CFMB_AS_v2_Submission1
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School
Kaplan Business School *
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Course
FNS40815
Subject
Finance
Date
Jan 9, 2024
Type
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Pages
124
Uploaded by SuperGoldfinch3960
Written Assignment Certificate IV in Finance and Mortgage Broking
(CFMB_AS_v2)
Student identification (
student to complete
)
Please complete the fields shaded grey.
Student number
10XXXXXX
Written assignment result (
assessor to complete
)
Result — first submission
Not yet demonstrated
Parts that must be resubmitted
Result — resubmission (if applicable)
Not applicable
Result summary (
assessor to complete
)
Section 1: Industry knowledge
First submission
Resubmission (if required)
Task 1 — Key
terms
Not yet demonstrated
Not applicable
Task 2 — The Australian financial market
Not yet demonstrated
Not applicable
Task 3 — Financial services legislation and industry codes of practice
Not yet demonstrated
Not applicable
Task 4 — Products and services
Not yet demonstrated
Not applicable
Section 2: Business skills
Task 5 — Effective communication
Not yet demonstrated
Not applicable
Task 6 — Professional development
Not yet demonstrated
Not applicable
Task 7 — Customer service
Not yet demonstrated
Not applicable
Task 8 — Respond and report on complaints
Not yet demonstrated
Not applicable
Task 9 — Prospecting for new clients
Not yet demonstrated
Not applicable
Task 10 — Professional networks
Not yet demonstrated
Not applicable
Task 11 — Managing information
Not yet demonstrated
Not applicable
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Section 3: The lending process
Task 12 — Understanding the client’s needs
Not yet demonstrated
Not applicable
Task 13 — Developing and presenting solutions
Not yet demonstrated
Not applicable
Task 14 — Packaging the application to send to
the lender
Not yet demonstrated
Not applicable
Task 15 — Monitor the lending process
Not yet demonstrated
Not applicable
Section 4: Case studies
Task 16 — Case study: Purchasing an owner-
occupied home
Not yet demonstrated
Not applicable
Task 17 — Completing the Fact find
Not yet demonstrated
Not applicable
Task 18 — Assessing the clients’ situation
Not yet demonstrated
Not applicable
Task 19 — Presenting borrowing options and potential benefits
Not yet demonstrated
Not applicable
Task 20 — Supporting the client to settlement
Not yet demonstrated
Not applicable
Task 21 — Case study: Refinancing a home loan
Not yet demonstrated
Not applicable
Task 22 — Preparing a Preliminary Assessment
Not yet demonstrated
Not applicable
Task 23 — Case study: Purchasing an investment property
Not yet demonstrated
Not applicable
Task 24 — Preparing a loan proposal
Not yet demonstrated
Not applicable
Task 25 — Loan contracts and security documentation
Not yet demonstrated
Not applicable
Task 26 — Preparing the loan for settlement
Not yet demonstrated
Not applicable
Feedback (
assessor to complete
)
[insert assessor feedback]
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Before you begin
Read everything in this document before you start your written assignment.
About this document
This document is the written assignment — half of the overall written and oral assignment.
This document includes the following parts:
Instructions for completing and submitting this assignment
•
Section 1: Working in financial services A case study with a series of short-answer questions:
–
Task 1 — Key terms
–
Task 2 — Establishing a level of financial knowledge
–
Task 3 — Financial services legislation and industry codes of practice
–
Task 4 — Products and services.
•
Section 2: Business skills
–
Task 5 — Effective communication
–
Task 6 — Professional development
–
Task 7 — Customer service
–
Task 8 — Respond and report on complaints
–
Task 9 — Prospecting for new clients
–
Task 10 — Professional networks
–
Task 11 — Managing information.
•
Section 3: The lending process
A case study with a series of short-answer questions:
–
Task 12 — Understanding the client’s needs
–
Task 13 — Developing and presenting solutions
–
Task 14 — Packaging the application to send to the lender
–
Task 15 — Monitor the lending process.
•
Section 4: Case studies
–
Task 16 — Case study — Purchasing an owner-occupied home
–
Task 17 — Completing the Fact find
–
Task 18 — Assessing the clients’ situation
–
Task 19 — Presenting borrowing options and potential benefits
–
Task 20 — Supporting the client to settlement
–
Task 21 — Case study – Refinancing a home loan
–
Task 22 — Preparing a preliminary assessment
–
Task 23 — Case study – Purchasing an investment property
–
Task 24 — Preparing a loan proposal
–
Task 25 — Loan contracts and security documentation
–
Task 26 — Preparing the loan for settlement.
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How to use the study plan
We recommend that you use the study plan for this subject to help you manage your time to complete the written assignment within your enrolment period. Your study plan is in the KapLearn Certificate IV in Finance and Mortgage Broking (CFMBv2) subject room.
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Instructions for completing and submitting this written assignment
Saving your work
Download this document to your desktop, type your answers in the spaces provided and save your work regularly.
•
Use the template provided, as other formats will not be accepted for these assignments.
•
Name your file as follows: StudentNumber_SubjectCode_AS_versionNumber_SubmissionNumber (e.g. 12345678_CFMB_AS_v2_Submission1
).
•
Include your student ID on the first page of the written assignment.
Before you submit your work, please do a spell check and proofread your work to ensure that everything is clear and unambiguous.
Word count
The word count shown with each question is indicative only. You will not
be penalised for exceeding the suggested word count. Please do not
include additional information which is outside the scope of the question.
