Top 10 Mortgage Specialist Certifications

Certifications are important for a mortgage specialist in the job market because they demonstrate that an individual has the knowledge and skills necessary to effectively perform their job duties. Certifications provide employers with assurance that the specialist is qualified to handle complex transactions, understand relevant laws and regulations, and adhere to ethical standards. Additionally, certifications can help a mortgage specialist stand out from other applicants when competing for jobs. Finally, having certifications can increase a mortgage specialist’s credibility and professionalism, making them more attractive to potential clients.

This article reviews some of the most beneficial certifications for Mortgage Specialists and explains how they can help to advance their careers.

What are Mortgage Specialist Certifications?

Mortgage specialist certification is a professional designation that demonstrates an individual’s expertise and proficiency in the mortgage industry. It is typically awarded by independent organizations or certifying bodies after successful completion of a rigorous series of courses, tests, and assessments. This certification provides assurance to lenders, borrowers, and other parties involved in real estate transactions that the individual has been trained to handle complex mortgage-related matters.

The certification process requires individuals to demonstrate their knowledge of various topics related to mortgages, such as loan origination, servicing, underwriting, secondary market activities, and foreclosure prevention. By demonstrating their expertise in these areas, mortgage specialists are able to provide more reliable advice and services when helping clients secure financing for their home purchases or refinances.

Having a certified mortgage specialist on staff also benefits lenders by providing them with an expert who can help them better understand the complex regulations governing the industry. Additionally, it allows lenders to offer more competitive interest rates on loans since they can trust that the specialist has the necessary skills needed to accurately assess potential borrowers’ creditworthiness.

Overall, earning a mortgage specialist certification is a great way for individuals looking to break into the field of mortgages or advance their current career path within it. Not only does it provide recognition for their hard work and dedication to the industry but also helps ensure that clients receive quality advice from experienced professionals when making important financial decisions.

Pro Tip: Make sure to research and understand the requirements for mortgage specialist certification before enrolling in any courses or programs. Different organizations may have different criteria for eligibility, and it is important to ensure that you meet all of the necessary qualifications in order to obtain your certification.

Related: What does a Mortgage Specialist do?

Top 10 Mortgage Specialist Certifications

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

1. Certified Mortgage Banker (CMB)

Certified Mortgage Banker (CMB) is a professional designation awarded by the Mortgage Bankers Association (MBA) to individuals who demonstrate expertise in the mortgage banking industry. It is the highest level of recognition for mortgage professionals and requires a commitment to ongoing education and ethical business practices.

To become a CMB, an individual must meet certain educational requirements and pass an exam administered by the MBA. The exam covers topics such as mortgage banking law, finance, economics, loan origination, underwriting, servicing, secondary marketing and other related areas.

The process of becoming a CMB typically takes about six months to complete. During this time, individuals must complete all required coursework or self-study material and pass the CMB exam.

The cost of becoming a CMB varies depending on whether you choose to take an online or in-person course offered by the MBA or if you choose to self-study using materials provided by the MBA. In addition to course fees, there are also application fees and exam fees associated with becoming a CMB.

2. Certified Mortgage Professional (CMP)

Certified Mortgage Professional (CMP) is a designation awarded by the Mortgage Professionals Canada (MPC) to individuals who have demonstrated proficiency in the mortgage industry. The CMP program was designed to recognize and reward those who have achieved a high level of knowledge and experience in the mortgage industry.

To become a Certified Mortgage Professional, candidates must complete an online course that covers topics such as mortgage law, ethics, underwriting, and risk management. Candidates must also pass an exam with a score of at least 70%. The entire process typically takes between 4-6 weeks to complete.

The cost of the CMP program varies depending on factors such as location and membership status with MPC. Generally speaking, the cost ranges from $500-$800 CAD.

3. Certified Mortgage Consultant (CMC)

A Certified Mortgage Consultant (CMC) is a professional designation awarded by the Mortgage Bankers Association (MBA). This designation is awarded to mortgage professionals who have demonstrated a commitment to excellence in mortgage banking and have met stringent requirements in education, experience, and ethics.

The process of obtaining the CMC designation typically takes six months or more. To become certified, applicants must complete an online application, submit their resume and three letters of recommendation, pass a background check, and take an online exam. The cost for the CMC program is $1,295 for MBA members and $1,595 for non-members.

4. Certified Residential Mortgage Specialist (CRMS)

Certified Residential Mortgage Specialist (CRMS) is a designation that recognizes mortgage professionals who have completed an advanced training program and demonstrated their knowledge and expertise in the residential mortgage industry. The CRMS designation is awarded by the National Association of Mortgage Brokers (NAMB) and requires successful completion of a rigorous course of study.

