Top 10 Mortgage Originator Certifications

Certifications are important for mortgage originators in the job market because they demonstrate a level of expertise and knowledge about the industry. They also demonstrate an individual’s commitment to staying up-to-date on industry trends and regulations, which can be critical in today’s competitive mortgage market. Having certifications can help differentiate a professional from other applicants, as employers often look for individuals with specialized qualifications. Certifications also help professionals stay ahead of their competition by providing access to continuing education opportunities and resources that can help them stay current on industry changes.

This article reviews some of the top certifications for Mortgage Originators and explains how they can contribute to a mortgage originator's career by providing valuable professional development opportunities and enhancing their knowledge base.

What are Mortgage Originator Certifications?

Mortgage originator certification is a designation that is awarded to individuals who have completed a specialized training program and passed an examination demonstrating their knowledge of the mortgage industry. This certification serves to ensure that mortgage originators are knowledgeable about relevant laws, regulations, and best practices in the field. It also helps to protect consumers by verifying that mortgage originators are qualified and competent professionals.

Having a certified mortgage originator can benefit both lenders and borrowers. For lenders, it helps to ensure that they are working with an experienced and reputable professional who has proven their knowledge of the industry. This can help reduce the risk of fraud or other issues arising from the loan process. For borrowers, having a certified mortgage originator can provide peace of mind knowing they are working with someone who is knowledgeable about current laws, regulations, and best practices in the industry. Additionally, it can help them feel more secure in their decision as to which lender or product to use for their financing needs.

Pro Tip: Make sure to research the various mortgage originator certifications available, and ensure that you are meeting the necessary requirements in order to obtain the certification. This will help ensure that you have the necessary skills, knowledge and experience to provide quality service to your clients.

Related: What does a Mortgage Originator do?

Top 10 Mortgage Originator Certifications

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

1. Certified Mortgage Originator (CMO)

A Certified Mortgage Originator (CMO) is a professional designation that is awarded to mortgage professionals who have met certain educational and experience requirements. The CMO designation is awarded by the National Association of Mortgage Brokers (NAMB).

In order to become a CMO, an individual must have at least three years of experience in the mortgage industry and must complete a series of courses offered by NAMB. These courses include topics such as mortgage origination, loan processing, underwriting, ethics, federal laws and regulations, and more. Once these courses are completed, the individual must pass an exam administered by NAMB in order to receive the CMO designation.

The cost for becoming a CMO varies depending on the number of courses taken and whether or not you choose to take them online or in-person. Generally speaking, it can cost anywhere from $500-$1000 for all of the necessary coursework and exams. It typically takes about 8-12 weeks to complete all of the coursework and exams required for the CMO designation.

2. Certified Mortgage Banker (CMB)

Certified Mortgage Banker (CMB) is a professional designation given to mortgage professionals who have met the stringent requirements of the Mortgage Bankers Association (MBA). The CMB credential is designed to recognize those individuals who demonstrate a high level of knowledge, experience, and professionalism in the mortgage banking industry.

To become a Certified Mortgage Banker, an individual must meet certain eligibility requirements and successfully complete the CMB Exam. Eligibility requirements include:

• A minimum of three years' experience in the mortgage banking industry
• Completion of at least 15 hours of MBA-approved continuing education courses
• Active membership in the MBA or another professional organization related to the mortgage banking industry
• Authorization from their employer to take and pass the CMB Exam

The CMB Exam consists of two parts: a multiple-choice section and an essay section. The multiple-choice portion covers topics such as loan origination, secondary market activities, legal and regulatory compliance, financial analysis, servicing operations, consumer protection laws, and more. The essay portion requires candidates to write two essays on topics related to mortgage banking. Candidates must pass both sections with a score of 70% or higher in order to earn their CMB designation.

The cost for taking the CMB exam varies by state but typically ranges from $500-$1000. Additionally, there may be additional costs associated with obtaining any necessary prerequisites for taking the exam (such as completion of continuing education courses).

3. Certified Residential Mortgage Specialist (CRMS)

Certified Residential Mortgage Specialist (CRMS) is a professional designation offered by the National Association of Mortgage Brokers (NAMB). The CRMS designation is designed to recognize mortgage professionals who have demonstrated a high level of knowledge and expertise in residential mortgage origination. It is intended to provide consumers with assurance that they are working with a qualified, experienced, and knowledgeable professional.

The CRMS program requires applicants to complete a comprehensive course of study in residential mortgage lending which covers topics such as credit analysis, loan processing, underwriting, closing procedures, and more. In addition to the coursework, applicants must also pass an examination administered by NAMB.

