REAA FNS40815_FNSCRD301_Assessment 3_ Answer

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Apr 3, 2024

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FNS40815_ FNSCRD301 Assessment 3 V1.0 REAA Released December 2018 Page 1 of 10 FNS40815 Certificate IV in FINANCE & MORTGAGE BROKING FNSCRD301 Process applications for credit Assessment 3

V1.0 Released December 2018 Page 2 of 10 Activity 1 When assessing credit applications, credit officers need to be mindful of customer special needs. Identify and describe some special needs that need to be considered. Activity 1 Answer

V1.0 Released December 2018 Page 3 of 10 Activity 2 Legislation requires financial service providers not to enter into a credit contract that is unsuitable. What does the term ‘not unsuitable’ mean in this context? Activity 2 Answer

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V1.0 Released December 2018 Page 4 of 10 Activity 3 How would a credit officer verify personal information provided by a credit applicant? Activity 3 Answer

V1.0 Released December 2018 Page 5 of 10 Activity 4 When assessing a credit application, lenders often refer to the 5 C’s of credit. What does the term Capacity mean in this context? Activity 4 Answer

V1.0 Released December 2018 Page 6 of 10 Activity 5 If you have recently had a loan application declined, what things could you do to improve the next loan application? Activity 5 Answer

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V1.0 Released December 2018 Page 7 of 10 Activity 6 Why is it important for a lender to consider the implications of using emails to communicate with borrowers? Activity 6 Answer

V1.0 Released December 2018 Page 8 of 10 Activity 7 What is the purpose of an organisational risk policy? Activity 7 Answer

V1.0 REAA Released December 2018 Page 9 of 10 Activity 8 Who should be allowed to access a financial service provider’s customer file? Activity 8 Answer

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V1.0 Released December 2018 Page 10 of 10 Activity 9 Account monitoring is an important part of managing credit customers. What are some key reasons for the continuous monitoring of customer accounts? Activity 9 Answer

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