CeMAP training

Open courses on CeMAP

2012-01-10T01:11:00.001-08:00

This is because they want to make sure that they get back the money the money that they give you. In terms of security, the banks are only being fair. Most of the times, people sign in a guarantee who would be responsible to repay the back the money in case you are not able to. There are also many banks that ask for property as collateral. This is also known as mortgage. When a property or an asset is mortgage, it means that in the event you are unable to repay back the loan, the property would be seized by the loan issuing authority like the bank, and will be sold off or made use of to repay back the loan.

Thus mortgage is to pledge your property against the full loan amount that you have taken. It is quite common when a bank loans amount a large sum of money. When employees look for mortgage counseling, someone with a qualification in mortgage is highly sought after. Hence it is becoming an important career choice for many today. There are many countries who train their students to complete and clear mortgage exams. Innovative ideas and training tools are implemented to train students to clear their CeMAP exams. The curriculum and training program is designed to meet the needs of the students.

This site offers training for the CeMAP exam. There are many advantages to the CeMAP training. Clearing the CeMAP exams qualifies a student to practice as a mortgage advisor in the UK. The training is oriented towards their job and hence it allows students to become proficient in their work. There is a large need for qualified mortgage advisors in the country today.

This has created a lot of openings for qualified mortgage professionals in the market today. Also a CeMAP qualified professional not only has the option of joining existing firms as advisors but they are also qualified to open their own mortgage advisory services. However, there are many companies across the country that has a demand for mortgage professionals. Therefore it is a feasible career options for many students across the country as the opportunities are vast. This site will help and guide students who are looking to take up their CeMAP exams. You will find all information related to such exams here.

Why CeMap Training is Important

2011-10-10T03:26:00.001-07:00

CeMap training is essential to get into the mortgage industry. The training is to prepare students to help them face the market today. This training will help students clear the CeMap exams easily so that they can become qualified mortgage professionals.
CeMap training is essential to get into the mortgage industry. The training is to prepare students to help them face the market today. This training will help students clear the CeMap exams easily so that they can become qualified mortgage professionals. Today there is a great need of mortgage professional in the industry. The number of professionals required greatly fall short of the available professionals.

Therefore it is a very good opportunity for aspiring students to into the mortgage industry as it provides a high rate of absorption and tremendous career opportunities down the line. The future prospects of such students are very bright.

Shijina is an expert SEO copywriter for CeMAP. She has been written many articles like CeMAP training, CeMAP courses,Home study CeMAP,FREE CeMAP Guide Book,CeMAP 1,2 and more, For more information visit our site cemap-training.com.

Compete In Market With The Help Of CeMAP Training

2011-10-09T21:55:00.000-07:00

CeMAP as a course will improve the skills of students in the field of mortgage and financial industry. It offers an in-depth understanding of terms and facts which are prevailing in financial and mortgage industry.
For majority of citizens it is very vital for them to remember the truth that the expenditure of mortgage will turn out to be as a huge overhead. One fact is understandable that the owners of dwell will tend to estimate the value of their home so as to get a best deal in town. By taking this point into consideration the need for qualified mortgage adviser has emerged in market.

If advisers are not able to deliver valuable suggestions and advice to public in concise manner then it is of sure that they would start to lose their reputation in the market. Hence it is advisable for them to take the course of CeMAP training and equipped with facts of mortgage industry.

It is also beneficial for those who are willing to change their career or looking forward to do better from their previous position. By getting through this course it is of sure that you will move forward in your career and you will start to gain recognition in society.

To become a qualified CeMAP mortgage broker the only thing which is required for you is dedication, commitment, focus, hard work, motivation and ability to achieve the success. It will sound simple for those who are excellent in their academics for the rest CeMAP training will take care of it.

Even if you are new to this industry then there is no point in getting worried about the content of the course or about the syllabus. This is for the simple reason that institutes will train you up in such manner that you will able to compete with those who already have knowledge in this field.

Requirement of examinations are, you are ought to study the syllabus of the course and then get through the exams by achieving a said percentile of 70%. Once you are able to complete all the modules of CeMAP training a certificate of excellence and certificate of completion will be awarded to you by the "ifs school of finance".

Shijina is an expert SEO copywriter for CeMAP. She has been written many articles like CeMAP training, CeMAP courses,Home study CeMAP,FREE CeMAP Guide Book,CeMAP 1,2 and more, For more information visit our site cemap-training.com.

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Open courses on CeMAP

2011-10-06T22:22:00.000-07:00

When you apply for loans, you would have often come across a term called mortgage. We end up taking loans in our life for various reasons. Some, maybe very essential, and some to just to add that little bit of luxury in your life. Whatever the reasons we take out loans for, the issuing authority, or the lender, most commonly a bank, would like collateral for the loan that they give out to you.

This is because they want to make sure that they get back the money the money that they give you. In terms of security, the banks are only being fair. Most of the times, people sign in a guarantee who would be responsible to repay the back the money in case you are not able to. There are also many banks that ask for property as collateral. This is also known as mortgage. When a property or an asset is mortgage, it means that in the event you are unable to repay back the loan, the property would be seized by the loan issuing authority like the bank, and will be sold off or made use of to repay back the loan.

Thus mortgage is to pledge your property against the full loan amount that you have taken. It is quite common when a bank loans amount a large sum of money. When employees look for mortgage counseling, someone with a qualification in mortgage is highly sought after. Hence it is becoming an important career choice for many today. There are many countries who train their students to complete and clear mortgage exams. Innovative ideas and training tools are implemented to train students to clear their CeMAP exams. The curriculum and training program is designed to meet the needs of the students.

This site offers training for the CeMAP exam. There are many advantages to the CeMAP training. Clearing the CeMAP exams qualifies a student to practice as a mortgage advisor in the UK. The training is oriented towards their job and hence it allows students to become proficient in their work. There is a large need for qualified mortgage advisors in the country today.
This has created a lot of openings for qualified mortgage professionals in the market today. Also a CeMAP qualified professional not only has the option of joining existing firms as advisors but they are also qualified to open their own mortgage advisory services. However, there are many companies across the country that has a demand for mortgage professionals. Therefore it is a feasible career options for many students across the country as the opportunities are vast. This site will help and guide students who are looking to take up their CeMAP exams. You will find all information related to such exams here.

Shijina is an expert SEO copywriter for CeMAP. She has been written many articles like CeMAP training, CeMAP courses,Home study CeMAP,FREE CeMAP Guide Book,CeMAP 1,2 and more, For more information visit our site cemap-training.com.

CeMAP Training and Its Advantage

2011-09-27T05:29:00.000-07:00

Mortgage qualification is thought out to be as significant qualification for those people who are engaged in the business of mortgage advisory.

There are many institutes that are involved in the business of training up the students who approach to them. Such institutes offer training with the help of innovative ideas and advanced training tools. The program and content designed by training institutes are specifically offered to students so as to meet their requirements and the requirements of CeMAP exams.

CeMAP training is packed by following advantages:

1. CeMAP qualification facilitates students to practice as a mortgage advisor in the UK.
2. It enhances the knowledge and proficiency of the people who want to enter into the field of mortgage industry.
3. CeMAP exams are held so as to raise the knowledge of the person and at the same time to increase the professional reputation in mortgage advisory business.
4. At this present scenario mortgage industry has more number of vacancies available for CeMAP qualified personnel and to satisfy this requisite, more individuals are required to pass the CeMAP exams.
5. CeMAP qualification facilitates the CeMAP trained adviser to directly enter in the field of mortgage business (i.e.) he/she may start its own mortgage advising. Additionally there is more number of companies which are looking for qualified employees so as to fill up the mortgage advisory vacancies.

CeMAP training offered to students would cover 3 parts of exam. CeMAP 1, CeMAP 2 and CeMAP 3 are covered with broad training activities that are offered to students for their exams and final revision. To perform the role of mortgage adviser mortgage qualification is the core requisite. Hence any individual who is willing to build up his/her career in mortgage advisory must make sure to undergo the training of CeMAP qualification.

The qualification which is offered by them is examined by a leading educational institution called the "ifs School of Finance". The 'ifs School of Finance' offers professional qualifications for students who want to be a part of financial services industry.

CeMAP training is considered to be as a gate pass for those individuals who are willing to build up their fruitful career in mortgage advising. It can be considered as a license for those who are willing to practice the act of mortgage advising and serve the public. Once you get certified it will aid you to scale up the ladder of success. Hence for this valid reason many expertise who are already in the field of mortgage advising are aiming to possess this certification.

CeMAP training helps individual to gain reputation in society and improve their lifestyle too. No matter from which educational back ground you come from still you can enroll in this and get benefited from the results that is waiting for you.

Swetha Roy who is an author wrote this article. To qualify CeMAP go through CeMAP courses and CeMAP training

Mortgage Broker Licensing

2011-05-08T21:04:00.000-07:00

Becoming a mortgage broker is like entering a well-rewarded profession. Being a mortgage broker requires a license to protect the consumers as they apply for mortgages. The steps here provided would lead you to become a mortgage broker the fast and easy way.

1. Train for the job

A mortgage broker is assumed to be the expert in the field of properties and houses. A regular homeowner expects you to help them understand the mortgaging concept and what it can do for them. To be real-deal mortgage broker, you also have to pass an accreditation procedure. Several trainings can be done online.

2. Know the respective state laws

Mortgage laws differ from one state to another. It is part of your job as a mortgage broker to fully understand and know all the mortgage laws in the state you are operating in. It is your responsibility to guide a prospective buyer in obtaining the best deal.

3. Enlist with the proper federal institution

This is your first step in getting your license. Send in your application form, together will all the pertinent documents required to the proper regulating bureau of the state. Again, these bureaus are different from state to state, so make sure that you go to the right one.

4. Pay the necessary fees

There is a particular amount that you have to pay. You have to shell out for the application fee, as well as the investigation fee. Also, you have to post a Surety Bond that is more or less $25,000. There could be other charges like licensing fees and fingerprinting fees. These should all be covered to get your application processed accordingly.

5. Take the examination

After going through the approved educational procedure and the minimum hours required, you should be ready to take the test to determine your knowledge and abilities to become a broker. This encompasses all your trainings and mortgage schooling.

6. Get your license and work

Now that your license is in your hands, you are now a certified mortgage broker. You now have the ability earn while helping others getting a mortgage on their houses. A strong steady stream of clients is all you need to boost you up. Also, that is well achieved by professionalism, performance, and commitment on the job.

7. Get some career connections

To launch you up in the field of mortgage brokerage, do become an apprentice to a mentor. This is advisable until after you get the hang of the job and can work solely on your own. You needed actual practice before threading on the waters alone. A good mentor is somebody who has been in the field long enough. If you do not know of somebody who could take you in, you can affiliate with some bigger organizations and make use of their continuous training and help.

A mortgage broker serves as the middleman between lowly homeowners and powerful financial institutions. Mortgage brokers are people who genuinely helps other be on the same foreground with an otherwise big company an ordinary individual would sure not feel comfortable talking to alone.

8. Be a mortgage broker

This could be the best opportunity for you and your innate administrative talent. This could be where your success lies. Everybody with the proper commitment and love for the work can be a successful mortgage broker. Start now and become a professional soon.

Flexible Mortgages For Steady Savers

2011-05-05T21:41:00.000-07:00

Flexible mortgages of this type work best for people who are steady savers and who will make regular payments, only using the flexibility when they really need it. Couples who put both their salaries into the account will also make great savings. Some people have even asked their parents to put their savings in the account for a short time, so they pay even less in interest and make real inroads into repaying their flexible mortgage.

With flexible mortgages, self-discipline is essential. For example, some lenders encourage borrowers to roll all their debts into the offset mortgage account, effectively consolidating their debts. However, this turns a short-term debt into a long-term one, so think carefully before taking this step. The main thing for borrowers to remember is that although the mortgage is flexible, they will need to pay it off before they retire, so taking frequent advantage of the borrowing limit may make it difficult to reach that goal.

5 Tips on Choosing the Right mortgage Broker

2011-05-04T20:50:00.000-07:00

The mortgage market is a large one with mortgage brokers offering their loan services to you right and left. Here’s a little advice to help get the ideal broker for your wishes.

1) Before consulting a broker ask how much their services will cost and if they have selections in the way of payment.

2) When you join up with a broker you’ll be made to commit to a contract. Read the contract punctiliously and make sure that all of the duties and aspirations of each party are obviously written.

3) When making any accord, include it in the contract. Never depend on oral agreements as they can simply be denied and overlooked.

4) Never pay up front, only pay when the services that were agreed on have been rendered to your satisfaction.

5) Debate with them the method that they use to choose which loan is ideal for you. There is not any denying that mortgage brokers earn through commission and they may very well be selecting a bank based mostly on the amount they get as commission.

5 Bonus Tips on Choosing the Right Broker

1) Don’t be content with asking one broker. There are a lot out there so that you can perform a little research to figure out which broker can offer the best loan package for you.

2) Make certain that your broker is not a bank offering a loan from a single company. This suggests you ought to be extremely suspicious if only one loan is being offered to you.

3) Understand all the important points of the loan package on offer. If it is confusing ask for independent recommendation so you can’t be misled by your mortgage broker on things that remain confusing.

4) Double check on what the mortgage broker has suggested. Access online calculators and once more ask for independent recommendation.

5) Ask the broker to show how they’re paid to guarantee transparency in all of the loan transactions you are entering into.

Find a Mortgage Broker

2011-04-26T22:51:00.000-07:00

Most people choose to invest in real estate because it has the potential to be extremely profitable. However, due to the real estate industry's competitive nature, it can often be difficult to choose the right type of home loans and mortgage lenders for your financing needs when you're in the market for a mortgage refinance, a new house purchase or to obtain a home equity loan. Therefore, because there are numerous options available to you, it can really help to work with professionals, such as mortgage brokers and mortgage lenders in order to get the best possible deal on your mortgage loan.

When it comes to choosing mortgage brokers and home loan companies to work with, you should know that there are many different types competing for your business. They include financial institutions such as:

1. Traditional banks
2. Unions
3. mortgage companies
4. Credit mortgage lenders

There are both advantages and disadvantages to each of the mortgage lenders mentioned above. However as a general rule of thumb, you may find that your local bank is usually unable to offer you the best interest rate for mortgage loans. While credit unions are often known to offer borrowers with more competitive rates, the greatest way to ultimately secure the best mortgage rates is to search for lenders and financial institutions that specifically cater to mortgage products and services.

Online mortgage loans are another option you may want to consider for your financing needs. There are several mortgage lending companies that have online presence in the form of different Web sites and forums that you can refer to. Although banks and credit unions generally do not offer bad credit loans, there are other types of mortgage lending companies that can help you if your credit score is less than perfect.

Be a Cemap Mortgage Brokers

2011-04-21T03:52:00.000-07:00

Today, real estate fetches good demand in the market and almost every one is interested in purchasing home property for desire price. To enjoy luxurious, people requires finance and to procure debt, they require mortgage brokers. Credit brokers are special person who originates loans to the borrower on behalf of financial institutions, lenders and banks. Well experienced, trained and professional agents are available in the industry to helps customers for obtaining funds.

Credit negotiators are special person who yields more demand in the market not only for their service but also for their advices. Becoming debt broker in the industry is not the difficult task, but the dealer is required to compile with the statute of the state and federal government. CeMAP exams are conducted for the trainees who require certificate in mortgage advice and practice and to be qualified has a broker in the business environment. In most of the states without the certificate, the advisor finds difficult in offering the service and advice to the customer. CeMAP qualification is a special qualification which will be provided only to the credit consultant by compiling with laws of FSA regulations.

Types of mortgages

2011-04-18T20:53:00.000-07:00

What is a Flexible Mortgage?
A flexible mortgage allows you the borrower to make extra repayments as extra money becomes available and/or reduces, skip payments should you need to conserve funds for a short while. You will usually have to build up a reserve, probably through overpayments before being allowed to lower or miss payments. Flexible, and offset mortgage accounts allow a new type of apr (annual percentage rate) to be implemented instead of the older method of managing lending rates based on typical apr i.e. annually, the advent of the flexible account type product allows interest to be calculated daily, this means that even a small percentage of overpayment means you are much better of. Of you were to have your wages paid in each month it means that whilst you were spending them you would be paying less interest on your mortgage until they were spent and then you would have reduced the capital, it gets much better if you can leave a little extra in each month, you could see years being paid off your mortgage term. more information.

What is an Offset Mortgage?
An offset mortgage is exactly that. It is primarily for people on high salaries or that have a reasonable savings account, it allows you to set aside money you have in a savings account and completely offset it against your mortgage account. This has huge tax advantages for people that rent property out , please note that every individual is different and all cases need examining and this illustration simply shows the thinking behind using an offset mortgage for a reason. more information.