Additional research
When completing the ‘Client information collection tools’, assumptions are permitted although they must not
be in conflict with the information provided in the Case Studies. All assumptions must be noted.
You may be required to conduct your own research in addition to the topic notes provided to source information to answer some of the assignment questions. You may also be required to source additional information from other organisations within the finance industry to find the products or services to meet your client’s requirements, to source indicative interest rates and to calculate any fees and charges that may be applicable.
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Submitting the written assignment
Only Microsoft Office compatible written assignments submitted in the Word template file will be accepted for marking by Kaplan Professional Education. You need to save and submit this entire document. Incomplete written assignments will be returned to you unmarked.
Do not remove any sections of the document.
Do not save your completed written
assignment as a PDF.
The maximum file size for the written assignment (word document) and oral assignment (word document) is 20 MB
. Once you submit your written assignment for marking you will be unable to make any further changes to it. You are able to submit your written and oral assignment earlier than the deadline if you are confident you have completed all parts and have prepared a quality submission.
Please refer to the Assignment submission/resubmission videos
in the ‘Assessment’ section of KapLearn under your ‘Assignment Enrolment’ for details on how to submit/resubmit your written assignment.
Note:
Your written assignment (in Word), oral assignment (in Word) and audio recording must all be submitted together on or before your personal due date. Please check KapLearn for your due date.
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The written assignment marking process
You have 26 weeks from the date of your activation in this subject to submit your completed written assignment. If you reach the end of your initial enrolment period and have been deemed ‘Not yet demonstrated’ in one or more assessment items, then an additional four (4) weeks will be granted, provided you attempted all assessment tasks during the initial enrolment period.
Your assessor will mark your assignments and return it to you in the subject room in KapLearn under the ‘Assessment’ tab.
Make a reasonable attempt
You must demonstrate that you have made a reasonable attempt to answer all of the questions in your written assignment. Failure to do so will mean that your written assignment will not
be accepted for marking; therefore, you
will not receive the benefit of feedback on your submission. If you do not meet these requirements, you will be notified. You will then have until your submission deadline to submit your completed
written and oral assignment.
How your written assignment is graded
Written assignment(s) are used to determine your ‘competence’ in demonstrating the required knowledge and/or skills for each subject. As a result, you will be graded as either ‘Demonstrated’ or ‘Not yet demonstrated’.
Your assessor will follow the below process when marking your written assignment:
•
assess your responses to each question, and sub-parts if applicable, and then determine whether you have demonstrated competence in each question
•
determine if, on a holistic basis, your responses to the questions have demonstrated overall competence.
You must be deemed to be demonstrated in all assessment items in order to be awarded the qualification in this subject, including:
•
all of the exam questions
•
the written and oral assignment.
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‘Not yet demonstrated’ and resubmissions
Should sections of your written assignment be marked as ‘Not yet demonstrated’ you will be given an additional opportunity to amend your responses so that you can demonstrate your competency to the required level.
You must address the assessor’s feedback in your amended responses. You only need amend those sections
where the assessor has determined you are ‘Not yet demonstrated’. Make changes to your original submission. Use a different text colour for any written sections of your resubmission
. Your assessor will be in a better position to gauge the quality and nature of your changes. Ensure you leave your first assessor’s comments in your written assignment, so your second assessor can see the instructions that were originally provided for you. Do not change any comments made by a Kaplan assessor.
Units of competency
This written assignment is your opportunity to demonstrate your competency against these units:
BSBPEF501
Manage personal and professional development
FNSCUS511 Develop and maintain professional relationships in financial services industry FNSFMB411 Prepare loan applications on behalf of clients
FNSFMB412 Identify client needs and present broking options
FNSFMK515 Comply with financial services regulation and industry codes of practice FNSINC411 Conduct work according to professional practices in the financial services industry
FNSINC412 Apply and maintain knowledge of financial products and services BSBPEF402
Develop personal work priorities
FNSFMB511 Implement credit contracts in preparation for settlement
FNSSAM403 Prospect for new clients
BSBOPS304
Deliver and monitor a service to customers
BSBOPS404 Implement customer service strategies Note that the written and oral assignment
is one of two assessments required to meet the requirements of the units of competency.
We are here to help
If you have any questions about this written assignment, you can post your query at the ‘Ask your Tutor’ forum in your subject room. You can expect an answer within 24 hours of your posting from one of our technical advisers or Course Coordinator.
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Assignment tasks (
student to complete
)
Please note: Throughout the assignment, you are to assume that you are a finance and mortgage broker. If you are not currently in a finance and mortgage broker role, your answers are to reflect what you would do if you were working in the finance and mortgage broking industry. You can also draw on your current and past work experiences and refer to the topic notes. You may also need to conduct your own research and consult with people who currently work within the finance and mortgage broking industry. Section 1:
Industry knowledge
Task 1 — Key terms
Working in the finance industry requires you to have an understanding of the terminology used and the names of documentation that you will deal with. Demonstrate your understanding of some of the common terms and document names by completing the following tables: 1.
In your own words, complete the table below; define and explain loan transaction terminology and definitions of the following:
Lender and borrower
A lender is the entity providing(lending) the funds (secured or unsecured) and the borrower is the entity, which is receiving the funds on credit, which do not need to be repaid. Lessor and lessee
The lessor owns the item, and the lessee rents the item, which may be able to buy at the end of the lease period, at the discretion of the lessor.
Mortgagee and mortgagor
A mortgagee is the lender which provides the funds for the property. The mortgagor is the borrower which receives the funds to purchase the property. Assessor feedback
Resubmission required?
