The role of a loan officer is a rewarding career that allows these professionals to enjoy high salaries and help others achieve their goals. If you want to maximize your opportunities in this field, consider pursuing a certification. Earning a loan officer certification makes you more attractive to employers, which increases your earning potential and improves job security. In this article, we list nine loan officer certifications that can help you advance your career.
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 industry’s 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 NAMB’s 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 they’re 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 client’s credit score. Certified Credit Specialists learn how to complete in-depth credit analyses and educate customers on the process.
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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. It’s 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 Bankers 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 union’s 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 isn’t 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 borrower’s 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:
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Improves job prospects: The Bureau of Labor Statistics predicts little to no growth in the employment of loan officers within the next ten years. You can improve your job prospects by pursuing a certification that differentiates you from other candidates.
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Increases earning potential: Loan officers have lucrative careers, but certification may help you further increase your earning potential. Employers are often willing to pay higher salaries to those who demonstrate commitment to the profession.
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Enhances job security: In the event of layoffs, employers are more likely to keep loan officers with certifications as they see them as a worthwhile investment in the company. If you happen to lose your job, certification can make your job search easier by allowing you to qualify for various positions.
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Refines your skills: Refining your critical thinking, customer service, and financial skills via certification can help you perform your job to the best of your abilities.
I hope you find this article helpful.
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