What is an Account Mortgage?
This puts all your money in one place - From your Mortgage account, your savings account, your current account, it pay all your direct debits, and bills. Allow online access to all your banking needs, and can dramatically reduce your interest payments, where else can you get a loan at an interest rate the same as your mortgage and be free to top up or reduce as and when you like. Subject to relevant equity in your property.

Tips on passing your CeMAP exam

2011-04-15T22:33:00.000-07:00

When it comes to taking an exam, many people suffer from nerves and don’t perform at their best. It can be a very ‘pressurised’ experience, and one that you’ll need to prepare well for. Taking your CeMAP exam to achieve a CeMAP qualification is no different.

If you follow these seven tips on taking your exams following your CeMAP training.

Make sure you have everything you need
This sounds obvious, but when you come to take an exam you should ensure you have the necessary pens and pencils, as well as spares. Running out of ink or breaking your pencil is one thing you don’t want to worry about during your CeMAP exam.

Relax the night before the exam
Some people like to do last minute cramming before exams, but it’s better to relax and save your energy. Get to bed early and eat a healthy breakfast the morning of the exam.

Schedule your time during the exam
You should map out how long you’ll dedicate to each questions and section, that way you’ll ensure you have enough time to answer the whole paper. There’s nothing worse than failing to answer a question because you’ve run out of time, especially if you know the answer.

Make notes during the exam
Just as you would in the workplace, as something comes to you in the exam note it down on a separate piece of paper. This way you won’t forget anything during the exam and will be able to organise your thoughts for each question.

Answer every question
Again this one seems obvious, but if you fail to answer a question you won’t get marked for it. If you make an educated guess or attempt to answer the question you could pick up much needed extra marks that will go towards your pass.

Use all of your available time
It can be tempting to leave the exam once you have finished, this should be avoided. If you remember something afterwards it’s too late. Use all of your time to go back over your answers and make sure you haven’t left anything out.

Breathe
Don’t forget to breathe. Take a few deep breaths at the start of the exam, and try your best to relax. Delegates on the Beacon CeMAP training courses have mock questions at every section and plenty of mock exams to try, and trust us, by the end of the week, everyone agrees you do not need the full amount of time to complete the exam.

CeMAP Exam Tips

2011-04-14T23:33:00.000-07:00

once you’ve done the CeMAP training, you know your subject, but many people worry incessantly about the exam. A lot of people suffer with exam nerves, and you shouldn’t worry too much about it. Just get in there, take a deep breath and follow our top tips for CeMAP success:

1. It sounds really obvious, but in the case of the CeMAP exam, you really do need to make sure you read the question. Make sure you check whose shoes you should put yourself in. In most cases, you’ll be looking from the point of view of the mortgage advisor, but sometimes you’ll be asked to consider the lender’s point of view or the valuer’s, so read the question carefully.

2. In a similar way, be sure you read the answer. Watch out for answers that are very similar. If you see a word like ‘always’ or ‘never’ then re-read the question and answer carefully. Words like these leave no room for doubt and in many cases, as highlighted in your CeMAP training, the correct answer will contain ‘usually’ or ‘generally’.

3. If you have read the question and the answer carefully, and you still aren’t a hundred per cent sure, then mark the question and come back to it later. When you eventually decide to tackle it, use the process of elimination and never leave a question unanswered. It’s multiple choice, you stand a chance of getting it right.

Commercial Mortgage Brokers

2011-04-12T22:39:00.000-07:00

A Commercial Mortgage Broker is there to help you arrange a mortgage or second charge loan secured on commercial property. A good broker will offer a fast and flexible service with free advice. Most commercial mortgage brokers will charge a broker fee, however this should be negotiable.

Whatever type of business you are running a commercial mortgage broker can help you to find the right commercial mortgage including: Commercial mortgages for pubs, restaurants and night-clubs, Hotels and Guesthouses and Bed & Breakfasts, Business loans for owner occupiers, Residential Care and Nursing Home and Commercial Mortgages for investment property.

A commercial mortgage broker should be independent and will help you search the whole commercial finance market to seek out the most suitable finance package for your business. A bad credit history should not necessarily mean that you can not get finance but it will certainly make things more challenging for your broker, ironically this means that you may end up paying more by way of fees and charges. If you have had problems getting any sort of finance in the past then you can expect more problems with getting a commercial mortgage.

Flexible Offset Mortgages

2011-04-12T02:15:00.000-07:00

Our Flexible Offset Mortgages gives you added freedom – and a great long-term deal. It you to offset your savings against your mortgage. So the more money there is in your savings pot, the less interest you’ll be charged, allowing you to pay off your mortgage earlier.

Why choose a Flexible Offset Mortgage?

Freedom: Overpay when you choose so you pay less interest over the mortgage term, then underpay or take a payment holiday whenever you need.

Savings: Offset your savings against your mortgage and cut the interest you pay over the term of your mortgage.

Reduced payments: Our Flexible Offset Mortgages track the Bank of England base rate so you benefit from lower monthly repayments if this rate reduces, but remember it may also go up.

Long term: Added flexibility means you needn’t look for a new deal every few years.

Extra borrowing: Borrow additional money in the future, at the same rate as your mortgage up to an agreed limit.

Benefit packages: Available on some of our Flexible Offset Mortgages, these include a free basic valuation on properties valued up to £2.5 million, and standard legal fees paid for remortgaging or £250 cashback if you’re moving home – early repayment charges will apply.

Risk: You need to be comfortable with repayments that could rise as well as fall.

5 Tips for shopping for a mortgage

2011-04-11T02:22:00.000-07:00

Know what you can afford

Review your monthly spending plan to estimate what you can afford to pay for a home, including the mortgage, property taxes, insurance, and monthly maintenance and utilities. Make sure you save for emergencies. Plan ahead to be sure you will be able to afford your monthly payments for several years.

Shop around--compare loans from lenders and brokers

Shopping takes time and energy, but not shopping around can cost you thousands of dollars. You can get a mortgage loan from mortgage lenders or mortgage brokers. Brokers arrange mortgage loans with a lender rather than lend money directly; in other words, brokers sell you a loan from a lender. Neither lenders nor brokers have to find the best loan for you--to find the best loan, you have to do the shopping.

Understand loan prices and fees

Many consumers accept the first loan offered and don't realize that they may be able to get a better loan. On any given day, lenders and brokers may offer different interest rates and fees to different consumers for the same loan, even when those consumers have the same loan qualifications. Keep in mind that lenders and brokers also consider the profit they receive if you agree to the terms of a loan with higher fees, higher points, or a higher interest rate.

Know the risks and benefits of loan options

Mortgages have many features--some have fixed interest rates and some have adjustable rates; some have payment adjustments; on some you pay only the interest on the loan for a while and then you pay down the principal; some charge you a penalty for paying the loan off early; and some have a large payment due at the end of the loan. Consider all mortgage features, the APR (annual percentage rate), and the settlement costs. Ask your lender to calculate how much your monthly payments could be a year from now, and 5 or 10 years from now.

Get advice from trusted sources

A mortgage loan is one of the most complex, most expensive financial commitments you will ever assume. Talk with a trusted housing counselor or a real estate attorney that you hire to review your documents before you sign them.

Seven Top Facts On CeMAP Training Courses

2011-04-06T22:32:00.000-07:00

CeMAP training is the first step to a new career, and it is vital to have the best available training support to achieve success in the CeMAP examinations. Seven Top Facts on CeMAP Training courses in given below:

There Is Much To Find Out Before You Can Comprehend The Mortgage Industry

When advising on mortgages, there are a vast quantity of facts that are essential be understood before anyone may be considered set to advise anybody. Since signing up for a mortgage is a key issue for the majority of people and there are several different kinds of mortgage offered every one with loads of different aspects and details that necessarily be taken extremely carefully before a suggestion may be given.

It Is Essential To Pass The Cemap Examination Before You Can Give Mortgage Advice

In addition, a person has to pass the CeMAP course test before he or she will be allowed to give a recommendation, which is beyond doubt a good thing for the mortgage industry. To pass this important examination, however, it is almost obligatory to follow one of the various CeMAP training courses on offer, since these courses furnish students the skills and knowledge that they need to succeed not merely on this test, but in the mortgage industry generally If you really would like to become a mortgage adviser, don't fail to that you consider the CeMAP training courses running near where you live ahead of deciding to try the test.

Not All CeMAP Training Courses Are Identical

Not every one of the CeMAP training courses are alike, because they are available in several intensities and levels of development, therefore make certain that you pick the one that is right for you. Several of these courses are awfully rigorous, whereas other courses are suitable for individuals to study at their own speed. If you are the kind of person who likes to learn at your own speed, you should unquestionably review the Internet form as it will provide you this choice.

It Is More Difficult To Obtain Help With CeMAP Home-Study Training Courses

In addition there are CeMAP home training courses that allow anyone the possibility to study at their own rate, even if it is less easy to get the help that you require from home, compared to online.

When Learning On The Internet Or At Home The Standard Of CeMAP Training Courses Content Is The Same

The internet variety of these CeMAP training courses are derived from distinguished institutes, consequently there is no need to worry regarding the standard of the content or training. In reality, you will get the same tuition whether or not you follow the course from home, therefore following it via the internet in fact is sensible.

Being A Mortgage Advisor Is Not A Profession Appealing To Everyone

Being a mortgage advisor is not an occupation that everybody would want to follow, because you will have the whole financial future of your clients in your hands. This is hardly a situation that many people are happy to be in, so be certain that you will be able to cope with it before you make the decision and select this as a job.

Before You Start Any Cemap Training Courses You Have To Finish A Compatibility Examination.

Prior to commencing any CeMAP training courses it is vital that you finish a compatibility examination. This means that it is essential that you possess some working understanding of the mortgage profession already, otherwise at least can to pick this up as you go. Many different training courses insist applicants to sit an suitability exam as they do not like those devoid of the innate skills that are needed to become sucessful in the mortgage sector to fill seats in the classroom.

What is involved in CeMap Training Courses?

2011-04-05T22:04:00.000-07:00

CeMAP (Certification for Mortgage Advice and Practice) are the starting point for future mortgage advisors in the UK. Specifically, these fundamental CeMAP training courses are necessary to become a licensed financial advisor to start your own business or working within a mortgage company. When considering the necessity of money lending in what is effectively a global capitalist economic system, the demand for mortgage lending is needed almost as much as food or water. Since this demand is so widespread, including CeMAP training courses on your resume is one of the first key requirements for a long and prosperous career.

In fact, some companies will actually pay your educational fees on CeMAP training courses in return for working for them for a select number of years after you become certified. The financial benefits are obvious; however you should consider carefully what is being offered to you. Someone willing to invest “in your future” to secure their future means mortgage lending is a stable and lucrative industry built to survive the ages. But they stipulate that you have to carry on working for them for a number of years after your CeMAP training courses are through.

CeMAP training courses are widely available from multiple educational sources that can be undertaken as traditional classroom learning environment, or can be used as a home study course in a student's spare time. There are three course sections to CeMAP training courses, each more advanced than the first where the material becomes more specialized. This is an important criterion considering that once certification is achieved, specialization in one of the key areas can be followed. Thus, if one excels at mortgage regulations but is a below average sales person, they are capable of pursuing one area over another adding increased flexibility and job security.

To successfully pass CeMAP training courses, one must begin with a broad overview of the financial markets. This included the types of assets classes available and the services that one can provide as a mortgage advisor. More importantly, this should serve as the foundation of future work on CeMAP training courses in which topics such as legal issues, financial advice and tax strategies will applied in the future. Of course, the basic concepts of mortgages, home buying processes and repayment option strategies are covered as well on CeMAP training courses.

Advantage And Importance Of Cemap Home Study Course

2011-04-03T22:42:00.000-07:00

CeMAP training courses are offered to people who are looking for a career in mortgage business. The main reason why most of the people aspire for this qualification is that in many states, persons without CeMAP certification cannot act as mortgage advisors. You can acquire CeMAP training either by attending CeMAP classroom training centers or through home study. There are many CeMAP training companies that offer home study CeMAP training course. It is found that most of the aspirants find it difficult to study the course in classrooms or even online. As an answer to this, CeMAP training courses are offered as home study courses. The home study course for CeMAP is well-structured based on the current affairs and world mortgage market. It is important for each and every person to understand the concept of mortgage business and acquire updated knowledge about the mortgage industry.

CeMAP home study course is primarily offered to aspirants who are unable to devote much time for joining classroom courses. The advantage of home study course is you can learn at your own pace and during flexible hours. To study the CeMAP course at home calls for a bit of initiative and self-discipline and the capability to learn on your own. But the CeMAP home study course materials are tailored in a way that it will be easy for you to follow. The CeMAP home study course materials are exhaustive in nature and designed in such a way to help you pass the CeMAP exam right at your first attempt.

CeMAP Training slots in London

2011-04-01T04:56:00.000-07:00

CeMAP stands for The Certificate in Mortgage Advice and Practice. This is the degree given by the Institute of Financial Services (IFS).The requirements set by the Financial Services Skill Council is met by this examination. This is also accredited by the Qualifications and Curriculum Authority (QCA). After the level three examination it is also incorporated into the National Qualifications Framework. The most important thing is that is accepted by the Financial Services Authority (FSA). All this goes to show how important this examination is and there are a number of people seeking to appear for it.

The training for CeMap 1,2 and 3 are conducted in many parts of London. The training is free. There are fast track courses, intensive training courses and online training. You can choose between full time, part time and home study courses.

CeMap Module 1 is the study of ‘UK regulations’.
This is divided into two units. It gives all the information about UK regulations and is supposed to be the toughest of the three modules. It consists of 100 multiple choice questions lasting for two hours.

CeMap Module 2 is the study of ‘Mortgages’.
This is divided into four units – law, practice, policy and markets and application. Payment methods and products and post completion issues are taught. This requires a thorough understanding of all the rules and regulations which can be applied in the third module case studies. The examination consists of 100 multiple choice questions. There are 25 questions in each category.

CeMap Module 3 is the study of ‘An assessment of mortgage advice knowledge’.
This module needs the application of all mortgage solutions that are studied in modules one and two. In this module the consumer’s needs should be understood and apt mortgage solutions given. So this shows whether the person has understood the UK finance industry, the different mortgage solutions available and the advice process that has to be followed. This is a two hour examination that has six case studies and is made up of 60 questions.

How to learn a CeMAP course in UK

2011-02-23T22:44:00.000-08:00

Certificate in Mortgage Advice & Practice (CeMAP) is the basic pre-requisite qualification you need to possess if you aspire to become a mortgage adviser - whether as a practitioner or as an employee. There are intensive CeMAP training courses for those in a hurry to achieve success in CeMAP exams. However, there are different CeMAP training courses including home study courses in UK to cater to everyone's budget and personal circumstances.

To appear for CeMAP exams, there are no prescribed minimum academic qualifications nor do you need any industry experience. Therefore most CeMAP training courses are specifically tailored for individuals who are completely new to the mortgage industry. There are other types of training courses for people currently working in banking sector or mortgage industry.

It is natural that more and more people want to acquire the CeMAP qualification as there is a dearth for qualified mortgage advisers. To achieve an overall pass with this CeMAP qualification, a candidate has to individually pass each of the following 3 CeMAP modules:

CeMAP 1 - UK Financial Regulation
CeMAP 2 - Mortgages
CeMAP 3 - Assessment of Mortgage Advice Knowledge

Attending a CeMAP training course is certainly beneficial for passing the exams at the first instance – provided you choose a reputed and reliable training course in UK. The advantages of attending a training course are:

Much easier than doing self-study with the IFS manuals without any guidance
You can grasp the CeMAP course content quickly without getting confused
The course content is presented by many trainers in fragmented study blocks for easy comprehension
Constant support available from highly efficient CeMAP trainers

Some of the best training programs for CeMAP in UK are of five days duration and generally include workshop seminar and group study. You can also register online on the web sites of CeMAP training courses and choose from 3 study options: full time, part time and home study.

Most training programs provide candidates with the knowledge and understanding of the UK financial service industry and the environment in which it operates.

CeMAP 1 is regarded as the toughest of all three modules and most training courses pay special attention to it. CeMAP 1 exam is of two-hour duration and has 100 questions and it is a multiple choice examination.

CeMAP 2 is the Mortgages module, and is split into four units and focuses on law, practice policy and markets, application, payments methods and products and post completion issues. You need to learn the exact knowledge and understanding of all the key critical areas of CeMAP 2. The examination is computer based and consists of 25 multiple choice questions on each unit (100 in total).

The final knowledge assessment module, CeMAP 3, requires you to apply the knowledge and understanding of modules one and two, by using suitable mortgage solutions within the regulatory and ethical framework.

Students must achieve a minimum of 70% in each unit of the 3 modules. If students fail to gain 70% in any unit/s within a module they will have to re-appear for the exams. The grades are: Pass 70%, Merit 80% and Distinction 90%.

