DipMAP or R07?

Wake_up_call

My recent attempts to return to being a mortgage adviser (after four years working in media relations) have led me to believe that I may need to boost my qualifications to get ahead of the crowd.

I live in West Yorkshire, which seems to have more CeMAP qualified people than anywhere else (not surprising given that Leeds is the mortgage capital of Britain). It seems that because of MMR, the market is flooded with CeMAP and CF 1 and CF6 qualified people.

Anyway, I’m considering studying for an advanced qualification but which is best? DipMAP or R07?

amnblog

What you do believe you will achieve with additional qualifications?

Wake_up_call

amnblog wrote: »

What you do believe you will achieve with additional qualifications?

Improve knowledge, but as much as anything I want to improve my employability.

I was an adviser for over five years and was consistently one of the top performers at the building society I used to work for, but after four years out it feels like I have been written off.

amnblog

I really don't think additional qualifications are going to make a dent in your employability as a mortgage adviser.


It's a sales job.


I've yet to see a mortgage adviser or broker position advertised with anything other than CeMap requested.

Wake_up_call

amnblog wrote: »

I really don't think additional qualifications are going to make a dent in your employability as a mortgage adviser.


It's a sales job.


I've yet to see a mortgage adviser or broker position advertised with anything other than CeMap requested.

It is a sales job in broking and it was when I did it years ago, but increasingly it's become more of a customer service job at banks and building societies.

When I did it, we sold protection, household insurance, PPI, and even wills. Now, my former colleagues don't do any of that. They just do mortgages and they have no targets. Yes, it's of the utmost important to give sound advice, but lets be honest, the mortgage sells itself.

They have pushed entire teams of customer service agents through CeMAP post MMR and it has flooded the local market. I'd like to get one step ahead of the curve.

amnblog

They pushed them through CeMap because that's all they need.

dunstonh

One of my mortgage advisers is doing R07. Not because he needs it. It wont change his role in the firm. Or the amount he earns and clients won't care one bit. He won't be more compliant or marketable to others.

We just have an internal rule that the mortgage advisers we employ meet the same standards as the IFAs in the firm in respect of CPD. And doing R07 will give him the bulk of one years CPD. And that is just about what it is good for.

guymer17

I totally disagree with previous comments, completing further qualification's is only going to help. If you have 10 people apply for a Mortgage Job with similar experience and only one of them has tried to further develop there skills, it shows they are committed and ambitious and would stand out from the other's. I don't know much about the r07 but I've looked into DipMAP and it's a recognised qualification which will definitely support you.

Best of luck.

ACG

I agree with amn - getting a higher qualification is pointless.

The exam makes up such a small part of the actual job, it is almost worthless (in my opinion). The important bit of the job any broker will tell you is experience and knowledge of lenders criteria and quirks.

I have my own business and a couple of people who work for me. The higher qulification would not be a deciding factor in any way because of how little it means to the job. If I was taking someone on for a compliance role, then I would take a little more notice of it, but as a broker it makes no difference to me.

minimike2

It probably makes no difference as a broker, but does go some way further in the banking world as guymer says.

In terms of which is "best" - Neither. But I would say more people in the banking world will be familiar with DipMAP over R07.

glosoli

In my bank we deal with mortgages, life and critical illness, and buildings and contents insurance. Everyone in the office only has CeMAP, other than one person who has more advanced qualifications, but they aren't of any particular relevance to our role.

One of our former colleagues moved to another bank, and that bank are formulating a team of advisors who deal with mortgages, and a number of insurances, such as income protection, life and critical illness, and others, and for this job they do need a protection specific qualification. They're pay is around £37,000, compared to around £27,000 for those who just have CeMAP, so I guess if I was to go for another qualification i'd go for that.