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Do you expect to see less or more second charge mortgage lenders in 2018?



CeMAP Diploma attracts strong levels of interest


Graduating with a diploma

The new CeMAP Diploma has received strong levels of interest in the mortgage market, Loan Talk has been told.

Last month, the London Institute of Banking & Finance (LIBF) launched a new CeMAP Diploma which builds on its existing three modules.

While the Financial Conduct Authority (FCA) will require advisers to have completed the first three modules by September 2018, this new diploma is not compulsory.

LIBF has now revealed that it expects a rise in mortgage approvals to drive further interest in the new diploma.

“…As the mortgage market is complex and constantly changing, many advisers want to ensure their skills are as relevant and up to date as possible so are actively looking to build upon the knowledge they have gained through CeMAP®,” a spokesperson for LIBF explained.

“As we have seen recently, mortgage approvals are continuing to increase, despite some challenging economic conditions.

“Therefore, as the market continues to grow, we can expect levels of interest in the CeMAP® Diploma to only increase as well in the coming months.”

The new module covers the commercial and regulatory environment, as well as products, services and legislation affecting the mortgage sector.

To gain the diploma, advisers will need to have completed the first three modules as well as the new advanced mortgage unit.

“Obtaining the new qualification allows mortgage advisers to demonstrate to clients and employers that they have an enriched understanding of the broader financial services environment and the residential lending sector so that they can provide high-quality, ethical advice to consumers,” the spokesperson continued.

'Cynicism'

Sam Kirtikar, managing director at Clever Lending, told Loan Talk that qualifications such as the diploma could serve to raise the reputation of the second charge sector.

“CeMAP qualifications are very important to the second charge market, particularly if the industry as a whole wants to eradicate all cynicism with fully transparent end-to-end advice,” Sam insisted.

“With a growing number of lenders in the space and with products competing down to near first charge levels, it is important to be able to compare and contrast the full portfolio of all specialist options and apply them to the customers’ circumstances.

“The qualifications themselves need updating, however, the ability to offer qualified advice as a result of attaining them, is ever important.”

Despite his support for CeMAP, Sam voiced concerns over unregulated advisers who may not be able to offer qualified advice.

“A client can come directly to a master broker and receive second charge advice from a qualified adviser and receive a perfectly viable solution,” Sam admitted.

“Of course, as qualified advisers, all solutions offered will be suitable, sustainable and affordable, however, the customer will not be receiving first charge advice where perhaps they should have.

“The FCA is satisfied with the clients being made aware that there may be mortgage options available, however, this should perhaps go a little further to ensure customers are protected, whatever route they take to get to a master broker.”

Sam claimed that Clever Lending’s policy of offering CeMAP-qualified staff enabled the introducing broker to pass on their client and move on to the next, adding: “The client will always remain the introducers, however, the laborious work of processing them is no longer a burden upon their time.”





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