There are CeMAP training courses that stay with you till you acquire the qualification with no extra or hidden costs. You will have to necessarily spend time to analyse the plethora of CeMAP training courses available in UK and select the one that ideally meets your requirements.

A general view on CeMAP Training and its courses

2011-01-03T02:59:00.000-08:00

For those looking at CeMAP training the news is good as just about two thirds of Building Society CEO's believe that building society mortgage lending will rise in 2007 when match up to with the 2006 figures. This indicates that there is expected to be a continual growth in the amount of mortgage business undertaken in 2007, and this is possible to show the way to an ever greater want for CeMAP trained mortgage advisers.

When comparing CeMAP training with other promising routes to a new occupation, the market growth place has to be a very important factor in deciding whether CeMAP training is appropriate for you. In relationship with most other markets, CeMAP training does give the gateway into a line of business which has shown year on year growth constantly and there is no suggestion that this movement is expected to end.

Although the mortgage market stabilizes and develops at a slower rate, then there is still such a lack of CeMAP trained advisers such that the job market for anybody freshly capable through CeMAP training is expected to continue to be very buoyant.

Add to this the fact that many obtainable mortgage advisers are approaching, or really have previously reached, retirement age, and the chances for those embarking on CeMAP training are very good.

When looking at the CeMAP training, it can be very useful to keep an open mind about promising future employment. By doing this, and keeping a close eye on the line of business opportunities that present themselves throughout the training time, the CeMAP trainee can make a broader picture of the precise career course that appeals to him or her.

Whilst it is clearly good to have goals in the CeMAP training time, this litheness of outlook will allow the newly qualified CeMAP trainee to make the most of the opportunities that are presented once he or she has capable.

Lastly, to guarantee that you have the best promising opportunities once qualified, it is essential to undertake complete and detailed CeMAP training, and not to try to succeed in the absurdly short period that some of the so called crash courses are now quoting. It is essential for your future livelihood that, your training is comprehensive and that you do not just finish up with a piece of paper that says you are capable but with no real knowledge.

The most booming CeMAP courses in this esteem are comprehensive, tutor supported, home study courses where you can learn at your own pace and study the matter comprehensively. CeMAP training courses turn out to be a mortgage broker, mortgage conformity and insurance training are all obtainable as the first steps to becoming a mortgage counselor and you could be CeMAP eligible after just 10 days of fast track training.

If you are looking to start a job in Financial Services as a mortgage counselor but are finding it tough to get your foot in the door, let our committed team of industry-experienced CeMAP training professionals guide the way. You will not require academic qualifications to be capable to pass the CeMAP exams but one thing you will necessitate is a physically powerful desire to succeed in an extremely competitive industry.

To get done the Certificate in Mortgage Advice and Practice (CeMAP) qualification, you must complete examination passes in each of the three CeMAP modules, that is to say:

CeMAP Module 1 - UK Financial Regulation
CeMAP Module 2 - Mortgages
CeMAP Module 3 - An assessment of mortgage advice knowledge

CeMAP training courses will present you the knowledge and the industry qualification that you require to get on a booming career within the Financial Services sector.

Future job avenues in mortgage market

2010-12-13T03:41:00.000-08:00

The major chunks of people who are heading to a new career in the mortgage industry have moved on to the courses of CeMAP. Having kept this issue in mind we need to understand the state of affairs of the mortgage industry and the career prospects that it possesses after the course is completed. Recent studies have brought about new spirits in the industry because two - thirds of the society of chief executive officers states that the mortgage industry has good scope in future. This indicates that there would be continuing growth in the mortgage industry and there is a wider need of good amount of trainees through CeMAP courses.

The CeMAP courses have proven to be a gateway to the mortgage industry that has shown growth. Even if the mortgage market stabilizes and grows at a slower rate it is important to understand the fact that there would still be requirement of trainees or the people who have just been qualified will have their cup of tea in the industry.

Moving on there are many mortgage advisers who have achieved years of experience but it's sad to say that they are nearing to their age of retirement, hence there are number of opportunities available for the new people in the form of mortgage brokers, mortgage advisors, employees of the mortgage companies.

When we are heading towards the CeMAP training it is essential to have broad and open mind with regard to the possible job opportunities that are available in the market scenario. By doing this and being alert about the happenings in the career opportunities that present themselves during the course of the training period; you will be in a position to present a more comprehensive picture. The comprehensive picture indicates the brief avenues that will be open to her. It is good to note that you need to set the goals during the training period; this flexible outlook will ease the process ahead.

Lastly it is essential to consider the fact that having understood the job opportunities that are available, you need to note that time is very much essential. Don't fall as a prey in the trap of the instant courses that are being offered. You need to take some time off to become a qualified person and understand the training options that are available.

We always look in for the qualification that declares us to be qualified but we need to know from our conscious that are we really suitable for the qualification; hence we need to invest some time for the preparation of the exams. The training concerned for CeMAP qualification indicates that there are a number of options that are available like: CeMAP home study course, CeMAP public courses, CeMAP in house courses, CeMAP public courses and CeMAP distance learning. The information about the CeMAP courses is available in various resources like online there are few websites that provide you with an exhaustive content list in the syllabus of the courses, the time that has to be devoted for the courses and the cost that is involved.

License of Mortgage Advisory through CeMAP Training

2010-12-07T03:34:00.000-08:00

Those individuals who are willing to become as a mortgage advice are required to meet requirements set by FSA. Certificate in Mortgage Advice and Practice (CeMAP) is the industry standard qualification which provides license to practice the act of mortgage advisory.

Employers who are involved in this sector are working hard to bring the best and develop the best. Hence it ensures that the content which is developed provides adequate knowledge to students so that they meet the requirements current and future regulatory and career too.

The best and swift means to get qualified in CeMAP is to undergo into some CeMAP training courses. Undergoing into such training program it will help you to get qualified in a month’s time. There are many training institutes who are ready to help you in your studies and get qualified successfully in this course.

They will ensure you to provide high quality of training and facility so that you feel comfortable enough in learning your course. Trainers in such institutes are highly qualified and trained professionals.

CeMAP training institute will help you to get qualified at most affordable price. As the course is gaining its large popularity some trainers are running bogus programs in the name of coaching.

Such trainers will not be having any adequate knowledge nor would they hold any experience in this field. Thus it is your duty to ensure that you are taking up the training with some recognized centre so to grasp real success in life.

Reference: To qualify under CeMAP training visit CeMAP Courses and CeMAP

Compete In Market With The Help Of CeMAP Training

2010-12-06T04:17:00.000-08:00

For majority of citizens it is very vital for them to remember the truth that the expenditure of mortgage will turn out to be as a huge overhead. One fact is understandable that the owners of dwell will tend to estimate the value of their home so as to get a best deal in town. By taking this point into consideration the need for qualified mortgage adviser has emerged in market.

If advisers are not able to deliver valuable suggestions and advice to public in concise manner then it is of sure that they would start to lose their reputation in the market. Hence it is advisable for them to take the course of CeMAP training and equipped with facts of mortgage industry.

It is also beneficial for those who are willing to change their career or looking forward to do better from their previous position. By getting through this course it is of sure that you will move forward in your career and you will start to gain recognition in society.

To become a qualified CeMAP mortgage broker the only thing which is required for you is dedication, commitment, focus, hard work, motivation and ability to achieve the success. It will sound simple for those who are excellent in their academics for the rest CeMAP training will take care of it.

Even if you are new to this industry then there is no point in getting worried about the content of the course or about the syllabus. This is for the simple reason that institutes will train you up in such manner that you will able to compete with those who already have knowledge in this field.

Requirement of examinations are, you are ought to study the syllabus of the course and then get through the exams by achieving a said percentile of 70%. Once you are able to complete all the modules of CeMAP training a certificate of excellence and certificate of completion will be awarded to you by the "ifs school of finance".

Once you get through all the exams and receive the certificates you turn out to be known as mortgage adviser. Further to your completion you have rights to practice the job of mortgage adviser or broker by being a part of any financial or mortgage company or you can even go for entrepreneurship.

CeMAP training will assure you to provide you a bright career opportunity. Regular updates that take place in financial market will be offered to you by the institute itself. This is done so that you are able to compete the needs and demands of market and public.

Reference: To qualify under CeMAP training visit CeMAP Courses and CeMAP

Tips For Mortgage Shopping

2010-10-18T02:36:00.000-07:00

These days mortgage has become a vast ocean filled up with loads of information. With more and more people pooling in this mortgage loans, it has become very essential to have the basics of mortgage in our finger tips. This article will help you to provide few of the tips which you need to know that will make your mortgage shopping really easy. Some of the tips are as follows:

Shop and compare: It is important to note that you decide on the mortgage after having the quotes of few of the mortgage lenders. Do not just grab one offer if you find the quotes to be good, it is always essential that you get the quotes from few of the mortgage lenders so that you can have the idea as to what are the prices offered by different lenders. After getting the quotes of few of the mortgage lenders, at this situation you will be in a better position on establishing your mortgage. With the various mortgage you can atleast have an idea of what is the average pricing of your mortgage.

When you are considering going for mortgage it is always important to note that in a mortgage if something is sounding to be too good then just be sure that it is not the reality in any case. It is important to note that you do not let yourself solely draw on the mortgage based on appealing factors. Consider for example that the mortgage has a very good introductory rate then it is essential to remember that this introductory rate will change after a specific period.

When you are considering taking a mortgage loan then it is essential that you do not limit yourself to the big national lenders. You can always consider the local and the community banks that offer you with mortgage lending. It is always important to note that it is not necessary that you take the loan only from the big institutions. Thinking small can also fulfill your need, for example if you are a member of a credit institution then it is important to note that if you take the loan through them it can be very much useful to you and you will also be entitled to a number of benefits. You can always try and compare the different quotes and actually note the differences between them and then choose the best quotes.

It is always important to note that you improve your knowledge about the different quotes, how the various mortgage interest rates are set, what is the manner in which the mortgage brokers are paid the interest rates, what are the ways in which you do not allow yourself to fool about the mortgage rates.

It is always important to note that you seek the help of an expert mortgage broker as he will help you to shop for the different mortgage brokers at a faster rate than you will have to do. In turn for their services you will have to pay a small fee.

Types of CeMAP courses

2010-09-08T04:03:00.000-07:00

Certification in Mortgage advice and practice is vital for a person to practice as a recognized mortgage advisor. If you decide to shift your career to or start your career in Mortgage field then CeMAP is your launch pad. It is like obtaining a driving license in order to drive in public. There are a number of courses that are offered to suit the needs of individuals. Here, the four most common CeMAP courses options will be discussed;

Traditional Classroom Programs
Seminars
Online Courses
Home Study Plans

Traditional Classroom Programs

This training type suits people who have enough time to spend long hours to get trained for the exams. Part time job holders also choose this learning method. The method spoon feeds students with all knowledge required to pass the exams and get certified with CeMAP.

Seminars

Seminars which extend up to 3 days are intensive in nature. They suit working professionals who find little time to spend. This type of training is well sought after by people who wish to obtain the certification as quickly as possible. It also serves as a platform to socialize with your peers. There is scope for more learning and knowledge by interacting with them. There is also higher motivation and zeal to perform better. There is exchange of ideas and growth thereby. This training course is best for a person who cannot allocate the long hours needed to obtain the certification.

Socializing leads to larger network of colleagues which is important for your growth in the industry. Therefore the seminars aid you in your career from day one. Also the training is very affordable. If you are a type of person who thinks twice to spend then you can rest assured that your money spent for the seminar will grow multifold through your earnings after receiving the certification.

Learning through seminar is the best way to start your career in mortgage industry. It aids you in launching a lucrative career in the field.

Online Courses

These courses are another option and you can find an online tutor too. They save you time and energy. By taking up this type of training you can obtain the certification as and when you like and at the same time earn uninterrupted. If you can spend an hour a day on learning which is just required then you can easily pass the exams.

Home Study Plans

This training method is most useful for people who are not in a position to spend time to attend regular course due to work, or for those who wish to take it slow. Most of CeMAP courses are home study plans. The courses come with

12 month exam registration
120 to 180 hours of study

This gives room for everyone to student at their own pace.
Do not just jump into anything without any goal or self interest. Whatever method you choose to learn, give it a 100% hard work. You will succeed.

How to prepare for CeMAP exams

2010-08-30T02:59:00.000-07:00

Certificate in Mortgage Advice and Practice (CeMAP) is the widely recognized qualification for those wishing to pursue a career in the mortgage industry. Today, several states have made CeMAP qualification mandatory for people wanting to practice mortgage related profession. If you are aspiring to embark on a career as a mortgage advisor, then the right thing to do is to undergo training and pass the CeMAP exams.

There is no specific minimum academic qualification to appear for the CeMAP exams and all you need is an aptitude and determination to succeed in the exam. There are CeMAP training courses available even for individuals who are new to the mortgage industry and having no mortgage work experience. The CeMAP is a qualification awarded by the IFS School of Finance, through its parent body The Chartered Institute of Bankers (CIB).

To acquire the CeMAP qualification, you must pass in each of the following three CeMAP modules.

1. CeMAP Module 1 - UK Financial Regulation
2. CeMAP Module 2 - Mortgages
3. CeMAP Module 3 - An assessment of mortgage advice knowledge

The examination comprises of three papers with multiple choice questions. Modules 1 and 2 are of two hours duration consisting of 100 multiple choice questions. Module 3 is a two hour exam, and consists of 60 questions. You can of course appear for these examinations at your convenience. But if you are prepared undergo crash training program, you can obtain the certificate within a few weeks.

Experts however suggest that to truly prepare for a long term career in mortgage, it is advisable to undertake comprehensive and thorough CeMAP training course, and not get attracted to the crash courses offered by many. It is critically important for your future mortgage career that your training is comprehensive and that you do not just rush into acquiring certificate without the much needed knowledge.

Mortgage market offers promising opportunity, but only people who are qualified and talented in the mortgage field get the highest priority. The main purpose why most of the people try to attend CeMAP training courses is that it not only helps to acquire the right qualification but imparts valuable information to the aspirants to succeed as a mortgage advisor later on.

Though there are many CeMAP training centers, you cannot expect to achieve success with all the centers as quite a few of them may be commercial-minded. Hence, it is important that you choose a reliable and reputed CeMAP Training Center that has proven track record.

CeMAP Training Companies offer CeMAP training in three different ways - classroom coaching in the training centers or through distance education or through online training. You can choose the training option best suited for you. As stated earlier, CeMAP Training is not merely to obtain the certificate but a long-term investment for the future development of your career and by choosing the best training institute available you will be best prepared for successfully donning the role as a mortgage adviser.

The CeMAP examinations are computer based and the results are made known immediately. Each exam has a minimum pass mark of 70% per unit. CeMAP 1 is made up of two units, and a score of 70% must be achieved in each unit to pass the module. However, if you happen to fail in a specific unit, you only have to reappear for that specific unit only and not the entire module.

Federal and State Agencies Crack Down on Mortgage Modification and Foreclosure Rescue Scams

2009-11-20T01:19:00.000-08:00

The Federal Trade Commission today announced a crackdown on fraud and deception by mortgage modification and home foreclosure rescue companies. The FTC is seeking to halt the proliferation of these mortgage relief scams – which target distressed and vulnerable consumers who are delinquent or facing foreclosure – through increased law enforcement, consumer outreach, and close coordination with federal, state, and non-profit partners.

At a joint press conference today, Treasury Secretary Timothy Geithner, Attorney General Eric Holder, Department of Housing and Urban Development Secretary Shaun Donovan, and, on behalf of state enforcers, Illinois Attorney General Lisa Madigan, joined FTC Chairman Jon Leibowitz in warning consumers about these types of scams and in encouraging consumers to seek out free, HUD-approved housing counselors for help with their mortgages. The FTC and Attorney General Madigan also announced enforcement actions and initiatives.

“Scammers are taking advantage of people in a difficult situation – people who are trying to modify their home mortgages or those who are trying to avoid foreclosure. We’re enforcing the law against these scam artists; we’re putting others on notice that unless they change their ways, they’re next; and we’re working with other government agencies, non-profits, and mortgage companies to reach out to our neighbors in distress with the details of how to get help,” said Chairman Leibowitz.

The FTC announced five law enforcement actions against operations using deceptive tactics to market their mortgage modification and home foreclosure relief services, including firms that marketed their “services” by giving the false impression they were affiliated with the federal government. This brings to 11 the number of loan modification and mortgage foreclosure rescue scams brought by the FTC in the last year. More than 20 state law enforcers also have taken actions against companies engaged in these types of deception, including 22 brought by Illinois Attorney General Madigan.

The FTC also announced today that it has sent warning letters to 71 companies who may be deceptively marketing mortgage loan modification or foreclosure rescue services. The FTC identified these companies through a nationwide review of Internet and other advertisements and warned these companies that their ads may violate federal law. State law enforcers also have sent warning letters to companies that are potentially engaging in such illegal practices, including more than 60 warning letters sent by Attorney General Madigan.

