Reading the Mortgage Advisor job description: general duties and requirements and the Mortgage Advisor CV Tips for finding Mortgage Advisor jobs, you acknowledge that the most important amongst the Mortgage Broker education requirements is the CEMAP qualification: let’s discover how to obtain your mortgage broker licence through the Certificate in Mortgage Advice and Practice.
Recognised as the industry benchmark, the vast majority of property recruiters requires prospective mortgage brokers to have already obtained a CEMAP qualification before even applying, but there some actually offer FREE CEMAP Training, Material and Exams as part of their Trainee Mortgage Advisor jobs offer!
If you need to acquire CEMAP Qualification on your own, then you could take advantage of a CEMAP Training Courses provider, like The London Institute of Banking and Finance, formerly ifs University College.
The CeMAP Qualification is recognised by employers and clients as a mark of excellence and professionalism. It meets the FCA examination standards for providing advice on mortgage products and is an approved qualification in the mortgage advice apprenticeship standards.
The CeMAP Qualification consists of three modules which give you an extensive knowledge of the UK financial regulation mortgages policy and practice and how to apply this as effective mortgage advice to the consumer. The unitised structure creates a clear learning path and means you have the opportunity to register and pay for one module at a time. The CeMAP Qualification is a Level 3 qualification registered with Ofqual in the Regulated Qualifications Framework (RQF).
- CeMAP 1 – UK Financial Regulation. CeMAP 1 will grant an overview of what the financial services market looks like in the UK. This is split into two units: Unit 1 – Introduction to Financial Services Environment and Products (L/501/8715); & Unit 2 – UK Financial Services and Regulation (R/501/8716) about the environment of the financial services industry, an introduction to the main financial services products and the interplay between regulation and legislation.
- CeMAP 2 – Mortgages consists of Unit 3 – Mortgage Law, Policy, Practice and Markets (Y/501/8717); Unit 4 – Mortgage Applications (D/501/8718); Unit 5 – Mortgage Payment Methods and Products (H/501/87190) and Unit 6 – Mortgage Arrears and Post Completion Issues (H/501/8720). The procedures, processes and legislation relating to mortgage applications and purchasing a property. Along with the types of products and issues borrowers may face after a mortgage has been completed.
- CeMAP 3 – Assessment of Mortgage Advice Knowledge or Unit 7 – Assessment of Mortgage Advice Knowledge (H/501/8719) is about the Consolidation of the knowledge acquired and application to case study scenarios.
Those who don’t have the best relationship with maths need not worry, the majority of your CeMAP qualification will involve basic mathematics such as adding, subtracting, percentages and division.
You can attend your mortgage courses online: online access to CEMAP home study texts is available immediately after registration has been completed. Hard copies will also be provided. The study text contains review questions and activities to support your learning. You will also have access to a student-led discussion forum, study tip videos and a study planner.
What’s the CEMAP qualification cost?
Often the first concerns for anyone looking to learn a new skill are the costs. Now, it doesn’t come necessarily cheap, but if this is a career you feel is perfect for you, it’ll only be viewed as a worthwhile and necessary investment into your future.
It depends entirely on how you choose to study (more on this throughout the article), but you can expect to spend a minimum of around £1,000.
Which are the CEMAP tests?
Each module is assessed through a 2-hour objective exam:
- CeMAP 1 – UKFR 50 multiple-choice questions per unit
- CeMAP 2 – MORT 25 multiple-choice questions per unit
- CeMAP 3 – ASSM 6 case studies with 10 linked multiple-choice questions
Where can I take my CEMAP test?
There are over 150 CEMAP test centres: the Pearson VUE centres nationwide.