Mortgage Credit Certificate Program

Language:
Spanish
Study workload:
50 hours of online training
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The purpose of Mortgage Credit Certificate Program (Level I and Level II) delivered by CUNEF is to provide participants with specialist training allowing them to acquire and/or to consolidate the knowledge and skills set out in Order ECE/482/2019, of 26 April 2019, applicable to natural persons registered as lenders, credit intermediaries or designated representatives. Participants enrolled on the programme who successfully pass the established exams in each session will be granted the Mortgage Credit Certificate Program (Level I and Level II). The program is recognised by the Bank of Spain as a qualification granting entitlement.

The program is devised as a tool of outstanding value, allowing professionals in the financial sector to obtain the training required by the regulations in force for personnel in any of the following situations:

  • Personnel responsible for providing information and selling mortgage credit (Level I).
  • Executive personnel and those with decision-making powers to grant mortgage credit (Level II).
  • Personnel responsible for the preparation and design of risk appraisal (Level II).

The programme is aimed at practising professionals (graduates) and professionals in the financial sector with a minimum level of post-compulsory secondary studies or intermediate vocational training, and in the latter case demonstrating at least two years’ experience in the financial sector (Level I) or five years’ experience in the financial sector (Level II). Students satisfactorily completing and passing all the academic requirements for the programme will receive the:

  • Mortgage Credit Certificate Program (Level I). Intended for personnel providing information on or selling real estate loans. (Qualification recognised by the Bank of Spain).
  • Mortgage Credit Certificate Program (Level II). Intended for personnel with executive status or those reaching decisions to grant real estate loans; personnel who decide, handle or are involved in the creation or design of credit risk appraisal systems, or who design or develop real estate loan products. (Qualification recognised by the Bank of Spain).

Technical details:

Qualification recognised by the Bank of Spain

Study workload: 50 hours of online training.
Aimed at: Graduates and/or practising professionals with more than two years’ (Level I)/five years’ (Level II) professional experience in the financial sector who wish to obtain the certification required by the regulations in force to advise on or sell real estate loans; or for those who have executive status or reach decisions as to the granting of real estate loans; in addition to any personnel who decide, handle or are involved in the creation or design of credit risk appraisal systems, or who design or develop real estate loan products
Dedication: Compatible with professional commitments 100% online teaching programme
Teaching language: Spanish
Admissions process: Analysis of CV.
Qualification: Mortgage Credit Certificate Program(Level I) or (Level II).
Price: 180 euros. Single payment

The training program and certification as an Expert in Mortgage Credit Certificate Program (Level I and Level II) developed by CUNEF covers all the subjects required by the regulations in force, with a total of 50 teaching hours.

Mortgage Credit Certificate Program (Level I and Level II): study programme description

Subject/Teaching Module:Exam weighting of the subjectHours
Economic fundamentals and financial markets. Subject k Order ECE/482/2019: An appropriate level of skills in financial and economic matters, including an understanding of the effect of economic figures and national and international events on interest rates and the real estate market.12%6
Mortgage loan market. Subject h Order ECE/482/2019: Appropriate knowledge of the real estate loan market, in particular the evolution of house prices and the evolution of interest rates, in order to be able to evaluate the suitability of the operation.4%2
Mortgage legislation and consumer protection. Subject c Order ECE/482/2019: Appropriate knowledge of legislation regarding real estate loan contracts offered to potential borrowers, in particular with regard to borrower protection.10%5
Mortgage credit products. Subject e Order ECE/482/2019: Appropriate knowledge allowing the individual to estimate the total costs and expenses that will be incurred by the customer within the context of loan operations and services offered to the potential borrower. Subject b Order ECE/482/2019: Appropriate knowledge of the risks associated with the loan products offered to the potential borrower, including in the case of variable rate loans, the possible effects of interest rate changes on the instalments, and in the case of foreign currency loans, the effects of possible variations in the exchange rate.20%10
Acquisition of real estate assets (procedures). Subject d Order ECE/482/2019: Appropriate knowledge and understanding of the process of acquiring real estate assets. 10%5
Acquisition of real estate assets (taxation and expenses). Subject a Order ECE/482/2019: Appropriate knowledge of real estate loans, including any general taxation implications and expenses that the customer will incur within the context of the operations, and the associated services offered together with them, in particular insurance policies associated with mortgage loans.10%5
Appraisal of collateral. Subject f Order ECE/482/2019: Appropriate knowledge of the appraisal of collateral.8%4
The right to choose the notary, notary offices and the land register (organisation and functioning). Subject g Order ECE/482/2019: Appropriate knowledge of the right to choose the notary, how notary offices function, and the organisation and functioning of land registers.8%4
Borrower solvency appraisal systems. Risk reports from the Bank of Spain central risk information register. Subject j Order ECE/482/2019: Appropriate knowledge of the process of appraising the solvency of potential borrowers or, where applicable, skills in the appraisal of their solvency, with a particular emphasis on the know-how required in order to properly appraise risk reports issued by the Bank of Spain Central Risk Information Register.10%5
Professional ethics (professional standards and real estate credit). Subject i Order ECE/482/2019: Appropriate knowledge of the ethical standards applicable to the sector.4%2
Customer identification and target market. Subject l Order ECE/482/2019: Appropriate knowledge serving to properly identify the individuals within the target market for which the real estate loan was designed.4%2
Total100%50