Finally, the FTC joined forces with a wide array of government, non-profit and mortgage industry members to launch a new consumer education campaign to help those in financial trouble avoid becoming the victims of a loan modification or foreclosure rescue scam.

Mortgage Workouts, Now Tax-Free for Many Homeowners; Claim Relief on Newly-Revised IRS Form

2009-11-17T20:47:00.000-08:00

Homeowners whose mortgage debt was partly or entirely forgiven during 2007 may be able to claim special tax relief by filling out newly-revised Form 982 and attaching it to their 2007 federal income tax return, according to the Internal Revenue Service.

Normally, debt forgiveness results in taxable income. But under the Mortgage Forgiveness Debt Relief Act of 2007, enacted Dec. 20, taxpayers may exclude debt forgiven on their principal residence if the balance of their loan was $2 million or less. The limit is $1 million for a married person filing a separate return. Details are on Form 982 and its instructions, available now on this Web site.

“The new law contains important provisions for struggling homeowners,” said Acting IRS Commissioner Linda Stiff. “We urge people with mortgage problems to take full advantage of the valuable tax relief available.”

The late-December enactment means that reporting procedures for this law change were not incorporated into tax-preparation software or IRS forms. For that reason, people using tax software should check with their provider for updates that include the revised Form 982. Similarly, the IRS is now updating its systems and expects to begin accepting electronically-filed returns that include Form 982 by March 3. The paper Form 982 is now being accepted, but the IRS reminds affected taxpayers to consider filing electronically, which greatly reduces errors and speeds refunds.

The new law applies to debt forgiven in 2007, 2008 or 2009. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, may qualify for this relief. In most cases, eligible homeowners only need to fill out a few lines on Form 982 (specifically, lines 1e, 2 and 10b).

The debt must have been used to buy, build or substantially improve the taxpayer's principal residence and must have been secured by that residence. Debt used to refinance qualifying debt is also eligible for the exclusion, but only up to the amount of the old mortgage principal, just before the refinancing.

Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the new tax-relief provision. In some cases, however, other kinds of tax relief, based on insolvency, for example, may be available. See Form 982 for details.

Borrowers whose debt is reduced or eliminated receive a year-end statement (Form 1099-C) from their lender. For debt cancelled in 2007, the lender was required to provide this form to the borrower by Jan. 31, 2008. By law, this form must show the amount of debt forgiven and the fair market value of any property given up through foreclosure.

The IRS urges borrowers to check the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. Borrowers should pay particular attention to the amount of debt forgiven (Box 2) and the value listed for their home ( Box 7).

Note: Legislation enacted in October 2008 extended this relief through 2012. Thus this relief now applies to debt forgiven in calendar years 2007 through 2012.

Government Mortgage Rescue Scheme in Rossendale

2009-11-12T03:53:00.000-08:00

Rossendale Council is in the process of establishing the Government’s mortgage rescue scheme locally, in Rossendale

The scheme will, in specific circumstance, provide assistance to households earning less than £60,000 a year and with property values of up to £125,000.

The scheme will operate based on the rules set out by the Government and will be similar to other schemes from councils in Lancashire and nationally. Rossendale Council has only recently received full details of the Government's scheme.

It is hoped that Rossendale's Cabinet will approve the scheme for Rossendale at their meeting in June and that the scheme will be operational shortly afterwards.

Under the proposals unveiled by the Government the mortgage rescue scheme will help vulnerable families at risk of repossession to stay in their homes.

Cllr Bill Challinor, Deputy Leader of Rossendale Council said:

"I know that there are many households in Rossendale who are struggling to make ends meet and pay their mortgage and other bills. We have only had the details of the scheme from the Government recently and we will be doing everything we can to get the scheme up and running in Rossendale as quickly as possible."

"Until this scheme is up and running anyone who is concerned about their mortgage payments should contact their mortgage lender direct as soon as possible, or alternatively, the Citizen's Advice Bureau on 0844 4994121 or the Housing Options Team at Green Vale Homes on 01706 836340."

The mortgage rescue scheme will aim to target the most vulnerable households, those on incomes of less than £60,000 a year who would be entitled to be re-housed under homelessness legislation. These would be people who are elderly, disabled or those with children. There is also a maximum property value of £125,000 for the North West region.

The scheme will provide two options to help people stay in their homes - the first option is to sell a share of their home to a housing association, enabling their monthly mortgage payments to be significantly reduced and the second option is to sell the entire home to a housing association and remain in the property as tenants paying a subsidised rent.

Nationally, the scheme is expected to help up to 6,000 households in England avoid repossession over the next two years.

Changes have also been made to the Income Support for Mortgage Interest (ISMI) scheme. The time before homeowners who lose their jobs receive financial help with the interest payments on their mortgage has been cut from 39 to 13 weeks. The scheme only operates if the amount outstanding is less that £200,000.

The Government also hopes to finalise a Homeowner Mortgage Support Scheme shortly with mortgage lenders which will allow households who suffer a sudden loss of income to defer part of their payments for up to two years. They will need to have an outstanding mortgage of less than £400,000 and savings of less than £16 000.

Mortgage Advisor Career Management

2009-10-22T04:45:00.000-07:00

If you are looking to become a Mortgage Advisor or Mortgage Consultant, then your income potential is limitless.

Demand meant for Mortgage Advisors
Mortgage brokers are currently arranging around two thirds of the total number of mortgages finished in the UK in 2006-07. This figure is gradually rising year on year.

There are a number of reasons meant for this. The difficulty of the mortgage industry in the UK ensures that present is a puzzling array of products and schemes that are available to the customer. Fairly simply, they are not able to make an informed option as to which is the most appropriate for their wants and situation - you as a mortgage specialized are.

Secondly, people today also don’t have the time or are not ready to spend two or three weeks difficult to find out what the top deal is. You as a mortgage specialized are able to do that far more successfully.

CeMAP practiced Mortgage Advisor Income
As a self employed mortgage advisor, your income possible is UNLIMITED. If you place two mortgages per week, you are most likely looking at earnings in the region of the £100,000 mark. Lots of mortgage brokers are earning extra than that.

In addition, the industry is frequently regarded as recession proof. The motive for this is that when interest rates are low people are regularly looking to re-mortgage to free equity in their homes to pay off debts or to lift capital. They may also be looking to purchase a property that they are looking to lease out. Otherwise, when interest rates are hiking they may be looking to re-mortgage to get on the lowest rate they can probably get or to re-mortgage on a fixed rate mortgage. Whichever way, you win…

After the CeMAP Qualification
One of the major problems and doubts that you may have once you have turn out to be CeMAP qualified is what to do next?

At bonfire, we have a wealth of information and practice about what the next step could be. We have wide contacts within the business to help you to build the right choice for you – whether that be the self employed way or the employed way. The selection is yours.

Government Mortgage Rescue Scheme in Rossendale

2009-10-15T01:56:00.000-07:00

Homeowners Mortgage Support

2009-09-30T04:36:00.000-07:00

HMS helps people who are having difficulties meeting their mortgage repayments, but are likely to get their finances back on track in the near future.
For example, if you:

are relying on one income instead of two

can no longer work overtime

had two part-time jobs, but have lost one

If you are accepted for HMS, your lender will delay some of the monthly interest due on your mortgage. This will reduce your payments for up to two years. The money isn’t written off – you’ll have to pay it back eventually. This is also known as 'deferring' your repayments.

Who can get help from Homeowners Mortgage Support
To be eligible for HMS, you must have had a temporary drop in income and be unable to meet your monthly mortgage payments. You’ll need to switch to an interest-only mortgage, if you haven’t already. Your lender will also ask you to commit to paying as much as you can afford each month.

Your lender may have other conditions that you’ll need to meet. For example, they may say you should only have a small amount of savings. Talk to your lender about whether you qualify for HMS.

Who can’t get help
You won't qualify for HMS if:

your lender isn’t offering HMS or equivalent support

you own more than one home

your income is unlikely to return to its previous level, perhaps because you have a long-term illness

you have insurance that protects your mortgage payments

your lender thinks you won't be able to keep up with your monthly payments, even if they are reduced

you are eligible for or are receiving Support for Mortgage Interest (SMI)

How Homeowners Mortgage Support works
If you want to go ahead and your lender accepts you for HMS, you:

will renegotiate your monthly payments with your lender and agree how much you can afford to pay

will have to pay at least 30 per cent of the interest due on your mortgage each month

can take advantage of the reduced repayments for up to two years

must tell your lender if your financial situation changes at any time

will have what you put off paying added to your mortgage balance

will have to pay back this money, when you return to making full repayments

After a year, you'll have a review with your lender and an independent adviser. They will look at whether you are still eligible for HMS and if it's the best option for you.

When you return to making full repayments, you’ll need to agree with your lender how to repay what you owe. This may mean increasing your monthly payments or the length of your mortgage. If your financial situation improves, you can leave the scheme and return to making full repayments at any time.

Mortgage-Training and development

2009-09-23T20:52:00.000-07:00

You would develop your skills through a mixture of learning on the job, and studying for recognised qualifications in mortgage advice. Some banks and building societies run structured training schemes for new staff.

As a trainee mortgage adviser you must take an industry-recognised qualification that meets Financial Services Authority (FSA) standards, such as:

Chartered Insurance Institute (CII) Certificate in Mortgage Advice (Cert MA)

ifs School of Finance Certificate in Mortgage Advice and Practice (CeMAP).

You can study for each of these qualifications by distance learning. Employers will usually support your training and pay for exams.

The ifs School of Finance also offers the Advanced Certificate in Mortgage Advice and Practice, which is suitable for supervisors.

With experience, you could take further exams to qualify as a financial adviser. See the CII and ifs School of Finance websites for more details about their qualifications and training for financial advisers.

You should keep up to date with new products and financial regulations throughout your career. CII and ifs School of Finance both offer a range of short courses and formal continuing professional development (CPD) schemes to help you achieve this.

Mortgage Adviser

2009-09-17T00:27:00.000-07:00

As a mortgage adviser, you would help people to find and apply for a suitable mortgage.

Your work could include:

Advising clients on the home-buying process

Finding out about your client's finances

Explaining about different types of mortgage

Offering a number of mortgages for the client to choose from

Helping the customer complete the mortgage application

Explaining about repayments and mortgage protection

Selling related financial products such as buildings insurance

Meeting sales targets

Dealing with estate agents, valuers and mortgage lenders

Keeping up to date with new mortgage products and any changes in the law.

If you worked for an estate agent or mortgage broker, you would offer mortgages from a range of companies. In a bank or building society, you would only sell your own company's mortgage products. You could also be an independent financial adviser (IFA), advising on all types of financial product including mortgages.

You would need to follow strict rules and guidelines from the Financial Services Authority (FSA), which make sure that you act fairly and are qualified to give appropriate financial advice.

Qualifications and Experience
You would normally start as a customer service adviser in a bank or building society, or as a mortgage administrator or insurance technician in a firm of brokers. You could then progress into giving mortgage advice as you gain experience and Financial Services Authority-approved qualifications.

Employers often consider ‘people skills’ and a background in customer service, sales or financial services to be more important than your formal qualifications.

You may be able to get into the financial services industry through an Apprenticeship scheme. The range of Apprenticeships available in your area will depend on the local jobs market and the types of skills employers need from their workers.

Gov. Lynch Signs Law Increasing Home Mortgage Consumer Protection

2009-09-08T21:01:00.000-07:00

Gov. John Lynch signed a consumer protection law (HB 610) that builds on the state’s ongoing efforts to better protect homeowners during the national mortgage crisis by ensuring mortgage originators are qualified, and have the proper education and training.

“For the most part, New Hampshire’s lenders and lending institutions have a reputation for acting in a responsible manner and providing a valuable service. But abuses and unscrupulous lending practices have resulted in many New Hampshire families seeing their dream of home ownership jeopardized,” Gov. Lynch said. “Over the past few years we have taken steps to better protect consumers and homeowners during the national mortgage crisis, and we are taking another step in forward in protecting the dream of home ownership.”

The new law incorporates the provisions of the federal Secure and Fair Enforcement for Mortgage Licensing Act, or SAFE Act, which Congress passed as a response to the recession and mortgage crisis in this country.

The SAFE Act builds on the New Hampshire law Gov. Lynch signed last year requiring all mortgage originators in the state be licensed. The federal provisions require greater education, testing and criminal background checks.

“By incorporating these new provisions into state law, we are bringing greater uniformity and transparency in the lending industry,” Gov. Lynch said.

Gov. Lynch and the state Banking Department have worked with the lending industry over the past several years to pass as the mortgage crisis has grown.

Gov. Lynch signed a consumer protection law aimed at protecting homeowners from losing their homes - and the valuable equity they have built into their homes - to foreclosure scams. The state collaborated with lenders to develop a Web site, www.HomeHelpNH.org, a one-stop resource that is part of New Hampshire’s continuing efforts to protect and inform the consumer.

“The regulations we have in place in New Hampshire and the sound practices of our financial institutions have allowed us to avoid a widespread crisis, as some other states have experienced,” Gov. Lynch said. “And though there are signs we may be working our way out of this recession, the number of foreclosures in New Hampshire remains high. That is why we must continue to work together to help struggling New Hampshire families and help ensure the viability the industry.”

House Bill 610 was sponsored by former representative and now Employment Security Commissioner Tara Reardon.

Mortgage recovery statistics show government hold up continues to make an crash

2009-09-02T21:27:00.000-07:00

Home-owners are taking advantage of government measures to prevent them from having their homes repossessed, according to mortgage repossession statistics published by the Ministry of Justice.

26,215 repossession claims against borrowers were issued in the three months to June 2009, compared to 38,832 in the same period last year – a reduction of 32%.

The figures show an increase of 14% from the first quarter of 2009, following a large fall when the Mortgage Pre-Action Protocol was first introduced. The protocol, introduced by the Ministry of Justice in November 2008, made clear that applying for repossession should be a last resort and encouraged lenders to look again at whether arrangements could be made with those in arrears to help them get back on track.

Justice Minister Bridget Prentice said:

Recent figures show that more and more people are making the most of the many government initiatives aimed at helping people in arrears. The number of people facing repossession has considerably reduced since this time last year, and the statistics are levelling out after the major impact felt when Mortgage Pre-Action Protocols were first introduced.

‘Burying your head in the sand when you get behind on mortgage payments will not make the problem go away. Seeking advice and making the most of the free services available can help people find a way out of their financial difficulties and stay in their homes.

‘To ensure everyone who needs help gets it, the government has extended the in-court Housing Possession Court Duty Scheme to provide universal access to a court desk service in England, which means that even at the last moment – real help is available.’

Home-owners facing mortgage repayment problems can benefit from a number of measures introduced by the government. These include:

Mortgage Arrears Pre-Action Protocol, developed by the Civil Justice Council and approved by the Master of the Rolls. Introduced in November 2008, they set clear guidance on the steps that lenders are expected to take before going to court and makes clear that applying for repossession must always be the last resort.

Changes in eligibility criteria for Income Support Mortgage Interest for homeowners getting Income Support, income-based Jobseeker’s Allowance, income-related Employment and Support Allowance or Pension Credit. Where they have a mortgage, those benefits may include an additional element called Support for Mortgage Interest, which assists the homeowner with the interest on their mortgage.

Mortgage Rescue Scheme, for homeowners who would be eligible for help under homelessness legislation from their local authority if they were repossessed.

The Homeowner Mortgage Support Scheme enables eligible borrowers to reduce their monthly mortgage interest payments to affordable levels for up to two years, helping them get back on track with their finances if they suffer a temporary loss of income.

The Housing Possession Court Duty Scheme, where duty legal advisers are available to advise anyone – regardless of income – who has a hearing listed in court on that day.

Mortgage Adviser

2009-08-26T01:56:00.000-07:00

As a mortgage adviser, you would help people to find and apply for a suitable mortgage.

Your work could include:

advising clients on the home-buying process

finding out about your client's finances

explaining about different types of mortgage

offering a number of mortgages for the client to choose from

helping the customer complete the mortgage application

explaining about repayments and mortgage protection

selling related financial products such as buildings insurance

meeting sales targets

dealing with estate agents, valuers and mortgage lenders

keeping up to date with new mortgage products and any changes in the law.

Top Ten Things to identify if You're Interested in a Reverse Mortgage

2009-08-18T21:43:00.000-07:00

Reverse mortgages are becoming popular in America. HUD's Federal Housing Administration (FHA) created one of the first. The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables you to withdraw some of the equity in your home. The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements and more.

1. What is a reverse mortgage?
A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. FHA's HECM provides these benefits. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

2. Can I qualify for FHA's HECM reverse mortgage?

To be eligible for a FHA HECM, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home. You are further required to receive consumer information from an approved HECM counselor prior to obtaining the loan.

