Top 10 Loan Processor Certifications

Certifications for loan processors are important because they demonstrate a level of expertise and knowledge in the field. They also help job seekers stand out from the competition and give them an edge when applying for positions. Additionally, certifications can provide loan processors with access to exclusive resources, such as specialized training, industry contacts, and discounts on continuing education opportunities. Finally, having certifications can increase a loan processor’s credibility and trustworthiness with employers, clients, and other industry professionals.

The purpose of the article is to review some of the top certifications for Loan Processors and explain how they can enhance a loan processor's career.

What are Loan Processor Certifications?

Loan processor certification is a credential that demonstrates that an individual has the knowledge and skills necessary to work in the loan processing field. It is typically earned by passing an examination which tests a person’s understanding of loan processing regulations, procedures, and processes. Loan processor certification may be required for certain positions, or it may be voluntary in order to demonstrate one’s expertise in the field.

Having this certification can help individuals stand out from other applicants when applying for loan processor jobs. Employers are often looking for experienced professionals who have taken the time to become certified in their chosen profession. Being certified also provides individuals with a sense of pride and achievement as well as demonstrating their commitment to their career path. Certification can also open up more opportunities for career advancement and higher salaries due to increased job security and recognition within the industry. Additionally, having a loan processor certification can provide individuals with access to exclusive resources such as webinars, newsletters, educational materials, and networking events offered by organizations dedicated to professional development in this field.

Pro Tip: Make sure to research the certifications available for loan processors and choose one that is recognized by the industry. This will ensure you have the most up-to-date knowledge and skills needed to be successful in this field. Additionally, look for certifications that offer continuing education opportunities so you can stay current on best practices.

Related: What does a Loan Processor do?

Top 10 Loan Processor Certifications

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

1. Certified Loan Processor (CLP)

Certified Loan Processor (CLP) is a professional certification program offered by the National Association of Mortgage Processors (NAMP). The CLP certification is designed to provide loan processors with the knowledge, skills, and abilities necessary to excel in the mortgage industry.

The CLP program consists of two parts: an online course and an exam. The online course covers topics such as loan processing fundamentals, loan documentation, underwriting guidelines, and regulatory compliance. It takes approximately 10-12 hours to complete the online course.

To get certified, you must pass the CLP exam with a score of 80% or higher. The exam consists of 100 multiple-choice questions and takes about 2 hours to complete. You can take the exam at any NAMP-approved testing center or online through ProctorU.

The cost for the CLP certification is $299 for members and $399 for non-members. This fee includes access to the online course materials and one attempt at taking the exam. If you do not pass on your first attempt, there is an additional fee of $99 for each subsequent attempt.

2. Certified Mortgage Banker (CMB)

Certified Mortgage Banker (CMB) is a professional designation earned by mortgage bankers, brokers, and loan originators who demonstrate the highest level of knowledge and expertise in the mortgage industry. It is awarded by the Mortgage Bankers Association (MBA).

The CMB certification requires applicants to have at least three years of experience in the mortgage banking business and to pass an exam that tests their knowledge of mortgage banking regulations, loan origination, underwriting, and closing procedures. The exam consists of 150 multiple-choice questions that cover topics such as federal laws and regulations related to mortgage banking, secondary market activities, loan origination practices, underwriting standards, closing procedures, and other related topics.

It typically takes around 6 months to 1 year to complete the CMB certification process. To get started on the path towards earning your CMB designation you will need to first become a member of MBA. Once you are a member you can then register for the CMB program which includes registering for the online coursework and paying an application fee. After completing your coursework you will then be eligible to take the CMB exam.

The cost of earning your CMB designation varies depending on whether or not you are already an MBA member. If you are already a member it will cost $1125 for non-members or $875 for members. If you are not already an MBA member it will cost $1400 for non-members or $1150 for members.

3. Certified Mortgage Professional (CMP)

Certified Mortgage Professional (CMP) is a designation given to mortgage professionals who have demonstrated a high level of knowledge and experience in the mortgage industry. The CMP designation is awarded by the Mortgage Bankers Association of America (MBA) and is recognized by lenders, employers, and consumers as a mark of excellence in the field.

