The survey reports that nine out of 10 mortgage brokers have not yet registered to take a CeMAP or MAQ exam. In addition, 30 per cent of brokers did not realise they have to pass CeMAP or MAQ by the end of 2002 to continue writing mortgage business, and a surprising 65 per cent of brokers have not heard of CP98.
The research questioned over 700 brokers between October and November.
Steve Hoare, managing director of HLP, said: "Mortgage brokers have got serious problems in the months ahead if a significant change in attitudes towards training does not take place. We have all got to start thinking big picture rather than what is in our short term interests."
"When we started our research we expected to find a handful of people who had not signed up for CeMAP or MAQ. There was a sharp intake of breath in our offices when we discovered that the overwhelming majority of brokers do not appear to have signed up for the exams."
"As an industry we are failing to get the message across as to how important training is for the future of the industry. IFAs may be taking training seriously. But how many IFAs generate significant amounts of mortgage business? This means organisations like HomeLoan Partnership have got to be vigilant in pushing the right messages to our brokers so that they sign up for CeMAP and MAQ immediately. I would hope that lenders, large packagers, networks and the regulators also throw resources at the problem. If they do not, we face the possibility on 1 January 2003 of lenders – particularly the specialist companies – having some great mortgage products available but their distribution channels being shattered because their brokers are barred from writing business."