3. Can I apply if I didn't buy my present house with FHA mortgage insurance?

Yes. It doesn't matter if you didn't buy it with an FHA-insured mortgage. Your new FHA HECM will be FHA-insured.

4. What types of homes are eligible?

To be eligible for the FHA HECM, your home must be a single family home or a 1-4 unit home with one unit occupied by the borrower. HUD-approved condominiums and manufactured homes that meet FHA requirements are also eligible.

5. What's the difference between a reverse mortgage and a bank home equity loan?

With a traditional second mortgage, or a home equity line of credit, you must have sufficient income versus debt ratio to qualify for the loan, and you are required to make monthly mortgage payments. The reverse mortgage is different in that it pays you, and is available regardless of your current income. The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.

You don't make payments, because the loan is not due as long as the house is your principal residence. Like all homeowners, you still are required to pay your real estate taxes, insurance and other conventional payments like utilities. With an FHA HECM you cannot be foreclosed or forced to vacate your house because you "missed your mortgage payment."

6. Can the lender take my home away if I outlive the loan?

No. You do not need to repay the loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current. You can never owe more than the value of your home at the time you or your heirs sell the home.

7. Will I still have an estate that I can leave to my heirs?

When you sell your home, you or your estate will repay the cash you received from the reverse mortgage plus interest and other fees, to the lender. The remaining equity in your home, if any, belongs to you or to your heirs.

8. How much money can I get from my home?

The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow. You can use an online calculator like the one on the AARP website to get an idea of what you may be able to borrow.

9. Should I use an estate planning service to find a reverse mortgage?

FHA does NOT recommend using any service that charges a fee for referring a borrower to an FHA lender. FHA provides this information free, and HUD-approved housing counseling agencies are available for free or at very low cost, to provide information, counseling, and a free referral to a list of FHA-approved lenders. Search online or call (800) 569-4287 toll-free, for the name and location of a HUD-approved housing counseling agency near you.

10. How do I receive my payments?

You have five options:

a. Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
b. Term - equal monthly payments for a fixed period of months selected.
c. Line of Credit - unscheduled payments or installments, at times and in amounts of your choosing until the line of credit is exhausted.
d. Modified Tenure - combination of line of credit with monthly payments for as long as you remain in the home.
e. Modified Term - combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.

Homeowners Mortgage Support

2009-08-12T23:47:00.000-07:00

Homeowners Mortgage Support (HMS) could help if your household has had a temporary, unexpected drop in income and it’s harder to meet your mortgage repayments. Find out about the help available - you could be eligible to delay some of your interest repayments for up to two years.

Homeowners Mortgage Support – what it is

HMS will help people who are having difficulties meeting their mortgage repayments, but are likely to get their finances back on track in the near future.

For example, maybe you:

* are relying on one income instead of two
* can no longer work overtime
* have had your hours cut
* had two part-time jobs, but have lost one

If you are accepted for HMS, your lender will delay some of the monthly interest due on your mortgage. This will reduce your payments for up to two years. The money isn’t written off – you’ll have to pay it back eventually, with interest.

CeMAP

2009-08-06T00:06:00.000-07:00

The Certificate in Mortgage Advice and Practice (CeMAP) is granted by the ifs School of Finance. It meets the necessities known by the Financial Services Skills Council (FSSC), is certified by the Qualifications and Curriculum Authority (QCA), and integrated into the National Qualifications Framework at level 3. Most highly it is known by the Financial Services Authority (FSA) as an right qualification.

Below FSA policy it is required to have a full CeMAP requirement if you wish to give suggestion on mortgages. The CeMAP skill is made up of 3 modules, all of which have to be finished to realize the skill.

I. CeMAP module 1: UK Financial Regulation (Two units).
II. CeMAP module 2: Mortgages (Four units).
III. CeMAP module 3: Assessment of Mortgage Advice Knowledge.

CeMAP Exams

Modules 1 and 2 are reviewed in a 2 hour exam consisting of 100 numerous choice questions. Module 3 is reviewed in a 2 hour exam, however is finished up of 60 questions based on six case studies. Exam can be taken in the majority town and cities in the UK, (at heavy theory test centers) and are computer stand. You collect your outcome directly. Every exam has a least amount pass mark of 70% pu. For instance, CeMAP 1 is made up of 2 units, and a get of 70% have to be achieved in every unit to go by the module. A score of 80% or top receives a merit, and a score of 90% or over be given a distinction. Should you not pass a specific unit, you only have to reset the exact unit rather than the whole module.

The Federal Reserve Board

2009-07-30T06:44:00.000-07:00

Have interest rates fallen? Or do you expect them to go up? Has your credit score improved enough so that you might be eligible for a lower-rate mortgage? Would you like to switch into a different type of mortgage?

The answers to these questions will influence your decision to refinance your mortgage. But before deciding, you need to understand all that refinancing involves. Your home may be your most valuable financial asset, so you want to be careful when choosing a lender or broker and specific mortgage terms. Remember that, along with the potential benefits to refinancing, there are also costs.

When you refinance, you pay off your existing mortgage and create a new one. You may even decide to combine both a primary mortgage and a second mortgage into a new loan. Refinancing may remind you of what you went through in obtaining your original mortgage, since you may encounter many of the same procedures--and the same types of costs--the second time around.

For more information visit : http://www.pueblo.gsa.gov/cic_text/housing/guide_finan/refinancing.htm

MORTGAGE FRAUD

2009-07-22T02:03:00.000-07:00

How to Avoid Becoming a Victim

You can’t read a newspaper or watch the evening news these days without seeing stories about the current mortgage crisis and the fraud that goes along with it.

The FBI, of course, plays a major role in investigating mortgage fraud—and our caseload has more than tripled in the past five years. But while we’re focusing on the perpetrators, what can you as a consumer do to protect yourself from becoming a victim of mortgage fraud?

Plenty, says Special Agent Scott Broshears, a mortgage fraud supervisor who works at FBI Headquarters in Washington, D.C. “And while some of these steps may require you to do a little extra work now,” adds Agent Broshears, “in the long run it may save you aggravation, money, and even your house.”

Get referrals for real estate and mortgage professionals when you want to buy or sell a home. And once you do, check out their licenses with state, county, or city regulatory agencies. Most of these people are exceedingly honest and above-board—it’s just a small percentage who have given the overall profession a black eye.

Do your own research into what other homes in the neighborhood have sold for. Also, look into recent tax assessments of neighborhood homes.

Beware of “no money down” loans. These are a gimmick used to entice people to buy a home they really can’t afford.

Don’t let anyone (i.e., a realtor, mortgage broker) talk you into making a false statement on your loan application, like overstating your income or lying about where your down payment is coming from.

Never sign a blank document or a document containing blank lines. Be sure to read and review all loan documents signed at closing. If you don’t understand what you’re signing, get an attorney who can review the documents for you.

Assistance is available for those facing mortgage forclosures

2009-07-16T03:58:00.000-07:00

With the increase in mortgage foreclosures and the potential threat of families losing their homes, we would like to make people aware of the following actions that may be taken by individuals needing assistance.

Contact your lender as soon as you have a problem. They may have alternatives and can work with you during difficult financial times. Make sure to read your loan document and know what your lender may do if you can’t make your payments.

Beware of foreclosure recovery scams. You may be contacted by firms promising to negotiate with your lender. While they can be legitimate businesses, they may charge a hefty fee for information and services your lender or a HUD approved housing counselor will provide free if you contact them. These foreclosure recovery scams prey on the threat of potential mortgage foreclosures, particularly on constituents who are older, speak English as a second language, or those who are unaware of their rights under the foreclosure process.

Speak with a housing counselor. The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. HUD approved counselors can assist you in knowing your options and the law to organize your finances and represent you in negotiations with your lender if you need this assistance. HUD can be contacted at (800) 569 - 4287.

We hope this information will be of some assistance to those facing mortgage difficulties.

CEMAP - Electronic Examinations

2009-07-10T02:30:00.000-07:00

In combination with, ifs School of Finance and Pearson VUE, The Institute of Bankers is pleased to offer CeMAP, CeFA and CeRCC for both primary point registrations and all re-registrations through way of electronic examination in the year of 2008/2009 educational year. The exams will live offered in the order of every two months, in five exam centres all over Northern Ireland. For opening occasion registrations, we give advice that you record at least three months in move ahead of your exam time, to make sure adequate time to get ready for the exam.

Previous on the way to you register for an electronic exam they ask that you understand and you entirely know the information restricted in the Assessment Conduct Policy, Exam display and Arranging your exam meeting with Person VUE.

Mortgage Rescue Scheme

2009-07-01T01:28:00.000-07:00

A £285m package of measures designed to prevent some of the most vulnerable families losing their homes and experiencing the trauma of repossession. This scheme is aimed at those who would be eligible for homelessness assistance and is subject to a range of eligibility criteria.

Our mortgage rescue package has two elements:

Shared equity

Government Mortgage to Rent

Why are we doing it?

The international market turbulence is creating a challenging environment in the housing market, interest rates have risen and the government is determined to take action to help those facing repossession. These measures build on our existing work, which includes £10 million for debt advice and an expanded network of court desks to provide legal advice for households at risk of repossession.

How will it work?

Mortgage Rescue operates by bringing together local authorities, Registered Social Landlords (RSL), lenders and debt advice agencies. The two elements work in the following ways:

Shared equity

Government Mortgage to Rent

Be Alert to Scams

2009-06-22T05:54:00.000-07:00

Scam artists follow the headlines, and know there are homeowners falling behind in their mortgage payments or at risk for foreclosure. Their pitches may sound like a way for you to get out from under, but their intentions are as far from honorable as they can be. They mean to take your money. Among the predatory scams that have been reported are:

The foreclosure prevention specialist: The “specialist” really is a phony counselor who charges high fees in exchange for making a few phone calls or completing some paperwork that a homeowner could easily do for himself. None of the actions results in saving the home. This scam gives homeowners a false sense of hope, delays them from seeking qualified help, and exposes their personal financial information to a fraudster.

Some of these companies even use names with the word HOPE or HOPE NOW in them to confuse borrowers who are looking for assistance from the free 888-995-HOPE hotline.

The lease/buy back: Homeowners are deceived into signing over the deed to their home to a scam artist who tells them they will be able to remain in the house as a renter and eventually buy it back. Usually, the terms of this scheme are so demanding that the buy-back becomes impossible, the homeowner gets evicted, and the “rescuer” walks off with most or all of the equity.

The bait-and-switch: Homeowners think they are signing documents to bring the mortgage current. Instead, they are signing over the deed to their home. Homeowners usually don’t know they’ve been scammed until they get an eviction notice.

Reverse mortgage

2009-06-18T02:27:00.000-07:00

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. FHA's HECM provides these benefits. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

Can I qualify for FHA's HECM reverse mortgage?

To be eligible for a FHA HECM, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home. You are further required to receive consumer information from an approved HECM counselor prior to obtaining the loan.

Down Payments and Private Mortgage Insurance

2009-06-11T05:31:00.000-07:00

Some lenders require 20 percent of the home’s purchase price as a down payment. However, many lenders now offer loans that require less than 20 percent down--sometimes as little as 5 percent on conventional loans. If a 20 percent down payment is not made, lenders usually require the home buyer to purchase private mortgage insurance (PMI) to protect the lender in case the home buyer fails to pay. When government-assisted programs such as FHA (Federal Housing Administration), VA (Veterans Administration), or Rural Development Services are available, the down payment requirements may be substantially smaller.

Ask about the lender’s requirements for a down payment, including what you need to do to verify that funds for your down payment are available.

Ask your lender about special programs it may offer.

Ask what the total cost of the insurance will be.

Ask how much your monthly payment will be when including the PMI premium.

Ask how long you will be required to carry PMI.

OCC and OTS Release Mortgage Metrics Report for Fourth Quarter 2008

2009-05-28T05:06:00.001-07:00

WASHINGTON — The Office of the Comptroller of the Currency and the Office of Thrift Supervision today jointly released their quarterly report on first lien mortgage performance for the fourth quarter of 2008. The report covers mortgages serviced by nine large banks and four thrifts, constituting approximately two-thirds of all outstanding mortgages in the United States.

The report showed that credit quality continued to decline in the fourth quarter of 2008. At the end of the year, just under 90 percent of mortgages were performing, compared with 93 percent at the end of September 2008. This decline in credit quality was evident in all loan risk categories, with subprime mortgages showing the highest level of serious delinquencies. However, the biggest percentage jump was in prime mortgages, the lowest loan risk category and one that accounts for nearly two-thirds of all mortgages serviced by the reporting institutions. At the end of the fourth quarter, 2.4 percent of prime mortgages were seriously delinquent, more than double the 1.1 percent recorded at the end of March 2008.

Home retention actions—loan modifications and payment plans—increased by more than 11 percent in the fourth quarter. Although the number of modifications increased in the fourth quarter, they declined as a percentage of all new home retention actions, from 52 percent in the second quarter, to 43 percent in the third quarter and 40 percent in the fourth quarter. This declining percentage may have resulted from the growing prevalence of “trial” modifications reported as payment plans.

Consistent with last quarter’s findings, the report also showed that re-default rates on modified mortgages were both high and rising during the first three quarters of 2008, with loans modified in the third quarter showing the highest re-default rates. For example, the percentage of modified loans that were seriously delinquent (60 or more days past due) after eight months was 41 percent for loans modified in the first quarter and 46 percent for loans modified in the second quarter. The trend appeared to continue for loans modified during the third quarter.

Flexible mortgage

2009-05-22T06:10:00.000-07:00

A flexible mortgage gives you some scope to change your monthly payments to suit your ability to pay. It's also useful if you want to pay off your loan more quickly. Several flexible features are becoming common and they aren't limited to mortgages with 'flexible' in their name. Here are some flexible features:

Overpayments – you can pay more than your normal monthly mortgage payment or pay off a lump sum, or both.

Underpayments and payment holidays – you pay less than the normal monthly payment for a limited period (say six or twelve months). You may even be able to stop making payments altogether (a payment holiday). This could be useful if, say, you lose your job or take time off to care for a child.

Borrow extra (loan drawdown) – you can borrow extra without further approval from your lender, provided the total loan does not go above an overall limit. Alternatively you may be able to 'borrow back' against earlier overpayments.

Is a flexible mortgage right for you?

Possibly, yes, if you are likely to use these features, for example if you're self-employed and have a variable income.

Possibly not, if you are unlikely to use these features. A less flexible mortgage may be cheaper or more suitable for you.

Getting help from a mortgage broker

2009-05-13T00:38:00.000-07:00

When visiting a mortgage broker there are a few things you'll need to consider, for example:

Some brokers offer products from a limited number of lenders and some brokers may offer products from the whole of the market. Make sure you are clear about what the broker can and cannot offer to you. Consider carefully the range of lenders and products that a firm is offering. This will be set out in the about our mortgage services document.

Some lenders provide products direct to consumers via their own branches, websites and call centres – so there may be products available that your broker is not in a position to offer. Shop around to see what else is out there.

Mortgage advice is not normally free and the way that you pay for a broker's services can vary enormously. Some brokers are paid commission - a set fee paid to the broker by a lender for selling one of their products. An 'independent' broker has access to mortgages from the whole market and will give you the option of paying a fee for his services to avoid any risk of product bias. Details of any fee you will have to pay or whether the broker will be paid by commission will be set out in the about our mortgage services.

Will you need advice on other products, such as an investment product? There is a difference between advising on mortgages and advising on investments. For example, in an interest-only mortgage, advice on an investment or savings plan to pay off the loan at the end of the term is investment advice. Paying two sets of advisers can be expensive.

If a firm provides you with information or advice on other products in addition to mortgages, you will get a combined about our services document setting out the level of service, fees and other information that you can expect in relation to each.

Remortgages

2009-05-05T03:11:00.000-07:00

Switching lenders may lower the rate of interest you pay, which can help reduce your monthly payments and or reducing the outstanding term. With our help, a remortgage can be arranged quickly and smoothly. Some lenders may even pay for your solicitors and valuation fees.

