CeMAP registrations up 600pc
Registrations have surged as major lenders seek to hire and train mortgage advisers and practitioners before next April’s Mortgage Market Review deadline.
Anne Kiem, chief executive of the Institute of Financial Services, said: “With the mortgage market set to grow next year as the economy continues to improve we are pleased, but not surprised that so many practitioners are registering for CeMAP.
“While some commentators have expressed concern that the Mortgage Market Review may lead to processing delays in mortgage applications these figures show that the industry and its practitioners are responding well to the forthcoming changes.”
Under the terms of MMR any sale which is interactive, face-to-face or telephone, has to be advised unless the borrower is a high net worth individual, a mortgage professional or if the loan is solely for business purposes which can sold on an execution-only basis.
And execution only can only be offered through the internet or the post.
Mike Jones, director of intermediaries at Lloyds Banking Group, said: “All lenders will need to ensure that both branch based and telephony channels will need to have sufficient colleagues in place who are CeMAP qualified. A significant proportion of our branch mortgages advisers
are all ready CeMAP qualified and we are actively training and investing in our employees across both channels to ensure that we are in good position next year to assist our customers.”
Mark Walker-Smith, client director for worksmart, said a big a lender such as HSBC which has a significant proportion of its sales team based in call centres are likely to have been carrying out significant CeMAP staff training.
He said: “Non-advisory telephone-based operations like HSBC will have to put their people through CeMAP training because they are likely to want to retain the telephone model because it is a more cost effective way of offering mortgages.”
HSBC were unavailable to comment.
But Walker-Smith said industry and market factors will be adding to the increase in CeMAP registrations.
He said: “The upturn in the economy, Help to Buy and the big banks looking to increase market share are all factors which will be increasing the need for qualified advisers.”