Loan officers are in charge of examining and advising against approving loans for both individuals and businesses. Loan officers come in a variety of forms: commercial loan officers focus on business loans, consumer loan officers only work with loans to individuals, and mortgage loan officers only work with lending for real estate. Although certification isn’t required to work as a loan officer, it can be a good way to increase your chances of getting hired.
For employees working for LendingTree network companies, the company offers a loan officer certification program based on ethics. For loan officers, the program offers two levels of certification: certified presidents club and certified gold leaf. Trainees must pass skills testing within 60 days of training, pay a $199 annual certification fee, and finish a one-day on-site training seminar in order to become certified gold leaf loan officers. Trainees may be upgraded without additional cost to the presidents club once they have earned the gold leaf certification and satisfied certain performance requirements.
The certified lender business banker program is a certification program for loan officers offered by the American Bankers Association Institute of Certified Bankers (ICB). You must have either five years of experience in commercial lending, three years of experience and a bachelor’s degree, or two years of experience and have successfully completed an ICB-approved training program in order to be qualified for the certification. The application and exam cost $295, and there is a $199 annual membership fee.
Under the auspices of CampusMBA, a training facility for real estate lending professionals, the Mortgage Bankers Association provides a variety of training and certification programs. These training programs include accreditation for mortgage professionals as well as certifications for commercial and residential mortgage servicers, certified residential underwriters, and commercial mortgage servicers. An achievement certificate, a professional certificate, and finally a specialist designation are the three levels of the programs. Each level has a course load of roughly 50 hours, followed by an exam.
LoanOfficerSchool. com provides a huge selection of online training programs and classes to help loan officers advance their careers. The courses for loan officer certification are available as self-paced DVD courses and online instructor-led webinars. The seven-hour online self-study course for loan officers is available whenever it’s convenient for you. This program costs $149 to download. Meanwhile, the self-study course for mortgage loan officers is $295 and is available on DVD.
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 may choose to become a General Mortgage Associate if they want to focus on the real estate sector. The National Association of Mortgage Brokers offers this entry-level certification. Your knowledge of the ethics, laws, organizations, and products of the mortgage industry is tested on a computerized exam.
2. Certified Residential Mortgage Specialist
The Certified Residential Mortgage Specialist is a different certification offered by the National Association of Mortgage Brokers (NAMB). This mid-level certification is frequently pursued by loan officers with at least two years of experience in the mortgage industry. An exam validates your achievements by testing your on-the-job experience. In addition to passing an exam, you must adhere to the NAMB’s Code of Ethics and adhere to best lending practices without ever breaking them. A minimum of 50 qualifying points must also be submitted by those who obtain the Certified Residential Mortgage Specialist designation. You can acquire these by participating in leadership opportunities, mortgage education, and work experience.
3. Certified Mortgage Consultant
Consider pursuing the NAMB’s Certified Mortgage Consultant designation if you have at least five years of experience in the mortgage industry. 200 multiple-choice questions make up the exam, which measures your knowledge of the mortgage industry, business ethics, insurance, and residential financing. Some sections allow you to demonstrate your knowledge of various subjects, such as laws and commercial financing. Documentation of at least 100 qualifying points is another prerequisite for certification as a mortgage consultant.
4. Certified Credit Specialist
Among their many duties, loan officers check borrowers’ credit to see if they qualify for loans. You can prove your mastery of this ability by working toward the NAMB’s Certified Credit Specialist designation. By taking the course and passing the test, you can examine more than just a client’s credit score. Certified Credit Specialists receive training in conducting thorough credit analyses and educating clients about the procedure.
5. Certified Veterans Lending Specialist
Some loan officers focus on VA loans, enabling them to help veterans and advance their knowledge in that area of lending. By earning the NAMB certification for Certified Veterans Lending Specialist, you can enhance your job prospects. The training prepares you, among other things, to carry out manual underwriting and demonstrate eligibility for surviving spouses and reservists. Additionally, certified veterans lending specialists are taught how to handle unusual situations like energy-efficient mortgages and co-borrowers who are not the primary residence.
6. Residential Certified Mortgage Banker
Along with the NAMB, another well-known organization that certifies mortgage brokers and loan officers is the Mortgage Bankers Association. It’s the perfect certification for mortgage professionals who focus on client relations, loan administration, default management, and connections with suppliers. Residential Certified Mortgage Banker requires completion of three levels of coursework and exams, which can be taken all at once. Since the first level doesn’t require any prior industry experience and the third level suggests at least two years of industry experience, you can complete them as you advance in your career.
7. Executive Certified Mortgage Banker
Through the MBA, a loan officer with at least ten years of work experience in the field can become an Executive Certified Mortgage Banker (CMB). Many of the Residential CMB educational requirements can be replaced by candidates’ real-world experience, but the MBA still necessitates taking a prep course and two exams. The prestige and high earning potential of holding a senior-level executive position in the real estate finance industry frequently outweigh the expense and rigorous training for this program.
8. Credit Union Business Lending Professional
You can become a Credit Union Business Lending Professional through the Credit Union National Association. With the aid of this certification, you can take the reins of your credit union’s business lending strategy and establish your expertise in commercial lending. By attending the three-year CUNA Business Lending Certification School, you can become a Credit Union Business Lending Professional. Although recertification is not required, going back to the CUNA school will allow you to stay current on current business lending procedures.
9. Certified Commercial Loan Officer
The Independent Community Bankers of America (ICBA) offers the opportunity to become a Certified Commercial Loan Officer. Candidates give examples of how they manage a commercial credit portfolio and evaluate a borrower’s capacity to repay. You can maintain your certification as an ICBA Certified Commercial Loan Officer by earning CPE credits every two years.
Benefits of loan officer certifications
Here are some benefits of pursuing a loan officer certification:
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FAQ
What degree is best for a loan officer?
Typically, loan officers have a bachelor’s degree in finance or a closely related subject, like business or accounting. A finance bachelor’s degree gives loan officers the crucial business and financial background they need to do their jobs.
What are 3 similar occupations to a loan officer?
Commercial loan officers, consumer loan officers, and mortgage loan officers are just a few of the different kinds of loan officers. The majority of loan officers commute to potential borrowers’ homes and businesses or work in offices.
What are the different types of loan officers?
Mortgage Loan Originator: The Individual A mortgage loan originator is likely to be one of the first people you speak with out of all the parties involved in a mortgage. 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 Individual A mortgage loan originator is likely to be one of the first people you speak with out of all the parties involved in a mortgage. They may also be referred to as a loan officer. In some cases, this person is a mortgage broker.