Secured Loans

Not all personal loan enquiries are straight forward. These are just some of the ways we can help:

Reduce your monthly outgoings

loan consolidation

clear any outstanding credit cards and overdrafts

Put extra cash in your pocket each month

Loans from £3,000 to £250,000 over 3 to 25 years

Homeowners Mortgage Support - Policy scheme description

2009-04-30T00:35:00.000-07:00

Eligible Group:

The Government guarantee will only attach to loans where borrowers:

have demonstrated that they have had a temporary loss of household income from employment or self-employment of a scale which affects the household's ability to make full mortgage payments, but which is not expected to be a permanent loss of income. Evidence of income loss must be provided by borrowers for lenders to validate eligibility.

have been making regular payments (but not necessarily in full) in agreement with their lender for at least five months

the lender and borrower must have discussed alternative forbearance options and, where appropriate, exhausted these before the borrower is entered on to the scheme

have received debt advice from an accredited debt advisor. Borrowers should receive a Common Financial Statement or equivalent, confirming basic financial information such as income and expenditure, that can be shared with the lender. The advice will encourage the borrower to consider the long-term sustainability of the borrower's financial position, and the impacts and potential risks, including to the value of equity in the property, of entering the scheme.

have been assessed as being able to pay at least 30 per cent of the total monthly interest payment at the point of entry on to the scheme. Borrowers will need to continue to pay as much as they can, subject to this minimum amount

have total outstanding charges against their home no greater than £400,000 (excluding charging orders as they are ineligible for guarantee under the scheme)

have no savings in excess of £16,000 ie. the equivalent limit to Support for Mortgage Interest

be an owner-occupier with the mortgaged property as their sole residence. Shared ownership or shared equity mortgages are covered by the scheme. The guarantee will not apply to buy-to-let or investment properties. A household possessing more than one home would not be eligible for the scheme

have purchased their property with a mortgage before the 1 December 2008. Homeowners will be able to re-mortgage on their existing property the principal outstanding after this date and will still be eligible for the scheme

are not eligible for Support for Mortgage Interest (SMI)

have been placed on interest-only terms as part of being qualified for the scheme. Borrowers seeking such assistance must be willing to switch their loan to such terms, as must the lender.

households with a second charge loan or a charge secured against their property may still be eligible for the scheme. The borrower will need to secure the agreement of all lenders with charges against the home (excluding charging orders) to be entered into the scheme. Borrowers will need to pay a minimum of 30 per cent of the monthly interest payment for each loan. Following launch of the core scheme for households, we will also explore options for extending the scheme so that it can be made available to small businesses which have stopped trading

It should be noted that the final decision on eligibility for (subject to the criteria set out above) and acceptance into the scheme remains entirely that of the lender.

New homeowners mortgage support begins

2009-04-23T03:23:00.000-07:00

New support to help homeowners remain in their homes if they fall on difficult times will be available from today, announced Housing Minister Margaret Beckett.

Homeowners Mortgage Support (HMS) will enable eligible borrowers who suffer a temporary loss of income to cut their mortgage interest payments for up to two years to help them get back on track with their finances.This new support will be available throughout the UK and builds on a range of measures the Government has already put in place to ensure that repossession is always a last resort.

A number of other banks, building societies and specialist lenders have also confirmed today that they will offer their customers HMS as soon as possible. These are Bank of Ireland (which includes Bristol and West), GMAC, GE Money, Kensington Mortgages, the Post Office and Standard Life Bank.Lenders offering HMS will have the security of a Government guarantee if the borrower defaults.

At the same time, four other high street lenders, Barclays (including First Plus), HSBC, Nationwide and Santander (including Abbey and Alliance and Leicester) have all confirmed today they will offer comparable arrangements to HMS to their customers, while opting not to take up the Government guarantee. Customers of these institutions experiencing a reduction in income and willing to make regular monthly payments will receive a similar level of support and be encouraged to seek independent money advice.

As a result of today's announcement, lenders covering more than 80 per cent of the mortgage market will now be providing enhanced support to their customers.

The energy efficient mortgage means comforts and savings

2009-04-16T23:43:00.000-07:00

When you are buying, selling, refinancing, or remodeling your home, you can increase your comfort and actually save money by using the Energy Efficient Mortgage (EEM). It is easy to use, federally recognized, and can be applied to most home mortgages. EEMs provide the borrower with special benefits when purchasing a home that is energy efficient, or can be made efficient through the installation of energy-saving improvements.

Home owners with lower utility bills have more money in their pocket each month. They can afford to allocate a larger portion of their income to housing expenses. If you have more cash, why not buy a better, more comfortable home? There are two options with the Energy Efficient Mortgage.

Mortgage-Backed Securities

2009-04-07T02:27:00.000-07:00

Mortgage-backed securities (MBS) are debt obligations that represent claims to the cash flows from pools of mortgage loans, most commonly on residential property. Mortgage loans are purchased from banks, mortgage companies, and other originators and then assembled into pools by a governmental, quasi-governmental, or private entity. The entity then issues securities that represent claims on the principal and interest payments made by borrowers on the loans in the pool, a process known as securitization.

Most MBSs are issued by the Government National Mortgage Association (Ginnie Mae), a U.S. government agency, or the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), U.S. government-sponsored enterprises. Ginnie Mae, backed by the full faith and credit of the U.S. government, guarantees that investors receive timely payments. Fannie Mae and Freddie Mac also provide certain guarantees and, while not backed by the full faith and credit of the U.S. government, have special authority to borrow from the U.S. Treasury. Some private institutions, such as brokerage firms, banks, and homebuilders, also securitize mortgages, known as "private-label" mortgage securities.

How lenders decide how much you can borrow

2009-03-31T05:21:00.000-07:00

When you take out a mortgage, lenders look at a number of things to work out how much you can borrow. These include your earnings and outgoings, the property value and your credit history. Whatever you borrow, you need to be sure you can afford the repayments.

Your earnings

Lenders will offer to lend you an amount based on your earnings. They will normally want to see proof of your income and will also look at your regular outgoings.

What can you afford?

It's important to give your lender as much detail as you can about your earnings and outgoings so that you're offered a mortgage you can afford. You also need to remember to budget for the one-off costs of buying a property such as administration and solicitor fees and Stamp Duty.

The FSA website has a range of easy-to-use calculators to help you work out what you can afford and the likely monthly cost of a mortgage.

Your property

The property value

Your lender will arrange a valuation to check how much the property's worth. Most lenders will offer up to 90 or even 95 per cent of the valuation if they think you can afford it. This is called 'loan to value' or LTV rate. (If you have high enough earnings or a guarantor they may offer 100 per cent or even more. But interest rates may be higher).

Special types of property

Some lenders limit the amount they'll lend on certain types of property, for example timber-framed. It's worth shopping around to compare deals.

Your credit history

Your lender will check your credit history and ask previous lenders or landlords for references. If your record shows you've had difficulty with loans or rent payments in the past, it may affect how much you can borrow.

Don't be put off if a lender refuses you a mortgage or offers you an expensive deal - it's still worth shopping around.

Self-certification mortgages

If you can't prove your income (perhaps because you're self-employed and don't have accounts going back far enough), you may be able to get a 'self-certification' mortgage. Although you may not have to offer proof of income to the lender, the lender will still want to be sure that you can afford the repayments so may ask you to provide evidence of your other outgoings.

Mortgage rescue scheme extended across England

2009-03-23T03:57:00.000-07:00

A mortgage rescue scheme to help vulnerable families at risk of repossession to stay in their homes is being rolled out across England.

The £200 million scheme is one of a range of measures the Government is putting in place to help ensure repossession is always a last resort.

The scheme is targeted at the most vulnerable households, those on incomes of less than £60,000 a year who would be entitled to be re-housed under homelessness legislation. These would be people who are elderly, disabled or those with children.

Households will be able to apply to their local authority for two options to help them remain in their homes, depending on their circumstances.

They will either be able to sell a share of their home to a housing association, enabling their monthly mortgage payments to be significantly reduced, or they can sell the entire home to a housing association and remain in the property as tenants paying a subsidised rent.

The scheme, which is expected to help up to 6,000 households avoid repossession over the next two years, is being expanded to all local authority areas in England from today, following its early introduction by 80 councils in December.

In addition to mortgage rescue, the Government has taken a number of measures to support households at risk of repossession. Last week, changes came into effect on Income Support for Mortgage Interest (ISMI), cutting by two thirds - from 39 to 13 weeks - the time before homeowners who lose their jobs receive financial help with the interest payments on their mortgage. The Homeowner Mortgage Support Scheme, which will allow households who suffer an income shock to defer part of their payments for up to two years, is also being urgently developed with lenders.

Repayment mortgages

2009-03-17T03:12:00.000-07:00

Every month, your payments to the lender go towards reducing the amount you owe as well as paying the interest they charge. So each month you're paying off a small part of your mortgage.

The pros: It's a simple, clear approach - you can see your loan getting smaller.

The cons: In the early years your payments will be mainly interest, so if you want to repay the mortgage or move house in the early years, you'll find that the amount you owe won't have gone down by very much.

Mortgage

2009-03-12T01:54:00.000-07:00

A mortgage is a loan you take out to buy property. Most banks and building societies offer mortgages, as well as specialist mortgage lending companies. If you change lenders but don't move home it's referred to as a 'remortgage'.

How to get a mortgage?

You can get a mortgage direct from the lender (banks, building societies and specialist mortgage lenders), or you can use a mortgage broker. You can buy based on 'information' only or get advice and recommendation on a mortgage that suits your particular needs.

Council mortgages are added to CeMAP syllabus

2009-03-05T23:24:00.000-08:00

To become mortgage advisors need to take first, the CEMAP training and in the CeMAP syllabus delegates learn all about different kinds of mortgages which are available in the UK and also the process of getting a property.

The purchasing process in CeMAP training is slightly different in Scotland. Although the CeMAP syllabus might change this year, since the number of councils authorized to bid mortgages towards the borrwers is increasing.

So the government took the decision at this week, to cut down the minimum rate of interest charged on the local authorities such that they can enter into the mortgage market and participate with the other major lenders who are in the Northem Rock and other major banks also.

Finally, this offer mortgages is stated by the councils, afterwards the new CeMAP Training and the Syllabus will get to used to teach delegates. The general councils who offer mortgages are likely to renew the property market.

Become a Mortgage Broker

2009-02-23T03:56:00.000-08:00

Become a mortgage broker with our advanced fast track training programme. It is a known fact that the most successful trainee mortgage consultants follow rigid laid down steps to become successful mortgage brokers. Passing your CeMAP exams is the key to unlocking the wonderful world to giving mortgage and insurance advice but it is only the start. Whether you aspire to be a mortgage consultant for a bank or building society or giving mortgage advice in an estate agency, or becoming a self employed mortgage broker, the rules are strict and must be learned.

The mortgage market is a recession proof business, as when times are good and consumer confidence is high, people tend to borrow for cars, holidays, home improvements and many other things. Then, when consumer spending has peaked and the economy slows down, many people experience difficulty repaying their debts and meeting their other financial commitments. In such circumstances, it is often necessary for them to consolidate their debts into one lower monthly repayment by remortgaging. Remortgaging clients, debt consolidation, raising capital for home improvements, financing the purchase of holiday homes are all solutions that you will be able to provide and it will keep you very busy in times of recession.

The best mortgage adviser amongst us is well capable of dealing with economic changes, as they are well prepared, honed, well trained and have all the sales skills on board to make the difference, but be aware that the income of a mortgage adviser can vary from £25,000 to £150,000 pa.

So, why the big difference?
The difference between the average mortgage broker and the best, is the knowledge, expertise plus the sales skills and ability that they carry.

The truly independent mortgage broker charges their clients a fee for their services, and why not you might say, after all mortgage brokers are professionals just like doctors, dentists and accountants.

Source cemap-training.org.uk/broker.asp

CeMAP 3 – Synoptic Paper

2009-02-16T22:38:00.000-08:00

CeMAP 3 is based around answering questions on case studies. There are 6 case studies and 10 questions on each case study making 60 questions in total. To pass you need to answer correctly 42 out of 60 (70%). There is no separate subject content for CeMAP 3. It is based on exactly the same information and content as CeMAP 2. This is why we do the CeMAP 2&3 within the same training course.

We are experts in getting our delegates through their CeMAP exams successfully and confidently.

Soource http://www.beaconfinancialtraining.co.uk/cemap-qualification

CeMAP 2 – Assessment of Mortgage Advice and Knowledge

2009-02-09T04:17:00.000-08:00

CeMAP 2 is split into four units – units 3, 4, 5 and 6. There are 25 questions on each unit and you have to get 17 correct answers on each unit (68%).

Unit 3 is concerned with the law in relation to mortgages
Unit 4 deals with mortgage applications
Unit 5 covers mortgage repayments and products
Unit 6 outlines post completion issues

Source http://www.beaconfinancialtraining.co.uk/cemap-qualification

CeMAP 1 – Introduction to Financial Services & Products and UK Regulation

2009-02-03T01:33:00.000-08:00

CeMAP 1 is concerned with giving an overview of the entire financial services market in the UK. A lot of people find this exam to be a little daunting as it covers so many different aspects of financial services.

CeMAP 1 consists of two units. In each unit you have to answer 50 questions in one hour with the pass mark for each being 35 (70%).

Unit 1 is a complete overview of the financial services market covering taxation, investments, savings, mortgages and pensions. It also looks at the principles of giving financial advice and the law with regard to financial services.

Unit 2 is concerned with the regulation of the financial services industry. This primarily looks at the role of the Financial Services Authority, money laundering, data protection and complaints and compensation.

Source http://www.beaconfinancialtraining.co.uk/cemap-qualification

NSCB Technical Notes on the Estimates of the Philippine System of National Accounts (PSNA) Series 2006-Q2

2009-01-27T03:54:00.000-08:00

Technical notes on the PSNA are regularly published in the NSCB website for a better appreciation of our national accounts. Reference should also be made to the earlier technical notes for the current national accounting practices adopted in the Philippines.

Efforts Toward Clarifying the Difference Between MISSI and PSNA

The Monthly Integrated Survey of Selected Industries (MISSI) and the national accounts both provide indicators/estimates for the manufacturing sector. However, they measure two different things.

The Value of Production Index (VAPI) derived from the MISSI refers to the index of the current value of goods produced during the reference period valued at producer’s price, that is, the establishment price charged to the customer. Hence, it is an indicator of the output of the manufacturing sector. On the other hand, the gross value added (GVA) in the NA is defined as the value of output minus the value of intermediate inputs used in the production of goods and services. It measures the contribution to the Gross Domestic Product (GDP) made by an industry, in this case the manufacturing industry.

The Philippine Statistical System (PSS) has been actively initiating efforts toward clarifying the difference between the MISSI and the national accounts estimates. Among the major initiatives are the following:

September 1997
Dr. Romulo A. Virola, Secretary-General of NSCB, was one of the discussants of the paper on the “The New SKEM 1 Methodology: Towards a More Realistic Situationaire” presented by Dr. Margarita Guerrero of NSO during the twelfth session of the Development Pulse Forum, which is part of the NEDA Family’s advocacy effort to inform the public on various policy issues and concerns.

December 1998
NSCB presented the paper “Measuring the Gross Value Added of Manufacturing in the Philippine System of National Accounts” during the Seventh National Convention on Statistics.

July 1999
NSCB met with NSO to trace the possible sources of differences between the trends of MISSI and the GVA estimates for manufacturing.

January 2000
Two separate meetings/briefings with PIDS and NEDA were conducted to discuss existing issues on foreign trade statistics. A presentation was made by NSCB to discuss on-going efforts towards improving the national accounts to include among others, the existing concerns on MISSI and the national accounts.

April 2000
NSCB meeting with NSO resolved issues on how to meet the IMF’s Special Data Dissemination Standards (SDDS) Indicators for the MISSI’s value of production index and the producer’s price index.

June 2000
NSCB made a presentation to the Technical Working Group of the Economic Mobilization Group (EMG) 2 to clarify the difference of the trends of MISSI indices and the GVA estimates for the manufacturing sector.

January-March 2001
The Joint Government-Private Sector Working Group on MISSI 3 tackled the improvement plan for MISSI which covered the following areas: data requirements of stakeholders, response rate, time lag, imputation procedures for non-response and the generation of other tables and indices. Validation of the 1994-based MISSI with other data and the 1985-based MISSI was also done.

February 2003
NSCB-NSO Bilateral Meeting wherein various concerns on NSO surveys were discussed; among which are the timeliness of MISSI and the deputation of selected NSCB staff to allow them to use MISSI posting sheets for national accounts estimation purposes.

July & September 2006
NSCB-NSO Bilateral Meetings tackled emerging issues/concerns on the MISSI that were observed during the recent NA compilation including the present methodology employed in computing the MISSI indices.

October 2006
Through the initiative of the NSCB chair, both NSO and NSCB submitted proposals to the Bangko Sentral ng Pilipinas to further improve the MISSI as an indicator of the performance of the manufacturing sector and as a data source for the national accounts.

Coastal

2009-01-19T04:20:00.000-08:00

to describe the current ecological condition of estuaries in Washington, Oregon, Alaska, California, and Hawaii; and,

to work with the states and others to build a strong program of ecological monitoring which will lead to better management and protection of western estuaries; and,

to develop the infrastructure in the Region and in the States to implement the monitoring program.

Entry requirements

2009-01-17T00:45:00.000-08:00

There are no distinctive pre-requisites needed to join the course. However, each candidate will have to go through a consultation with a consultation at The Financial Training Academy before they can enroll onto the CeMAP course. To be able to work within the Financial Services you MUST be over 18. You must not have any Counter Court Judgments (CCJ's) or Criminal Record. You also must be able to provide 5 years traceable history. Please note: Before employment can begin within any organization, you will under go a Fitness Variety Check so it is important to be honest from day 1.