Mortgage Credit Certificate Program level II: study programme description

Subject/Teaching Module:Exam weighting of the subjectHours
Economic fundamentals and financial markets. Subject k Order ECE/482/2019: An appropriate level of skills in financial and economic matters, including an understanding of the effect of economic figures and national and international events on interest rates and the real estate market. 12%6
Mortgage loan market. Subject h Order ECE/482/2019: Appropriate knowledge of the real estate loan market, in particular the evolution of house prices and the evolution of interest rates, in order to be able to evaluate the suitability of the operation.4%2
Mortgage legislation and consumer protection. Subject c Order ECE/482/2019: Appropriate knowledge of legislation regarding real estate loan contracts offered to potential borrowers, in particular with regard to borrower protection.10%5
Mortgage credit products. Subject e Order ECE/482/2019: Appropriate knowledge allowing the individual to estimate the total costs and expenses that will be incurred by the customer within the context of loan operations and services offered to the potential borrower. Subject b Order ECE/482/2019: Appropriate knowledge of the risks associated with the loan products offered to the potential borrower, including in the case of variable rate loans, the possible effects of interest rate changes on the instalments, and in the case of foreign currency loans, the effects of possible variations in the exchange rate. 20%10
Acquisition of real estate assets (procedures). Subject d Order ECE/482/2019: Appropriate knowledge and understanding of the process of acquiring real estate assets. 10%5
Acquisition of real estate assets (taxation and expenses). Subject a Order ECE/482/2019: Appropriate knowledge of real estate loans, including any general taxation implications and expenses that the customer will incur within the context of the operations, and the associated services offered together with them, in particular insurance policies associated with mortgage loans.10%5
Appraisal of collateral. Subject f Order ECE/482/2019: Appropriate knowledge of the appraisal of collateral.8%4
The right to choose the notary, notary offices and the land register (organisation and functioning). Subject g Order ECE/482/2019: Appropriate knowledge of the right to choose the notary, how notary offices function, and the organisation and functioning of land registers.4%2
Professional ethics (professional standards and real estate credit). Subject i Order ECE/482/2019: Appropriate knowledge of the ethical standards applicable to the sector.4%2
Customer identification and target market. Subject l Order ECE/482/2019: Appropriate knowledge serving to properly identify the individuals within the target market for which the real estate loan was designed.4%2
Design of real estate loans. Subject m Order ECE/482/2019: Appropriate knowledge for the design of real estate loans.4%2
Total100%50

The training methodology allows participants to interact through the Canvas/CUNEF online learning platform with the varied content of each subject (technical notes, virtualised content, videos…) in a flexible manner. This allows each participant to tailor their allocated timetables to their individual circumstances. The CUNEF online teaching methodology is based on a planning schedule for each learning module in which participants combine analysis and viewing of the range of content (virtualised content and self-explanatory videos) together with hours of study and individual work. Upon completion of this process of training and study they take the self-administered test, which must be passed in order to sit the certification examination.

Once the online training programme is complete, those participants who have fulfilled the programme requirements (successfully completed the self-administered test for each teaching module) sit the Certification Examination on one of the dates scheduled by CUNEF.

Below follows a brief description of the contents covered by each training module.