No
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2.
In your own words, complete the table below; define and explain the documentation used by lenders:
Credit check signed authority The client has given signed authority for a credit check to be completed against their name
Guarantee
A guarantee is issued by a bank to pay a nominated beneficiary a fixed amount on demand and is used instead of a cash deposit.
Loan contract
The contract which stipulates the value, interest rates and repayments for the loan
Periodical payment
authority
Permission to deduct periodical payments from the clients account
Signed application form
A completed application form which has been signed by the client
Assessor feedback
Resubmission required?
No
3.
In your own words, complete the table below; describe:
The negotiation process
The negotiation process is the action between two parties to settle on an agreeable outcome.
Customer Relationship Management (CRM) tool
A CRM tool is generally software used by brokers to reduce workload, improve compliance, and allows collaboration throughout the loan application process. Certificate of Currency
A document issued by the insurance company which proves that the building is insured. It contains
the details of the insured amount, customer and lender. Assessor feedback
Resubmission required?
No
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Task 1 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Task 2 ― The Australian financial market The state of the economy and financial markets affects elements of lending, such as interest rates; and also has an impact on consumers’ attitudes to borrowing and debt.
The Reserve Bank of Australia (RBA) is Australia’s central bank and is responsible for monetary policy, financial and payment system policies, and other financial matters. Task 2: Question 1
Research the RBA website and answer the following questions: (a)
List the three (3) statutory objectives (key elements) the RBA sets out to achieve. (20 words)
Hint/Tip:
There is a link to the website in the Toolbox.
Watch the Monetary Policy Framework video on the RBA website:
<
www.rba.gov.au/monetary-policy
>, viewed 12 March 2022.
Student response to Task 2: Question 1(a)
The RBA has the following objectives, the stability of the currency, full employment and the economic prosperity and welfare of the Australian people.
Assessor feedback
Resubmission required?
No
(b)
The RBA meet on the first Tuesday of each month to review the cash rate. Name three (3) things relevant to a mortgage broker’s role upon which the cash rate impacts.
(25 words)
Student response to Task 2: Question 1(b)
The cash rate impacts on the interest rates for client loans, deposit rates and client demand (e.g. increased interest rates decreases demand for home loans)
Assessor feedback
Resubmission required?
No
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Task 2 — Assessor feedback
[insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Task 3 — Financial services legislation and industry codes of practice
Task 3: Question 1
Conduct some research to identify websites that you could use to keep up to date with regulatory changes and changes in codes of practice in the mortgage broking industry.
Complete the table below with the following information:
•
Two (2) Regulations/Legislations and two (2) codes of practice with which you must keep up to date.
•
For both, provide the website name and URL address, and explain how these websites are helpful for keeping up to date with changes.
(40 words)
Student response to Task 3: Question 1
Regulation/
Legislation name
Website URL Address
Explain how this website is helpful to keep up to date with changes
1. National Consumer Credit Protection Act 2009
https://www.legislation.gov.au/Details/
C2022C00210
This website publishes the most recent legislation and, in this case, the NCCP Act. It also states
if the page is current or provides a link to the updated version.
2. Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007
https://www.legislation.gov.au/Series/F2007L01000
This website publishes the most recent legislation and, in this case, the Anti-Money Laundering
and Counter-Terrorism Financing
Rules Instrument. It also states if the page is current or provides a link to the updated version
Code Name
Website URL Address
Explain how this website is helpful to keep up to date with changes
1. Banking Code of Practice
The Banking Code - Australian Banking Association (ausbanking.org.au)
This website has a date of release
on the document and notes any significant changes, e.g. the removal of the COVID-19 Special Note 2. MFAA Code of Practice MFAA | Code of Practice
This website contains the code of
practice document and notes the issue date to note if there have been any changes. Assessor feedback
Resubmission required?
No
Task 3: Question 2
List two (2) risks and the consequences that are
associated with not
complying with the NCCP Act.
(30 words)
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Student response to Task 3: Question 2
Risk civil and criminal penalties, which can be severe. A breach may attract criminal liability or fines and other penalties. A lender could potentially lose their credit licence issued by ASIC.
Assessor feedback
Resubmission required?
No
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Task 3: Question 3
In your own words, describe the key features of the Privacy Act 1988
.
(30 words)
Student response to Task 3: Question 3
The Privacy Act is an Australian law which regulates the handling of personal information about individuals. This includes the collection, use, storage and disclosure of personal information. Some small businesses are exempt from this act.
Assessor feedback
Resubmission required?
No
Task 3: Question 4
(a)
In your own words, describe the key features and the purpose of codes of practice.
(b)
Provide one (1) example of how a code of practice would be implemented into a work situation for a mortgage broker. (50 words)
Student response to Task 3 Question 4
(a) A code of practice is a written set of regulations issued by a professional association or body that explains how people working in a particular profession should behave, eg MFAA Code of Practice
(b) A mortgage broker that is a member of the MFAA should adhere to the MFAA Code of Practice, otherwise they risk being expelled, suspended or sanctioned for breaching the code.
Assessor feedback
Resubmission required?
No
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Task 3: Question 5
(a)
In your own words describe best interests duty.
(b)
Provide one (1) example of how the best interests duty would be implemented into a work situation for a mortgage broker.
(50 words)
Student response to Task 3: Question 5
(a) best interests’ duty is exercising the duty of care when dealing with a client to provide products that are
in the best interests of the client.