CeMAP-Course description

2009-01-07T01:16:00.000-08:00

We are one of the largest CeMAP training academy's in the UK. The facilities at Bank, in the heart of the City of London, to train more then 200 mortgage advisors per month, with the aim of getting them qualified and into jobs. It is for gaining a career in financial services. We are affiliated with some of the largest employers of Mortgage Advisors in the UK. Current demand is nationally for over 1000 mortgage advisors in the City of London and over 5000 nationwide.

CeMAP training and development

2008-12-30T04:59:00.000-08:00

The training will be a mixture of learning on the job, and studying for recognised qualifications in mortgage advice. Some banks and building societies run structured training schemes for new staff. As a trainee mortgage adviser you must take an industry-recognised qualification that meets Financial Services Authority (FSA) standards, such as:

* Chartered Insurance Institute (CII) Certificate in Mortgage Advice (Cert MA)

* Ifs School of Finance Certificate in Mortgage Advice and Practice (CeMAP)

With experience, you could take further exams to qualify as a financial adviser. See the CII and ifs School of Finance websites for more details about their qualifications and training for financial advisers.You should keep up to date with new products and financial regulations throughout your career. CII and ifs School of Finance both offer a range of short courses and formal continuing professional development (CPD) schemes to help you achieve this

CeMAP Training

2008-12-22T22:29:00.000-08:00

CeMAP training (Certificate in Mortgage Advice & Practice) is the first step you need to take if you are looking to become either a self-employed or an employed mortgage adviser and intensive CeMAP training courses are widely recognised to be the fastest and most effective way to achieve success with this valuable qualification. However, we provide 3 different CEMAP TRAINING OPTIONS, so we have a CeMAP solution to match everyone's budget and personal circumstances.

Since the late 1990s, our professionally qualified trainers have provided CeMAP training for hundreds of people throughout the United Kingdom, conducting CeMAP courses in London, Liverpool, Birmingham, Manchester, Sheffield, Bristol, Leeds, Newcastle-upon-Tyne, Nottingham, Edinburgh, Glasgow, Aberdeen and Belfast.

To be successful on our CeMAP courses, you need no academic qualifications whatsoever, nor do you need any industry experience. In fact, over 95% of our successful CeMAP delegates came to us with no formal qualifications and absolutely no financial services experience. All our CeMAP courses are specifically designed for individuals who are completely new to the mortgage industry, although we also train many who currently work within the banking and mortgage sectors.

source: http://www.cemap-training.org/home.html

Centre for Environmental Modelling and Prediction

2008-11-28T01:28:00.000-08:00

The Centre for Environmental Modelling and Prediction (CEMAP) is a major multidisciplinary research centre focusing on the development and implementation of the new generation of coupled atmosphere-ocean-land modelling system, through a combination of in-depth theoretical analysis, advanced mathematics, high performance computing and information technology in data collection and manipulation.

CEMAP provides a wide range of predictions and analysis of environmental processes on scales from local to global, for a variety of end-users including government agencies and individual farmers. These include weather and climate, severe storms, air quality, sea state, ocean currents, soil moisture, salinity, soil erosion and plant growth.Research groupings include:

CEMAP Modelling Systems.

Atmospheric Modelling: Numerical weather prediction; Climate change and predictability;Tropical cyclones and severe weather; Air quality and bushfire modelling.

Ocean Modelling: Large-scale ocean and climate modelling; Regional and coastal oceanography; Air-sea and ocean waves.

Land-Surface Modelling: Atmosphere-land surface interactions; Turbulence and turbulent diffusion; Soil moisture and salinity; Soil erosion.

A Strategy For Workplace Health And Safety In Great Britain To 2010 And Beyond

2008-11-10T22:49:00.000-08:00

The strategy is designed to promote our vision: to see health and safety as a cornerstone of a civilised society and, with that, to achieve a record of workplace health and safety that leads the world.

Drawing on the last 30 years experience and extensive consultations with a wide range of
stakeholders, the strategy sets out a new direction for the health and safety system and the roles of HSC, the Health & Safety Executive (HSE) and Local Authorities (LAs).

Britain’s record is already commendable, with fatal accidents reduced by over two thirds since the introduction of the landmark Health and Safety at Work etc. Act in 1974, but more needs to be done. 40 million working days were lost to occupational injury and ill health in 2001/02: 33 million days were attributed to ill health. Implementing the strategy should further energise Britain’s approach to improving workplace health and safety for the future.

Cement Makers Not Only Produce Cement; They Mold Young Minds

2008-10-14T04:35:00.000-07:00

Five cement companies belonging to the Cement Manufacturers Association of the Philippines (CeMAP) have been involved in community-based education-related projects ranging from free school supplies, scholarship grants, and building schoolhouses.

Departing from their traditional role in infrastructure development, these cement firms are “helping create a more intelligent citizenry” said CeMAP president Ernesto Ordonez.

The cement firms at the forefront of promoting educational efforts are : Lafarge, Holcim, Cemex, Pacific Cement and Taiheiyo.

Lafarge associated companies, for instance, built two schoolhouses in Sitio Banahaw in Norzagaray, Bulacan in line with its Social Development Management Programs (SDMP).

Lafarge also spearheaded, a program called “Earthbag Schools” a Mindanao trend-setting project. Instead of using hollow blocks, earthbag schools used compacted soil packed in plastic bags. The materials are held together by cement and steel bars. This program is Lafarge’s joint project with Ateneo-based ABAKADA Foundation, the Japanese Embassy and the local government of Surigao.

Recently, Lafarge also partnered with the Department of Education (DepEd) in its rehabilitation project for the Teacher’s Camp in Baguio City, the country’s premier training institution for our public school teachers. The Teacher’s Camp is celebrating its centennial this year.

Lafarge associated companies have also expanded its SDMP to cover the introduction of livelihood projects and scholarship grants in its host communities in Norzagaray, Bulacan, Teresa town in Rizal, Batangas and Iligan City.

Holcim Philippines, Inc. has its WIWAG® Business Weeks and “Galing Mason” programs designed to hone the skills of undergraduate students and masons, respectively.

WIWAG® is a five-day hands-on training program in business management based on a computer-assisted business simulation game.

The program enables the students to gain vital insights in finance, human resources, research and development, production, and marketing, with licensed global volunteer instructors provided by Holcim and its partner-companies.

On the other hand, Holcim’s “Galing Mason” program, a certified seven-day vocational training course to improve skills of untrained masons, is done in collaboration with the government-run Technical Education and Skills Development Authority, the Philippine Constructors Association and the Association of Construction and Informal Workers.

CEMEX Philippines and Pacific Cement have their respective Adopt-a School Programs which provide service and training facilities to public elementary schools in Antipolo City and Cebu.

The program also involved the construction of computer laboratories, libraries, and comfort rooms, as well as renovation of classrooms and drainage systems.

CEMEX Philippines Foundation’s Adopt-a-School program has been running for close to three years only, but it has helped at least six (6) public elementary schools and has helped a total of – students in the community.

In partnership with Sa Aklat Sisikat Foundation, Inc., CEMEX Foundation also spearheaded reading programs in its adopted schools.

As an offshoot of its monthly Isang Lapis, Isang Papel program, the CEMEX Philippines Foundation, Inc. currently distributes school bags and textbooks to students in its adopted schools.

Pacific Cement has been implementing the same concept for its adopted schools in host communities in Surigao Del Norte for more than 10 years. Pacific Cement has also donated cement for the construction of classrooms using ‘earth bag’ technology.

For its part, Taiheiyo Cement Philippines, Inc. maintains 47 scholars under its wings.

Now on its fourth year, the company’s scholarship program is offered to Valedictorians and honor graduates of public schools in San Fernando, Cebu.

Since 1994, Taiheiyo has been awarding medals to honor students in 21 barangays in San Fernando every year.

Taiheiyo is also collaborating with the Cebu provincial government in constructing two-classroom elementary and high school buildings throughout the province, completed in time for the opening of class this year.

Department Of Theoretical Physics

2008-10-10T03:26:00.000-07:00

The research areas in the Department of Theoretical Physics include condensed matter, atomic, nuclear, elementary particle, and statistical physics. The broad research interests and qualifications of the academic and research staff allow them to work on challenging problems of modern physics, such as high temperature superconductivity, quantum phase transitions, mesoscopic systems, quantum chromodynamics, quantum gravity, violation of the fundamental symmetries and tests of Grand Unification theories, the search for cosmological variation of fundamental constants in the evolving Universe predicted by string theories, atoms in strong fields, quantum chaos and foundations of statistical mechanics.

Centre for Environmental Modelling and Prediction

2008-09-26T00:23:00.000-07:00

CEMAP provides a wide range of predictions and analysis of environmental processes on scales from local to global, for a variety of end-users including government agencies and individual farmers. These include weather and climate, severe storms, air quality, sea state, ocean currents, soil moisture, salinity, soil erosion and plant growth.
Research groupings include:

CEMAP Modelling Systems.
Atmospheric Modelling: Numerical weather prediction; Climate change and predictability; Tropical cyclones and severe weather; Air quality and bushfire modelling.
Ocean Modelling: Large-scale ocean and climate modelling; Regional and coastal oceanography; Air-sea interactions and ocean waves.
Land-Surface Modelling: Atmosphere-land surface interactions; Turbulence and turbulent diffusion; Soil moisture and salinity; Soil erosion.

Coastal

2008-09-21T23:57:00.000-07:00

Western EMAP - Coastal:
The coastal component of Western EMAP applies EMAP’s monitoring and assessment tools to create an integrated and comprehensive coastal monitoring program along the west coast. Water column measurements are combined with information about sediment characteristics and chemistry, benthic organisms, and data from fish trawls to describe the current estuarine condition.

The objectives of the Pilot are:

•to describe the current ecological condition of estuaries in Washington, Oregon, Alaska, California, and Hawaii; and,

•to work with the states and others to build a strong program of ecological monitoring which will lead to better management and protection of western estuaries; and,

•to develop the infrastructure in the Region and in the States to implement the monitoring program.

Maritime Art Beside the Canal

2008-09-18T22:21:00.000-07:00

The artwork will take the form of a marine buoy, currently located at Piazza Terracina, mounted on a granite plinth. The buoy, which is a similar design to the one that marks safe water at the entrance to the estuary, is to be moved and restored with a flashing light in the centre. It will stand on the plinth, which is to be engraved with a wave design, and will incorporate a section of the poem, "The Seafarer", translated from the Exeter Book, and interpretative information. The work will be located on the area known as Kings Arms Isthmus between Canal Basin and the entrance to Riverside Valley Park.

New Further Education (FE) Specialisation and Innovation fund launched

2008-08-22T00:58:00.000-07:00

From today FE colleges and training providers can tap into a new fund to help them connect with businesses in an innovative and collaborative way.

This fund has been created to help England compete in the global skills race putting the FE sector at the heart of improving the skills of businesses and individuals. It will help unlock the talent of the FE workforce and drive business innovation, enabling FE colleges and training providers to refine and expand the way they manage and deliver their employer training solutions. Finally, it will allow them to learn from their experiences, and share that learning more widely.

To know more info: http://www.lsc.gov.uk/news/latestnews/news-280708.htm

Mortgage Interest rate deals

2008-07-28T06:00:00.000-07:00

As well as deciding on your repayment method, you'll need to look at the interest rate deals on offer.

Standard variable rate

With a variable rate mortgage your payments go up or down with the lender's standard interest rate. This often changes following Bank of England base rate changes.

Standard variable rate with cashback

With these deals you get a cash lump sum as well as the loan when you take out the mortgage. You're usually tied into the variable rate for a set period.

Discounted rate

You pay a lower interest rate to begin with then move to another rate (usually the lender's standard variable rate) after a set period.

Tracker

Tracker rates are linked to the Bank of England rate or some other 'base rate'. This means they'll always go up or down in line with changes to the base rate.

Fixed rate

You pay a fixed rate of interest for a set period, so you know exactly what you'll be paying each month during that time. When the fixed period ends, you'll usually move to the lender's standard variable rate. There are usually penalties if you pull out early.

Capped or cap and collar

With a capped rate you pay a variable interest rate, but there's a ceiling so your payments won't go above a certain amount for a set period. Some deals include a collar too - this is the lowest rate you'll get. If interest rates fall below the collar, you'll lose out.

Mortgage Broker Application FAQs

2008-07-25T23:03:00.000-07:00

How do I obtain a Mortgage Broker license in Washington?

Effective July 1, 2008, DFI joined the Nationwide Mortgage Licensing System (NMLS). All Mortgage Broker license applications must be submitted through the NMLS. An applicant must submit a Form MU1, a Form MU2 for each control person, a Form MU4 for the Designated Broker, and a Form MU3 for each branch office through the NMLS.

May I submit a Mortgage Broker Application in paper?

No. Use of the NMLS is mandatory for all Mortgage Broker applicants and licensees.

Must I submit other information in addition to the MU forms?

Yes. Please refer to the Washington instructions on the NMLS for a list of all additional items which must be mailed to DFI.

What is the application fee for a Mortgage Broker Main Office License?

The application fee for a new Mortgage Broker Main Office License is $471.00 which includes the NMLS processing fee.

What is the application fee for a Mortgage Broker Branch Office License?

The application fee for a new Mortgage Broker Branch Office License is $205.00 which includes the NMLS processing fee.

Is there a surety bond requirement? If so, what amount does the bond need to be?

Yes, the Mortgage Broker license does require a surety bond. The minimum amount is $20,000. The maximum amount is $60,000. The bond amount is calculated by the number of loan originators working in Washington. Please see the Jurisdiction-Specific Requirements for details on calculating the bond amount.

Does Washington have a net worth requirement?

No. Washington does not have a net worth requirement.

What is the average time it takes to process a new application?

DFI tries to review all incoming applications within two weeks of the date they are fully complete. If the application has any deficiencies which result in a rejection letter, the application is placed on hold until the deficient items are corrected. At that point, the application is complete and the two week period starts at that time.

The difference between mortgage 'advice' and 'information'

2008-07-23T22:25:00.001-07:00

If you get written information about mortgage products, it doesn't mean you've had advice. Getting advice means that the adviser looks at your particular circumstances and recommends a mortgage that's suitable for you. Buying with advice puts you in a stronger position to complain and get compensation if you later discover that the mortgage is unsuitable.

If you take out a mortgage over the internet, by phone or by post you might not have the option to get advice. Consider whether you need to get advice before you buy.

The keyfacts document 'About our mortgage services' will tell you whether you're being offered information or advice.

Mortgage loan

2008-07-22T22:01:00.000-07:00

SEC. 303. For the purposes of this title--

(1) the term "mortgage loan" means a loan which is secured by residential real property or a home improvement loan;

(2) the term "depository institution"-- (A) means--

(i) any bank (as defined in section 3(a)(1) of the Federal Deposit Insurance Act);

(ii) any savings association (as defined in section 3(b)(1) of the Federal Deposit Insurance Act); and

(iii) any credit union, which makes federally related mortgage loans as determined by the Board; and (B) includes any other lending institution (as defined in paragraph (4)) other than any institution described in subparagraph (A);

(3) the term "completed application" means an application in which the creditor has received the information that is regularly obtained in evaluating applications for the amount and type of credit requested; {{4-28-00 p.7302}}

(4) the term "other lending institutions" means any person engaged for profit in the business of mortgage lending;

(5) the term "Board" means the Board of Governors of the Federal Reserve System; and

(6) the term "Secretary" means the Secretary of Housing and Urban Development.

Governor Lynch Signs Law Aimed At Protecting Consumers From Mortgage Foreclosure

2008-07-21T21:55:00.000-07:00

New Law Requires Mortgage Originators Be Licensed

CONCORD - As part of the state’s ongoing efforts to better protect consumers, Gov. John Lynch today signed a new law requiring mortgage originators to be licensed.

“We are currently experiencing a significant downturn in the national economy, some of which can be directly traced to abuses and unscrupulous practices in mortgage lending. In addition to the damage it is doing to the economy across the nation and here in New Hampshire, these abuses have resulted in many New Hampshire families seeing their dream of home ownership jeopardized,” Gov. Lynch said. “The increasing number of foreclosures, caused by questionable loan practices, is hurting many of our families. This new law will license mortgage originators to help better protect consumers from future abuses,” Gov. Lynch said. The new law will help ensure the people who are developing mortgage agreements follow national standards and recognize their obligation to consumers by ensuring the individuals who are developing mortgages are licensed.

“I thank Governor Lynch and legislators for giving us the tools to better protect consumers. This was really a joint effort, which included support not only from the Governor and lawmakers, but also from the mortgage industry and consumer advocates,” New Hampshire Banking Commissioner Peter Hildreth said. “This new law will allow us to help protect New Hampshire citizens from unscrupulous mortgage practices.” The new law is the next step in the state’s ongoing efforts to better protect consumers.