The subject covers the required knowledge and skills required allowing participants to:

  • Understand the main macroeconomic variables, their indicators and sources of information.
  • Understand the theoretical fundamentals explaining the behaviour of the main macroeconomic variables.
  • Be able rigorously to interpret any report on the economic cycle using the main economic/financial variables, so as to use this as the basis for accurate and reasoned customer advice.
  • Describe the functions of financial systems and the assets traded.
  • Understand the different financial markets that make up the Spanish financial system, including the real estate loan market.

The subject covers the required knowledge and skills required allowing participants to:

  • Understand the reference variables of the real estate market in Spain, in terms of both volumes and prices.
  • Understand the recent evaluation of the aforementioned variables.
  • Understand the reference variables for volumes and prices in the real estate loan market.
  • Understand the official interest rates used in mortgage loans.
  • Understand the fundamentals of the monetary policy structured by the ECB and its influence on the evolution of interest rates, and how this is connected with the Euribor, the main reference rate in Spain.

The subject covers the required knowledge and skills allowing participants to:

  • Understand the real estate mortgage as a real right of guarantee from when it is constituted until it expires and is cancelled.
  • Determine the scope of the mortgage as an encumbrance of the guaranteed asset and the effectiveness of the actions available to the mortgage creditor, the holder of the real right of mortgage, in the event of a breach of the principal obligation.
  • Acquire appropriate knowledge of the changes made by Act 15/2019, regulating real estate credit contracts, in comparison with the prior regulations, essentially regarding the control of abusive clauses, and other measures focused on consumer protection.
  • Understand the existing relationship between mortgage credit and insolvency proceedings.

The subject covers the required knowledge and skills required allowing participants to:

  • Understand when a loan is a mortgage, and the difference compared with other types of loan.
  • Determine the intended aims when arranging a mortgage loan.
  • Analyse the different types of mortgage loan and their risks.
  • Define the variables and magnitudes that characterise a mortgage loan.
  • Determine mortgage loan fees and expenses.
  • Calculate the effective cost, return and APR.
  • Study the different forms of amortisation for reference-linked loans.
  • Analyse the standard French method.
  • Identify the risks of variable interest rate loans.
  • Draw up the amortisation table for such loans.
  • Understand the functioning, benefits and risks of multi-currency loans.
  • Understand the functioning, benefits and risks of a reverse mortgage.

The subject covers the required knowledge and skills allowing participants to:

  • Acquire knowledge of the legal system governing the acquisition of real estate in Spain. This requires an understanding of what is known as the “theory of title and mode”, since in Spain acquisition and conveyance require a contract to perform the transfer together with the change of possession (handover).
  • Acquire sufficient knowledge of the nature of a real estate asset and a contract.
  • Acquire appropriate knowledge of the insurance policies associated with real estate loans.
  • Understand the taxation of real estate sale and purchase operations and of mortgage loans for the acquisition of real estate.
  • Acquire sufficient knowledge as to the taxation of real estate conveyance and subsequent documentation in a notarial instrument.

The subject covers the required knowledge and skills allowing participants to:

  • Understand the specific requirements to be fulfilled by an appraisal in order to be deemed valid for the granting of a loan with real estate collateral; the legally qualified agents to perform the appraisal, and the appraisal regulations that must be fulfilled.
  • Understand what an appraisal company is, and the role that it plays in the mortgage evaluation system.
  • Understand the requirements that must be fulfilled by appraisers in terms of qualifications and independence.
  • Understand the valuation regulations that must be fulfilled by appraisals for the granting of loans with real estate collateral.
  • Understand the circumstances in which appraisals cannot be performed to grant a mortgage loan.
  • Understand the value for consumers and financial institutions of an appraisal report, on the basis of its contents and other characteristics.
  • Understand the documentation required in each case to perform an appraisal, and which of these documents must be provided by the customer.
  • Understand the checks performed by the appraiser in the context of an appraisal.
  • Understand the conditioning factors and warnings, and the consequences of their inclusion in mortgage valuations.
  • Understand the difference between the mortgage value and the market value.
  • Understand the typical valuation methods in the case of homes and the criteria to establish the value of properties that are to serve as mortgage collateral.

The subject covers the required knowledge and skills required allowing participants to:

  • Understand the functioning of notary offices, the freedom of choice of notary, and the organisation and effects of the Land Register. Both institutions lie within the context of what is known as preventive legal certainty, since their function is to avoid litigation, facilitate civil and commercial legal dealings, and to support credit and finance in these spheres.

