Top 11 Mortgage Underwriter Certifications

Certifications for mortgage underwriters are important in the job market because they demonstrate to employers that the individual has a higher level of knowledge and expertise in their field. They also provide evidence that the individual is committed to staying up-to-date on industry trends and best practices. Certification is a way for an underwriter to differentiate themselves from others, making them more attractive to potential employers. In addition, certifications can be used as leverage when negotiating salaries or other benefits.

The purpose of this article is to review some of the top certifications for Mortgage Underwriters and explain how they can enhance a mortgage underwriter's career.

What are Mortgage Underwriter Certifications?

Mortgage underwriter certification is a designation that demonstrates knowledge and expertise in the mortgage underwriting process. Mortgage underwriters are responsible for evaluating loan applications to verify the borrower’s ability to repay the loan and ensuring that all legal requirements are met. Having a certification can help an individual stand out from other potential candidates when applying for a job or promotion in the mortgage industry, as it demonstrates their commitment to learning and understanding the intricacies of the mortgage process. Additionally, holding a certification may provide access to additional training opportunities or networking events, which could help them stay up-to-date on any changes in industry regulations and standards. Furthermore, having this certification may give them an edge when negotiating salaries or promotions with employers. Ultimately, obtaining a mortgage underwriter certification can help individuals gain more knowledge about the industry and open doors for advancement within their chosen field.

Pro Tip: Before applying for a mortgage underwriter certification, make sure you have the necessary experience and education. It is important to understand the regulations and guidelines that apply to mortgage lending in your state or region in order to be successful in this role. Additionally, take the time to research any additional certifications that may give you an edge when looking for jobs or promotions.

Related: What does a Mortgage Underwriter do?

Top 11 Mortgage Underwriter Certifications

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

1. Certified Mortgage Underwriter (CMU)

Certified Mortgage Underwriter (CMU) is a professional designation that is awarded to individuals who have demonstrated an understanding of the mortgage underwriting process. This certification is offered by the National Association of Mortgage Underwriters (NAMU).

To become a Certified Mortgage Underwriter, you must first complete a NAMU-approved course in mortgage underwriting. The course typically takes 8-12 hours to complete and covers topics such as loan origination, credit analysis, risk management, and more. After completing the course, you must pass a comprehensive exam administered by NAMU. Upon successful completion of the exam, you will receive your CMU certification.

The cost for the CMU certification varies depending on the institution offering the course and exam. Generally speaking, it can range from $500-$1,000 or more.

In addition to completing the course and passing the exam, you must also meet certain eligibility requirements set forth by NAMU in order to maintain your CMU certification. These include having at least two years of experience in mortgage underwriting or related fields; being employed by an approved lender or broker; and abiding by all applicable laws and regulations governing mortgage lending practices.

Once certified as a CMU, you will be able to demonstrate your expertise in mortgage underwriting to potential employers or clients. This can help you stand out from other job applicants or consultants in this field and open up new career opportunities for you.

2. Certified Mortgage Banker (CMB)

Certified Mortgage Banker (CMB) is a professional designation awarded by the Mortgage Bankers Association (MBA). The CMB designation is designed to recognize individuals who have achieved a high level of knowledge and expertise in the mortgage banking industry. To earn the CMB designation, individuals must complete an extensive educational program and pass a rigorous exam.

The CMB program consists of eight courses that cover topics such as mortgage banking fundamentals, secondary market operations, loan origination, underwriting, closing and post-closing activities, as well as federal regulations and compliance issues. Each course is offered online or in-person at MBA locations around the country. The program takes approximately one year to complete.

To be eligible for the CMB program, applicants must have at least three years of full-time experience in the mortgage banking industry or related fields. They must also be employed by a member company of the MBA or hold an MBA membership themselves.

The cost of the CMB program varies depending on whether you take it online or in person. For online courses, tuition ranges from $1,500 to $2,000 per course; for in-person courses, tuition ranges from $1,800 to $2,400 per course. In addition to tuition fees, there are also exam fees that range from $150-$200 depending on which exam you take.

3. Certified Residential Mortgage Underwriter (CRMU)

A Certified Residential Mortgage Underwriter (CRMU) is a professional designation that recognizes individuals who have achieved a high level of expertise in the area of residential mortgage underwriting. CRMUs are knowledgeable about all aspects of the mortgage process, including loan origination, loan processing, and loan closing.

It typically takes between two to four months to complete the certification process. To become certified, you must pass an online exam administered by the Mortgage Bankers Association (MBA). The exam consists of 100 multiple-choice questions and covers topics such as mortgage regulations, underwriting guidelines, and risk management practices.

The cost for the CRMU certification exam is $495 for MBA members and $595 for non-members. In addition to the exam fee, there may be additional fees associated with obtaining study materials or taking a prep course.

Once you have passed the exam and received your certification, you will have demonstrated your knowledge of residential mortgage underwriting and be well positioned to pursue career opportunities in this field.

