How To Qualify As A Mortgage Broker

How To Qualify As A Mortgage Broker



How to​ Qualify as​ a​ Mortgage Broker
Mortgage Brokers and the​ FSA
In order to​ qualify as​ a​ mortgage broker in​ the​ UK an​ individual must pass a​ series of​ exams offered by one of​ two training institutions .​
In addition,​ the​ prospective broker will be required to​ receive a​ satisfactory level of​ on-the-job training and experience within the​ financial services industry.
The financial services industry in​ the​ UK is​ regulated by the​ Financial Services Authority (FSA) .​
a​ mortgage broker who wishes to​ advise their clients on​ mortgages for residential properties will fall under the​ stewardship of​ the​ regulator .​
The FSA has determined that mortgage brokers who practice within this area of​ financial services must first complete an​ approved qualification and receive training and guidance from other qualified advisors before being signed off as​ a​ competent mortgage broker.
Once a​ mortgage broker is​ authorized,​ they may advise their clients in​ all matters relating to​ mortgages .​
The mortgage broker may then work within a​ bank or​ building society,​ a​ mortgage brokerage,​ an​ estate agency,​ or​ they may establish their own practice and work on​ a​ self-employed basis.
Studying to​ become a​ Mortgage Broker
The first step to​ becoming a​ mortgage broker is​ to​ pass one of​ several qualifications which are recognised by the​ FSA .​
They include the​ Certificate in​ Mortgage Advice (Cert CII (MP)) from the​ Chartered Insurance Institute,​ the​ Certificate in​ Mortgage Advice and Practice (CeMAP) from the​ Institute of​ Financial Services,​ or​ the​ Mortgage Advice and Practice Certificate (MAPC) from the​ Chartered Institute of​ Bankers in​ Scotland (Scotland only).
There are no entry requirements for undertaking the​ mortgage broker qualifications .​
Therefore a​ finance related degree is​ not necessary .​
While some employers may consider industry experience beneficial,​ people skills and a​ high level of​ motivation will be highly regarded.
If the​ individual is​ already working for a​ financial institution their employer may cover the​ costs of​ the​ qualification .​
If the​ individual does not yet work in​ the​ industry it​ is​ likely they will be required to​ pay for the​ study materials and exams by themselves.
While the​ study material is​ designed for distance learning,​ there are courses provided by several private training institutions which are designed to​ help people pass the​ exams required to​ become a​ mortgage broker who may struggle to​ do so on​ their own .​
These courses may be especially useful to​ people who do not have any prior knowledge of​ the​ financial services industry or​ general UK finance matters .​
While the​ courses can be costly,​ they are deigned to​ help students pass their exams quickly so they can begin working in​ the​ industry as​ soon as​ possible.
Becoming a​ Qualified Mortgage Broker
After completing their exams,​ a​ trainee mortgage broker will be required complete a​ satisfactory level of​ supervised work .​
Depending on​ the​ structure of​ the​ business the​ trainee is​ working for,​ they may also be required to​ complete several in-house exams .​
Once the​ employer is​ satisfied that the​ trainee is​ able to​ work unsupervised,​ they will make an​ application to​ the​ FSA for the​ individual to​ become a​ competent mortgage broker.
In order to​ maintain their qualification,​ the​ mortgage broker will be required to​ participate in​ continuing professional development .​
This usually involves keeping up with the​ mortgage industry through some form of​ structured,​ ongoing learning.
Further Studies and Qualifications
There are also several post-graduate courses available that can bolster the​ credentials of​ qualified mortgage brokers .​
These courses are provided by the​ Chartered Insurance Institute and the​ Institute of​ Financial Services .​
They include the​ Advanced Certificate in​ Mortgage Advice and Practice (Adv CeMAP) and qualifications regarding special types of​ mortgage products such as​ lifetime mortgages and commercial mortgages.
Additionally,​ mortgage brokers can use their qualifications and experience to​ launch a​ career in​ financial advising .​
This will involve passing several more exams and gaining some supervised experience as​ a​ trainee financial advisor .​
Financial advisors help their clients with a​ range of​ issues including insurance,​ investments,​ and retirement planning.
Gaining further qualifications is​ not compulsory,​ however,​ and many mortgage brokers enjoy long and rewarding careers specializing in​ mortgage advice.




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