IFS CEMAP QUALIFICATION: YOUR FIRST STEPS TO BECOMING A QUALIFIED MORTGAGE ADVISER





16/12/2016: What is CeMAP? The IFS CeMAP qualification (the Certificate in Mortgage Practice and Advice) is the UK’s premier and most recognised qualification for those people wishing to practice as a Mortgage Advisor. It is held by over 80% of UK Mortgage Advisers, and for this reason, it is considered the benchmark qualification.   It is a Level 3 qualification according to the QCF (Qualifications and Credit Framework), is overseen by the Institute of Financial Services and fulfils the criteria required by the FCA (Financial Conduct Agency) for a ‘licence to practice’ as a qualified Mortgage Adviser. It consists of three parts, known as CeMap 1, 2 and 3 . There is no better qualification if you want to become a qualified Mortgage Consultant.

CEMAP qualified staff in demand when new houses require mortgages

WHY BECOME A MORTGAGE ADVISOR?

The UK has been in a long recession, but things are getting better and the green shoots of the economic recovery can be seen everywhere. The job market is buoyant once again, mortgage approvals are on the up and the government recognises that there needs to be a major investment in housebuilding across the country. All this means that there is going to be a huge demand for Mortgage Advisers across the UK, and you could be a part of this lucrative housing boom if you have this IFS qualification. And you know what? You’ll see that it is actually quite easy to become qualified with the required hard work, because it is one of the cheapest professional qualifications you can get. There are even CeMAP GroupOn deals often available, cutting training costs even more.

 A CeMAP Qualified mortgage advisorWHAT CEMAP QUALIFIED MORTGAGE ADVISERS DO

Mortgage Advisers help people to choose and apply for a suitable mortgage. As this is a huge financial commitment for people, a Mortgage Adviser uses his or her professional qualification to provide useful guidance and make what can be a complex process into a simple and straightforward transaction. As part of the job you would be required to:

  • Advise people on the process of home-buying, from start to finish.
  • Analyse and explain your client’s finances, calculating whether they can afford a mortgage, and then assessing how much they can afford to borrow.
  • Explaining the range of different mortgages that are available from various banks and building societies, such as interest only, repayment and buy-to-let.
  • Assist the customer in the application process for the mortgage.
  • Explain about mortgage protection insurance.
  • Sell/advise upon related financial products, such as critical illness cover, home insurance and contents insurance.

Working hours for a Mortgage Adviser are usually 9-5, but they can include evenings and weekends. Some Mortgage Advisers are solely office based, but some independent Mortgage Advisers work from home.

CEMAP Salary graph

WHAT A QUALIFIED MORTGAGE ADVISOR CAN EARN

When compared to other similar level courses, the CeMAP Qualification offers unrivalled prospects in terms of salary. Considering the qualification costs relatively little, can take as little as six months to complete, and has no difficult entry requirements, what other occupation can offer remuneration like this:

  • Trainee Mortgage Advisers can earn from  £20,000 to £30,000.
  • Qualified Mortgage Advisers can earn between £20,000 and £45,000.
  • Senior Mortgage Advisers can earn upwards of £50,000 +, with some earning in excess of £100,000

The average salary for an IFS CEMAP qualified mortgage advisor is £32,500 according to a Total Jobs survey.

More can be earned if the DipMAP qualification is studied after completing the CeMAP qualification.

IS THE CEMAP QUALIFICATION HARD?

It’s a professional qualification. Think about it, if you were looking to buy a property and get the best possible mortgage for your needs, then you’d want an experienced advisor to help you with a professional qualification. CeMAP is a testing professional qualification that will qualify you as a mortgage advisor and so there is a degree of difficulty to it. But if you study it hard and with the right sort of support, you’ll find it difficult, but not impossible.

