As most of us know The Certificate in Mortgage Advice and Practice (CeMAP) is awarded by the Institute of Financial Services (ifs). CeMAP is designed to meet the professional requirements prescribed by the Financial Services Skills Council (FSSC). More importantly, CeMAP is recognized by the Financial Services Authority (FSA) as an appropriate qualification. The CeMAP qualification has been developed with the co-operation of the Council of Mortgage Lenders. The CeMAP qualification has been designed to meet the needs of those who are following the standards of good practice defined in the CML's Code of Mortgage Lending Practice.
The number of aspirants wanting to acquire the CeMAP qualification is increasing by the day - as experienced mortgage advisers enjoy high incomes, enviable lifestyles and social status. Now they have a real advantage: they can study at home using the materials for CeMAP training from the Herne Group. The CeMAP qualification is made up of 3 modules: Module 1: UK Financial Regulation (two units). Module 2: Mortgages (four units). Module 3: Assessment of Mortgage Advice Knowledge. The CeMAP 1 module is split into two units. Candidates need knowledge and understanding of the UK financial service industry and the manner in which it operates. CeMAP 1 is regarded as the toughest of all three modules and as such special effort and training is required for this exam. CeMAP 1 is a two-hour, 100 questions, and multiple choice paper.
CeMAP 2 is the Mortgages module, and is split into four units and focuses upon, law, practice policy and markets, application, payments methods and products, and post completion issues. You need to possess the exact knowledge and understanding of all the critical key areas of CeMAP 2. The examination is computer based and consists of 25 multiple choice questions on each unit (100 in total).
The final knowledge assessment module, CeMAP 3, requires you to apply the knowledge and understanding of modules one and two and suggest suitable mortgage solutions. Students must achieve a minimum of 70% in each unit of the 3 modules. If students do not obtain 70% in any unit/s within a module will have to re-sit the examination. The grades that are awarded to successful examinees are Pass 70%, Merit 80% and Distinction 90%. To participate in the CeMAP there are no pre-qualifications and there is no age restrictions.