The EU Mortgage Credit Directive (MCD) defines nine areas of appropriate knowledge and competence for those involved in the manufacture, sale and underwriting of mortgages. Mortgage sellers need to hold CeMAP or an alternative level 3 qualification that sufficiently covers the nine areas of appropriate knowledge to be able to perform their roles. Whilst those involved in mortgage product design or underwriting are not required to obtain a specific qualification, they are still required to have appropriate knowledge and competence.
The Council of Mortgage Lenders (CML) undertook a mapping exercise to identify individuals within Product Design and Underwriting, aligning the 9 areas of required knowledge to either an awareness, understanding or detailed understanding and application level.
We have taken the output from the mapping exercise and cross-referenced it to our existing Mortgage and Home Finance eLearning titles. Some gaps were identified and these are being addressed in a brand new eLearning course called The House Buying Process.
By completing all the titles within the Mortgage and Home Finance catalogue, your employees will develop the knowledge and competence required under the MCD.
The new course is aimed at anyone working with mortgage products and will feature:
- A short “teaser” video to raise awareness
- A number of interactive eLearning activities covering the house buying process and the key parties involved, types of borrower, suitability criteria, types of survey and valuation report, property defects and their implications etc
- A summary of the key points for reinforcement and refresher training
- A post-course assessment