Which? Find Mortgage Advice Errors
When you do your CeMAP training, you learn about several key pieces of information, which must be given to potential borrowers so that they understand the sort of products you advise on and so that they can be clear about the terms and conditions of their mortgage.
Regular readers of our articles will know that the Financial Services Authority (FSA) has been banning several mortgage advisors this year for fraudulent activity, such as faking consumers salary details, and failing to comply with serious errors such as failing to comply with data protection requirements.
Now, consumer group Which? has been testing CeMAP qualified mortgage advisors, in places like banks, estate agents, independent mortgage advisors and posing as would-be borrowers.
Unfortunately, only 4 passed muster. Which? claim that the bank’s mortgage advisors were the worst, although shamefully mot all the independent mortgage advisors passed muster either.
Common errors were forgetting to give the consumer a document called the Key Facts Illiustration factsheet, not confirming whether they were a mortgage advisor able to give advice or simply information, and not asking the right questions to confirm whether the borrower could really afford the mortgage they were applying for.
The CeMAP training course covers all these requirements and once a CeMAP qualified mortgage advisor, the company who puts you through your Competent Advisor Status has to carry on this training.
Posted on July 28, 2008
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[...] wrote recently about a report from Which? where many mortgage advisors were found to offer a substandard level of help and [...]