Mortgage Broker Training – What Options Are Available to Advisers and New Entrants Alike?

Not only is mortgage broker training essential for existing advisers, it is also a requirement for those looking to enter and thrive in the industry. Fortunately, there are many options available to those looking to enhance their career, or perhaps enter the market for the first time.

CeMAP – The Base

When people think about mortgage broker training, the first thing that likely comes to mind is the Certificate in Mortgage Advice and Practice (CeMAP). This is a qualification[1] that allows holders to demonstrate their ability to comply with national regulations and industry standards concerning mortgage and other lending products.

It’s considered an industry standard qualification[2] for mortgage advisers that’s split into three modules:

• UK Financial Regulations (UKFR)
• Mortgages (MORT)
• Assessment of Mortgage Advice Knowledge (ASSM)

The qualification is issued by the London Institute of Banking and Finance (LIBF[3]) among others. There are also many other organisations dedicated to supporting people with their studies towards the CeMAP qualification[4].

It’s also possible to attain a CeMAP diploma[5], which is a step above the CeMAP certificate. It demonstrates to potential clients and employers that the diploma owner offers a more advanced service.

CPSP – The New Option

Within the bespoke lending market specifically, there is a more niche option available for those seeking mortgage broker training. The Level 3 Certified Practitioner in Specialist Property Finance (CPSP[6]) was created to provide advisers with everything they need to know about specialist products such as bridging loans, and how they fit in with the wider market.

Launched in early 2023, the CPSP was a joint initiative from the Bridging & Development Lenders Association (BDLA), Financial Intermediary and Broker Association (FIBA) and London Institute of Banking and Finance (LIBF) to “consolidate and build specialist property finance skills and knowledge, to help you work more effectively with brokers, lenders, solicitors and valuers[7]”.

Market Financial Solutions contributed to the creation of the CPSP, and it has proven useful for brokers operating in the specialist market.

CPD – What Comes After the Qualification

Mortgage broker training does not end once a person attains a qualification. Often, advisers and other professionals are required to continuously study to keep hold of their qualifications. This is done through Continuing Professional Development (CPD[8]).

As the CPD Certification Service explains: “Continuing Professional Development is a commitment to ongoing lifelong learning. CPD encourages looking forward and identifying opportunities to learn something new, refresh existing knowledge, improve skills, or simply keep up-to-date with the latest developments within a particular profession or industry.”

Continuing Professional Development is measured through hours accrued, and there are many ways to top up CPD hours. Typical examples include taking training courses, attending educational events, or studying for new qualifications. Organisations that offer CPD services will inform their audience of how many CPD hours they’ll attain by taking part.

How many CPD hours a professional needs to collect will depend on their industry. Those operating in the mortgage market will typically need at least 15 hours’ worth of CPD in a year[9].

Thankfully, Market Financial Solutions is now an official CPD member. Meaning, we can deliver certified property and finance CPD training courses that are tailored to brokers and property investors.

So far, we have CPD training courses on HMO properties, commercial properties, holiday lets, student accommodation, and more. Collectively, we have over 10 hours’ worth of CPD available for advisers.

Other Options – Apprenticeships, College Courses, and Trainee Schemes

While mortgage broker training may primarily concern CeMAP qualifications, CPSP, and CPD, there are alternative options available to those looking to enhance their careers.

For those at the very beginning of their careers, mortgage adviser apprenticeships are available[10]. These apprenticeships typically combine a mix of learning on the job, and studying. What’s more, government funding is available to support these efforts[11]. It’s also possible to become a mortgage adviser through college courses, trainee schemes, and simply working towards the role where possible[12].

On the latter, those who may be looking for a side entrance into the mortgage broker world could utilise exiting skills they already have. Experience, arguably, is just as important as one’s academic background.

While a CeMAP certification may be a necessity for many, employers and clients are also likely to appreciate certain key skills from those they work with. Sales skills, along with top-notch customer service[13] will likely help brokers go a long way in their careers.

And of course, keeping up with what’s going on in the industry more generally will help with any mortgage broker training efforts. Or, at the very least, it’ll pay dividends down the line when one is serving their clients. While there are endless options for this, a good place to start is with the well-known news sources.

The BBC and the Financial Times, for instance, can provide decent insight on broader economic shifts. Whereas more specialist sites such as Property Reporter or Bridging & Commercial can offer more specialised focus on industry specific updates.

In truth, mortgage broker training is never truly complete. Those who are keen to consistently add to their knowledge and learn will likely succeed over those who may settle for the bare minimum. We embody this from a lender’s perspective here at Market Financial Solutions.

Since our founding in 2006, we have continuingly tried to learn from the market, and educate ourselves on how we can better serve property investors across England and Wales. As our brokers focus on their education and training, we vow to follow the same path and grow with them.