Those looking to work as a professional mortgage broker here in the UK will need to pass an exam that can meet certain requirements of the Financial Conduct Authority (FCA). While the FCA might accept relevant certification held by non-UK nationals earned in their own country, additional studies may be necessary before they will grant a ‘licence to practise’ giving mortgage advice.
Among the key certificates that answer the FCA’s qualification criteria for mortgage advisors is the Certificate in Mortgage Advice and Practice (CeMAP). This comprehensive course for mortgage brokers is recognised and respected, meeting the Qualifications and Credit Framework (QCF) Level 3 certification that is necessary to practise as a UK advisor.
However, the topics covered and breadth of study means that CeMAP diplomas go beyond the mandatory requirements of the FCA and are, in fact, considered a Level 4 qualification and are registered with The Office of Qualifications and Examinations Regulation (Ofqual), the non-ministerial governmental department in charge of regulating qualifications, tests and examinations in the UK.
What do CeMAP training courses involve?
Here in the UK, the industry standard qualification held by many professional mortgage brokers is the Certificate in Mortgage Advice and Practice (CeMAP). It was devised by professionals operating within the financial services sector, who designed it to deliver a comprehensive understanding of mortgage advice and a sound knowledge base to make certain brokers can provide adequate advice to customers seeking products to purchase a home.
Especially tailored to suit the UK’s current mortgage industry, CeMAP courses are updated periodically to meet the latest legislation and best practices. They comprise a total of seven individual units that must be completed in full to pass. The units are divided into three different modules, which all conclude with an assessment via examination. As a rule, around 200 hours of study time is recommended for a whole course to be completed.
The first module introduces the financial services industry here in the UK and product types available, as well as regulations and legislation for the sector.
Module two introduces the UK’s mortgage market, along with its polices, laws and the mortgage application and payment process, alongside an explanation of other possible products offered. It also teaches how to handle mortgage arrears and looks at common issues that may arise after completion.
Finally, in module three, the overall knowledge and understanding of mortgage advice of each course candidate is assessed.
How is a CeMAP qualification viewed?
After completing a CeMAP training course, successful candidates can add the letters “CeMAP” to the end of their name. Not only will the FCA grant these newly trained brokers a licence to practise, but employers and clients alike will see this certification as the equivalent of an individual gaining a full understanding of the field of providing mortgage advice and possessing expert knowledge of their chosen profession.
If you have questions regarding undertaking a CeMAP course to become qualified as a mortgage advisor in the UK, contact our expert team at Beacon Financial Training today for expert advice.