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A rise in the Quarterly results of JP Morgan's mortgage losses

Wednesday, August 27, 2008
New from the USA - JP Morgan Chase & Company says that the market value of its investments in Fannie Mae and Freddie Mac preferred stock has fallen by half to $600 million this quarter.

The decline could affect the earnings. However the exact amount of losses for the third quarter was difficult to estimate with the different variations in the share value.

This news came after JP Morgan stated that they would write off an additional $1.5 billion as they were to dig from the subprime mortgage mess. JP Morgan has been among the first of the banks to sound the alarm as the troubles have begun to disturb the home equity loans and mortgages taken out by the most creditworthy borrowers.

There is an expectation that the other banks are also likely to announce problems with the Fannie Mae and Freddie Mac holdings.

Shares in these holdings have fallen because of the credit market crisis. There are questions being posed whether there are enough capital funds. The shares of both the holdings have fallen by nearly 90%, and both the stocks closed at Fannie Mae- $5.19 and Freddie Mac- $3.29.

Banks had started purchasing these stocks i.e. both in debt and equity as these stocks earned more lucrative returns than treasury bills.

A financial services analyst at the Stanford Group says that this will not be a matter of much concern for most of the banks. However, there are many troubling questions on issues like the risk management practices.

More serious action on CeMAP mortgages

Monday, August 25, 2008
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.

Tips on studying for your CeMAP exams papers

Thursday, August 21, 2008
For those aspiring to become CeMAP (Certificate in Mortgage Advice and Practice) trained mortgage advisers, it important to remember that many existing mortgage advisers are approaching retirement age, and therefore the chances for those embarking on CeMAP training now are bright. If you have decided to become CeMAP professional, it is essential to undergo complete and detailed CeMAP training and not be in a hurry to join some of the so called crash courses now being offered. It is imperative for your long-term livelihood that your training is comprehensive and that you do not just finish up with a piece of paper that says you are qualified but with no worthwhile knowledge.

The appropriate CeMAP courses are comprehensive, tutor supported, home study courses where you can learn at your own pace but study all relevant matter comprehensively. If you are looking to start a job in Financial Services as a mortgage counselor - you will not require any academic qualifications to begin to study for the CeMAP exams.

To obtain the CeMAP qualification, you must pass the examinations in each of the three CeMAP modules.

CeMAP Module 1 - Financial Regulation
CeMAP Module 2 - Mortgages
CeMAP Module 3 - An assessment of mortgage advice knowledge.

The most successful way to pass these exams is to study at your own pace to ensure that you fully learn the information. The Herne Group will provide you the required knowledge, mock exam questions and the technique of getting through the exams.

The mortgage field is a recession resistant business, as people tend to borrow for cars, holidays, home improvements and many other things. Then, when consumer spending has peaked and the economy slows down, many people experience difficulty repaying their loans and meeting their other financial commitments. In such circumstances, it is often necessary for them to consolidate their debts into one lower monthly repayment by re-mortgaging. Re-mortgaging clients, debt consolidation, raising capital for home improvements, financing the purchase of holiday homes will all be your area of expertise. The best mortgage advisers amongst us are well trained and knowledgeable and have all the skills on board to make the difference. The income of a mortgage adviser can provide a very comfortable standard of living.

CeMap Training - Great Career Opportunity

Wednesday, August 13, 2008
If you are looking for a change in career then you should consider having a look at the mortgage industry. For the right person the role of mortgage adviser can be very satisfying, especially if you enjoy helping people. Are you hunting for an opportunity in the UK mortgage business and finding it difficult to get on to the mortgage adviser job ladder? CeMap training is the key to get this role.

Many people ask whether they need to have a degree to get through the Mortgage adviser exams. The straight answer is that you do not require a degree but you do need good quality training to be able to pass the CeMap exams. Another thing you would need is a strong desire to do well in a highly competitive industry. Taking comprehensive CeMap training from the Herne Group can help you achieve great success in Mortgage advisor industry.

Be aware of Unlawful Mortgage Advisors

Friday, August 8, 2008
Is your mortgage advisor offering you full and reliable advice and meeting all the rigid needs of his or her profession? It is vital to ensure that whoever you choose to give you advice is properly qualified and hasn't tried to take a short cut to being qualified.
The Home Study course from the Herne Group gives the adviser the best start in the industry with indepth training and full professional support throughout the course. If you are looking to become qualified, ensure that you follow the right path to mortgage success.



CeMAP Training Syllabus
Frequently Asked Questions
CeMAP for Mortgage Qualifications
CeMap Articles
CeMap In-house Courses
Contact Details
CeMap News
CeMap Links
CeMAP Glossary