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 between them had entered false salary and employment information, provided false copies of driving licenses, utility bills and passports and even faked payslips.
The Head of Retail Enforcement at the FSA, Jonathan Phelan, said:
“The actions of these brokers posed a risk to lenders, and banning them supports FSA’s remit to tackle financial crime as well as to protect consumers and promote confidence in the financial system. It is part of a wider FSA effort to tackle mortgage fraud.”
Information from lenders and whistleblowers is acted upon by the FSA in order to prevent fraud and the FSA has the power to ban any mortgage advisor from operating in the UK.
The pressure to get mortgage applications approved seems to have been too tempting for some mortgage advisors and has led the FSA to ban double figures of mortgage advisors from operation so far this year already.
In the current climate, with the credit crunch hitting hard, many people are realising the value of using the services of a mortgage advisor to ensure they can find the best available deal for them. At the moment, the demand for mortgage advisors is high due to a lack of mortgage advisors in the UK employment market at the moment, it is a shame for mortgage advisors to fail to supply the best and honest service and these bans simply reduce the number of mortgage advisors even further.
If you were considering doing your CeMAP course in London, there are now three fewer mortgage advisors to compete against.
All mortgage advisors must pass their CeMAP qualification before they can then go through their Competent Advisor Status to start working as a mortgage advisor. There are many CeMAP courses available so be sure to select a course from a reputable CeMAP training company with experience in the mortgage advisor market.