(b) Mortgage brokers are to always act in the best interests of the client. If there is a conflict of interest, e.g., higher commission vs better deal for a client. The broker must always give priority to the consumers interests. Assessor feedback
Resubmission required?
No
Task 3: Question 6
(a)
How would you communicate changes in regulation, legislation, or codes of practice to your colleagues?
(b)
Explain how you would execute changes to your organisation’s policy, procedures and practices to ensure that you are meeting the changes (for example, the introduction of best interests duty). (80 words)
Student response to Task 3: Question 6
(a) Changes can be communicated via email or presentations depending on amount and complexity. For small simple changes email would suffice with an acknowledgement of the changes to their supervisor. (b) Provide a briefing session for all relevant employees and get them to sign an attendance register and that they understand and will comply with the organisational policy. Assessor feedback
Resubmission required?
No
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Task 3: Question 7
If you were unsure of how to apply any regulation, legislation or codes of practice to your role or interaction with a client, explain what you would do.
(30 words)
Student response to Task 3: Question 7
Tell the client that you will get back to them with that information. Then research the matter further and then clarify with a manager or mentor. It is imperative that you do not break a regulation, legislation or code of practice as this may have serious consequences. Assessor feedback
Resubmission required?
No
Task 3: Question 8
Remaining compliant with financial services regulation and industry codes of practice is vital. One way to make sure compliance is being met is through monitoring or internal audits.
You have been asked by your manager to implement an internal monitoring/audit process for your mortgage broking firm to ensure that the credit representatives are meeting their obligations with regulation, legislation and codes of practice.
Outline the monitoring/audit process that you have implemented to ensure compliance. You should include
the following:
•
How you will monitor/audit compliance.
•
Who will undertake the monitoring/audit process.
•
What tools you will use.
•
How or where you will record the outcomes.
(150 words)
Student response to Task 3: Question 8
A random loan should be selected from each broker to ensure they are meeting their legal obligations. There are several areas which can be audited, such as best interest duty, loan being not unsuitable and responsible lending. There should be sufficient data in the clients file to establish this.
An officer from the quality and safety department trained in auditing would be a good choice to conduct the audit. It is important that an impartial individual conducts the audit to ensure fairness for all brokers.
To ensure the comparisons are equal, a checklist or auditing plan should be followed. This ensures all brokers receive the same treatment as they are audited on the same items. The outcomes should be recorded in a format in which makes each assessable item identifiable. For example, for a smaller firm an excel spreadsheet may suffice, and subsequent years may be added as separate tabs. Assessor feedback
Resubmission required?
No
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Task 3: Question 9
What information provided by a client needs to be retained by a financial services organisation, like a brokerage? (50 words)
Student response to Task 3: Question 9
Records of loan product eligibility and selection, accurate serviceability assessment, loan comparative cost analysis and the completion of all relevant documentation all need to be retained by a brokerage. Copies of the identification, pay slips and ATO notice of assessment (with TFN removed) should be retained as well.
Assessor feedback
Resubmission required?
No
Task 3 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Task 4 — Products and services
The financial services industry is very competitive, with many organisations offering a number of different lending and transactional products and services. Organisations use a variety of approaches to market and promote their products and services. It is very important that brokers are able to determine the right product and service to meet the needs and requirements of their clients. Some clients like to be able to combine their lending products with other banking products and services. While it is important to have a thorough knowledge of lending products, it is also important to be able to identify other relevant products and services to accommodate your client’s needs and requirements.
Task 4: Question 1
Using the information in the topic notes in conjunction with your own research, complete the product knowledge table below. Student response to Task 4: Question 1
1. Variable rate home loan — package
2. Fixed rate home loan
3. Interest only home loan
Financial institution and
name of product
BankWest Complete Variable Home Loan Package
ING – Fixed Rate Loan
Bank Of Queensland – Economy Variable Interest Only Home Loan
Product characteristics
(features)
(Minimum of three (3))
1.
up to 9 offset accounts
2.
no annual fee on credit card
3. unlimited extra repayments
1.
Rate and repayment certainty
2.
No ongoing or monthly
fees
3.
1% cashback on utilities if paired with orange everyday account
1.
minimal repayments over interest only payments
2.
maximise tax benefits for investors
3.
more cashflow due to lower repayments
Product purpose
(What would a client use this for?)
Want to have the flexibility to change repayment amount and pay off extra whilst maintaining a credit card
Lock home loan rate in during periods of increasing interest rates
May suit some investors depending on their objectives and tax arrangements
Applicable fees and charges
Annual fee $395
$0 application fee
Settlement attendance fee $250
Rate lock fee $750 (optional)
Establishment fee $499
Application fee $300
Monthly fee $10
Settlement fee $150
Terms and conditions of
this product
(Minimum of three (3))
1.
offset account must be in the same name as the loan account
2.
Only one credit card per customer is permitted
3. no minimum redraw amount
1.
Additional repayments of up to $10,000 per year 2.
break costs payable if loan is paid out early
3.
break costs are payable if loan type or security on property are changed
1.
Maximum five years interest only 2.
maximum 80% LVR
3.
No offset available
List one (1) strength and
one (1) weakness
Strength: a decrease in interest rates means repayments decrease
Strength: certainty about repayments and protect against rate rises
Strength: minimum repayment for interest only
period
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Weakness: if interest rates rise, so do repayments
Weakness: if rates decrease, repayments remain the same
Weakness: not paying off the principle
4. Home equity loan (line of credit)
5. Credit card
6. Personal overdraft
Financial institution and
name of product
HSBC – Home Equity Loan
ANZ Rewards Black
Commbank – Personal Overdraft
Product characteristics (features)
(Minimum of three (3))
1.