4. Certified Mortgage Compliance Professional (CMCP)

Certified Mortgage Compliance Professional (CMCP) is a certification program offered by the National Association of Mortgage Compliance Professionals (NAMCP). The CMCP certification is designed to recognize individuals who demonstrate a high level of knowledge and expertise in the field of mortgage compliance.

The CMCP certification requires applicants to pass an exam, which covers topics such as federal and state laws, regulations, and industry best practices related to mortgage compliance. The exam is administered online and consists of multiple-choice questions. It takes approximately two hours to complete the exam.

To be eligible for the CMCP certification, applicants must have at least two years of experience in the mortgage industry or equivalent education/training. In addition, they must submit a completed application form and pay a non-refundable fee of $250 USD.

Once certified, CMCPs are required to maintain their certification by completing continuing education credits every two years. They must also adhere to NAMCP's Code of Ethics and Standards of Professional Conduct.

5. Certified Loan Originator (CLO)

A Certified Loan Originator (CLO) is a professional designation given to individuals who have met the requirements of the National Mortgage Licensing System and Registry (NMLS). The NMLS is a national system for licensing mortgage loan originators, which was created in 2008 by the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act).

In order to become a CLO, an individual must first complete 20 hours of NMLS-approved education. This includes 3 hours of federal law, 3 hours of ethics, 2 hours of non-traditional mortgage lending, and 12 hours of electives. After completing the required education, applicants must pass an exam administered by the NMLS.

Once all requirements are met, applicants will be issued a license number from the NMLS and can use the designation “Certified Loan Originator” or “CLO” after their name. The entire process typically takes 4-6 weeks to complete.

The cost for obtaining a CLO license varies depending on the state in which you are applying. Generally speaking, it costs between $200-$400 to apply for a license through the NMLS. Additionally, there may be additional fees associated with background checks and other requirements that vary from state to state.

6. Certified Home Equity Conversion Mortgage Professional (CHECMP)

A Certified Home Equity Conversion Mortgage Professional (CHECMP) is a professional designation that recognizes an individual’s expertise in the area of reverse mortgages. The CHECMP designation is awarded to individuals who have demonstrated knowledge and proficiency in the areas of reverse mortgage origination, counseling, and servicing.

To become a CHECMP, individuals must complete a series of courses and pass a comprehensive exam. The courses cover topics such as reverse mortgage regulations, loan products, consumer protection laws, financial planning for seniors, and more. After completing the courses and passing the exam, individuals receive their CHECMP designation from the National Reverse Mortgage Lenders Association (NRMLA).

The cost to become a CHECMP varies depending on the provider of the coursework. Generally speaking, it will cost between $500-$1,000 to complete all of the necessary coursework and take the exam. It typically takes between two to four weeks to complete all of the necessary coursework and receive your certification.

Once you have received your CHECMP designation, you will be able to work with clients who are interested in obtaining a reverse mortgage loan. You will also be able to provide guidance on how best to use these funds for retirement planning purposes.

7. Certified Reverse Mortgage Professional (CRMP)

A Certified Reverse Mortgage Professional (CRMP) is a professional designation offered by the National Reverse Mortgage Lenders Association (NRMLA). It is designed to recognize experienced reverse mortgage professionals who have demonstrated a commitment to ethical conduct, knowledge and professionalism in the field.

The CRMP designation requires applicants to complete an extensive application process that includes a background check, written exam, and ethics course. The application process typically takes between four and six weeks to complete.

To become a CRMP, applicants must first meet the eligibility requirements established by NRMLA. These include having at least two years of experience in the reverse mortgage industry and completing at least 20 hours of continuing education credits related to reverse mortgages within the past two years. Applicants must also pass a written exam that covers topics such as consumer protection laws, loan origination procedures, and credit underwriting standards. Finally, applicants must complete an online ethics course that covers topics such as fair lending practices and consumer disclosure requirements.

The cost of obtaining the CRMP designation varies depending on whether or not you are already an NRMLA member; members pay $495 for the application fee while non-members pay $695. Additionally, there is an annual renewal fee of $250 for members and $350 for non-members.

8. Accredited Mortgage Professional (AMP)

Accredited Mortgage Professional (AMP) is a designation awarded to mortgage professionals who demonstrate a high level of knowledge and expertise in the mortgage industry. The AMP designation is administered by the Canadian Association of Accredited Mortgage Professionals (CAAMP).

The AMP designation requires that applicants have at least two years of experience in the mortgage industry and successfully complete an exam. The exam covers topics such as mortgage financing, lending regulations, risk management, and ethical practices.

In order to get the AMP designation, applicants must first register with CAAMP and pay a registration fee. Once registered, applicants can access study materials and take practice exams prior to taking the actual exam. The cost for taking the exam is approximately $400 CAD.

The exam takes about 3 hours to complete and consists of multiple-choice questions. After passing the exam, applicants must submit proof of their experience in the mortgage industry to CAAMP before they receive their official AMP designation.

Overall, obtaining an AMP designation typically takes between 4-6 weeks from start to finish and costs around $400 CAD in total fees.

