Simply Academy Comments on Responsibility of Mortgage Lenders to Check Borrowers’ Ability to Repay

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Simply Academy, a leading provider of financial advisor training, has found that a new responsibility has fallen on lenders to check that the borrower can afford to meet the commitments stipulated in the mortgage agreement.

Simply Academy
This new process involved in mortgage lending is a good thing. We strongly advise that budding mortgage lenders achieve their CeMAP status and qualify before the MMR deadline in April 2014.

Simply Academy, a leading provider of financial advisor training, has found that a new responsibility has fallen on lenders to check that the borrower can afford to meet the commitments stipulated in the mortgage agreement.

Fledgling mortgage advisors are encouraged to achieve their CeMAP status to promote responsible and rewarding mortgage advice to their borrowers. This customer-focussed approach will ensure a more positive mortgage lending attitude and will mean that newly qualified CeMAP advisors will have a greater wealth of knowledge at their disposal.

Simply Academy’s Peter Lingley commented on the news: “This new process involved in mortgage lending is a good thing. We strongly advise that budding mortgage lenders achieve their CeMAP status and qualify before the MMR deadline in April 2014. This new generation of mortgage lender will mean a more positive experience for customers, via knowledge transparency, and will mean a healthier attitude to mortgage lending in general.”

Having applicants provide evidence of their income will allow lenders to stress test borrowing against future interest rate increases. This new customer-aware approach to lending is a reaction to the lending excesses seen in the peak of the market. Being more lending aware and thinking in the long-term promotes a healthier attitude to lending and the mortgage market as a whole.

For more information on Simply Academy and their mortgage advisor training, contact them on 0844 88 444 21 or visit their website at http://www.simplyacademy.com.

About:
Simply Academy was established in 2006 and has since become one of the UK’s leading financial academies. They offer a range of financial courses, including CeMAP, CeFAP, DipMAP and DipFA training and have a number of highly trained tutors with years of experience in their respective fields.

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