No set loan period
2.
minimum repayments are interest only
3.
fee free redraws on available funds
1.
Earn 2 rewards points per dollar spent
2.
up to 9 additional card holders
3.
up to 55 days interest free
1.
only pay for what you use
2.
avoid overdrawing other account and paying dishonour fees
3.
linked to everyday transaction account Product purpose
(What would a client use this for?)
Funds may be used for lifestyle and investment purposes
predominantly used by individuals to purchase goods and services for personal use
predominantly used by individuals to purchase goods and services for personal use
Applicable fees and charges
$0 Establishment Fee
$0 Settlement Fee
$0 Valuation Fee2
$300 variation fee for changes to your loan
Annual fee $375
$10 per month plus interest
on the money used
Terms and conditions of
this product
(Minimum of three (3))
1.
minimum borrowings of
$150,000
2.
must pay $390 home loan package fee
3.
cannot be used for construction loans, bridging
loans and principal increases
1.
20.24% interest rate on purchases
2.
$15,000 minimum credit limit 3.
ineligible for interest free period if account is not
paid off fully in previous month
1.
no set amount to pay back each month
2.
14.90% p.a. on money used
3.
when exceeding the overdraft credit limit, it needs to be paid back straight away
List one (1) strength and
one (1) weakness
Strength: use funds for any purpose with lower interest rates than credit cards
Weakness: debt is not reduced over time, leaving an ongoing commitment
Strength: easy to get and easy to use
Weakness: high interest rate
Strength: funds are available to fill any cash shortfall at any time
Weakness: interest rates are relatively high
Assessor feedback
Resubmission required?
No
Task 4: Question 2
Conduct your own research on current home loan industry trends. Provide a minimum of three (3) current trends. (50 words)
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Student response to Task 4: Question 2
Australian mortgage broking industry recorded it highest ever market share (68%) in June 2022.
Borrowers and brokers have become accustomed to remote sales and paperless advice.
The property market is transitioning from excess demand to excess supply.
Assessor feedback
Resubmission required?
No
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Task 4: Question 3
(a)
How do financial service providers market and/or promote their products and services? (b)
Where can you locate a lending organisation’s current promotions and specials? (c)
Describe how you would identify clients whose needs match products and services that are part of a current promotional strategy.
(d
Describe how you can keep your product knowledge up to date. Include the methods and/or systems you could use to maintain product knowledge.
(40 words)
Student response to Task 4: Question 3
(a) financial service providers use a variety of methods to promote their products and services. This includes, advertising, word of mouth, referrals, marketing promotion (through a range of mediums) and public relations. (b) Generally, the promotions and specials are on their website. (c) Relationship marketing is a good way to match clients with products and services that are part of a promotion strategy. (d) There are many ways to keep product knowledge up to date. Networking is a good way to be informed about new products or services. Other methods include joining a professional association, attending conferences and reading industry newsletters, websites, publications etc. would all be of use. It is also important to utilise technology to stay in touch or receive updates.
Assessor feedback
Resubmission required?
No
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Task 4: Question 4
The Australian Banking Association’s (ABA) Banking Code of Practice (BCOP) outlines several obligations for the provision of financial products and services. The Code can be downloaded from the ABA website. (a)
List at least two (2) items of information that must be provided to a client when providing financial products and services.
(b)
Refer to the items you listed in part (a) and explain what the items clearly set out.
(c)
What four (4) factors does the Code advise about providing banking services to vulnerable clients?
(d)
According to the BCOP, how would you identify (become aware of) a potentially vulnerable client and
a client on a low-income?
(100 words)
Student response to Task 4: Question 4
(a) the terms and conditions and any associated fees and charges and if applicable, interest rates.
(b) the fees and charges will be clearly set out to state the amount of fees and charges and how often they are credited or debited to your account. If an interest rate applies, how and when different interest rates may apply, how they are calculated and when interest will be debited to your account.
(c) i) be respectful of your need for confidentiality. ii) try and make it easier for you to communicate with us.
iii) provide appropriate guidance and referrals to help you to maintain, or regain, control of your finances; and iv) refer you to external support, if appropriate. (d) they disclose their situation or that they are in receipt of a Commonwealth pension or concession.
Assessor feedback
Resubmission required?
No
Task 4: Question 5
What is a deposit bond and when would it be suitable for a purchaser to use this product? (Refer to the Toolbox or conduct your own research) (30 words)
Student response to Task 4: Question 5
A deposit bond, or deposit guarantee is an insurance policy that acts as a guarantee to the vendor that the purchaser will pay the deposit at settlement. It is suitable as a cheaper alternative to bridging finance. A deposit bond can also be used when attending multiple auctions (with consent of auctioneer), buying a property off the plan and maximising interest on savings.
Assessor feedback
Resubmission required?
No
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Task 4 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Section 2: Business skills
Task 5 ― Effective communication
Communication is vital in all interactions, particularly for successful team and client relationships in business.
Answer the following questions using the information from the topic notes in conjunction with your own research.
Task 5: Question 1
List a minimum of four (4) types of communication skills and explain why each is important for effective business communication. (40 words)
Student response to Task 5: Question 1
Listening – is critical any effective business conversation, this enables the broker to determine the needs of the client. Verbal – being able to verbally convey your point concisely is an excellent skill for effective communication
Questioning- communicating effectively involves asking questions. To efficiently ask questions they should be one at a time and allow the respondent time to answer.
