The Intermediary Mortgage Lenders Association yesterday voiced concerned at the alarming level of apathy amongst mortgage intermediaries over mortgage advice qualifications.
Current MCCB rules require that mortgage advisers should have passed either the CeMAP or the MAQ qualification by December 31 2002. If an adviser remains unqualified after this date and is not working under the formal supervision of a qualified mortgage adviser, they will not be able to remain in business, legitimately at least, as a mortgage adviser.
IMLA's research indicates the three main reasons for advisers not completing their qualifications are: confusion over the regulatory regime caused by the many changes introduced by both the MCCB and the government and over the status of current statutory proposals; concern over returning to formal academic study and examinations after many years; and in some cases, over-confidence in their ability to simply 'wing-it' in examinations as a result of years of solid practical experience.
Tony Ward, chairman of IMLA, says: “This is a worrying situation for lenders, intermediaries and their clients. It is estimated that there are something in the region of 47,000 advisers who remain unqualified at present with just 23 weeks to go. This represents more than half of the industry. The fact of the matter is that if these unqualified individuals have not made significant progress towards qualification already there is little chance of them doing so by the deadline.”