To obtain the CMP designation, applicants must meet certain educational and experience requirements, pass an exam, and agree to abide by the MBA’s Code of Ethics. The educational requirements include either completing an approved course or having a degree from an accredited college or university with at least 24 credits in real estate finance or business-related courses. Applicants must also have three years of full-time work experience in the mortgage industry.

The exam consists of 100 multiple-choice questions covering topics such as loan origination, secondary market activities, government programs, underwriting guidelines, ethics and professional standards. The exam fee is $250 for members of the MBA or $375 for non-members.

The CMP program requires that all applicants complete a background check prior to being certified. Additionally, all CMPs are required to complete continuing education courses every two years in order to maintain their certification status.

4. National Association of Mortgage Processors (NAMP)

The National Association of Mortgage Processors (NAMP) is a professional association that provides education, certification, and resources to mortgage processing professionals. NAMP was founded in 2002 to help mortgage processors become more successful in their field.

NAMP offers three levels of certification: Certified Mortgage Processor (CMP), Senior Certified Mortgage Processor (SCMP), and Master Certified Mortgage Processor (MCMP). To obtain any of these certifications, you must first complete an online course and pass the corresponding exam. The CMP course typically takes about 10 hours to complete, while the SCMP and MCMP courses take about 20 hours each.

To get certified, you must register with NAMP and pay a fee for each level of certification. The fees are as follows: $499 for the CMP certification, $799 for the SCMP certification, and $999 for the MCMP certification.

Once you have completed the course and passed the exam, your certificate will be mailed to you within 4-6 weeks.

5. National Association of Professional Mortgage Processors (NAPMP)

The National Association of Professional Mortgage Processors (NAPMP) is a non-profit organization that provides professional development and education for mortgage processors. NAPMP offers certification programs, webinars, workshops, and other resources to help mortgage processors stay up-to-date on industry trends and regulations.

It typically takes about 6-8 weeks to complete the NAPMP certification program. To get certified, you must first apply online and pay the $299 fee. After your application is accepted, you will receive an email with instructions on how to access the online course materials. You will then have 6-8 weeks to complete the coursework and pass a final exam with a score of 80% or higher in order to earn your certification.

The cost of the NAPMP certification program is $299. This fee covers all study materials, including access to webinars and workshops as well as the final exam.

6. American Institute of Financial Professionals (AIFP)

The American Institute of Financial Professionals (AIFP) is a professional organization dedicated to providing financial professionals with the highest level of education and certification. The AIFP offers a variety of certifications that allow individuals to demonstrate their knowledge and expertise in the field of financial planning.

It takes approximately one year to complete the requirements for an AIFP certification. To obtain an AIFP certification, you must first pass a written exam. After passing the exam, you must then complete a series of courses or workshops related to financial planning topics such as taxes, insurance, investments, retirement planning, estate planning, and more. Once all coursework has been completed, you must submit an application for certification which includes proof of your educational background and experience in the field.

The cost for obtaining an AIFP certification varies depending on which type of certification you are seeking. Generally speaking, it can range from $500-$2,000 USD depending on the type of certification and how many courses/workshops you need to take.

7. National Association of Consumer Loan Brokers (NACLB)

The National Association of Consumer Loan Brokers (NACLB) is a professional organization that provides education and resources to consumer loan brokers. NACLB was founded in 2009 to provide a unified voice for the consumer loan broker industry. The association works to promote ethical standards, best practices, and compliance with state and federal regulations.

It takes approximately two weeks to become a member of NACLB. To join, applicants must complete the online membership application form, pay an annual fee of $150, and submit proof of their license or certification from their state's department of financial services or other relevant regulatory body.

Once accepted as a member, individuals have access to NACLB's extensive library of resources including webinars, seminars, conferences, newsletters, and more. Members also receive discounts on products and services related to consumer loan brokering. Additionally, members are eligible for various awards and recognition programs sponsored by NACLB.

NACLB is dedicated to promoting the highest standards of professionalism in the consumer loan broker industry. Through its educational offerings and advocacy initiatives, the association seeks to ensure that brokers are knowledgeable about current laws and regulations governing consumer loans and that they adhere to ethical business practices when working with borrowers.

8. Certified Credit Consultant (CCC)

A Certified Credit Consultant (CCC) is a professional designation awarded by the International Association of Professional Debt Arbitrators (IAPDA). The CCC designation is designed to recognize individuals who have demonstrated a mastery of the principles and practices of credit counseling and debt management.