The CRMS program consists of three courses: Principles of Mortgage Lending, Advanced Practices in Mortgage Lending, and Professionalism & Ethics. Each course takes approximately 10 hours to complete, for a total of 30 hours. The courses cover topics such as loan origination, underwriting, real estate law, regulations, compliance issues, ethics, customer service skills, marketing strategies and more.

To become certified as a CRMS designee you must be an active NAMB member in good standing for at least one year prior to applying for the certification. You must also successfully pass all three courses with a score of 75% or higher on each exam.

The cost for the program is $395 for NAMB members ($495 for non-members). This fee includes access to all three courses and exams as well as study materials and online support from instructors.

5. Certified Home Loan Originator (CHLO)

Certified Home Loan Originator (CHLO) is a professional certification awarded to individuals who have completed the necessary training and education requirements to become an expert in the field of home loan origination. This certification is issued by the National Association of Mortgage Professionals (NAMP), a non-profit organization dedicated to providing industry standards for mortgage professionals.

To become certified as a CHLO, individuals must complete an approved course in home loan origination, pass an exam, and meet certain other requirements such as having at least two years of experience in the mortgage industry. The NAMP offers several courses that can be taken online or in person, depending on the individual's preference. The course typically takes between 8-10 hours to complete and costs around $150-$200.

Once the course has been completed and all other requirements have been met, applicants must then take and pass the CHLO exam. The exam consists of 100 multiple choice questions covering topics such as loan processing, underwriting guidelines, regulatory compliance, and fraud prevention. The exam fee is $150 and it takes approximately 2-3 hours to complete.

Once applicants have successfully passed the CHLO exam they will receive their official certification from NAMP which is valid for two years from the date of issuance. After two years, individuals must renew their certification by completing continuing education credits or taking another approved course in home loan origination.

6. Certified Mortgage Broker (CMB)

Certified Mortgage Broker (CMB) is a professional designation awarded to mortgage professionals who have demonstrated a high level of knowledge and experience in the mortgage industry. The CMB designation is issued by the National Association of Mortgage Brokers (NAMB) and is recognized as an indication that the individual has achieved a certain level of proficiency in the field.

In order to obtain the CMB designation, individuals must meet certain criteria, including having at least two years of experience in the mortgage industry, completing at least 15 hours of approved continuing education courses, passing an exam covering topics such as federal laws and regulations governing mortgages, and paying an annual fee. The process typically takes between three and six months to complete.

The cost for obtaining a CMB designation varies depending on whether you are already a member of NAMB or not. For non-members, there is an initial application fee of $150 plus an annual membership fee of $195. If you are already a member, then there is just the one-time application fee of $150.

7. Certified Reverse Mortgage Professional (CRMP)

A Certified Reverse Mortgage Professional (CRMP) is a designation granted by the National Reverse Mortgage Lenders Association (NRMLA) to individuals who have completed an extensive course of study and passed a rigorous exam. The CRMP designation is designed to recognize professionals who have demonstrated a high level of knowledge, experience, and ethical standards in the reverse mortgage industry.

The CRMP program consists of three courses: Introduction to Reverse Mortgages, Advanced Reverse Mortgages, and Ethics & Best Practices. Each course requires approximately 8-12 hours of online instruction and must be completed within 90 days. After all three courses are completed, students must pass a comprehensive exam with a score of 80% or higher in order to earn the CRMP designation.

The cost for the entire program is $495. This fee includes access to all three courses and one attempt at the comprehensive final exam. Additional attempts at the exam can be purchased for an additional fee of $195 per attempt.

Once earned, the CRMP designation is valid for two years from date of issue and must be renewed every two years by completing continuing education credits and paying a renewal fee of $95.

8. National Association of Mortgage Brokers Designation (NAMB-D)

The National Association of Mortgage Brokers Designation (NAMB-D) is a professional designation offered by the National Association of Mortgage Brokers. It is designed to recognize mortgage professionals who have demonstrated a commitment to the highest standards of ethics, education, and professional practice in the mortgage industry.

To obtain the NAMB-D designation, individuals must complete an online course and exam. The course consists of four modules: Introduction to Mortgage Industry; Regulatory Compliance; Professional Practices and Ethics; and Business Practices. The exam tests knowledge in these areas as well as other topics related to mortgage origination.

The cost for the NAMB-D course and exam is $299 USD. Upon successful completion of the course and exam, individuals will receive their NAMB-D designation certificate. The entire process typically takes about 4-6 weeks from start to finish.