 

LATEST NEWS

The impact of the new Mortgage Credit Directive

14/10/2016 – The MCD (Mortgage Credit Directive) is European legislation that is designed to enable a simpler and fairer mortgage market to protect customers. It will come into force from 21st March 2016. The main changes will be:

  • Lenders sales documentation and processes will need to be checked to see if they are compliant with the legislation.
  • The European Standardised Information Sheet will bring about a Europe-wide standard set of  information disclosure.
  • Some buy-to-let mortgages will now be regulated by the FCA (the Financial Conduct Authority).
  • Mortgage brokers offering unlimited mortgage advice must have access to the whole of market to be compliant with the new mortgage regulations
  • Mortgage brokers offering regulated advice must have studied and passed their CeMAP (Certificate of Mortgage Advice and Practice) qualifications. There is no requirement for them to have passed their DipMAP qualification.

Is the new CMAcert a CeMAP alternative, a competitor or an enhancement?

09/09/2016 – For several years there has been some concern about the difficulty of students who have successfully completed CeMAP courses breaking into the industry due to a lack of relevant industry experience. With the qualification being flexible in terms of how it is studied and relevantly inexpensive too, access to the the IFS’s qualification isn’t a problem, and it is this flexibility and accessibility that has resulted in the CeMAP qualification being the number one professional qualification for those people wanting to be mortgage brokers or mortgage advisers. However, because of this, there is a chicken and egg situation when it comes to getting a job as a mortgage professional.

 

IFS to expand the scope of its CeMAP mortgage qualification?

09/05/2015 – Initiated by the Chief Executive of Brightstar, Robert Jupp, several finance industry trade bodies and second charge brokers have met to look at how the current CeMAP course could be expanded to cover secured loan products and advice, which it doesn’t at the moment, despite it being a rapidly expanding sector of the mortgage advice market.

Those involved in the meetings included Robert Sinclair from the Association of Mortgage Intermediaries, the MD of Fluent Money Tim Wheeldon as well as several other key industry figures.

Whilst nothing has been done so far by the regulator, the signs are promising and they have been fully supportive of the meetings and the work done so far. It is hoped that a solution for this omission of the secured loans market will be found as soon as possible, ensuring that the Certificate in Mortgage Advice and Practice  remains the gold standard mortgage advice qualification. You can read more at Mortgage Solutions.

Does CeMAP need a specialist bridging qualification?

25/02/2015 – Chris Fairfax, MD of Positive Lending has called for a new specialist bridging qualification to be brought in to exist alongside qualification offered by the IFS, CEMAP, held by over 80% of mortgage advisers. Currently, whilst the Certificate in Mortgage Advice and Practice is good for those people who wish to enter the industry, for those who are looking to specialise in bridging loans, the section in the course is one page in one module. Therefore, as part of people’s Mortgage Advisor training, they are not getting a very thorough exposure to the issue of bridging. You can read more at Mortgage Strategy.

Registrations up 16% for the Certificate in Mortgage Advice and Practice

03/02/2015 – The Institute of Financial Services has revealed that the total number of students taking up their prestigious Certificate in Mortgage Advice and Practice qualification has rose by 16% in 2014 from previous 2013 figures.

Established for over ten years, it further shows that CeMAP training is the preferred route for the vast majority of would be brokers, and is the benchmark qualification in the mortgage industry.

It just goes to show that the Certificate of Mortgage Advice and Practice is the number one mortgage qualification, and that the industry is in for exciting times ahead. With the green shoots of the recovery taking firm hold, the recession will hopefully one day be a distant memory and those brokers who hold the qualification and DipMAP will be prime position to take advantage of the rising economic prosperity and stronger housing market.

Phil Hall from the IFS said that mortgage advisers who have passed their CeMAP courses are being seen in increasingly high regard, especially as the housing market remains buoyant, and that “entering the mortgage advice sector is now a viable career option for many. ”

 

New CeMAP salary data released

03/01/2015 – The latest information from the National Careers Service has indicated that Mortgage Advisors and Mortgage Brokers who have fully passed their Certificate in Mortgage Advice and Practice or the Diploma in Mortgage Advice and Practice (DipMAP) should be earning in the region of £22,000 to £25,000 per  year as a basic salary, with commission, also known as OTE (On Target Earnings) boosting this to between £45,000 and £70,000 per year. Such salary packages may also include other benefits, including pension, insurance and car allowance or company car. These figures are obviously only a guideline and may depend upon where you live in the UK, but they do indicate the value of undertaking the CeMAP qualification.