Non-verbal – body language is essential in communication. I perfect question could be asked, but if the questioner had a
stern look on their face with their arms crossed the question may not be perceived as it was intended. 55% of communicated through non-verbal communication (Dr Mehrabian)
Assessor feedback
Resubmission required?
No
Task 5: Question 2
(a)
Explain why listening is so important for effective communication.
(b)
List three (3) barriers to effective listening.
(30 words)
Student response to Task 5: Question 2
(a) by listening you are showing an interest in what the other person is saying and paying full attention this is a key aspect in effective communication
(b) Thinking of the next thing to say, the use of jargon and talking too much.
Assessor feedback
Resubmission required?
No
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Task 5: Question 3
List five (5) tips to help someone communicate more effectively with different types of clients (
e.g. when dealing with a someone from a different cultural background, whose first language may not be English or a difficult client)
. (50 words)
Student response to Task 5: Question 3
Respect cultural and individual differences and avoid stereotyping. Use simple, clear and concise language to convey the point. Speaking slowing and clearly, without being patronising. Use gestures or visual information to aid the explanation.
Assessor feedback
Resubmission required?
No
Task 5 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Task 6 — Professional development
Refer to the business profile for Capital City Finance and Mortgage Brokers (CCF & MB) located in the subject room.
For this task you are to assume you are a mortgage consultant with the CCF & MB team. Your manager has gone on extended leave and you have been given the task to step up into their role for that period. You are responsible for the performance and development of yourself and your team. You also have a new team member starting in your organisation. It is now your responsibility to ensure that they are provided with the correct information and support to ensure they have the best opportunity to succeed in your organisation.
You will be required to explain a number of items to your team, as well as support and guide them to maintain their performance and professional development during this time.
Task 6: Question 1
(a)
Explain why is it important for individual work goals to align to the organisation’s goals?
(b) Identify the types of organisational framework that you can refer to when planning your own and your team’s work goals to ensure that they align to the organisation’s goals. (c) List the colleagues you would consult with if you required clarification of your own role responsibilities and how they fit into the wider organisation’s goals and objectives. (80 words)
Hint/Tip:
You may be required to conduct your own research for this Task. Refer to the Toolbox for suggested links.
Student response to Task 6: Question 1
(a) It is important that individual work and organisational goal align, as desired outcomes are more easily reached. Issues can arise if the individual and organisation have conflicting goals. (b) When planning your own and team’s work goals, it is useful to refer to the organisation’s mission statement and strategic plan. By aligning individual and team goals with the organisation you progress towards a common goal and function more efficiently.
(c) If you required clarification of how your responsibilities fit into the organisations goals and objectives, you could consult with other, more senior brokers, your manager or company mentor to gain more insight. Assessor feedback
Resubmission required?
No
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Task 6: Question 2
(a)
Where would you document the new team member’s role responsibilities?
(b)
How will you outline and document their role-specific targets?
(c)
Explain how you will support the new team member to set goals to ensure they will achieve their targets.
(d)
Describe how you can use technology to help you manage the team’s work priorities.
(50 words)
Student response to Task 6: Question 2
(a) a new team member would have their role responsibilities on their employment contract. The responsibilities would also be on the job statement for that role. (b) The role specific targets would be clearly documented and, in some cases, linked to pay or bonuses. (c) In order to support a new team member in setting and achieving goals, I’d give them possible examples of goals that
other people have set and achieved. By using examples from people previously in that role it demonstrates that it is achievable.
(d) technology is a great asset in managing the team’s work priorities. The use of cloud-based storage allows anyone with a login access files from wherever they have internet access. For example, an employee who is working remotely may be able to view the newly assigned priorities almost instantaneously to ensure they have the same priorities.
Assessor feedback
Resubmission required?
No
Task 6: Question 3
What guidance can you provide the new team member to keep up to date with industry and product knowledge? Provide a minimum of four (4) tips.
(50 words)
Student response to Task 6: Question 3
There are lots of ways for a new team member to stay informed of industry and product changes. For example, subscribing to a professional journal or newsletter, attending conferences and seminars, participating in regular professional development activities, networking with colleagues and other industry participants, and joining a professional association.
Assessor feedback
Resubmission required?
No
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Task 6: Question 4
(a)
Describe how you can encourage and facilitate personal and professional development for you and your team? (b)
How can you record and document you and your team’s personal and professional development goals?
(c) Explain the human resources policy and procedure at CCF & MB regarding the attendance of professional development seminars, webinars and offsite development workshops. (Refer to the example business profile for CCF & MB)
(50 words)
Student response to Task 6: Question 4
(a) Leading by example is a great way to encourage and facilitate personal and professional development. As manager can also allocate time for such activities so the team doesn’t see it as a burden that they will need to find time for, or worse, do in their own time. (b) Goals can be documented in a variety of way, including various charts or simply a word document. A good time to mention any goals is during a performance review so that the supervisor can assist the employee in meeting those goals,
which may include removing any obstacles that may be a barrier for the goals.
(c) any professional development activity greater than an hour per session, or outside of MFAA membership (where payment is required) must be approved by the senior manage or managing directors.
All professional development must be recorded in the CPD register within 48 hours of completion. Assessor feedback
Resubmission required?
No
Task 6: Question 5
(a)
Describe how can you identify team health and wellbeing in the workplace. (e.g. How would you know if your team is working well together and if individuals are okay).
(b) What strategies might you put into place to manage team health and wellbeing in your workplace?
