Cemap training and regulation of the UK mortgage industry.

Regulation of the UK mortgage market has increased in line with the overall trend of consumer protection. It is generally felt that hitherto the UK mortgage market has been under- regulated.

The financial scandals of the 1980's and 1990's resulted in much tighter control over the entire industry, not least for self-employed mortgage advisors. It also resulted in greater clarity and transparency with regard to contractual agreements, with the introduction of The Mortgage Code. However, there was still a long way to go. In 1998, banks paid out 1.3 million against 12,000 customer complaints - a 35% increase over the previous year. Mortgages represent one of the biggest areas of complaint with lock-ins and high redemption costs.

The principal problem facing the mortgage broker is increased market regulation. In view of current market trends, self-employed mortgage advisors are increasingly looking to operate with organisations which provide them with the requisite infrastructure, enabling them to be competitive and meet ever more stringent regulatory requirements, consequently, Mortgage Networks, IFA Networks are taking an increasing share of the self employed mortgage advisor market.

It does not end there as a further tightening of mortgage regulations took place from 31st October 2004, when the Financial Services Authority (FSA) took over from the Mortgage Code Compliance Board (MCCB) and the need for CeMAP qualifications were rigidly enforced.

Because of this expansion, along with the development of e-commerce, websites and direct sales, there has never been a greater need for objective, experienced and professional personal mortgage advice. Consumers need and want objective advice to guide them through the mortgage maze. Self-employed mortgage advisors are taking an ever-increasing share of the market and there is a continuing shakedown within the brokerage sector, with Mortgage Networks expanding their influence.

However, since the tightening of legislation from 31st October 2004, estimates show that that the number of CeMAP qualified personnel who are qualified to advise in the mortgage market have nearly halved. This loss means that the response time for processing mortgage enquiries is likely to increase, along with a rise in administrative difficulties and the risk of compensation claims.

We all strive for success by studying for university degrees, attend courses and continuously look for a spark for direction in life and it's not until we see a professional person in front of us that we realise that it's a job that we would like to do. It seems easy watching that individual working at the height of their career without realising what price they have had to pay to achieve success.

Being in the Financial Services Industry for over 20 years, many people have asked me what it takes to become a successful mortgage broker. As the Marketing Director of Money Marketing Limited, a company that trains hundreds of budding UK mortgage advisers per month, I feel that I am well qualified to answer that question.

" It takes dedication, focus, hard work and the ability to strive for success plus attending a CeMAP training course helps, in order to become a CeMAP qualified broker."

So what criteria should you use when deciding on your future career direction? Well, try asking yourself a few of the following questions:

Would you prefer to be an employee?
Are you intent on being successful?
Would you like to be self-employed?
Are you determined to become a high earner?
Would you like to be in charge of your own destiny?
Do you think that you would enjoy helping people with their finances?

A 'yes' answer to most of these questions could mean that you should consider investigating how to become a CeMAP qualified broker but before you do, let's look a little further. The start to becoming a mortgage advisor means is passing a mortgage advice qualification and in my opinion the most recognised one in the UK is the Certificate in Mortgage Advice and Practice (CeMAP)

Do you need to have a degree to pass the exams? You will not need academic qualifications to be able to pass the Cemap exams but one thing you will need is a strong desire to succeed in a highly competitive industry.

Would you like to become a CeMAP qualified broker?
If you are looking to start a career in Financial Services as a mortgage advisor but are finding it hard to get your foot in the door, let dedicated team of industry-experienced CeMAP training professionals lead the way. People are travelling to CeMAP training venues from all parts of the UK including England, Scotland, Wales and Northern Ireland.

CeMAP trainers successfully help individuals to pass their mortgage advice qualifications in literally days of intensive, fast track Cemap training. Having said that, it can be easy for the gifted people who are just natural at passing academic exams.

I recently spent a week with a group of 10 delegates on a combined CEMAP 2 & 3 training course and the range of abilities on the course was extremely diverse.

The challenge here for the cemap trainer was to get them all to the same standard by the end of the week and prepare them for their exams, the week after. Nine out of the ten passed their relevant exams.

The challenges of the CeMAP exams are that you need to learn the examination content and pass the exams at 70% but that is not all. Many people coming into the mortgage industry have not sat exams for years and in some cases not since they left school. The better CeMAP training courses are built for individuals who are new to the mortgage industry and as a consequence, they teach the course content and mock examine you on a daily basis.

The advantage to this system is obvious, not only are you learning the course content but the exam techniques as well. With strengths and weaknesses identified on a daily basis, it is easy to identify the areas that require extra tuition during the week. This proven system helps hundreds of people to get through their Certificate in Mortgage Advice & Practice (CeMAP) exams per month.

Do take care, as the route to becoming a mortgage adviser could be fraught with dangers for the unprepared and under researched person, as the journey could be a long and arduous one. Care should be taken when choosing the company for the initial CeMAP training as many organisations are strictly in the business of offering either a two-day revision course or a self-study CeMAP examination course that in our opinion is not enough.

Furthermore, there are unscrupulous organisations that may try to lure individuals into offering cheap CeMAP training courses with a view to taking 5,000, 6,000 or even 9,000 off them in an attempt to either recruit them into their mortgage business as mortgage advisers or offering them an expensive mortgage franchise.