What qualifications do I need for mortgage broking?

What qualifications do I need for mortgage broking?

Usually CeMAP 1, 2 and 3, or CFP 1 and 6, or MAQ.  Although this list isn’t exhaustive CeMAP is increasingly becoming the most popular route for qualification

One aspect of mortgage broking which is similar to many other skilled professions is that the qualifications alone aren’t enough to do the job.  You wouldn’t fancy a neurosurgeon operating on your brain after reading a few books and taking some exams on the theory of deep brain operating procedures in the temporal lobe!  Well it’s the same in financial services, just because you have the academic qualifications doesn’t mean you know how to source a mortgage, compile a compliance report, know what insurance your client needs or even how to source it.

That’s what is meant by (CAS) Competent Adviser Status and why you need it.

If someone is recently qualified but hasn’t got CAS then, the best course for them is usually to join a local Mortgage Broker or IFA firm on a self-employed basis on the understanding that they will split any commission they make in exchange for the broker allowing them to shadow them and give a bit training where necessary to learn sourcing systems, product knowledge and compliance requirements.  If you are going to do this, then a little tip to help you stand out is to have some protection or mortgage leads lined up before you speak to someone as “I would like to join you as a registered individual to get CAS” isn’t nearly as attractive as “I would like to join you as a registered individual to get CAS.  I have work waiting to put through on a commission split basis”.  CAS is usually given after an adviser has been working in the role for around 6 months and has submitted at least 10 mortgage applications, some with the relevant protection.

Remember, if you are newly qualified then as well as the qualification, you need CAS before a network will accept you as an Appointed Representative.

If you have been out of the industry for a number of years

Another scenario where you might not have CAS is where you were previously advising but have been out of the industry for a number of years.  In this case the things that matter are, how long you have been out of the industry as generally you start to get problems after 12 months.  We do know of some good networks that can stretch this to 2 or 3 years if the commercial viability of your business is good.  By which I mean if for example you have been an estate agent or in some other way have gained access to a substantial lead source in the interim period then it’s sometimes possible for a network to maybe give you a little training at an induction and accept you as an AR.  If on the other hand you left the sector a number of years ago because let’s say the recession meant that your business simply wasn’t commercially viable and nothing has really changed since then but you fancy giving it another go then you’ll need to join a firm as a registered individual, regain CAS and work on lead sources/marketing before a network will accept you as an AR.