(80 words)
Student response to Task 6: Question 5
(a) Try and establish which stage of team development the team is in according to the Tuckman model (1965), and aid in getting the team to stage four – performing. This means each member understands their roles and responsibilities and are trained and competent. Regarding the wellbeing of individuals, you can ask them or check to see if there are any changes in their work or personality. E.g. taking more unexplained sick days than normal, may indicate that and individual is not okay.
(b) Ensure everyone has a good work-life balance and that no single person is overloaded with work. Encourage team building activities and seeking feedback for improvement are always good ways to ensure the team and individuals voices are heard. Assessor feedback
Resubmission required?
No
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Task 6: Question 6
Part of your role requires you to monitor and measure your own performance.
(a)
Complete the annual targets in your scorecard. (
You may need to conduct some research for realistic targets ―there is an example Scorecard located in the Business Profile for CCF & M
B)
(b) Complete the actual results up to Quarter 3. You notice you are behind in two Key Performance Indicators (KPIs). Record the results in the Scorecard below.
(c) Draft an email to your team leader:
(i) Include your results compared against the last quarter.
(ii)
Include a self-assessment of your performance. (iii)
Seek feedback from your team leader of steps that you can take to improve your work performance and meet your targets.
Student response to Task 6: Question 6
Goal
Q1
Target
Actual
Result
% of
Target
Q2
Target
Actual
Result
% of
Target
Q3
Target
Actual
Result
% of
Target
Q4
Target
Actual
End of year
result
% of Target
Loan Applications
10
11
110
20
22
110
30
33
110
40
Prospecting Calls
30
31
103
60
62
103
90
85
94
120
Specialist Referrals
5
6
120
10
11
110
15
15
100
20
Application Accuracy
95
98
103
95
96
101
95
93
98
95
Client Satisfaction
85
95
112
85
92
108
85
90
106
85
Continuous Professional Development
8
9
113
16
17
106
24
24
100
32
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(c) Dear Manager,
Regarding the Q3 results, I have noted that I have dropped below the target results in two goals, namely
the prospecting calls and application accuracy. The prospecting calls have dropped from exceeding the target (103%) to falling below (94%). Additionally, the application accuracy has dropped from exceeding the
target in Q2 (101%) to just falling short in Q3 (98%). I am disappointed in myself for not meeting my targets. Can you please provide feedback on how I can improve my performance to ensure that I meet your targets? I have already changed my workflow to ensure a second check is completed before submitting the documents to increase the accuracy. Any other feedback would be greatly appreciated. Regards,
Your Broker
Assessor feedback
Resubmission required?
No
Task 6: Question 7
Improving your own work performance requires both self-assessment and seeking feedback from others. (a) Describe how you monitor and update your own performance against your scorecard.
(b) To improve your own personal performance, how should you approach the feedback you receive from others? (c)
When reviewing your performance against your colleagues/workgroup, describe the different methods you can use to analyse and interpret feedback from others.
(d)
When communicating with people from different cultures, identify what barriers you need to overcome to ensure you meet your personal responsibilities? (200 words)
Student response to Task 6: Question 7
(a) An easy way to monitor and update your own performance would be to create and regularly update an excel spreadsheet. Utilising this, you can track your own performance against goals and performance indicators. Some companies have software which do this automatically.
(b) you should receive the feedback positively and welcomingly; someone is utilising their time to help you improve. Take it on board and change your work processes, or alternatively, update your goals to incorporate the feedback.
(c) The ranking team members on performance indictors can be used to assist when adding weight to feedback from others. For example, if you are the lowest ranked in a certain criterion, and the highest ranked offers you suggestions, the weight of the feedback would likely be high as this person excels in this area, having achieved the highest rank in the company. A professional development plan is another method analyse feedback from others. This document may highlight any weaknesses on which the supervisor/manager wishes you to improve on, and how to achieve this. For example, through an external course. These are valuable methods in analysing and interpreting feedback from others, which can then be fed back into your goals. Document classification: Confidential Page 32 of 124
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(d) There can be multiple barriers when communicating with people from different cultures. This can be overcome with
the correct attitude, training, and awareness. It is important to portray yourself as respectful to avoid any misunderstandings. Training assists in understanding different cultures, such as cultural dress codes or dietary taboos. It
is important to speak clearly and limit colloquialisms when conducting cross cultural communication. However, it is imperative that you do not come across as patronising. Assessor feedback
Resubmission required?
No
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Task 6: Question 8
(a)
You are required to create a professional development plan (PDP). (Refer to the Toolbox for a sample PDP or you can develop your own.)
Your PDP must include the following, namely:
•
the two (2) KPIs from your scorecard for which you are behind as at Q3.
•
a goal for each of those KPIs to ensure you will achieve them by Q4.
•
the steps/actions you will take to achieve the goals.
•
two (2) professional development areas that you would like to improve
•
two (2) formal training or continuous professional development activities that relate to the industry (refer to industry associations for ideas).
•
the minimum amount of CPD points you would need to maintain if you were a Mortgage and Finance Association of Australia (MFAA) member holding ‘loan writer’ status (
link available in the Toolbox
).
(b)
Once you have completed your personal development plan, who will you seek feedback from on the plan?
(150 words)
Student response to Task 6: Question 8
(a) Professional Development Plan
Development Area:
As of Q3, Prospecting Calls and Application Accuracy were beneath the company threshold and require improvement.
Goal:
26 or more prospecting calls and to increase application accuracy so that it is above 95% in Q4.
