The CeMAP (Certification in Mortgage Advice and Practice) is a type of professional certification for mortgage and financial industry employees. Before working with the public, all mortgage professionals in the United Kingdom are required by law to have the CeMap certification. This ensures that the consumer is well-informed about mortgages before making a financial commitment. The mortgage professional can also demonstrate his knowledge of financial laws and standards by earning the CeMAP certification. CeMAP certification requires candidates to pass a series of difficult exams, and advanced certifications are also available for those looking to advance their careers.
The Institute of Financial Services awards CeMAP qualifications to individuals all over the United Kingdom (UK). Candidates must pass a series of three exams related to the financial and mortgage industries to earn this certification. All three exams are multiple-choice, and they are usually given on different days. The Institute of Financial Services publishes a list of test centers across the United Kingdom where candidates can register for these exams. Some companies will compensate employees for time spent studying for this certification, while others may offer a raise once the CeMAP certification is obtained.
The Introduction to Financial Services exam is the first of three CeMAP exams. This exam is divided into two sections that cover various financial products as well as the laws that govern their sale and use. The Assessment of Mortgage Advice and Knowledge is the second test, and it assesses the candidate’s knowledge of various mortgages and how they affect consumers. A Synoptic Paper is the third exam, and it combines the information from the first two exams into a series of case studies. An employee does not receive CeMAP certification until all three of these exams have been passed.
The requirement that mortgage industry professionals obtain this certification benefits British consumers in a number of ways. It ensures that buyers looking for a mortgage have access to information about the risks associated with purchasing a home. It also ensures that mortgage professionals are aware of and capable of educating others about the industry’s legal and ethical implications. This certification is intended to reduce default rates and to assist buyers in understanding all of their options before committing to a mortgage.
Those with a CeMap certificate who want to advance in their careers may want to pursue additional certifications. The Institute for Financial Services, for example, offers an advanced CeMap (Adv. CeMap) that allows mortgage industry professionals to demonstrate advanced knowledge and training. Employees with this advanced qualification may be able to find better job opportunities or earn more money.