CeMAP

The Company

Points you should check about the company offering the course include things like how long they will allow you to do the course. If the firm doesn’t restrict the timescale, then this is great but the syllabus is updated twice a year – so will they update your materials for you if you wish?

Is there any support if you get stuck? Being home study, some firms offer none at all but the best will offer limited telephone or email support should you need it.

Yourself

The success rate of CeMAP distance learning courses – or any home study course – depends largely upon the individual.

Are you self-disciplined enough to make sure you study the materials even when life isn’t going so well? It becomes very difficult to maintain momentum if you have to keep taking week long breaks between study times.

Do you have a place at home or elsewhere where you can study in peace? If you’ll be studying at home, make sure you have the support of your family – especially if you have children; they need to understand that you need to study, even if it’s just for short periods at a time.

CeMAP

CeMAP training

The answer to this question lies very much with the student. If a person pays attention to the materials and/or the teacher, then he or she can pass the CeMAP exam quickly.

A good CeMAP training course will go over the entire CeMAP syllabus in an easy-to-understand manner, often going over the same material in a variety of ways – the theory, real-life examples, using past paper questions and self-testing methods. Some people learn best by watching visual representations, others learn better by doing things for themselves – a good CeMAP training course uses all these methods. Preparation in the days or hours before the exam could then be different for each student; some may make mini study notes for themselves, others may re-read the materials and so on.

Quality CeMAP training companies will make sure that no matter how you prefer to learn, their materials will cater for you. Whether you choose home study or classroom training is down to your own individual preference.

The most important thing when you want to pass your CeMAP exam is to choose the right CeMAP training.

CeMAP

Part of the surge in popularity of home study options has come about because working people want to further their education so they can have a better paid job, some want a second income and others simply love to learn in their spare time. CeMAP training courses are no different and thanks to their great success, it looks like they are here for the foreseeable future.

Quality CeMAP training courses include modules to educate a person on each aspect of the CeMAP syllabus and means a person can learn the subject in a matter of weeks rather than months or years.

CeMAP training is certainly not some new ‘fad’. The CeMAP (Certificate in Mortgage Advice and Practice) was introduced by the Financial Services Authority (FSA) and the syllabus and exam marking are administrated by the ifs School of Finance. For anyone wishing to become a mortgage advisor, CeMAP training is compulsory and at the time of writing, it looks as though the FSA is going to make CeMAP training compulsory for anybody working in any area that involves the sale of a mortgage, whether they work in the call centre, complete administration work or are the mortgage advisor themselves.

With such an increased demand expected in the CeMAP training field, the availability of home study CeMAP training courses looks set to surge and it is important to choose a quality provider with experience of both teaching and working in the mortgage sector.

Those who has already passed their CeMAP exam will have recently received, or be about to receive, a letter explaining a new qualification for mortgage advisors.

The CeMAP is the benchmark qualification that you need if you want to become a mortgage advisor. Recently, the FSA (Financial Services Authority) has issued proposals to make the CeMAP compulsory for anyone involved in the sale of a mortgage, from the call centre advisor to the administrator. Now, the DipMAP has been launched. The DipMAP offers a more advanced knowledge level than the CeMAP but is not necessary for people working in mortgages and as yet, there are no plans to make it such.

According to the ifs, the DipMAP is expected to help mortgage advisors to build a more advanced level of product knowledge and an understanding of the market to help them in the modern, more complex and constrained marketplace that we see today.

Anne Kiem, vice principal at the ifs School of Finance, said: “We are proud to be at the forefront in providing advisers with a qualification that allows them to differentiate themselves in a challenging and increasingly competitive commercial environment.

“While the financial crisis has brought many challenges to the mortgage market there still remains opportunity for growth and diversification, particularly in the area of highly specialised mortgage advice. Increased regulation in the advice sector is here to stay, and there can also be little doubt that product complexity will continue to increase across mortgage types in years to come. In such an environment advanced qualifications like DipMAP can really come to the fore in helping advisers stand out from the crowd.”

The regulated advice sector is undergoing much change at the moment. Financial advisors are seeing the introduction of the DipFA, which will be a compulsory qualification from 2013, as well as the CeFA qualification. CeMAP and CeFA training remain at the core for both mortgage and financial advisors.

CeMAP

Sheila Nicoll, the FSA’s Director of Conduct Policy revealed the news at the Mortgage Business Expo, saying:

“All mortgage sellers, not just advisers, will need to hold the Level 3 mortgage qualification. We expect this, in conjunction with the approved persons proposals, to have a positive impact on professional standards.”

If these plans are put into action, then some mortgage lenders may be reluctant to invest in their staff who may leave once they pass the exam. Others may alter the structure of their mortgage lending departments or turn towards qualified mortgage advisors instead.

The FSA proposals are likely to mean a large rise in the number of people looking for cheap CeMAP training courses or alternative methods, such as doing their CeMAP by distance learning, studying at home. This method is often the cheapest and the easiest way to avoid taking time off work, but it is important to make sure the study materials are up to date and easy to understand. Preferably, a home study course should also include some form of tutorial support for those who want it or perhaps want a point explaining in a different way.

No matter what happens, there are plenty of changes coming for the CeMAP training industry and good course providers will be able to meet those challenges.