9. National Association of Mortgage Underwriters® Designation Program

The National Association of Mortgage Underwriters® (NAMU®) Designation Program is a certification program for mortgage underwriters. The program provides training and certification in the areas of loan origination, processing, underwriting and closing. It is designed to provide industry professionals with the knowledge and skills needed to become successful mortgage underwriters.

The NAMU® Designation Program consists of four courses: Loan Origination, Processing, Underwriting and Closing. Each course requires approximately 40 hours of study time. Once all four courses have been successfully completed, students are eligible to take the final exam which is administered online by NAMU®.

To get the NAMU® designation, individuals must complete all four courses within a 12-month period and pass the final exam with a score of 80% or higher. Upon successful completion of the program, individuals will receive their official NAMU® designation certificate along with their NAMU® membership card.

The cost for the entire NAMU® Designation Program is $1,495 USD which includes access to all four courses as well as the final exam fee.

10. American Bankers Association’s School of Bank Management Certification in Residential Lending

The American Bankers Association’s School of Bank Management Certification in Residential Lending is a professional certification program designed to provide residential lenders with the knowledge and skills needed to effectively manage residential lending operations. The program focuses on the fundamentals of residential lending, including loan origination, underwriting, servicing, compliance, and risk management. It also covers topics such as loan portfolio management, consumer protection laws, and mortgage fraud prevention.

The certification consists of four courses that must be completed within two years: Introduction to Residential Lending; Loan Origination; Underwriting & Documentation; and Servicing & Compliance. Each course is offered online or in-person and can be taken at your own pace. The total cost for all four courses is $2,695. Upon successful completion of the program requirements, you will receive a certificate from the American Bankers Association School of Bank Management.

To obtain the certification, you must complete all four courses within two years and pass an exam with a score of 70% or higher. After passing the exam, you will receive your certificate from the American Bankers Association School of Bank Management.

11. American Institute of Banking’s Certificate in Consumer Lending and Credit Analysis

The American Institute of Banking (AIB) Certificate in Consumer Lending and Credit Analysis is a professional certification program designed to provide financial professionals with the knowledge and skills necessary to succeed in consumer lending and credit analysis. The program consists of three courses: Introduction to Consumer Lending, Credit Analysis, and Advanced Credit Analysis. Upon successful completion of all three courses, students will receive a certificate from AIB.

The program takes approximately two months to complete, depending on how quickly the student progresses through the material. Students can take the courses online or in-person at an AIB branch location.

The cost of the program varies depending on whether students choose to take it online or in-person. Online courses cost $595 per course while in-person classes cost $795 per course. Additionally, there is an additional fee for taking the final exam which costs $50 for both online and in-person classes.

Do You Really Need a Mortgage Underwriter Certificate?

A mortgage underwriter certificate is not an absolute necessity if you want to become a successful mortgage underwriter. It can be beneficial, however, as it will demonstrate to potential employers that you have the knowledge and skills necessary to successfully underwrite mortgages. The certificate also shows that you understand the complexities of the job and are prepared to handle it responsibly.

Having a mortgage underwriter certificate can give you a competitive edge when applying for jobs in this field. It also provides proof that you have taken the time and effort to learn about the job and its requirements. It may even give employers confidence in your ability to fulfill their expectations as an underwriter.

That being said, it is important to note that having a mortgage underwriter certificate does not guarantee success in this profession. You must possess the right combination of experience, education, and skill set in order to be successful. You must also have an understanding of market trends and regulations as well as an ability to analyze financial data quickly and accurately. Additionally, strong interpersonal skills are essential for communicating with clients and other professionals involved with the loan process.

Therefore, while having a mortgage underwriter certificate can be beneficial in certain circumstances, ultimately it is your qualifications, experience, and abilities that will determine whether or not you are successful at becoming a competent mortgage underwriter.

Related: Mortgage Underwriter Resume Examples

FAQs About Mortgage Underwriter Certifications

1. What is a Mortgage Underwriter Certification?

Answer: A Mortgage Underwriter Certification is a professional certification that demonstrates expertise in the area of mortgage underwriting. This certification is designed to demonstrate proficiency in understanding and evaluating loan documents, determining creditworthiness, and assessing risk.

2. Who can apply for a Mortgage Underwriter Certification?

Answer: Any individual who meets the qualifications set forth by the certifying organization can apply for a Mortgage Underwriter Certification. Generally, applicants should have at least two years of experience in mortgage underwriting or related fields.

3. How long does it take to receive my Mortgage Underwriter Certification?

Answer: The time frame for receiving your certification varies depending on the certifying organization you choose, but typically it takes around 6-8 weeks after submitting all of your required documentation and passing the exam.

4. Are there any prerequisites for obtaining a Mortgage Underwriter Certification?

Answer: Yes, most certifying organizations require applicants to have at least two years of experience in mortgage underwriting or related fields before applying for their certification. Additionally, some organizations may require applicants to complete certain courses or training programs prior to taking their exams.

5. How much does it cost to obtain a Mortgage Underwriter Certification?

Answer: The cost of obtaining a Mortgage Underwriter Certification varies depending on the certifying organization chosen; however, most organizations charge an application fee as well as an examination fee that range from $200-$500 USD total.