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Mortgage Bankers

Certification, Licensing, and Special Requirements

Certification or Licensing

The Mortgage Bankers Association offers the certified mortgage banker (CMB) designation, which has the following areas of expertise: residential or commercial. Those who earn both expertise designations may apply for the master CMB designation. A fast-track executive CMB designation is available to experienced professionals who can substitute real-world experience for aspects of the residential and commercial CMB programs. The association also offers the following specialist designations: accredited mortgage professional, certified residential underwriter, chartered realty investor, commercial certified mortgage servicer, and residential certified mortgage servicer. Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities.

Residential mortgage originators employed by a bank, savings association, or credit union are required to register with the Nationwide Mortgage Licensing System and Registry. This nationwide database was created by the SAFE Act of 2008 (Secure and Fair Enforcement for Mortgage Licensing), a federal law intended to stem the kind of abusive practices in mortgage lending that helped create the “housing bubble,” the inflated home values in years prior to the Great Recession of 2008. To become licensed, applicants must complete at least 20 hours of course work and pass an examination. Visit https://mortgage.nationwidelicensingsystem.org/Pages/default.aspx for more information. Licenses are renewable annually, and individual states may have additional requirements. Visit https://mortgage.nationwidelicensingsystem.org/slr to learn more about state-level requirements.

Some companies require mortgage bankers to obtain their Series 7 (General Securities Representative) and Series 63 (Uniform Securities State Law) credentials from the Financial Industry Regulatory Authority, the self-regulatory arm of the investment industry.

Other Requirements

Most states require mortgage bankers to submit to background and credit checks in order to obtain a license. 

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