The CRMS program typically takes about six months to complete. Applicants must first register for the program and pay the applicable fees before beginning their studies. Once registered, applicants can access the online course materials and begin studying at their own pace. After completing all of the required coursework and passing the exam, applicants will be awarded their CRMS certification.

The cost for the CRMS program varies depending on whether you are an individual or organization applying for certification. For individuals, there is an application fee of $195 plus a $50 exam fee; for organizations there is an application fee of $395 plus a $100 exam fee.

4. National Association of Mortgage Brokers (NAMB) Certification

The National Association of Mortgage Brokers (NAMB) Certification is a professional certification offered by the NAMB to mortgage professionals who meet certain criteria. This certification is designed to recognize those who have achieved a high level of knowledge and experience in the mortgage industry.

To obtain the NAMB Certification, applicants must first meet the eligibility requirements. These include having at least three years of full-time experience in the mortgage industry, passing an exam, and completing at least 24 hours of continuing education courses related to the mortgage industry within the past two years.

Once these requirements are met, applicants can apply for NAMB Certification online. The application process includes submitting an application fee of $100 and providing proof of eligibility. Applicants must also complete a background check and sign an ethics agreement prior to being approved for certification.

Once approved, applicants will receive their NAMB Certification within 30 days. This certification is valid for two years and must be renewed every two years by taking additional continuing education courses and paying a renewal fee of $50.

Overall, obtaining a NAMB Certification requires meeting certain eligibility criteria, successfully completing an exam, submitting an application fee and background check, signing an ethics agreement, and taking additional continuing education courses every two years in order to renew the certification.

5. American Bankers Association (ABA) Certified Mortgage Lender Program

The American Bankers Association (ABA) Certified Mortgage Lender Program is a certification program for mortgage lenders that demonstrates their commitment to responsible lending practices. The program is designed to ensure that mortgage lenders are knowledgeable about the latest industry standards, regulations, and best practices in order to provide quality service to their customers.

The ABA Certified Mortgage Lender Program requires applicants to complete an online course and pass an exam. The course covers topics such as loan origination, underwriting, servicing, and compliance. It takes approximately 8-10 hours to complete the course and pass the exam.

In order to become certified, applicants must apply online and submit a fee of $250. Once approved, they will receive their certification within 7-10 business days.

The ABA Certified Mortgage Lender Program is designed to help mortgage lenders stay up-to-date on the latest industry standards and regulations while providing quality service to their customers. The program provides a comprehensive overview of the mortgage industry and ensures that lenders are knowledgeable in all aspects of the business.

6. Certified Home Loan Originator (CHLO)

A Certified Home Loan Originator (CHLO) is a professional designation that indicates an individual has completed the necessary training and passed the required exams to become certified as a home loan originator. The CHLO designation is recognized by the National Mortgage Licensing System (NMLS) as a credential for individuals who originate residential mortgage loans.

The CHLO designation requires applicants to complete 20 hours of pre-licensure education, pass the NMLS Uniform State Test, and successfully complete a background check. The pre-licensure education must be completed through an approved provider such as an online course or in-person class. The cost of the pre-licensure education can vary depending on the provider, but typically ranges from $100-$400.

Once all requirements have been met, applicants must apply for a license through their state's regulatory agency and pay any applicable fees. Once approved, they will receive their NMLS ID number and be eligible to use the CHLO designation.

In total, it can take anywhere from 2-6 weeks to obtain a CHLO designation depending on how quickly you complete your pre-licensure education and submit your application.

7. FHA DE Underwriter Certification

FHA DE Underwriter Certification is a certification program offered by the Federal Housing Administration (FHA) to qualified mortgage loan underwriters. This certification is designed to ensure that FHA-approved lenders have competent and experienced personnel who are knowledgeable in all aspects of FHA loan origination and servicing.

To become an FHA DE Underwriter, applicants must meet certain criteria and complete a rigorous training program. The requirements include having at least two years of full-time experience in mortgage origination or underwriting, passing an examination administered by the National Mortgage Licensing System (NMLS), and completing 20 hours of continuing education every two years.

The training program consists of five modules that cover topics such as FHA loan eligibility, underwriting guidelines, fraud prevention, credit analysis, and quality control. It typically takes about 8-10 weeks to complete the training program.

The cost for the FHA DE Underwriter Certification varies depending on the provider but generally ranges from $1,000 - $2,000.

8. VA Loan Originator Certification

VA Loan Originator Certification is a certification program offered by the Department of Veterans Affairs (VA) to ensure that loan originators are knowledgeable and competent in the field of VA loan origination. The certification process is designed to ensure that all VA loan originators meet the highest standards of professional conduct, as set forth by the VA.

