CeMAP - Certificate in Mortgage Advice & Practice

Who is it for?

Thanks to its flexible structure and relatively short duration, this course is ideal if you're looking for a career change or a return to the workforce after a break. It will most likely appeal if you have an appreciation of the financial industry and a head for figures, and like to work with people to achieve the best results for them.

Where can it lead?

Once qualified, you'll be able to pursue a career as a mortgage advisor, with either a specialised mortgage advice firm, financial planning organisation, the banking industry or another financial institution. You may even decide to create your own business and operate on a consultancy basis. Either way, it's a business with real prospects, as mortgage products become more and more complex.

Salary?

Your salary will depend on your level of experience and qualifications. As with many jobs in the financial sector, commissions and bonuses are common, and you can expect to be rewarded well for making sales. Entry level mortgage advisors could expect to earn around £18,000, with salaries increasing steadily with experience.

Can I apply?

There are no pre-requisites for this course.

Course Code

N47

Period of study

12 months

What will I study?

You can enrol on the full course, or take each of the three modules that make up the CeMAP® qualification separately. Also available is the optional Competence Development Tool (CDT) which provides you with examination aids, an ongoing competence toolkit, testing and feedback systems and more.

CeMAP® Paper 1: UK Financial Regulation

UK Financial Regulation is a broad-based module that focuses upon the purpose and structure of the UK financial services structure. The module is split into two units, focusing on the financial services environment and regulation of the environment respectively.

• UK financial services industry structure
• Financial asset classes
• Financial services products
• Financial advice and regular reviews
• Legal concepts
• UK taxation and social security systems
• Inflation, interest rate volatility
• Non tax laws
• FSA regulation
• FSA's conduct of business rules
• Anti-money laundering rules
• Complaints and compensation
• Data Protection Act 1998

CeMAP® Paper 2: Mortgages

The Mortgages module is split into four units and focuses upon law, practice policy and markets, application, payments methods and products and post completion issues.

Mortgage Law, Policy, Practice and Markets

• Definition of a mortgage
• House buying process
• Common types of borrower
• Mortgage Contact of Business (MCOB) rules and the legislation
• The role of the mortgage adviser
• Additional security
• Fees and charges
• Value of property
• Valuation and surveys
• Repayment options
• Mortgage products and interest rates
• Mortgage associated insurance
• Raising additional money
• Transferring mortgages
• Debt consolidation
• Breaches of the Mortgage Deed
• State provisions

Mortgage Applications

• The role of a mortgage advisee and the importance and principles of providing advice, including the key factors affecting the advice given;
• The implications for consumers of 'gazumping' and 'gazundering';
• The fees and charges involved in arranging a mortgage, where these apply, the services they cover, when they become due, which are refundable and how the opportunity for refunds diminishes as the process nears completion;
• The principal factors affecting the value of property, including their implications for consumers seeking mortgages and when consumers should be referred for specialist advice;
• The different forms of valuation and survey and which might be appropriate for different properties and/or the borrower's circumstance;
• The need to obtain Local Authority planning consent for house developments/extensions.

Mortgage Payment Methods and Products

• The key features of the different types of mortgage repayment options and their benefits for different types of borrower;
• The key features of the common types of mortgage product and interest rate options;
• The structure and features of other types of mortgage and when they might be suitable for borrowers;
• The main features and functions of different forms of life assurance and other insurance (e.g. mortgage payment protection insurance (MPPI); life; accident; sickness and unemployment (ASU) insurance; building insurance; contents insurance) associated with arranging a mortgage.

Mortgage Arrears and Post-Completion Issues

• The principles and procedures associated with raising additional money and the circumstances when further borrowing might be appropriate;
• The principles, procedures and costs associated with transferring mortgages;
• The principles of using mortgages within debt consolidation arrangements;
• The implications for the borrower of the non-payment of mortgages, other breaches of the Mortgage Deed, non-payment of building insurance and the options available;
• The legal rights and remedies available to lenders in respect of non-payment from borrowers;
• The main provisions made by the State to assist consumers in the difficulties over the repayment of mortgages.

CeMAP® Paper 3: Assessment of Mortgage Advice Knowledge

The final knowledge assessment module requires you to apply the knowledge and understanding of modules one and two, by applying suitable mortgage solutions within the regulatory and ethical framework.

• Analyse consumers circumstances
• Apply mortgage solutions
• Identify consumers needs and make suitable recommendations
• Understand the advice process, UK Finance industry and the different types of mortgage solutions

Assessment

The first two modules will be assessed by a two-hour, 100 question, multiple choice examination.

The third module is also a two-hour multiple-choice examination: however, it comprises six case-studies each containing ten questions.

These assessments will be delivered electronically with results given immediately. The examinations can be taken in most towns and cities in the UK (at driving theory test centres) and are computer based.

Technical requirements/Fees

All exam fees are included in your course fees.