The thing that marks out skilled professions from unskilled ones is the need for certain qualifications before a person is allowed to practice them.
This is in recognition of a degree of knowledge and expertise that is necessary to be able to do such jobs competently.
One profession that comes under the heading of skilled is that of a mortgage advisor.
Becoming an advisor will put you at the heart of the financial services industry, which is a fascinating but very complex field, and the specific qualification needed for it is CeMAP.
This article will outline everything you could need to know about the CeMAP course and exams for anyone who is considering training as an advisor.
What is the CeMAP mortgage advisor qualification?
CeMAP stands for ‘Certificate in Mortgage Advice and Practice’. It is the official training course that the Financial Conduct Authority (FCA) imposes as a legal requirement on anyone who wishes to provide advice on mortgages.
It is a course of study that consists of a total of three modules, following which there will be examinations that an applicant must pass to be considered a fully qualified mortgage advisor.
CeMAP 1 features two units. The first of them is titled ‘Introduction to the Financial Services and Environment and Products’. It offers a comprehensive overview of the mortgage market. The second unit deals specifically with regulatory matters for the financial services sector in the UK, teaching students what they need to know to ensure that they comply with these.
CeMAP 2 is titled ‘Mortgages’ and is made up of four units. The first covers Practice, Markets, Mortgage Law and Policy. The second teaches students about the paperwork necessary to successfully complete mortgage applications. The third explores the various types of mortgage products and different ways of paying off mortgage loans. The final unit deals with potential problems that can crop up during the application process, as well as how to help clients in arrears.
CeMAP 3 is made up of one unit that assesses the knowledge gained by the student up to that point. He or she will be presented with various potential scenarios and asked to demonstrate how they would advise clients in each of them.
What is a CeMAP equivalent to?
The main qualification that CeMAP is equivalent to is the Certificate in Mortgage Advice.
Like CeMAP, it is accepted by the FCA as a qualification that legally entitles someone to offer advice on mortgages and other financial matters for money. It is intended to provide those who study it with a complete education for working within the industry.
Whereas CeMAP has three modules, this course is made up of two: CF1 and CF6.
The first of these offers a basic overview of the financial services sector in this country and its regulations. The second looks at the mortgage market in more detail, including good advisory practice, the various options for repaying mortgages and the many types of mortgage product provided by lenders.
Is it hard to pass the CeMAP mortgage advisor qualification?
CeMAP is a demanding course of study, and it is one that some people will be more suited to than others. A lot of people go through the course and the exams and successfully qualify as mortgage advisors every year though, so no one should be put off the idea of taking it.
How long does it take to study for the CeMAP?
There is no exact time period allotted for the study of CeMAP, but the general view is that the total study time should be around 200 hours. Those hours of study will be divided between the three modules and seven units that make up the course. You can study for the CeMAP at a training centre or complete it online.
When it comes to the exams, there are two one-hour examinations for the units of the first module. Each of the four units of module two involves a half-hour exam. The single unit in module three has a two-hour exam at the end.
Do you need CeMAP to be a mortgage advisor?
Either the CeMAP qualification or the Certificate in Mortgage Advice is a requirement if you want to provide mortgage advice for money. Doing so without either of those certifications is against the law and can lead to financial penalties and even prison if you are caught.
How long is CeMAP valid for?
The CeMAP qualification is one that is valid in perpetuity after it has been gained. That separates it from other professional courses that must be refreshed at various points.
However, many professional advisors choose to continue to study after they enter the workplace, simply because the mortgage sector is always changing. Some also decide to go on and study for the CeRER qualification needed to offer later life lending advice.