9. Chartered Financial Consultant Designation (ChFC-D)

The Chartered Financial Consultant (ChFC-D) designation is a professional certification for financial planners. It is awarded by the American College of Financial Services and requires individuals to demonstrate a comprehensive understanding of financial planning principles and practices.

The ChFC-D designation requires individuals to complete nine courses, which can be taken online or in person. The courses cover topics such as insurance, investments, retirement planning, estate planning, and tax planning. Each course consists of self-study material and an exam. The exams must be passed with a score of 70% or higher in order to receive the ChFC-D designation.

In order to qualify for the ChFC-D designation, applicants must have at least three years of relevant experience in the financial services industry. Additionally, they must pass an ethics examination administered by the American College of Financial Services.

The cost of obtaining the ChFC-D designation varies depending on whether you take online or in-person courses; however, it typically ranges from $2,000 - $4,000 USD for all nine courses and exams combined.

Overall, obtaining the ChFC-D designation can take anywhere from six months to two years depending on how quickly you complete your coursework and exams.

10. Accredited Mortgage Professional Designation (AMP-D).

The Accredited Mortgage Professional Designation (AMP-D) is a professional designation offered by the Canadian Association of Accredited Mortgage Professionals (CAAMP). It is designed to recognize and reward mortgage professionals who have achieved a high level of knowledge and expertise in their field.

To obtain the AMP-D designation, individuals must first complete an approved course in mortgage finance. This course typically takes 8-10 weeks to complete, depending on the provider. After completing the course, individuals must then pass a comprehensive exam administered by CAAMP. Once they have passed the exam, they are eligible to apply for the AMP-D designation.

The cost of obtaining the AMP-D designation varies depending on the provider, but typically ranges from $1,500 - $2,000 CAD. This includes both the cost of tuition and any applicable fees associated with taking the exam.

Once an individual has obtained their AMP-D designation, they will be recognized as having achieved a high level of professional knowledge and expertise in mortgage finance. They will also benefit from increased credibility among clients and peers, as well as access to exclusive networking opportunities within CAAMP's membership base.

Do You Really Need a Mortgage Specialist Certificate?

When it comes to the decision of whether or not to obtain a mortgage specialist certificate, there are many factors that need to be taken into consideration. The first and most important factor is whether or not you have the experience and knowledge necessary to become a successful mortgage specialist. If you already have a background in finance, accounting, or real estate, then obtaining a mortgage specialist certificate may be beneficial as it can provide you with additional credentials that may help you stand out when applying for jobs.

However, if you do not have any prior experience in this field, then obtaining a mortgage specialist certificate may not be necessary. While having a certification may make you more appealing to potential employers, the fact remains that the primary factor for success in this field is your level of knowledge and experience. In other words, even without having obtained the certification, if an employer believes that you possess the skills and qualifications needed for the job then they will likely hire you regardless of whether or not you have a certificate.

Ultimately, it is important to consider all factors before deciding whether or not getting a mortgage specialist certificate is worth it for you. If you feel confident enough in your skill set and believe that it will make you qualified for this role then obtaining the certification may add another layer of credibility which could increase your chances of success. However, ultimately if your skills are solid enough then having this extra credential may not be necessary.

Related: Mortgage Specialist Resume Examples

FAQs About Mortgage Specialist Certifications

1. What is a Mortgage Specialist Certification?

Answer: A Mortgage Specialist Certification is a professional designation that recognizes an individual’s specialized knowledge and expertise in the field of mortgage lending. It signifies that the individual has met certain educational requirements and passed a comprehensive examination.

2. What are the benefits of becoming a Mortgage Specialist?

Answer: Becoming a Mortgage Specialist provides individuals with several advantages, including increased credibility, recognition as an expert in the field, and potential for higher earnings. It also gives them access to additional resources, such as networking opportunities and continuing education courses.

3. How do I become a Certified Mortgage Specialist?

Answer: To become certified as a Mortgage Specialist, individuals must meet minimum educational requirements, typically consisting of either college-level coursework or industry-specific certifications. They must also pass an exam administered by their state or local regulatory agency.

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

Answer: The renewal period for most Mortgage Specialist Certifications varies by state or jurisdiction but is generally every two to three years. Renewal typically requires successful completion of continuing education courses to maintain industry knowledge and expertise.

5. Is there any financial assistance available for obtaining certification?

Answer: Yes, some states may offer financial assistance through grants or other programs to help individuals obtain their certification as a Mortgage Specialist. Additionally, many employers may provide tuition reimbursement or other forms of support for employees seeking certification in this field.