The certification process typically takes between four and six weeks to complete. In order to become certified, applicants must first submit an application and supporting documentation such as a resume, proof of education, background check results, and other relevant documents. Once approved, applicants must then pass an exam which covers topics such as VA loan eligibility requirements, interest rate calculations, credit underwriting guidelines, and more.

The cost for certification varies depending on the applicant’s location and whether or not they are a member of a professional organization like the National Association of Mortgage Brokers (NAMB). Generally speaking, it can cost anywhere from $200 - $500 to become certified.

Once certified, VA loan originators must adhere to all applicable laws and regulations related to their profession in order to maintain their certification status. They must also complete at least 20 hours of continuing education every two years in order to remain certified.

9. National Reverse Mortgage Lenders Association (NRMLA) Certification

The National Reverse Mortgage Lenders Association (NRMLA) Certification is a voluntary certification program that helps lenders demonstrate their commitment to responsible lending practices in the reverse mortgage industry. The NRMLA Certification is designed to ensure that lenders have the knowledge and understanding of reverse mortgage products, consumer protection laws and regulations, and ethical standards.

The NRMLA Certification process takes approximately three months to complete. To obtain the certification, lenders must first submit an application and pay a $250 fee. Once the application is approved, the lender must then complete a series of online courses and pass an exam with a score of 80% or higher. Upon successful completion of the coursework and exam, the lender will receive their NRMLA Certification.

The cost for obtaining the NRMLA Certification is $250 for each individual who wishes to become certified. This fee covers the cost of processing your application as well as providing access to all required course materials and exams.

10. National Credit Union Administration (NCUA) Loan Originator License

The National Credit Union Administration (NCUA) Loan Originator License is a license required by loan originators who work with credit unions. This license ensures that loan originators are knowledgeable and qualified to provide services to credit union members.

To obtain the NCUA Loan Originator License, applicants must complete an application and submit it to the NCUA. The application requires information about the applicant’s background, education, experience, and other qualifications. Applicants must also pass a background check, as well as a written exam administered by the NCUA.

The process of obtaining an NCUA Loan Originator License typically takes between four and six weeks from start to finish. The cost of the license varies depending on the type of loan originator that is applying for the license; however, most fees range from $50-$100.

Do You Really Need a Mortgage Originator Certificate?

The answer to this question depends on the individual and their career aspirations. A mortgage originator certificate is not a mandatory requirement for working in the mortgage industry, but it can be beneficial for those looking to advance their career.

Having a mortgage originator certificate shows that you have obtained the necessary knowledge and experience needed to work as a loan officer or mortgage broker. It is also an indication of your commitment to the profession and proves that you are up-to-date with the latest industry regulations and standards. With this certification, employers may be more willing to hire you and trust that you are knowledgeable about how mortgages work.

Additionally, having a mortgage originator certificate may open up more job opportunities in related fields such as financial analysis or real estate investment. Having this certification will give you an advantage over other applicants who don’t have one when applying for these types of positions.

In short, whether or not someone needs a mortgage originator certificate depends on their individual goals and what type of career they want to pursue in the financial services sector. For those looking to become a loan officer or work in another related field, obtaining this certification could be beneficial as it will demonstrate your knowledge about mortgages and commitment to the profession.

Related: Mortgage Originator Resume Examples

FAQs About Mortgage Originator Certifications

Q1: What is a mortgage originator certification?

A1: A mortgage originator certification is the official recognition of a professional's knowledge and skills in the field of mortgage origination. It is awarded by industry-recognized organizations such as the Mortgage Bankers Association (MBA) or the National Association of Mortgage Professionals (NAMP).

Q2: What are the requirements for becoming certified as a mortgage originator?

A2: Requirements vary depending on the certifying organization, but typically include completing an approved course, passing an exam, and meeting any state licensing requirements.

Q3: How long does it take to get a mortgage originator certification?

A3: The length of time needed to complete the process varies depending on the certifying organization and your own level of preparedness. Generally, it takes around two months to finish all requirements.

Q4: Is there an expiration date for mortgage originator certifications?

A4: Yes, most certifications are valid for two years from when they were issued. After that period, you must renew your certification by taking continuing education courses or retaking the exam.

Q5: Are there any benefits associated with having a mortgage originator certification?

A5: Yes, having a mortgage originator certification can give you access to better job opportunities and higher salaries in the industry. It also demonstrates your commitment to professionalism and can help build trust with potential clients.