CeMAP Training in Liverpool
August 11, 2008
There are several CeMAP training course providers in and around
Liverpool and the surrounding Merseyside area. CeMAP courses in this area, and also around Chester and the Wirral, are highly popular and there are several reasons for this.
The main reason for the CeMAP’s popularity in this region is because of the high volume of jobs and vacancies for mortgage advisors and mortgage advice-related roles. It only takes a quick search on the internet on mortgage related job sites to confirm this.
In Chester, there are several large Read more
Mortgage Advisors & Affordability
August 10, 2008
Within the CeMAP exam syllabus, affordability is an issue discussed. Mortgage advisors have to offer affordability advice, however, according to a recent report by the mortgage regulator the Financial Services Authority (FSA), mortgage advisors have not done enough to improve this advice.
The report investigated both affordability advice and the companies that handle customers in arrears or facing repossession.
This study included over 250 mortgage guidance companies. Since the Quality of Advice report issued Read more
House Prices Continue To Fall
August 9, 2008
CeMAP training courses across the country continue to fill up despite the recent worries over the housing market. The Halifax house price index shows house prices falling by almost another 2 per cent in July, matching June 2006 levels.
However, house prices are still a third higher than five years ago according to the bank. The average house price is now around £177,351.
This means that for those who may have been saving for some time to get a deposit towards a house have the chance to Read more
Mortgage Advisor Banned For £589,000 Fraud
August 8, 2008
CeMAP training teaches the role of the Financial Services Authority (FSA) and although it may seem common sense, it also runs through the dangers of fraudulent activity, not just so that delegates can avoid committing these acts themselves but also so they can ensure they can watch out for signs of fraudulent activity.
The FSA has banned a mortgage broker following his plea of guilty last month when he was charged with four counts of obtaining money transfers by deception. When a mortgage advisor is banned, he is then unable to advise or arrange mortgage or investments for life.
Based in Weston-Super-Mare, Peter Richard Hilder had Read more
FSA Issues Warning To Mortgage Lenders
August 7, 2008
If you are considering taking your CeMAP training at the moment, then you will be particularly interested in what is happening in the mortgage market currently.
As you might be aware, mortgage lenders in the last few years gave mortgages out on up to 125 per cent of a property’s value, up to 6 or more times a person’s salary and now the economy has turned.
This means there are many people struggling to make their mortgage repayments. Mortgage advisors and financial advisors are in demand to ensure that those coming to the end of their special deals get the best possible deal they can at the moment and to help advise them on how to sort out their finances.
This week the FSA issues a warning, aimed Read more
BBC Investigates Mortgage Advisors
August 6, 2008
Once someone has completed their CeMAP training, they become a trainee mortgage advisor and most choose to complete their Competent Advisor Status with a mortgage broker firm.
On Monday, the BBC aired an investigation showing mortgage advisors helping illegal immigrant obtain mortgages by deception.
The BBC was approached by three trainee mortgage advisors, who claimed they had been told by their employer Read more
New MD At FSA – Jon Pain
August 5, 2008
During CeMAP training, delegates learn about the role of the Financial Services Authority (FSA) in the financial services industry. The FSA is the regulator of the mortgage advice market and so all CeMAP-qualified mortgage advisors must comply with FSA guidelines or they can be banned from practice.
Last week, the FSA appointed a new member of its board, Jon Pain, in the capacity of Managing Director of Retail Markets.
The announcement was made by Kitty Ussher MP, the Economic Secretary to the Treasury. Ms Ussher said:
“I welcome the appointment of Jon Pain as Managing Director and am pleased to appoint him to the FSA Board in that capacity. His knowledge of retail markets will prove invaluable to the FSA.”
Under the Financial Services and Markets Act 2000, the FSA has four objectives: to maintain market confidence; to promote public understanding of the financial market system; to secure the correct degree of protection for consumers; and to fight financial crime.
Regular readers of our CeMAP articles will be up to date with recent happenings with the FSA and will have seen several mortgage advisors banned for cases of mortgage fraud, highlighted by the recent changes in the economy.
More Serious Action On Mortgage Fraud
August 4, 2008
Regular readers of our CeMAP articles will know that in recent months the FSA has fined and banned many mortgage advisors – approximately 20 to date. With the problems of the credit crunch, it seems that some mortgage advisors are deliberately falsifying information to help their customers get a mortgage and this problem could become worse.
The Financial Services Authority (FSA) is now demanding that they want more action taken. They have asked lenders to increase their checks on mortgage applications. The FSA is also targeting more than 200 broker firms to check that they comply with procedures in place.
Philip Robinson, director of the FSA’s financial crime and intelligence division, said: “The FSA continues to take very seriously the question of whether lenders’ systems and controls for dealing with mortgage fraud are proportionate to the risk. We are likely to take particular note of cases where weaknesses in due diligence and customer checks – or in outsourced relationships with third parties – may have contributed to a heightened mortgage fraud risk.”
The Council of Mortgage Lenders welcomed the move and a spokesperson said:
“People may not think of lenders as victims of crime, but unless fraudsters are tackled then honest customers are the ones who end up paying more. We expect that even more lenders will now participate in the voluntary initiative designed to identify and investigate broker fraud.”
During CeMAP training, FSA regulations are discussed and the importance of being aware of fraud is highlighted.
Tips on studying for your CeMAP exam
August 3, 2008
Revising for your CeMAP exam is exactly the same as revising for any exam you’ve taken in your life; you’ll need to make the most of your study time to ensure you pass the exam. To do this you should make the best of your study space and ensure it’s conducive to work.
First of all you should find somewhere quiet to study, and ensure that you’re sat comfortably. Otherwise you’ll suffer from aches and pains during your study time. You should also make sure that your study space is well lit with a good desk lamp. Read more
CeRER Demand Set To Rise As Equity Releases Increase
August 2, 2008
If you are a mortgage advisor or financial advisor wishing to deal with equity release mortgages, then you need to take your CeRER training and pass the CeRER exam.
According to the Safe Home Income Plans group, providers of equity release mortgages are showing a 14 per cent increase in business volume for the second quarter of this year with a total of £275 million of equity being release compared to £242 million in the first quarter.
This is split into 53 percent being lump sum mortgages, 42 percent being drawdown mortgages and 5 percent being home reversions. You will learn about the different mortgage types in your CeMAP training.
71 percent of equity release sales were completed by Read more