Last year, Gov. Lynch signed a law aimed at protecting homeowners from losing their homes - and the valuable equity they have built into their homes - to foreclosure scams. That law imposed new standards on pre-foreclosure sales, required greater disclosure from foreclosure consulting companies and it created stiff penalties for those who take advantage of homeowners. The penalties included fines, jail time and repayment of equity to the homeowner. Also, the New Hampshire Banking Department conducted information sessions across the state where Department staff reviewed consumers’ mortgage documents and answered questions citizens had. The Banking Department created a hotline manned by trained, knowledgeable staff ready to assist consumers who have questions regarding their mortgages.

“Licensing mortgage originators is the next step in helping to ensure mortgage agreements in New Hampshire are developed in a responsible manner, and is part of our ongoing efforts to protect and inform the consumer,” Gov. Lynch said. The new law, HB 1286, was sponsored by Rep. Tara Reardon and Sen. Lou D’Allesandro.

Shopping around and buying from a lender

2008-07-20T21:31:00.000-07:00

Instead of using a broker or financial adviser, you can shop around and arrange a mortgage directly with a building society, bank or specialist mortgage company. A useful starting point might be to compare what's on offer in the mortgage tables in newspapers, on the internet and in specialist magazines.

Of course lenders will only recommend from their own mortgage range - but may have several you can choose from. You'll still receive the Keyfacts documents described above.

WHO BENEFITS FROM THE ENERGY EFFICIENT MORTGAGE?

2008-07-17T21:38:00.000-07:00

Buyers:

Qualify for a larger loan on a better home!

Get a more comfortable home NOW.

Save money every month from Day One.

Increase the potential resale value of your home.

Sellers:

Sell your home more quickly.

Make your house affordable to more people.

Attract attention in a competitive market.

Remodelers/Refinancers:

Get all the EEM benefits without moving.

Make improvements which will actually save you money.

Increase the potential resale value of your home.

Pay for energy improvements easily, through your mortgage. Your lender can increase your loan to cover energy improvement costs. Monthly mortgage payments increase slightly, but you actually save money because your energy bills will be lower!

Banking, Securities and Related Statutes and Regulations

2008-07-16T21:57:00.000-07:00

The compilations linked above have been prepared by the Legal Division of the Connecticut Department of Banking and are available for free download. They are not intended to be a substitute for the official General Statutes of Connecticut and the 2008 Supplement to the General Statutes, as amended by Public Acts 08-18, 08-69, 08-120, 08-150, 08-176 and 08-186, published by authority of the State of Connecticut, or the official Regulations of Connecticut State Agencies, published by authority of the Commission on Official Legal Publications, and should not be relied upon as such. The compilations are intended to provide industry and its representatives with an up-to-date version of the laws within the jurisdiction of the Banking Commissioner contained in Volume 10 of the Connecticut General Statutes, certain other relevant laws found elsewhere within the Connecticut General Statutes and of the regulations adopted by the Banking Commissioner. You may also view and search the complete text of the Connecticut General Statutes online at the Connecticut General Assembly.

Ten Tips for Homebuyers - part II

2008-07-15T21:49:00.000-07:00

Should you select a mortgage with a fixed rate or an adjustable rate? The answer to this question depends on whether mortgage rates are at a high or a low point when you purchase, and on how long you plan to live in the home. If rates are high, an adjustable rate might be attractive since subsequent rate drops could reduce your monthly payments. Additionally, lenders may offer a low rate during the first few years of an adjustable mortgage to make it appealing to you. If interest rates are low you might want to take a fixed rate to protect yourself against the possibility of rising interest rates.

Be aware of the two main types of loan categories. Conventional Loans. Conventional mortgage loans are available with fixed or adjustable interest rates. Some loans may require mortgage insurance. Government Loans. These include Federal Housing Administration (FHA) fixed and adjustable rate mortgage loans, and Veterans Administration (VA) fixed rate mortgage loan

If you are a low or moderate income homebuyer, there are special programs designed to help you. These loans are available through private lenders, as well as local and state housing agencies, like the California Housing Finance Agency (CalHFA). Most lenders specializing in real estate mortgage loans are aware of these types of loan programs.

Why might I have to pay mortgage insurance? Mortgage insurance protects the lender from potential loss if you should default on your mortgage loan payment. Generally, conventional loans that require larger down payments do not require mortgage insurance. Mortgage insurance is always required on FHA mortgage loans.

Many organizations offer home loan counseling to prospective homebuyers. These organizations provide classes for homebuyers to cover the steps to homeownership. They will cover home selection, realtor services, lenders, loan programs, homeownership responsibilities, saving for a down payment, and other important pieces of information. Many first-time homebuyer programs require homebuyers to attend this type of class to be eligible for selected programs.

Ten Tips for Homebuyers

2008-07-14T21:28:00.000-07:00

What You Should Know Before Buying a Home

Before you start looking for a home, get pre-qualified for a loan. Banks, credit unions and mortgage bankers make home loans; mortgage brokers process them. The lenders will take an application, process the loan documents, and see the loan through to the funding stage.

If you have marginal or bad credit, consult your lender. You may be able to qualify for a loan depending on how long ago and what reason(s) caused the bad credit. A lender should be able to advise you on whether your credit history will prevent you from qualifying for a home loan.

You will need a down payment. Down payment requirements vary depending on the type of loan. Many down payment assistance programs exist. These programs may loan or grant you the funds necessary for the down payment. Consult with a lender about programs available in your area.

You will need funds for closing costs Closing costs are charges for services related to the closing of your real estate transaction. They include, but are not limited to: Escrow fees charged by the company handling the transaction Title policy issuance fees charged by the title insurance company Mortgage insurance fees Fire and homeowners insurance County Recorder fees for recording your deed Loan origination fees

Consult your lender for an actual estimate of these costs, as well as information about loan programs which can assist in financing your closing costs

Some loans have "points" and some do not. A point is a loan origination fee equivalent to 1% of the loan amount. Together with the interest rate they constitute the yield on your loan for the lender. Some lenders charge a higher interest rate to compensate for charging no points. It is important to comparison shop lenders to make sure your loan is at a competitive yield.

MORTGAGE BROKER BOND

2008-07-13T21:32:00.000-07:00

THE CONDITION OF THIS OBLIGATION IS THAT, in the event of insolvency, liquidation or bankruptcy of the Principal,or the expiration, surrender, or revocation of the relevant license, this bond shall continue to be held by the Treasurer fora period of twelve months from the date of such insolvency, liquidation, or bankruptcy of the Principal, or the expiration,surrender, or revocation of the relevant license, unless otherwise directed by the order or judgment of a court ofcompetent jurisdiction, and may be used exclusively by the Commissioner for the benefit of consumers or borrowers forthe reimbursement of consumer fees or other charges determined by the Commissioner to be improperly charged orcollected, and to satisfy any past due Division costs, assessments, penalties, or other obligations which have beencharged to the Principal. In the event of the insolvency, liquidation, or bankruptcy of the Principal, or the expiration, surrender, or revocation of the relevant license, any claim payments due from the Surety under the terms of this bondshall be paid to the Treasurer and Receiver General of the Commonwealth of Massachusetts for disposition inaccordance with the applicable provisions of the Massachusetts General Laws Chapter 255E, and the Division’sregulation 209 CMR 42.00 et seq. Nothing contained herein shall prevent the Treasurer from continuing to retainpossession of this bond, or its proceeds, in the event of ongoing litigation involving the Principal.

What are the surety bond requirements for licensed mortgage brokers?

2008-07-10T21:28:00.000-07:00

(a) Mortgage brokers must at all times have a valid surety bond on file with the director. The surety bond must be provided on a form prescribed by the department.

(b) The surety bond amount must be between twenty thousand dollars and sixty thousand dollars depending on the annual average number of loan originators representing the mortgage broker.

(c) When the mortgage broker initially applies for a license, the dollar amount of the surety bond must be sufficient to cover the number of licensed loan originators you intend to employ in your first year of business.

(d) The surety bond must list the full name and any trade or doing-business-as names used by the mortgage broker. The surety bond must list the licensee's main physical address including street number, street name and direction, suite number, city, county, and state.

(e) The surety bond must be signed by a principal of the mortgage broker as well as an authorized representative of the insurance company listed as surety. The power-of-attorney must identify the signing representative as authorized by the insurance company. The insurance company must include their surety bond number and seal on the surety bond form.

Mortgage Insurance Premiums Treated as Home Mortgage Interest

2008-07-09T21:50:00.001-07:00

Premiums that you pay or accrue for "qualified mortgage insurance" during 2007 in connection with home acquisition debt on your qualified home are deductible as home mortgage interest. The amount you can deduct is reduced by 10% (.10) for every $1,000 ($500 if your filing status is married filing separately) by which your adjusted gross income exceeds $100,000 ($50,000 if your filing status is married filing separately). For the definitions of home acquisition debt and qualified home, see Publication 936, Home Mortgage Interest Deduction.

Qualified mortgage insurance. Qualified mortgage insurance is mortgage insurance provided by the Veterans Administration, the Federal Housing Administration, or the Rural Housing Administration, and private mortgage insurance (as defined in section 2 of the Homeowners Protection Act of 1998 as in effect on December 20, 2006).

Special rules for prepaid mortgage insurance. If you paid premiums for qualified mortgage insurance that are properly allocable to periods after the close of the taxable year, such premiums are treated as paid in the period to which they are allocated. No deduction is allowed for the unamortized balance if the mortgage is satisfied before its term (except in the case of qualified mortgage insurance provided by the Department of Veterans Affairs or Rural Housing Administration).

Schedule A (Form 1040). You can deduct mortgage insurance premiums you paid or accrued during 2007 on Line 13 of the 2007 Schedule A (Form 1040). Mortgage insurance premiums you paid or accrued on any mortgage insurance contract issued before January 1, 2007, are not deductible as home mortgage interest.

Mortgage insurance premiums you paid or accrued after December 31, 2007, or that are properly allocable to any period after December 31, 2007, are not deductible as home mortgage interest.

Mortgage Insurance Premiums Treated as Home Mortgage Interest

2008-07-09T21:50:00.000-07:00

Mortgage insurance premiums you paid or accrued after December 31, 2007, or that are properly allocable to any period after December 31, 2007, are not deductible as home mortgage interest.

FAIR LENDING IS REQUIRED BY LAW

2008-07-08T22:09:00.001-07:00

The Equal Credit Opportunity Act prohibits lenders from discriminating against credit applicants in any aspect of a credit transaction on the basis of race, color, religion, national origin, sex, marital status, age, whether all or part of the applicant’s income comes from a public assistance program, or whether the applicant has in good faith exercised a right under the Consumer Credit Protection Act.

The Fair Housing Act prohibits discrimination in residential real estate transactions on the basis of race, color, religion, sex, handicap, familial status, or national origin.
Under these laws, a consumer cannot be refused a loan based on these characteristics nor be charged more for a loan or offered less favorable terms based on such characteristics.

Division of Banking and Financial Institutions Mortgage Products Guidance

2008-07-07T22:01:00.000-07:00

The Division of Banking and Financial Institutions (Division) todayannounced the adoption of a set of regulatory guidelines covering the marketing ofnontraditional mortgages by state-licensed entities. The guidance was developed by the Conference of State Bank Supervisors (CSBS) and theAmerican Association of Residential Mortgage Regulators (AARMR) and applies to statelicensedmortgage brokers and companies. The guidance is intended to promote consistentregulation in the mortgage market and to clarify how residential mortgage providers can offernontraditional mortgage products in a way that clearly discloses the risks borrowers mayassume.Commissioner Annie Goodwin said, “These guidelines are designed to level the playing field inthe mortgage market in order to protect consumers from taking on high-risk mortgageswithout having a full understanding of the terms of such loans.

Goodwin commented that CSBS and AARMR’s goal is for all states to adopt the guidelines sothat all consumers will be equally protected and all originators of residential mortgages will besubject to similar supervisory guidance.

The Division of Banking and Financial Institutions is the regulator for all Montana state-charteredbanks, credit unions and non-depository financial institutions, which include consumer loan and salesfinance companies, mortgage brokers and loan originators, title lenders, deferred deposit lenders andescrow businesses. It is the mission of the Division of Banking and Financial Institutions to protect thepublic interest by regulating the business of state chartered and licensed financial institutions under itssupervision. The Division is committed to preserve and promote: sound and constructive competitionamong financial institutions; a dual federal and state banking system; and the security of deposits.The Division seeks regulatory coordination and cooperation as well as regulatory parity among financialservices institutions while encouraging diversity in financial products and services.

Using mortgage brokers for your home loan

2008-07-06T22:35:00.001-07:00

These days, with so many different loans and lenders in the market, you might rely on a mortgage broker to do the legwork for you. Mortgage brokers may be able help you find out about suitable loans and arrange special deals. However, as with any adviser, do some checking and shopping around yourself. Make sure your broker is finding a competitive loan package or you could end up paying more than you need to. Most brokers offer only a limited range of loans. They get paid a commission and some may receive other benefits from the lender as well. Mortgage brokers are not financial advisers, and are not obliged to find you the best possible deal unless they specifically agree to do so.

If you just use a broker, you may miss out on some of the cheapest loans in the market. Some of these loans are provided by lenders that don't pay commissions and are therefore not included on the panels of lenders from which brokers select their loans. Even a small difference in the interest rate can make a big difference to the amount you pay.

Choosing a mortgage - where to start

2008-07-03T22:04:00.000-07:00

With hundreds of mortgage deals on the market, it's hard to know where to start. You can use a mortgage broker, or shop around yourself and go direct to the lender. Whatever you decide, it's important to understand how mortgages are regulated and sold.Using a brokerMortgage brokers must be authorised by the FSA (Financial Services Authority) or must be agents for authorised firms.

This means they have to follow FSA rules when dealing with you. For example they have to give you certain documents with the 'Keyfacts' sign. Keyfacts documents are set out in a standard format to help you compare different services and products with each other. The two mortgage keyfacts documents are: 'Keyfacts about our mortgage services' and 'Keyfacts about this mortgage' (sometimes called a key facts illustration or KFI).

MORTGAGE FRAUD

2008-07-02T22:09:00.001-07:00

The increased reliance by both financial institutions and non-financial institution lenders on third-party brokers has created opportunities for organized fraud groups, particularly where mortgage industry professionals are involved.

Combating significant fraud in this area is a priority, because mortgage lending and the housing market have a significant overall effect on the nation's economy. All mortgage fraud programs were recently consolidated within the Financial Institution Fraud Unit, even where the targeted lender is not a financial institution. This consolidation provides a more effective and efficient management over mortgage fraud investigations, the ability to identify and respond more rapidly to emerging mortgage fraud problems, and a better picture of the overall mortgage fraud problem.

Each mortgage fraud scheme contains some type of "material misstatement, misrepresentation, or omission relied upon by an underwriter or lender to fund, purchase or insure a loan." The Mortgage Bankers Association projects $2.5 trillion in mortgage loans will be made during 2005. The FBI compiles data on mortgage fraud through Suspicious Activity Reports (SARs) filed by federally-insured financial institutions, and Department of Housing and Urban Development Office of Inspector General (HUD-OIG) reports. The FBI also receives complaints from the mortgage industry at large.

The FBI investigates mortgage fraud in two distinct areas: Fraud for Profit and Fraud for Housing. Fraud for Profit is sometimes referred to as "Industry Insider Fraud" and the motive is to revolve equity, falsely inflate the value of the property, or issue loans based on fictitious properties. Based on existing investigations and mortgage fraud reporting, 80 percent of all reported fraud losses involve collaboration or collusion by industry insiders. Fraud for Housing represents illegal actions perpetrated solely by the borrower. The simple motive behind this fraud is to acquire and maintain ownership of a house under false pretenses. This type of fraud is typified by a borrower who makes misrepresentations regarding his income or employment history to qualify for a loan.

Although there are many mortgage fraud schemes, the FBI is focusing its efforts on those perpetrated by industry insiders. The FBI is engaged with the mortgage industry in identifying fraud trends and educating the public. Some of the current rising mortgage fraud trends include: equity skimming, property flipping, and mortgage related identity theft. Equity skimming is a tried and true method of committing mortgage fraud. Today's common equity skimming schemes involve the use of corporate shell companies, corporate identity theft, and the use or threat of bankruptcy/foreclosure to dupe homeowners and investors. Property flipping is nothing new; however, once again law enforcement is faced with an educated criminal element that is using identity theft, straw borrowers and shell companies, along with industry insiders to conceal their methods and override lender controls.

A recent analysis of mortgage industry fraud surveys identified 26 different states as having significant mortgage fraud problems. Although every survey identified Georgia and Florida as having significant mortgage fraud related investigations, the survey also identified nine other states in the South and Southwest, seven states in the West and five states in the Midwest as having mortgage fraud problems.