CeMap

Principally the editorial explains how the CeMAP course and the CeMAP exam is formatted, how to sit the CeMAP exam and gives advice if you do not pass the exam at the first attempt.

Following the FSA regulations it is essential to hold a complete CeMAP accreditation if you wish to offer suggestions on mortgages and some insurance products.

An Unambiguous Explanation Of CeMAP.

The Certificate in Mortgage Advice and Practice (CeMAP) is issued by the Institute of Financial Services (IFS). The certificate complies with the parameters set by the Financial Services Skilled Council (FSSC).

The Financial Services Authority (FSA) is a Quango, given legal powers by the Financial Services and Markets Act 2000. The FSA is an entity limited by guarantee and financed by the financial services sector. The Treasury appoints the FSA Board, which presently is made up of a Chairman, a Chief Executive Officer, 2 Managing Directors, and non-executive directors (including a chief non-executive member, the Deputy Chairman).

The Organisation Of The CeMAP Training Courses.

The CeMAP certification is made up of 3 modules, every single one of which must be successfully completed to achieve the accreditation.

The CeMAP Training Courses include the following modules:-

CeMAP Module 1: UK Financial Regulations. (Made up of two units).

CeMAP Module 2: Mortgages. (Made up of four units).

CeMAP Module 3: Assessment of Mortgage Advice and Knowledge. (Made up of one unit).

The Arrangement Of The CeMAP Exam.

Modules 1 and 2 are tested via a two hour exam comprising one hundred multiple choice questions. Module 3 is also assessed in a 2-hour exam, but comprises 60 questions covering six real-life studies.

CeMAP 1 - The Financial Services Environment and Regulation

The CeMAP 1 prospectus is very extensive, which includes a mass of financial services sectors not only mortgages. Additionally it refers to several points of the regulations that have a bearing on the financial services sector and the job of a mortgage consultant. The examination is broken into two units.

CeMAP 1 Unit 1 is the introduction to the financial services industry and products and it addresses these subjects in depth.

CeMAP 1 Unit 2 refers to financial services and regulation, with special emphasis on the role of the Financial Services Authority in relation to regulation.

CeMAP 2 - The Mortgage Industry And The Process Of Purchasing Property

The CeMAP 2 program comprises four Units, every one of which deals with a single specific subject matter.

CeMAP 2, Unit 3 deals with mortgage statute, policy practice and markets addressing the legal definitions necessary in the industry.

CeMAP 2, Unit 4 refers to mortgage applications and the role of the adviser in providing suggestions to the applicant.

CeMAP 2, Unit 5 addresses mortgage payment methods and products, and accordingly provides a perfect education on the products to choose from in the current marketplace.

CeMAP 2, Unit 6 teaches the procedures appropriate in cases of mortgage arrears, and also further post-completion affairs for example second mortgages

CeMAP 3 - The Synoptic Exam

CeMAP 3 is the synoptic, or case study based examination that takes the information first and foremost from the CeMAP 2 syllabus and transposes this into 6 specific case studies that put to the test your perception of the knowledge in addition to the basic knowledge itself. All of these six case studies consists of 10 related questions that make a complete image of the hypothetical advice you could provide to the customer(s) in each situation.

The CeMAP Exam

CeMAP 1 tests comprise 2 x fifty multiple choice questions for every unit, computer tested, and 50 questions and 1 hr. for each unit. The pass score is seventy percent per unit for CeMAP 1.

You will be able to sit exams in most areas throughout the United kingdom (at driving theory test centres) and because the exams are computer based you be able to obtain your score straight away.

Each examination has a pass mark of 70 percent for each unit. A score of 80 % or higher receives a merit and a score of ninety pc or more entitles you to a distinction.

Re-Test If You Do Not Pass First Time

Should you fail a specific unit, it is only necessary to re-take the CeMAP exam for that particular unit rather than the whole module.