Mortgage Arrears Guide
June 20, 2008
The Financial Services Authority (FSA) is the mortgage market regulator, and as such, when you pass your CeMAP exam and become a qualified mortgage advisor, you should be aware of the FSA regulations.
The FSA recently announced that it is to launch an investigation into the way that lenders handle arrears on borrower’s mortgages and loans.
When you do your CeMAP course, you will learn about the FSA’s Treating Customers Fairly principle. Their investigation is to ensure that with the effects of the current credit crunch, borrowers should still be treated fairly if they are struggling with their monthly repayments.
In response to this announcement, the Council of Mortgage Lenders (CML) has said Read more
How Should I Study For My CeMAP qualification?
June 19, 2008
When you first start investigating how to become a mortgage advisor, the task can seem a minefield. There are many routes to becoming a mortgage advisor, so how should you choose and what do you need?
The options open to you might depend on your past work experience. However, you do it, the first thing you need to do is get your CeMAP qualification.
The CeMAP qualification is made of three parts.
CeMAP 1 is generally considered the more difficult of the three because it is concerned with UK regulation and as part of that syllabus, you need to learn about areas other than mortgage. As you want to become a mortgage advisor, some of these areas may not hold much appeal to you and when we are not interested in a subject it can be difficult to learn.
CeMAP 2 & 3 cover the more practical areas of being a mortgage advisor and both exams cover the same syllabus but test your knowledge in different ways.
You could self study from the Institute of Financial Services (IFS) books, which you receive when you register for the exam. However, they are not very user-friendly, which is why there are so many CeMAP training courses and CeMAP specialist training companies around. It is, however, the cheapest option with Read more
Which Should I Study First – CeMAP 1 or CeMAP 2 & 3?
June 18, 2008
If you were to ask CeMAP qualified mortgage advisors which way round they did the CeMAP 1 and CeMAP 2 & 3 exams, you will no doubt get different answers.
Which to study first is a question many prospective mortgage advisors struggle with and is a personal choice. It really does not matter in which order you decide to sit them, however, the following information may be useful in helping you to decide.
Firstly consider the material involved. CeMAP 1 covers UK regulation and includes other necessary topics that you need to have an overview of if you wish to become a mortgage advisor. As such, many people find this the tougher syllabus, because they have little interest in the other areas.
CeMAP 2 & 3 concentrate upon the practical elements of mortgage advice and knowledge. They are two separate exams but have the same study material, so you should be able to take both exams after completing your study.
The case for doing CeMAP 2 & 3 exams first:
If you do CeMAP 2 & 3 first, then Read more
What Is The Difference Between CeMAP 2 and CeMAP 3?
June 17, 2008
You would be forgiven for wondering what the difference is between the CeMAP 2 and CeMAP 3 exams.
As mentioned in an earlier article, the two exams are based upon the same syllabus and this is why you will see most CeMAP courses advertised as a CeMAP 1 course or CeMAP 2 & 3. CeMAP 2 & 3 should always be taught together because the study material is the same.
The difference between the two is the way the study material is assessed. Both exams are two hours long, but that is where the similarities end. Here is our summary of the difference between Read more
FSA Bans Four Mortgage Brokers
June 16, 2008
Being a mortgage advisor is a huge responsibility, and as you consider taking a CeMAP course to become a mortgage advisor, stories such as this will jump out at you from the media, especially if you are looking to take your CeMAP course in
London.
Earlier this month, the Financial Services Authority (FSA), the regulator in the mortgage market, banned four mortgage brokers for falsifying mortgage applications.
Three mortgage advisors from London and one from Belfast were banned from operating as mortgage advisors after they deliberately entered and supplied false information and evidence in order to get their clients’ mortgage applications approved.
These mortgage brokers had bowed under pressure and Read more
What Is The CeMAP Qualification?
June 13, 2008
CeMAP stands for the ‘Certificate in Mortgage Advice and Practice’. It is the qualification that you need if you want to become a mortgage advisor, able to give advice on mortgages to the general public.
The CeMAP qualification is awarded by the Institute of Financial Services. The mortgage market is regulated by the Financial Services Authority (FSA) and the CeMAP qualification is recognised by the FSA. All recognised practising mortgage advisors must have their CeMAP.
The CeMAP qualification consists of three parts or modules:
CeMAP 1: UK Financial Regulation
CeMAP 2: Mortgage Advice & Knowledge
CeMAP 3: Assessment of Mortgage Advice & Knowledge
You may think the titles of CeMAP 2 & 3 seem to be Read more
