifications

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

1. Certified Mortgage Underwriter (CMU)

A Certified Mortgage Underwriter (CMU) is a professional designation that provides mortgage professionals with the specialized knowledge and skills needed to underwrite mortgages. It is an important certification for those who work in the mortgage industry, as it demonstrates their proficiency in analyzing financial information and determining whether or not a loan should be approved.

The CMU certification is offered by the Mortgage Bankers Association (MBA). To become certified, applicants must pass a comprehensive exam that covers topics such as mortgage regulations, loan origination, credit analysis, and more. The exam takes approximately four hours to complete.

To get started on the path to becoming a Certified Mortgage Underwriter, applicants must first register with the MBA and pay a fee of $395. This fee covers the cost of registration, study materials, and the exam itself. After registering for the exam, applicants will have 90 days to take it at one of the designated testing centers across the country.

Once an applicant has passed the exam and been certified as a CMU, they will receive their official certificate from the MBA. They will also receive access to exclusive resources that can help them stay up-to-date on changes in mortgage regulations and best practices in underwriting loans.

2. Certified Mortgage Banker (CMB)

Certified Mortgage Banker (CMB) is a professional designation offered by the Mortgage Bankers Association (MBA). It recognizes individuals who have achieved a high level of professional knowledge and expertise in the mortgage banking industry.

To obtain the CMB designation, applicants must meet certain qualifications and pass an exam. The qualifications include having at least five years of experience in mortgage banking, completing at least 75 hours of approved MBA courses, and being employed by an MBA member company. The exam covers topics such as loan origination, secondary market activities, regulations and compliance, risk management, and technology.

The CMB designation is valid for three years from the date of issue. To maintain the designation, individuals must complete continuing education requirements every three years.

The cost to obtain the CMB designation varies depending on whether or not you are an MBA member. For non-members, it costs $1,250 to apply for the CMB program plus $595 for each course taken. For members, it costs $750 to apply plus $395 for each course taken.

It typically takes four to six months to complete all of the requirements and pass the exam necessary to obtain the CMB designation.

3. Certified Residential Mortgage Specialist (CRMS)

A Certified Residential Mortgage Specialist (CRMS) is a professional designation for mortgage professionals who have demonstrated expertise in the residential mortgage industry. The CRMS designation is granted by the National Association of Mortgage Brokers (NAMB), and it recognizes individuals who have achieved a high level of knowledge and experience in the field.

The CRMS designation requires applicants to complete an extensive course of study, pass an exam, and meet certain other requirements. The coursework covers topics such as loan origination, underwriting, closing procedures, compliance issues, and more. It typically takes between 6-12 months to complete the program and pass the exam.

To get the CRMS designation, you must first become a member of NAMB. You can do this by completing an online application form and paying a membership fee. Once you’re a member, you can register for the CRMS program and pay the applicable fees. The cost of the program varies depending on your membership status; however, it typically ranges from $500-$1,000.

Once you’ve completed all of the requirements for the program and passed the exam, you will receive your official CRMS certification from NAMB. This certification demonstrates to employers that you have achieved a high level of proficiency in residential mortgage lending and are qualified to work in this field.

4. Certified Mortgage Consultant (CMC)

A Certified Mortgage Consultant (CMC) is a professional designation awarded to individuals who have met certain educational and experiential requirements in the mortgage industry. The CMC designation is issued by the National Association of Mortgage Brokers (NAMB) and signifies that an individual has achieved a high level of knowledge, experience and professionalism in the field of mortgage origination.

To become a CMC, an individual must meet certain prerequisites, including:

• At least three years of full-time experience in the mortgage industry;
• Completion of NAMB’s Certified Mortgage Consultant (CMC) course;
• Passing a comprehensive exam administered by NAMB;
• Agreement to abide by NAMB’s Code of Ethics.

The CMC course is offered online and takes approximately 8 hours to complete. The cost for the course is $295 USD. Once all requirements are met, an individual can apply for certification with NAMB and will receive their CMC designation upon successful completion of the application process.

5. Certified Mortgage Planner (CMP)

Certified Mortgage Planner (CMP) is a professional designation offered by the National Association of Certified Mortgage Planners (NACMP). The CMP designation is designed to recognize mortgage professionals who have achieved a high level of knowledge and expertise in the field of mortgage planning.

The CMP program consists of an online course, a comprehensive exam, and an ethics exam. The online course covers topics such as mortgage financing, loan origination, loan servicing, credit analysis, and risk management. The comprehensive exam tests your knowledge on these topics. The ethics exam tests your understanding of professional standards and ethical practices in the mortgage industry.

