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CeMAP
The Certificate in Mortgage Advice and Practice (CeMAP) is a QCF Level 3 UK-specific qualification for mortgage advisers offered by The London Institute of Banking & Finance. It meets the standards required by the Financial Conduct Authority to practice as a 'licensed' adviser – 80% of UK advisers holding the qualification. CeMAP qualification process The qualification comprises seven mandatory units that are studied and assessed in three modules as follows: Module 1 * Unit 1 - Introduction to Financial Services Environments and Products * Unit 2 - UK Financial Services and Regulation CeMAP Module 1 Exam: The CeMAP Module 1 exam consists of 100 multiple choice questions in total. The first 50 questions are based on Unit 1 and the remaining 50 questions are based on Unit 2. Students must achieve a score of 70% or more to pass this unit. The test is currently conducted at the Pearson VUE test centres in the United Kingdom. Module 2 * Unit 3 - Mortgage Law, Policy and Marke ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The London Institute Of Banking & Finance
The London Institute of Banking & Finance is the oldest training and professional body for banking and financial services in England and Wales, and works internationally with partners to establish ethical and professional standards across the sector around the world. It provides training programs for students and has degree awarding powers as a registered educational charity, incorporated by royal charter. It also runs a number of initiatives in the financial education sector such as the Student Investor Challenge and Young Financial Journalist of the Year. History Established in 1879 as the Institute of Bankers, by bank workers who saw a need for professional standards and education in the industry, it had 2,000 members by the end of its first year. The first exams took place in 1880 and were opened to women in 1917 – a year before women were given the vote in the UK. The institute gained a royal charter in 1987 becoming the Chartered Institute of Bankers and in 1993 mer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Qualifications And Credit Framework
The Qualifications and Credit Framework (QCF) was the national credit transfer system for education qualification in England, Northern Ireland and Wales until October 2015.. The replacement was the Regulated Qualification Framework. The QCF replaced the National Qualifications Framework (NQF), which closed for accreditations at the end of 2010. Scotland has its own system, the Scottish Credit and Qualifications Framework. Overview Every unit and qualification in the framework has a credit value (where one credit represents 10 hours of learning time). There are three different sizes of qualification: * awards (1 to 12 credits) * certificates (13 to 36 credits) * diplomas (37 credits or more) In addition, each qualification has a level of difficulty from Entry level at the bottom to Level 8 at the top. The title of each qualification within this framework contains details of the size (award/certificate/diploma), level of difficulty (Entry to Level 8) and the general content o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many smaller islands within the British Isles. Northern Ireland shares a land border with the Republic of Ireland; otherwise, the United Kingdom is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. The total area of the United Kingdom is , with an estimated 2020 population of more than 67 million people. The United Kingdom has evolved from a series of annexations, unions and separations of constituent countries over several hundred years. The Treaty of Union between the Kingdom of England (which included Wales, annexed in 1542) and the Kingdom of Scotland in 170 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage Broker
A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Traditionally, banks and other lending institutions have sold their own products. As markets for mortgages have become more competitive, however, the role of the mortgage broker has become more popular. In many developed mortgage markets today, (especially in the United States, Canada, the United Kingdom, Australia, New Zealand, and Spain), mortgage brokers are the largest sellers of mortgage products for lenders. Mortgage brokers exist to find a bank or a direct lender that will be willing to make a specific loan an individual is seeking. Mortgage brokers in Canada are paid by the lender and do not charge fees for good credit applications. In the US, many mortgage brokers are regulated by their state and by the CFPB to assure compliance with banking and finance laws in the jurisdiction of the consumer. The extent of the regulation depends on the jurisdiction. Duties of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Conduct Authority
The Financial Conduct Authority (FCA) is a financial regulation, financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom. It focuses on the regulation of conduct by both retail and wholesale financial services firms.Archived here. Like its predecessor the Financial Services Authority, FSA, the FCA is structured as a company limited by guarantee. The FCA works alongside the Prudential Regulation Authority (United Kingdom), Prudential Regulation Authority and the Financial Policy Committee to set regulatory requirements f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Services
Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer finance, consumer-finance companies, brokerage firm, stock brokerages, investment management, investment funds, individual asset managers, and some government-sponsored enterprises. History The term "financial services" became more prevalent in the United States partly as a result of the Gramm-Leach-Bliley Act, GrammLeachBliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge. Companies usually have two distinct approaches to this new type of business. One approach would be a bank that simply buys an insurance company or an investment bank, keeps the original brands of the acquired firm, and adds the Takeover, acquisit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Regulation
Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the stability and integrity of the financial system. This may be handled by either a government or non-government organization. Financial regulation has also influenced the structure of banking sectors by increasing the variety of financial products available. Financial regulation forms one of three legal categories which constitutes the content of financial law, the other two being market practices and case law. History In the early modern period, the Dutch were the pioneers in financial regulation. The first recorded ban (regulation) on short selling was enacted by the Dutch authorities as early as 1610. Aims of regulation The objectives of financial regulators are usually: * market confidence – to maintain confidence in the financial system * financial stability – contributing to the protection and e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage Law
A mortgage is a legal instrument of the common law which is used to create a security interest in real property held by a lender as a security for a debt, usually a mortgage loan. ''Hypothec'' is the corresponding term in civil law jurisdictions, albeit with a wider sense, as it also covers non-possessory lien. A mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower. The word is a Law French term meaning "dead pledge," originally only referring to the Welsh mortgage (''see below''), but in the later Middle Ages was applied to all gages and reinterpreted by folk etymology to mean that the pledge ends (dies) either when the obligation is f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage Loan
A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is " secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or " repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word ''mortgage'' is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arrears
Arrears (or arrearage) is a legal term for the part of a debt that is overdue after missing one or more required payments. The amount of the arrears is the amount accrued from the date on which the first missed payment was due. The term is usually used in relation with periodically recurring payments such as Renting, rent, Bill (payment), bills, royalties (or other contractual payments), and child support. Payment in arrear is a payment made after a service has been provided, as distinct from in advance, which are payments made at the ''start'' of a period. For instance, rent is usually paid in advance, but mortgages in arrear (the interest for the period is due at the end of the period). Employees' salaries are usually paid in arrear. Payment at the end of a period is referred to by the singular arrear, to distinguish from past due payments. For example, a housing tenant who is obliged to pay rent at the end of each month, is said to pay rent ''in arrear,'' while a tenant who has ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage Industry Of The United Kingdom
The mortgage industry of the United Kingdom has traditionally been dominated by building societies, the first of which opened in Birmingham in 1775. But since the 1970s, the share of new mortgage loans market held by building societies has declined substantially. Between 1977 and 1987, the share fell drastically from 96% to 66%, and that of banks and other institutions rose from 3% to 36%. The major lenders include building societies, banks, specialized mortgage corporations, insurance companies and pension funds. During the four years after the financial crisis of 2008, the UK mutual sector provided approximately 80% of net lending to the housing market. There are currently over 200 significant separate financial organizations supplying mortgage loans to house buyers in Britain, with Lloyds Bank and the Nationwide Building Society having the largest market share. Mortgage lenders Over the years, the share of the new mortgage loans market held by building societies has declined. Be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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