The subject covers the required knowledge and skills required allowing participants to:

  • Acquire sufficient knowledge of the process of evaluation of the payment capacity/solvency of the borrower under the contractual obligations, to ensure that the risk assumed is consistent with the lender’s risk appetite and policies.
  • Understand the indicators of a borrower’s solvency and credit ranking and rating tools.
  • Understand the contents and function of the risk report issued by the CIRBE (the Bank of Spain Central Risk Information Register).
  • Acquire sufficient knowledge of how information from the CIR (Central Risk Information Register) is used from the perspective of lender institutions, in the development of policies for the granting of credit and management of risk.
  • Understand in detail the content of the risk reports issued by the CIRBE.

Professional ethics (professional standards and real estate credit). The subject covers the required knowledge and skills required allowing participants to:

  • Understand the ethical principles required in order to instil ethics in business operations.
  • Understand why greater ethics are required in order to increase the business value of enterprises and professionals in the financial sector.
  • Understand the most common ethical conflicts in operations by financial sector professionals.
  • Understand the standards of professional ethical conduct incumbent on personnel acting for the lender, the credit intermediary or, where applicable, the designated representative.

Customer identification and target market.  Bearing in mind that the two core aims of Directive 2014/17/EU on real estate credit agreements for consumers are: first of all to implement mechanisms to protect consumers so as to avoid excessive household debt, and furthermore to ensure that the individuals providing information and/or advice at lender institutions have and maintain sufficient knowledge in order to perform these functions in connection with real estate finance, the “Identification of customers and target market” module is developed with the following aims:

  • Define the actions serving to identify potential customers for a real estate financing operation, taking into account the specific characteristics of the real estate credit: its object or purpose, the considerable amount involved, the long repayment term and potential risks for customers.
  • Understand the criteria used in matching the profile of such potential customers in terms of:  usefulness of the finance, analysis of their solvency and risk profile in accordance with the design characteristics of real estate loans in terms of: fixed or variable rates, suitability of the loan or credit, risk mitigation hedges, etc.
  • Understand the different segments of consumer real estate finance and the characteristics of the specific and distinctive elements brought in by the new regulations in terms of: contractual transparency, economic relations between lender and borrower, along with other associated products bundled with the loan.

Design of real estate loans. Bearing in mind that the two core aims of Directive 2014/17/EU on real estate credit agreements for consumers are: first of all to implement mechanisms to protect consumers so as to avoid excessive household debt, and furthermore to ensure that the individuals providing information and/or advice at lender institutions have and maintain sufficient knowledge in order to perform these functions in connection with real estate finance, the “Real estate Loan Design” module is developed with the following aims:

  • Define the characteristics to be taken into account in new loans and/or credits within the context of the new Directive and its transposition into Spanish legislation by means of Act 5/2019, in terms of the commercial and risk parameters brought in by the new regulations.
  • Understand the different elements that characterise the offering of real estate finance for individual consumers (object and scope of the new regulations) in economic terms (interest rates, fees, other expenses and cover), and with regard to analysis of the borrower’s solvency and risk profile.
  • Understand the financial and general risks in the design of real estate loans, and the establishment of the corresponding hedging instruments.

The assessment system is in-person by means of objective tests (examinations). The participants are granted two examination sessions to pass the certification. The examinations take place according to the following structure.

One examination corresponding to 100% of the certification content in which the candidate is to be examined.

 

In the case of the Mortgage Credit Certificate (Level I and Level II), the ordinary examination session lasts 120 minutes, with 100 multiple choice questions with one single correct answer. Points are not deducted for incorrect answers and questions left blank. In both cases (ordinary and extraordinary examination sessions), the certification is deemed to have been passed with an overall score above 7 (70% correct answers).

 

The examination sessions: ordinary and extraordinary are duly announced (date, times, location, etc.). The examination candidates are identified (by showing their ID card or equivalent) when entering and exiting the examination. A record is likewise made of when the candidate finishes the test and submits the examination. CUNEF allows candidates to sit the exam with the official book of formulas (supplied by CUNEF) and their calculator.

Once the objective test has been passed, the CUNEF Certificate corresponding to the qualification and level examined is issued:

  • Mortgage Credit Certificate (level I): Intended for personnel providing information on or selling loans.
  • Mortgage Credit Certificate (level II): Intended for personnel with executive status or those reaching decisions to grant real estate loans; personnel who decide, handle or are involved in the creation or design of credit risk appraisal systems, or who design or develop real estate loan products.