It typically takes about four months to complete all three components of the CMP program. However, some students may be able to complete it faster depending on their prior experience in the mortgage industry.

To get started with the CMP program, you must first register with NACMP and pay the associated fee (currently $495). Once registered, you will be provided with access to the online course materials and exams. You can then begin working through the program at your own pace.

The cost for the CMP program is $495. This fee covers all three components: the online course, comprehensive exam, and ethics exam.

6. Certified Home Loan Underwriter (CHLU)

Certified Home Loan Underwriter (CHLU) is a professional certification program designed to recognize individuals who have demonstrated an in-depth knowledge of the home loan industry. The certification is offered by the Mortgage Bankers Association (MBA).

The CHLU program is a comprehensive course that covers all aspects of the mortgage origination process, including underwriting, loan processing, and closing. It also covers topics such as credit analysis, legal issues, and consumer protection. The program consists of two exams: one on general mortgage knowledge and another on underwriting specific to residential mortgages.

It typically takes between six months and one year to complete the CHLU program. During this time, students must complete both exams as well as a number of additional assignments.

In order to become certified, applicants must meet certain eligibility requirements and pass both exams with a score of 70% or higher. Applicants must also submit proof of their education and experience in the mortgage industry.

The cost for the CHLU program varies depending on where you take it; however, it typically costs around $1,000-$2,000 for tuition and materials.

7. Certified Mortgage Professional (CMP)

Certified Mortgage Professional (CMP) is a designation that recognizes mortgage professionals who have demonstrated expertise in the industry. The CMP designation is awarded by the Mortgage Bankers Association (MBA) and is an indication of a mortgage professional’s commitment to professional development, ethical practices, and knowledge of the industry.

In order to become a Certified Mortgage Professional, individuals must complete an approved program of study, pass an examination administered by the MBA, and meet certain experience requirements. The program typically takes between three and six months to complete depending on how much time an individual can dedicate to their studies.

To get started on becoming a Certified Mortgage Professional, individuals should contact their local MBA chapter for information about approved programs. Most programs require applicants to have at least two years of experience in the mortgage industry prior to enrolling in the program.

The cost of becoming a Certified Mortgage Professional varies depending on the program chosen. Generally speaking, most programs range from $500-$2,000 USD.

8. Accredited Mortgage Professional (AMP)

Accredited Mortgage Professional (AMP) is a designation that recognizes individuals who have achieved a high level of education and experience in the mortgage industry. AMP credentials are issued by the Canadian Association of Accredited Mortgage Professionals (CAAMP).

The AMP designation requires applicants to meet certain educational and professional criteria. To qualify, applicants must have at least one year of full-time experience in the mortgage industry, as well as completing courses from an approved provider. The courses cover topics such as mortgage lending, credit analysis, risk management, legal issues, and ethics.

It typically takes several months to complete the requirements for the AMP designation. Applicants must pass an online exam administered by CAAMP and submit evidence of their work experience and education.

The cost to obtain the AMP designation varies depending on the course provider chosen by the applicant. However, it usually costs between $1,000-$2,000 CAD for all materials and exams required to become an Accredited Mortgage Professional.

9. Chartered Financial Analyst (CFA)

Chartered Financial Analyst (CFA) is a professional designation given by the CFA Institute, a global association of investment professionals. The CFA program is designed to provide an in-depth understanding of the investment process, from portfolio management to financial analysis. The CFA credential is highly sought after by employers in the finance and investment industries.

The CFA program consists of three levels of exams that must be completed over a period of two to four years. Level I focuses on ethical and professional standards, quantitative methods, economics, financial reporting and analysis, corporate finance, equity investments, fixed income investments, derivatives investments and alternative investments. Level II focuses on portfolio management techniques and asset valuation. Level III focuses on wealth planning and portfolio management.

To become a CFA charterholder you must have at least 48 months of qualified work experience in the investment decision-making process or have earned a bachelor’s degree or equivalent qualification with at least four years of combined education and work experience in the investment decision-making process. You must also pass all three levels of the CFA exam within four years.

The cost for the entire program depends on how long it takes you to complete it but generally ranges from $2,000 to $4,000 USD including registration fees for each level of the exam, study materials and related costs such as travel expenses for attending review courses or workshops.

10. Chartered Mortgage Underwriter (CMUW)

A Chartered Mortgage Underwriter (CMUW) is a professional designation that demonstrates specialized knowledge and experience in the mortgage underwriting industry. It is awarded by the National Association of Mortgage Underwriters (NAMU). The CMUW designation is designed to recognize those individuals who have demonstrated expertise in the areas of mortgage underwriting, loan origination, and closing.

