FSA: “Mortgage Brokers Do Not Have To Recommend Direct Deals”
June 30, 2008
In recent years, the pendulum has been known to swing in favour of mortgage lenders as opposed to mortgage advisors, because in some cases, mortgage lenders have favoured branches by making available certain direct products or deals that mortgage brokers did not have access to.
Once you pass your CeMAP exam and start working as a mortgage advisor, it is important to be able to find and offer the best deals to your clients and whether or not you were obliged to recommend specific direct products to clients that you did not have access to offer has been a grey area in the past.
This week however, the Financial Services Authority (FSA) has confirmed to the Association of Mortgage Intermediaries (AMI) that mortgage brokers do not have to recommend particular direct products to their clients.
AMI confirmed that Read more
Chancellor Warns of FSA Mortgage Fee Regulation
June 29, 2008
Alistair Darling, Chancellor of the Exchequer, has threatened to force official FSA regulation of mortgage fees if mortgage lenders do not sort something out.
As a CeMAP qualified mortgage advisor, mortgage fees are something you will have to take into consideration when finding the right mortgage for your client, and a high mortgage fee is another barrier to obtaining a mortgage for many people. When combined with the mortgage advisor’s fee, it can be a considerable sum that clients need to find.
The average mortgage lender’s paid fee is now Read more
Over 57% Mortgage Advisors Non-Compliant
June 28, 2008
As part of any good CeMAP course, delegates are taught about the importance of FSA (Financial Service Authority) compliance.
However, according to a recent report by Mortgage Brain, many mortgage advisors ignore the advice reports, warnings and many promotional campaigns run by the FSA.
Mortgage Brain commissioned the recent report, which shows more than 57 per cent of mortgage intermediaries are ignoring the need to have Read more
Top Tips For Selecting A CeMAP Training Course
June 27, 2008
The route to becoming a qualified mortgage advisor can be long and arduous, so here are our top tips to selecting a CeMAP training company and helping you to gain that all-important pass in the CeMAP qualification:
• Check the course materials are up-to-date: The ifs (Institute of Financial Services) updates the CeMAP syllabus twice a year, so the material must be fully up to date
• Check updates are given: If you Read more
FSA’s First Fine For Poor Data Protection
June 26, 2008
When you study for your CeMAP exam and become a mortgage advisor, data protection is an area mortgage advisors have to concern themselves with.
This week, the Financial Services Authority (FSA) gave its first ever fine for poor data protection services to a firm called Merchant Securities Group. The poor standards were identified in an inspection in September 2007. The original fine was for £110,000 but as the firm co-operated fully and settled quickly, that fine was reduced by 30 per cent to £77,000.
The fine was given for Read more
Beware Buying CeMAP Courses Or Revision Notes On eBay
June 25, 2008
When you are looking to become a mortgage advisor, you may consider buying old CeMAP course materials or CeMAP revision notes on eBay. However, beware this could be a serious waste of money.
The Institute of Financial Services (ifs) changes the CeMAP course syllabus on a bi-annual basis. Therefore, if you are considering buying old CeMAP course materials, revision notes or even past papers on eBay, they are more than likely out of date.
When you register for the CeMAP exams with the ifs, you will be sent Read more
FSA Fines Chepstow Mortgage Broker
June 24, 2008
As a CeMAP qualified mortgage advisor, the advisor must follow FSA (Financial Services Authority) guidelines, and this is an area covered in the CeMAP course and exam.
Chepstow Financial Services were recently fined £10,500 for failing to follow FSA guidelines in the sales process used with self certification mortgages.
The FSA said they were not satisfied that the affordability of the mortgage broker recommended mortgage contracts was assessed correctly and that the customers’ declaration that they could afford their mortgage was relied on too heavily and not checked. Mr Jeffreys of Chepstow Financial Services had not Read more
Demand For CeMAP Continues
June 23, 2008
Despite the recently publicised issues with the mortgage market, this week the Head of Financial Regulation at the ifs School of Finance, Mark Roberts, confirmed that there has been little change in the number of people registering to take their CeMAP exam.
CeMAP stands for the Certificate in Mortgage Advice and Practice and the CeMAP qualification is the UK benchmark qualification for mortgage advisors. 80% of UK mortgage advisors have their CeMAP qualification. It is a legal requirement that all mortgage advisors must hold the CeMAP certificate or its equivalent.
Many people may be Read more
Where Can I Take My CeMAP exams?
June 22, 2008
The Institute of Financial Services (IFS) School of Finance is the specialist body that awards all sorts of financial qualifications in the UK. Their courses range from those issued by schools and colleges, to degrees, financial advisor courses and more.
When it comes to taking the exams, the IFS use a variety of venues dependent upon the exam. For those exams issued in colleges, for example, the exams are taken at the respective college.
In the case of the CeMAP exams, the IFS use the Pearson Vue centres. You may be familiar with your local Pearson Vue centre if you took your driving test, as they are also used for the driving tests, both practical and theory.
This means that Read more
How Much Should A CeMAP Course Cost?
June 21, 2008
Perhaps you have been spending a little time looking at the different ways of studying for your CeMAP qualification or perhaps you just know your own preferred methods of study, and you have come to the conclusion that you want to attend a CeMAP training course from a reputable CeMAP company. How are you to decide between the different CeMAP courses? Is more expensive the better option? How much is a reasonable price to pay for a CeMAP course?
Here is a list of our top things to check when choosing your CeMAP training company: Read more