To become a CCC, applicants must complete an IAPDA-approved training program, pass an exam with a minimum score of 80%, and submit to a background check. The training program typically takes between two and four weeks to complete, depending on the applicant’s prior experience.

The cost for the CCC program varies depending on the provider offering it. Generally, the cost ranges from $400-$800. Additionally, there may be additional fees associated with taking the exam or submitting to a background check.

Once all requirements are met, applicants will receive their CCC designation from IAPDA. This certification is valid for three years before renewal is required.

9. Certified Residential Mortgage Specialist (CRMS)

Certified Residential Mortgage Specialist (CRMS) is a professional designation that demonstrates an individual’s expertise in residential mortgage lending. The CRMS designation is awarded to individuals who have successfully completed the Mortgage Bankers Association’s (MBA) comprehensive training program on all aspects of residential mortgage lending. This includes topics such as loan origination, underwriting, servicing and compliance.

It typically takes between 18-24 months to complete the CRMS program. To get started, individuals must first meet certain prerequisites, including having at least two years of experience in the mortgage industry and a bachelor’s degree or equivalent experience. Once these prerequisites are met, applicants can register for the CRMS certification exam through the MBA website.

The cost of the CRMS program varies depending on whether you choose to take online courses or attend classroom sessions. Online courses range from $200-$400 per course while classroom sessions typically cost around $1,500 per session. There is also an exam fee of $495 which must be paid prior to taking the exam.

Once you have completed all of the requirements and passed the exam, you will receive your Certified Residential Mortgage Specialist (CRMS) designation and be eligible to work in residential mortgage lending roles across the country.

10. Certified Home Equity Conversion Specialist (CHECS)

Certified Home Equity Conversion Specialists (CHECS) are professionals who have received specialized training and certification in the field of reverse mortgage lending. CHECS certification is offered by the National Reverse Mortgage Lenders Association (NRMLA).

The CHECS program consists of a comprehensive online course that covers topics such as reverse mortgage products, loan origination, underwriting, closing and servicing. The course also includes information on federal regulations and state laws governing reverse mortgages. Upon successful completion of the course, participants must pass an exam to become certified.

CHECS certification requires approximately 25 hours of study time and can be completed at your own pace. The cost for the CHECS program is $395 for NRMLA members or $595 for non-members.

Do You Really Need a Loan Processor Certificate?

No, you do not need a loan processor certificate to work in the loan processing field. While having a loan processor certificate can be beneficial and may make it easier to find a job in the field, it is not required. Many employers look for experience when hiring for loan processing positions and will accept candidates without certification.

Having a loan processor certificate may give you an edge over other applicants who don’t have one, but there are still plenty of opportunities available to those without certification. Many employers are willing to provide on-the-job training or offer courses that teach the skills needed to become an effective loan processor. Additionally, many certifications require continuing education or additional coursework in order to maintain their validity.

The decision of whether or not to pursue a loan processor certificate ultimately depends on your individual goals and career aspirations. If you feel like the additional training and certification would help you reach your goals, then it may be worth looking into further. But if you already feel confident in your knowledge and skills related to loan processing, then obtaining a certificate might not be necessary.

Related: Loan Processor Resume Examples

FAQs About Loan Processor Certifications

1. What is a Loan Processor Certification?

Answer: A Loan Processor Certification is a professional designation that verifies an individual's knowledge and skills in processing loan applications, verifying credit worthiness, and preparing documents for a loan closing.

2. How do I become certified as a Loan Processor?

Answer: To become certified as a Loan Processor, you must complete an accredited loan processor certification program and pass the required exam.

3. What are the benefits of becoming certified?

Answer: Becoming certified offers several benefits including increased job opportunities, higher salary potential, and more respect from employers and customers. It also provides proof of your expertise to potential employers or clients.

4. What courses are covered in the certification program?

Answer: The courses typically covered in the certification program include loan origination, underwriting and closing processes, mortgage regulations, ethics principles, fraud prevention techniques and more.

5. How long does it take to complete the certification program?

Answer: The length of time it takes to complete the certification program varies depending on the type of coursework you choose to take and how much time you dedicate to studying each week. Generally speaking, it can take anywhere from 6-12 months to complete the program.