CeMAP

Nicoll stated:

“All mortgage sellers, not just advisers, will need to hold the Level 3 mortgage qualification. We expect this, in conjunction with the approved persons proposals, to have a positive impact on professional standards.”

The exact details of the proposals are part of the FSA’s distribution and disclosure consultation paper.

In an article on the Mortgage Strategy site, director at the AMI (Association of Mortgage Intermediaries) Robert Sinclair, commented how this should be good for advisors:

“It will cause lenders to rethink their distribution and look at whether a broker-led solution is more cost-effective, particularly with regard to remortgaging.”

The role of a mortgage broker/advisor is also to change slightly, as they are identified as having some small role in assessing whether a borrower can afford the mortgage but they are to carry out appropriateness checks and eligibility tests on the potential borrower. Nicoll commented:

“Our view is that intermediaries do have a role to play in assessing affordability but that it should be limited to checking if the consumer fits the expected parameters of lenders’ affordability criteria. After all, it is the lender that has access to customers’ credit history and can request additional information if required.”

The proposals include removing the Initial Disclosure Document and instead ensuring that brokers give product information to the borrower earlier in the application process. The stage at which the Key Facts Illustration document is to be given is also being re-assessed.

CeMAP

The CeMAP is the basic prerequisite qualification you need if you want to be able to give mortgage advice and was developed with the Institute of Financial Services (IFS) and the Council of Mortgage Lenders (CML).

There are three modules in total, and you will need all three to have the qualification. There are no minimum requirements in either education or age in order to take the exams.

A specialist CeMAP training course should be run by a professional, reputable company whose tutors will coach you. There is usually an intensive programme or a home study course, which will cover the whole of the syllabus for the module. A course should include mock exams from real, past paper exams as there is a style to the questions and becoming familiar with this will help you. Unit tests or exams should be used to help you narrow down any areas of the syllabus where you might need to spend a little extra time reviewing.

Some courses are designed specifically for those with experience in the financial industry and others are designed for those completely new to the area. Check how many people will be on the course at the same time as you. If it is greater than 12, then there should certainly be more than one teacher. Check the company’s success rate and if they have any form of guarantee, such as a free place on the next course if you fail. Again, higher groups numbers could be an indication of how many people failed before and are attending again. You might want to check if the company has a working relationship or does training for larger organisations with a regular need for people with the CeMAP qualification.

Nobody is allowed to give mortgage advice without the CeMAP so if you want to work in this area, then you will need to take the exam so be sure to choose a reputable company who can ensure you understand the material.

CeMAP

1. Home study courses are generally far cheaper than classroom courses because the provider doesn’t have to hire rooms or use office space, provide lunch, travel to the venue themselves and so all these overheads are no longer required
2. You have no need for fancy equipment. Access to a computer is helpful if you wish to study online, but a good CeMAP training company will also offer a hard copy if you want it. Despite the advent of the internet, many people still like to read something for themselves – and the cost of printing can be prohibitive if your course is only online
3. Access and use the materials wherever you like. Having the choice to study online or from a hard copy or from a printed copy gives you a lot of extra time when you could study. You could study in your lunch hour at work or in the library, study from your laptop out and about, work on the train to and from work or anywhere you please
4. Regular self-testing means you’re free to test and re-test yourself on the areas of the syllabus that you might feel you need more practice on, rather than going with the majority of a classroom group, no matter how small that might be
5. With a quality home study course, you should not miss out on tutor support so be sure the company you use offers some form of tutorial support, whether by telephone or email, as and when you might need it

CeMAP

Here is our checklist of factors you should think about when looking for a CeMAP training course:

• Look at how long the company has been operating and ask who would be teaching the course. If the information isn’t available on the website, then speak to a representative of the company and ask
• Check how many people will be on the course with you. If there is just one teacher, then this should be no more than 12 maximum
• Check whether you need to read the syllabus or IFS materials first – you should not need to, or why are you paying for a course?
• Ask about their track record – if you have no previous experience of the mortgages market, then ask how the company deals with this

Some CeMAP courses cost more than £1,000 per course and even more, so if you are looking at this sort of price, check what extra you get for your money. Unless the course is much longer, then this sort of price is unreasonable.

CeMAP

When you’re ready to take your CeMAP exams, the IFS uses Pearson Vue centres for these. If you have learned to drive, then you might already know the name of Pearson Vue – their exam centres are the same ones you go to when you want to take a driving test (theory or practical).

The good thing about taking CeMAP exams is that there will most likely be a test centre close to you or within a relatively easy travelling distance. If you look on our site here at Beacon Financial Training, you will see we have a tool that allows you to enter your postcode and how far you are willing to travel and this will show you the nearest Pearson Vue centres to you. Alternatively you can go directly to the Pearson Vue website where you can also check the availability.

If your preferred exam centre appears to have no availability then it is worth checking the next nearest or even checking on a different day. This is because some test centres only release the availability for CeMAP exams one week at a time so they can avoid becoming too fully booked too far ahead so if you checked your local centre already and found none in the next few weeks, it can be worth checking again in a few days.

A reputable CeMAP training firm can give you advice when booking CeMAP exams.