What is a CeMAP Qualification?
A CeMAP qualification is the qualification necessary to become a recognised mortgage advisor in the UK. The official CeMAP qualification is actually called a Certificate in Mortgage Advice and Practice (CeMAP.) This qualification is a requirement of the Financial Services Agency to become recognised by them as a mortgage advisor.
To obtain a CeMAP qualification a person will participate in a CeMAP training course. This course will teach them everything that is required to pass the three exams that are a mandatory requirement of the Financial Services Agency to obtain the qualification. CeMAP courses are divided into three modules each one specifically related to one of the mandatory exams. These modules are UK Financial Regulations, Mortgages, and Assessment of Mortgage Advice Knowledge. To obtain the CeMAP qualification a participant must pass these three exams with a minimum pass mark of 70%, it is possible to resit the exam if this minimum pass mark is not achieved.
Once a participant in a CeMAP training course has achieved the CeMAP qualification they are entitled to place the letters CeMAP after their name. This will be a great advantage to them as it will identify them to the general public as a recognised mortgage advisor.
The CeMAP qualification was introduced in answer to the criticisms that were levelled at the financial services industry after some of the scandals in the industry in the 1980’s and 90’s. It was argued (many believe justifiably) that the UK mortgage market had been under regulated which had contributed to the scandals. The introduction of the CeMAP qualification was one of the steps taken to increase consumer protection.
The general public have now been educated to ensure that anyone they seek mortgage advice from has a CeMAP qualification.
The current housing market boom and the rapidly rising home prices are causing more and more consumers to seek out the services of a mortgage advisor with a CeMAP qualification. Mortgages are becoming more and more expensive as housing prices continue to rise. This is making it harder for first home buyers to enter the market with some being asked to borrow five times their salaries. Mortgage advisors are sought out by buyers to ensure they sign up to the cheapest and most suitable mortgage product for them.
Industry experts expect this trend in housing prices to continue into the foreseeable future, and this combined with the current interest of the public at large in property for both investment and housing will ensure that the need for mortgage advisors who hold a CeMAP qualification will also continue.
CeMAP qualifications are an industry wide recognised and necessary qualification that enable the holders of the qualification to work in the financial services industry either as an independent mortgage advisor in their own business or as an employee of numerous organisations within the financial services industry.
A CeMAP qualification is a definite advantage to the holder as it is a qualification that is trusted and sought out by consumers.