The CMUW program consists of three courses: Mortgage Underwriting I, II, and III. To be eligible for the CMUW designation, an individual must complete all three courses with a passing grade. The courses can be taken online or in person at approved NAMU training centers.

The cost of the CMUW program varies depending on where you take the classes and how many classes you need to take to complete the program. Generally speaking, it will cost between $1,000 and $2,500 to become certified as a Chartered Mortgage Underwriter.

Once you have successfully completed all three courses and passed the exams associated with each course, you will receive your official CMUW certification from NAMU. This process typically takes about two months from start to finish.

11. Certified Credit Analyst (CCA).

Certified Credit Analyst (CCA) is a professional designation that recognizes individuals who have achieved a high level of expertise in the field of credit analysis. The CCA program is offered by the National Association of Credit Management (NACM), an organization dedicated to promoting best practices in credit management.

The CCA certification requires applicants to pass an exam that covers topics such as financial statement analysis, risk assessment, and credit policy development. The exam consists of 100 multiple-choice questions and must be completed within two hours. In order to qualify for the exam, applicants must have at least three years of experience in the credit industry or hold a bachelor’s degree in finance, accounting, or business administration.

To obtain the CCA certification, applicants must submit an application form and fee ($250 for NACM members; $350 for non-members). Once approved, applicants can register for the exam through NACM’s website. The cost of the exam is $295 for NACM members and $395 for non-members.

Once an applicant has passed the exam they will receive their CCA certificate and be eligible to use the CCA designation after their name. The certification is valid for three years and can be renewed by taking continuing education courses or retaking the exam every three years.

Do You Really Need a Mortgage Loan Underwriter Certificate?

Whether or not you need a mortgage loan underwriter certificate depends on your individual situation. If you are already employed in the financial services industry, such as banking or finance, then a mortgage loan underwriter certificate may be beneficial to help you advance your career. This type of certification shows that you have a deeper understanding of the principles and practices related to loan underwriting. It can also demonstrate that you have the skills and knowledge necessary to effectively evaluate loan applications and make sound decisions regarding their approval or denial.

For those who are just starting out in the financial services industry, however, obtaining a mortgage loan underwriter certificate may not be necessary. Although it is possible to obtain this certification without having any prior experience in the field, employers may prefer candidates with more direct experience. Additionally, while there are some online courses available for mortgage loan underwriters, most employers will expect applicants to have completed an accredited program from an institution recognized by the Department of Education.

Ultimately, whether or not you need a mortgage loan underwriter certificate depends on your goals and aspirations within the financial services industry. If you are looking for professional advancement opportunities or plan on applying for higher-level positions involving mortgage loans, then obtaining this certification could be beneficial for your career. However, if you do not currently work in this field and are just getting started, then it may be better to focus on gaining relevant experience instead of obtaining certifications before exploring further education options down the line.

Related: Mortgage Loan Underwriter Resume Examples

FAQs About Mortgage Loan Underwriter Certifications

Q1. What is a mortgage loan underwriter certification?

A1. A mortgage loan underwriter certification is a credential awarded to individuals who have successfully completed a course of study in mortgage loan underwriting and passed an examination. The certification verifies that the individual has the knowledge and skills necessary to accurately assess credit risk, evaluate financial documents, and make sound decisions when it comes to approving or denying mortgage applications.

Q2. What are the benefits of obtaining a mortgage loan underwriter certification?

A2. Obtaining a mortgage loan underwriter certification can open up career opportunities and enhance professional credibility. It also provides recognition as an expert in mortgage lending, which can lead to greater job security and higher pay grade within the industry.

Q3. How do I become certified as a mortgage loan underwriter?

A3. To become certified as a mortgage loan underwriter, you must complete an approved course of study and pass an examination to demonstrate your knowledge and skills related to evaluating credit risk, analyzing financial documents, and making sound decisions with regards to approving or denying applications for mortgages.

Q4. How long does it take to get certified as a mortgage loan underwriter?

A4. It typically takes between 6-12 months to complete an approved course of study for becoming certified as a mortgage loan underwriter, depending on the complexity of the program you choose and how quickly you progress through it. After completing the coursework, you must then sit for the exam before being officially certified by your chosen organization or institution offering the credentials program.

Q5. Are there any prerequisites for becoming certified as a mortgage loan underwriter?

A5: Yes, most organizations or institutions offering certification programs require applicants to have at least two years of experience working in the industry prior to taking their courses or sitting for their examinations. Additionally, some organizations may require applicants to possess certain educational qualifications such as having obtained either an associate’s degree or bachelor’s degree in finance or economics from an accredited college or university prior to applying for their programs