9 Loan Officer Certifications You Can Earn To Advance Your Career

Loan officers are responsible for reviewing and recommending approval of loans for individuals and businesses. There are several different types of loan officers: Commercial loan officers specialize in business loans, consumer loan officers deal exclusively with loans to individuals, and mortgage loan officers only deal with real estate-related lending. While certification isnt necessary to become a loan officer, it can be a good way to improve your job prospects.

LendingTree offers an ethics-based loan officer certification program for officers in the LendingTree network. The program provides two levels of certification for loan officers: certified gold leaf and certified presidents club. To become a certified gold leaf loan officer, trainees must complete skills testing within 60 days of training, pay a $199 annual certification fee, and complete a one-day, on-site training seminar. Once trainees have passed the gold leaf certification and met select performance criteria, they can be upgraded to the presidents club for no extra charge.

The American Bankers Association Institute of Certified Bankers (ICB) offers a certification program for loan officers called the certified lender business banker. In order to be eligible for the certification, you must have either five years experience in commercial lending, three years of experience and a bachelors degree, or two years of experience and have completed an ICB-approved training program. There is a $295 fee for the application and exam, and a $199 annual membership fee.

The Mortgage Bankers Association offers various training and certification programs under the umbrella of CampusMBA, a training center for real estate lending professionals. These courses include certifications to become a commercial certified mortgage servicer, residential certified mortgage servicer, certified residential underwriter and accredited mortgage professional. The programs consist of three levels: an achievement certificate, a professional certificate and then a specialist designation. Each level consists of about 50 hours of course work followed by an exam.

LoanOfficerSchool.com offers a wide variety of online classes and training courses to help loan officers boost their professional credentials. The programs loan officer certification programs are offered in online webinars hosted by an instructor and DVD self-taught courses. The loan officer training online self-study course consists of seven hours of video training, and can be accessed at any time. This program costs $149 to download. The mortgage loan officer self-study course, meanwhile, is available on DVD for $295.

How to Become a Mortgage Loan Officer in 2022! (Step by Step)

9 loan officer certifications

Here are nine loan officer certifications to consider pursuing:

1. General Mortgage Associate

A new loan officer who wants to specialize in the real estate industry might become a General Mortgage Associate. This entry-level certification is available through the National Association of Mortgage Brokers. The computer-based exam tests your basic knowledge of the mortgage industrys ethics, rules, organizations and products.

2. Certified Residential Mortgage Specialist

Another certification available through the National Association of Mortgage Brokers (NAMB) is the Certified Residential Mortgage Specialist. Loan officers with at least two years of experience in the mortgage industry often pursue this mid-level certification. An exam validates your achievements by testing your on-the-job experience. Aside from an exam, this certification requires you to abide by and have no violations against the NAMBs Code of Ethics and best lending practices. Additionally, those who earn the Certified Residential Mortgage Specialist document a minimum of 50 qualifying points. You may earn these by undergoing work experience, mortgage education and leadership opportunities.

3. Certified Mortgage Consultant

If you have at least five years of experience in the mortgage industry, consider pursuing the Certified Mortgage Consultant from the NAMB. The exam consists of 200 multiple-choice questions that test your knowledge of the mortgage industry, business practices and ethics, insurance and residential financing. Some sections cover laws and commercial financing, allowing you to demonstrate your expertise in several areas. Another requirement to become a Certified Mortgage Consultant is the documentation of at least 100 qualifying points.

4. Certified Credit Specialist

Among their many responsibilities, loan officers review borrowers credit to determine whether theyre eligible for loans. You can demonstrate your expertise in this skill by pursuing the Certified Credit Specialist from the NAMB. By taking the class and completing the exam, you can go beyond reviewing only a clients credit score. Certified Credit Specialists learn how to complete in-depth credit analyses and educate customers on the process.

5. Certified Veterans Lending Specialist

Some loan officers specialize in VA loans, allowing them to support veterans and become experts in a certain type of lending. You can improve your job prospects by pursuing the Certified Veterans Lending Specialist from the NAMB. The training prepares you to prove eligibility for surviving spouses and reservists and complete manual underwriting, among other tasks. Certified Veterans Lending Specialists also learn how to manage uncommon issues like energy-efficient mortgages and non-owner occupant co-borrowers.

6. Residential Certified Mortgage Banker

Aside from the NAMB, the Mortgage Bankers Association is another popular organization that certifies mortgage brokers and loan officers. Its an ideal certification for mortgage professionals who specialize in customer service, loan administration, default administration and relationships with industry vendors. Those who earn Residential Certified Mortgage Banker complete three levels of courses and exams that you can take all at once. You may also complete them as you progress your career, as the first level requires no industry experience and the third level recommends at least two years of industry experience.

7. Executive Certified Mortgage Banker

A loan officer with at least 10 years of industry experience may earn the Executive Certified Mortgage Banker (CMB) through the MBA. Candidates can substitute their real-world experience for many of the Residential CMB educational requirements, though the MBA still requires you to take a prep course and two exams. The cost and extensive preparation for this program are often worth the prestige and high earning potential of being a senior-level executive within the real estate finance industry.

8. Credit Union Business Lending Professional

The Credit Union National Association allows you to become a Credit Union Business Lending Professional. This qualification helps you become a leader of your credit unions business lending strategy and differentiate yourself as a commercial lending expert. You can become a Credit Union Business Lending Professional by attending three years of CUNA Business Lending Certification School. Recertification isnt necessary, but you can stay up-to-date on current business lending practices by returning to the CUNA school.

9. Certified Commercial Loan Officer

You may become a Certified Commercial Loan Officer through the Independent Community Bankers of America (ICBA). Candidates demonstrate their skills related to managing a commercial credit portfolio and analyzing a borrowers repayment ability. By completing Continuing Professional Education credits every two years, you can retain your status as an ICBA Certified Commercial Loan Officer.

Benefits of loan officer certifications

Here are some benefits of pursuing a loan officer certification:

Please note that none of the companies or certifications mentioned in this article are affiliated with Indeed.

FAQ

What degree is best for a loan officer?

Loan officers usually hold a bachelor’s degree in finance or a related field such as business or accounting. A bachelor’s degree in finance provides the critical business and finance background that loan officers need to perform their jobs.

What are 3 similar occupations to a loan officer?

There are several types of loan officers, including commercial loan officers, consumer loan officers, and mortgage loan officers. Most loan officers work in an office environment or travel to the homes and businesses of potential borrowers.

What are the different types of loan officers?

Mortgage Loan Originator: The Person

Of all the parties involved in a mortgage, one of the first people you talk to is likely to be a mortgage loan originator. They may also be referred to as a loan officer. In some cases, this person is a mortgage broker.

What is the difference between a loan officer and a loan originator?

Mortgage Loan Originator: The Person

Of all the parties involved in a mortgage, one of the first people you talk to is likely to be a mortgage loan originator. They may also be referred to as a loan officer. In some cases, this person is a mortgage broker.

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