Cemap qualification basics
A Certificate in Mortgage Advice and Practice qualification (or CeMAP qualification), is a mandatory prerequisite of being recognized as an official mortgage advisor anywhere in the United Kingdom. This requirement was made by the Financial Services Agency (or FSA). To receive a CeMAP qualification potential mortgage advisors must pass three exams that comprise the certification process.
To earn CeMAP qualification you must complete three related exams covering a broad range of information related to mortgage advising. The first exam deals with the Financial Services Agency and the regulations it enforces. The second exam specifically tests a person’s knowledge of mortgages and the mortgage process, including industry wide concepts like mortgage laws and policies, and individual concerns like applying, payment, and procedure. The final exam is called a synoptic exam or synopsis, and is an overview of all related information as expressed through case studies. The first two exams are in multiple choice formats with one hundred questions while the final exam requires ten written answers per each of six scenarios for a total of sixty short essay questions with responses written as if the tester were a mortgage adviser. To get a CeMAP qualification, a tester must receive a score of at least 70% on each of the three exams. This ensures that they are capable of properly and usefully advising others on the same information
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There are several companies that specialize in CeMAP qualification training programs. These programs are designed to help everyone from beginners to industry experts pass the mandatory CeMAP exams and meet their qualification. There are two types of programs. Many of the companies offer both types. One type of CeMAP qualification training is live courses. You attend CeMAP specific classes for a set amount of time (usually five days per module) and complete a course program that prepares you for each exam. The other CeMAP training course type is home study. Home study courses work off the same concept but ultimately their success relies on your dedication to learning the material. Both training programs have been proven to help the majority of their participants to meet the CeMAP qualification.
An earned CeMAP qualification gives a mortgage advisor the right to place CeMAP beside their name on business cards and other official correspondence. The CeMAP designation works as a potential client’s reassurance that the advisor in question is qualified and well-trained and has met the requirements of the FSA. The CeMAP qualification was instated as a quality control measure in response to increasingly unethical behavior in the mortgage industry over the last two decades. It has gone far to allay the concerns of consumers that were wary of previous predatory practices but whom still needed the assistance of a mortgage advisor.
A CeMAP qualification is a widely recognized symbol of personal and professional achievement. Furthermore, you cannot practice as a mortgage advisor without this certification; you cannot even practice as a self-employed advisor without it. However, meeting the CeMAP qualification enables advisors not only to work as a mortgage advisor within a larger service provider, but to work as an independent advisor should you choose? From no future to a world of options, a CeMAP qualification could make all the difference.
