Guide to the CeMAP 2 Qualification
Alright, let’s dive into CeMAP 2, the second module of the CeMAP qualification.
The good news is that the hardest part may well be over as many find CeMAP 1 to be the most difficult out of the three. By doing CeMAP 1 first you’ll have done the hardest part for most people as many people find CeMAP 2 and 3 relatively easy after CeMAP 1. There is a lot of duplication in CeMAP 2 from the CeMAP 1 module and this module is a lot more relatable.
This module, officially known as Mortgages (MORT), serves as the next building block in your journey into the world of mortgage advice.
In CeMAP 2, you’ll be introduced to the essential knowledge you will need to fully understand mortgage advice. The course syllabus covers topics such as mortgage law, applications, mortgage protection products and payment methods as well as issues that may arise after completion. All of this will give you a thorough grounding in the mortgage application process.
The LIBF state that your CeMAP studies here will cover things like
- The house buying process including Buying property at auction
- The mortgage conduct of business rules
- The economic and regulatory context for giving mortgage advice
- The role of a mortgage advisor providing advice
- Types of security, fees and charges involved in arranging a mortgage
- Property defects and their implications
- Principal factors affecting the value on a property, types of valuation and surveys
- Types of mortgage and their features
- Mortgage related protection
- Additional finance and debt consolidation
- Mortgage arrears and other breaches of the mortgage deed, legal rights and remedies available to lenders in respect of non-payment from the borrower
Now, let’s break it down further. CeMAP 2 consists of four separate units, each designed to help you develop the specialist knowledge required in this field.
Unit 3: Mortgage law, policy, practice and markets
This unit introduces you to the regulation of the different types of mortgages and equity release products. It provides an overview of the house-buying process and the different types of borrower. You will also gain an appreciation of the Mortgage Conduct of Business Rules.
Unit 4: Mortgage applications
This unit introduces you to the mortgage application process and procedures. It provides you with an understanding of the role of the mortgage adviser, the different types of fees and charges relating to mortgage application and the factors affecting the valuation of a property and the different types of valuation.
Unit 5: Mortgage related protected products
This unit introduces you to the protection market with an overview of the range of mortgage related protection products available and their suitability in the event of death, illness or disability. It also covers house insurance, including landlord insurance and insurance for self-build projects.
Unit 6: Mortgage payment methods and post completion issues
This unit introduces you to the different types of mortgage products and repayment methods providing you with an understanding of the suitability of each type of mortgage for different clients. It will also look at the processes and procedures for raising additional money on an existing mortgage and the treatment of clients and types of assistance for people who are experience difficulties in repaying their mortgage.
As you can see, CeMAP 2 is all about getting a thorough grounding in the mortgage application process including different products available and the issues borrowers may face after completion.
The entire CeMAP qualification typically spans 6 to 12 months, providing you with a comprehensive learning journey. When it comes specifically to CeMAP 2, if you’re pursuing it through self-study, you can expect to invest around two to four months to complete this module.
However, we understand that time is of the essence for many aspiring Mortgage Advisers. That’s where Fast Track training options come into play. There are programs, such as the Futuretrend 5-day combined CeMAP 2 & 3 Live Virtual Classroom, designed to accelerate your learning process. These intensive courses aim to support you in completing the second module within just a few weeks.
CeMAP 2 Exam
Now that we’ve covered what CeMAP 2 involves, let’s talk about the next step that many of you pushing towards – the exam.
You will need to register with the awarding body, The London Institute of Banking and Finance, also known as LIBF. If you already have taken your CeMAP 1 you then it will add this module to your current account. Each module currently costs £215. This fee covers your registration, a hard copy of the syllabus, and a single exam sitting for that module.
Exam Format:
The CeMAP 2 module is assessed through a 2-hour exam comprising 100 multiple-choice questions just like CeMAP 1. However, this exam is split into the four units we discussed earlier and timing and question allocations differ between each.
Time and Questions Allocation:
Unlike CeMAP 1 where the Units are split evenly in questions and time allocation, CeMAP 2 is divided slightly differently.
For unit 3 & 4, you have 30 minutes to answer 25 questions on each.
With Unit 5 you have 24 minutes to answer 20 questions.
Finally Unit 6 you have 36 minutes to answer 30 questions so clearly the largest unit.
Pass Mark:
Even though the units have different question amounts and duration, the pass mark for each unit is 70%.
So for units 3 & 4 you will need to answer 17 out of 25 to pass.
Unit 5 you will need 14 out of 20.
And finally unit 6 you will need 21 out of 30.
Module Grading:
Each unit is graded separately. If, for any reason, you don’t pass a unit, you only need to retake that specific unit, not the entire exam.
Results:
After completing the exam, you won’t have to wait long for the results. You’ll receive them on the same day via your LIBF Portal.
Preparing for the CeMAP 2 exam can be challenging, but with the right resources and study approach, you’ll be well-equipped to succeed.
Next Steps / What Comes Next
Once you have successfully navigated through CeMAP 2, and passed the exam, what comes next?
To complete your CeMAP qualification, your journey continues with the final module CeMAP 3 Qualification.
CeMAP 3 focuses on Assessment of Mortgage Advice Knowledge enabling you to provide an holistic assessment of client’s mortgage needs.
Look out for future posts where we’ll cover the CeMAP 3 Module in detail. We’ll explore the modules requirements, exam type, study options, and insights to help you excel in this next phase of your CeMAP journey.
As we transition to CeMAP 3, we’ll continue to provide guidance, tips, and support to ensure your success in the entire CeMAP qualification.
To conclude, CeMAP 2 is not just a module but really a pinnacle part of your syllabus studies in achieving your full CeMAP qualification as it will effect your progress in CeMAP 3, so it’s crucial that you continue the solid start you hopefully made with CeMAP 1 to put you in a good position for the final module of the qualification.