The Assessment Committee is responsible for formulating and preparing the examinations. The grade granted by the Committee will be “pass” or “fail”. The Committee decides the passing score for each exam session in order to receive a PASS grade, and is able to reduce the previously mentioned official 70% by a maximum of 5% depending on the difficulty of each examination, or when more than 90% of the candidates have incorrectly answered any given question.

The decision of the Assessment Committee is final, and candidates do not have the right to review the examination. The candidate will not be informed of the percentage of correct or incorrect answers.

Students enrolled on the Mortgage Credit Certificate (Level I) and Mortgage Credit Certificate (Level II) programme will be entitled to two examinations sessions for each edition of the programme for which they are registered.

The minimum requirements (training and accreditation) will be deemed to be fulfilled in certain subjects for personnel who have the training and qualifications established in Article 32 ter.5 of Order ECE/482/2019 of 26 April 2019.

 

In accordance with the above, those so requesting and presenting reliable documentation may apply for the recognition of hours of training and certification, in other words the specific block of questions in the certification examinations corresponding to the following subjects, if they hold one of the qualifications referred to in the following table:

 

Subject: Prior qualification:
Mortgage legislation and consumer protection. Subject c. Order ECE/482/2019: Subject c Order ECE/482/2019: Appropriate knowledge of legislation regarding real estate loan contracts offered to potential borrowers, in particular with regard to borrower protection. ®    Degree or Master in Legal Science.

 

Acquisition of real estate assets (procedures). Subject d. Order ECE/482/2019: Appropriate knowledge and understanding of the process of acquiring real estate assets.
The right of choice of the notary, notary offices and the land register (organisation and functioning). Subject g. Order ECE/482/2019:  The right of choice of the notary, notary offices and the land register (organisation and functioning).
Economic fundamentals and financial markets. Subject K. Order ECE/482/2019:  An appropriate level of skills in financial and economic matters, including an understanding of the effect of economic figures and national and international events on interest rates and the real estate market.

 

®     Degree or Master in Economics or Business Management or Administration.

®     Accreditation to provide advice in the field of investment in accordance with the provisions of Article 226e of the recast text of the Securities Market Act, with the corresponding lifelong learning up-to-date.

The established procedure to apply for recognition of training and exemption from accreditation of knowledge of the subjects set out in the above table is indicated below. Those wishing to apply for recognition must:

  1. File the recognition application with CUNEF.
  2. Provide an authenticated photocopy, or original and photocopy to be authenticated at CUNEF, of the qualification which in their opinion entitles them to recognition of a particular subject.
  • Following analysis of the above documentation, CUNEF will rule as to the application, and in the event of a favourable decision the applicant will be exempted from the training and the need for examination in said subject. The obligation to provide accreditation of the hours of training and knowledge by means of the objective test established for the remaining subjects covered by the certification for which the candidate is studying remains in place:
    • Mortgage Credit Certificate (level I): Intended for personnel providing information on or selling loans.
    • Mortgage Credit Certificate (level II): Intended for personnel with executive status or those reaching decisions to grant real estate loans; personnel who decide, handle or are involved in the creation or design of credit risk appraisal systems, or who design or develop real estate loan products.

CUNEF’s professional certificate program are designed to help participants confidently face the new challenges and demands of the current professional environment, characterised by change and continuous innovation, the inevitable presence of new technologies, and global competition. The current managerial setting requires specially trained professionals, with solid capacities for economic, financial and strategic analysis, with the wisdom to measure, analyse, forecast and control risk in its infinite manifestations. With an international outlook and focus, versatile and with leadership and communication skills to mobilise and form multidisciplinary teams. Committed to the generation of economic value, while remaining involved in satisfying the expectations of their stakeholders. And lastly, with straightforward values and principles, which are nonetheless not always commonly found: transparency, honesty, professionalism, dedication, commitment…

Below we offer some of the reasons justifying enrolling on a CUNEF professional professional certificate program:

  • Qualification recognised by the Bank of Spain + internal CUNEF postgraduate diploma.
  • Acquisition of the knowledge required by the mortgage regulations in force.
  • Teaching methodology (blended learning), planning and delivery adapted to the needs of practising professionals.
  • Improved employability of certified professionals.
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