Mortgage Advisor - CeMap Training?

SuperOX

Good Afternoon all,

I am considering a change of career focus from an Insurance Broker to looking to work as a Mortgage Advisor and I wondered if I could get some details if possible!

I have looked at the CeMap training, and I wondered how quickly this could be realistically completed - either alongside my current role or on weekly intensive training courses?

If anyone can help out with information, that would be much appreciated!

Thanks

SO

Bubbles132

hello, it took me 7 weeks in total alongside my normal full time job to pass cemap 1, 2 and 3. I did this as self study and used the materials IFS provided as well as Paul Archer revision guide (which you can google)

hope this helps. I studied last year and been a mortgage advisor since

xapprenticex

Great success story or clever advertising attempt. Not sure which in this case....

Bubbles132

lol not advertising at all so I'll accept being a great success story. Its hard work and cemap is no where near as hard as mortgage advice. I know people who have passed cemap in a lot less time. But very worthwhile job if you are in it for the right reasons. Good luck.

ACG

There are 2-3 parts to becoming an advisor.
1) Passing the exams - The first exam is difficult, but only because its boring. Its about rules and regulations and something that you will never use on a day to day basis. This probably takes around 3-6 months of revision. The other exams are related to the job and far easier. I reckon they could be passed in around 3 months if you put the work in.

2) Obtaining Competant Advisor Status (CAS) this is the hardest part. You can not become and advisor without it and the only way to get it is by working for a company with someone in a position to sign you off - typically the owner or a manager if at a bank. This took me about 9 months to get, after about 9 months of trying to find a company to take me on and let me work towards it. It is effectively where your files are checked and signed off by someone as being up to a good standard.

3) Lenders criteria. You could argue this is not really needed, some advisors go for the easy cases only where they look for the cheapest deal. If it fails they then go to the next cheapest until they get "lucky" - but if you plan on working this way then just dont waste your time doing the exams. You are helping nobody. Knowing the lenders criteria takes time 6- 12 months of writing regular business. You then get to know the lenders quirks and loopholes - and this is where I see the job of a good advisor. Criteria changes daily across the lenders so it is a job in itself keeping on top of it.

As for passing the exams, how do you learn best? Personally I prefer to just be left alone. I did some mock exams, read the book, did more mock exams and read the book concentrating on where I needed to and then did the exams again.

Becoming a Mortgage advisor is not something that you can do overnight, you are probably looking at a good year at least from start to finish unless you have the time to throw at it.