Actions: Manage time more effectively and allocate time for checking applications and prospecting calls. In addition, upskilling where possible. This benefits in two ways, as it adds towards the CPD requirements whilst upskilling and becoming a more efficient employee.
Two areas to improve in are managing time effectively and communication, with both internal and external stakeholders. Two MFAA Courses under Personal Development to be completed include Time Management and Communication Skills. The time management would be useful to allow more time for checking applications to achieve the required accuracy and allowing time for prospecting calls. MFAA Members holding loan-writing status are required to maintain a minimum of 30 CPD hours each year.
(b) I would week feedback from my manager or supervisor on the professional development plan. Assessor feedback
Resubmission required?
No
Task 6: Question 9
Now that you have developed your own PDP, prepare two (2) other PDPs, each containing a minimum of two (2) development areas, for the following staff members:
(a)
a loans administrative officer
(b)
a mortgage broker who has recently joined the team.
(150 words)
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Student response to Task 6: Question 9
(a) Loan Administration Officer
Development Area: More timely communication with clients regarding milestones and improved conflict resolution in
response to client complaints. Goals: To communicate in an effective and timely manner with clients. Ideally, any milestones regarding the loan should be communicated within 24 hours as per the company policy. Clients should feel confident their complaints are taken seriously and will be acted upon. Actions
: To meet this goal, prioritisation is imperative. A course on time management and communication would be useful in order to achieve the first goal.
As dealing with complaints can be tough, courses such as conflict resolution and emotional intelligence can assist in improvement in these areas and achieving the goals.
(b) New Mortgage Broker
Development Area
: Adherence to company policy and meet annual CPD points
Goals:
To improve adherence with company policy and procedures and to meet or exceed company and MFAA CPD requirements.
Actions:
Supervisor will allocate time to read through the company manuals to enable a stricter adherence to company policy and procedures. This results in a longer-term productivity gain.
Complete the MFAA Time Management course to improve efficiency, this assists with achieving both goals. To support the goals, the company can block out time in each broker’s calendar to meet the CPD requirements. This could lead to an organisational change to improve the process for onboarding new brokers in the future.
Assessor feedback
Resubmission required?
No
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Task 6: Question 10
Managing your time is vital to being able to juggle all of your work tasks, professional development and personal life. Refer to the information provided in the topic notes as well as conduct your own research regarding the ‘important/urgent’ matrix. There are many short videos available — for example, the Eisenhower matrix: How to manage your tasks with Eisenhower, [online video], viewed 3 May 2021, <
www.youtube.com/watch?v=tT89OZ7TNwc
>. (a)
Make a list of a minimum of twelve (12) tasks and activities a mortgage broker (or mortgage consultant) would need to complete in their role. This should include anything that requires your time — for example, team meetings, emails, personal emails, making a coffee, processing your work, training etc. (30 words)
Hint/Tip: Refer to the example business profile for Capital City Finance & Mortgage Brokers (CCF & MB) for a Mortgage Consultants Role description and list of role tasks.
When it comes to phone calls and emails, be specific about the types of phone calls or emails you handle. For example, personal/social emails versus urgent email requests from a client.
Student response to Task 6: Question 10(a)
(a)
Meet with clients
Complete Fact Finds, needs analysis and other financial documentation
Undertake client prospecting
Manage sales funnel/Work in Progress (WIP)
Answer overflow telephone calls
Respond to lender emails
Key in lending applications into lender portal
Follow up lending applications
Follow up clients for additional information
Liaise with other professionals E.g., solicitors/conveyancers/Accountants
Liaise with clients to keep them informed of the application progress
Develop and maintain Professional development plan (PDP)
Complete and maintain CPD record
Complete and submit monthly reporting
Team socialisation
Coffee Breaks
Personal emails
Assessor feedback
Resubmission required?
No
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(b)
Once you have listed your job tasks above (from part a), place each task in the appropriate quadrant. (30 words)
Student response to Task 6: Question 10(b)
Important/Urgent
Meet with clients
Respond to lender emails
Key in lending applications into lender portal
Follow up lending applications
Follow up clients for additional information
Liaise with clients to keep them informed of the application progress
Important/Not Urgent
Develop and maintain Professional development plan (PDP)
Complete and maintain CPD record
Complete and submit monthly reporting
Liaise with other professionals E.g., solicitors/conveyancers/Accountants
Complete Fact Finds, needs analysis and other financial documentation
Undertake client prospecting
Manage sales funnel/Work in Progress (WIP)
Not Important/Urgent
Answer overflow telephone calls
Not Important/Not Urgent
Coffee breaks
Team socialisation
Personal emails
Assessor feedback
Resubmission required?
No
Task 6 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Task 7 — Customer service
Customer service is integral to the success of any organisation and regardless of industry, customers are placed at the core of everything businesses do. Therefore, being clear on your organisation’s customer service standards is critical to ensure that the service you and your team provide is in line with its culture and expectations. Organisations establish customer service systems to ensure there is a consistently high standard of service for customers from end to end, across all departments, involving all team members, and at every touchpoint their customers have with their organisation.
It is important that the customer service system is continually monitored and reviewed to ensure that the system remains effective. For the following questions, reflect on your current or past organisation or conduct research to explain how
businesses approach gathering, monitoring and acting on feedback from internal and external customers. Then answer the following questions. Task 7: Question 1
List and explain three (3) processes that a business can use to gather feedback from its clients? (30 words)
Student response to Task 7: Question 1
Three ways of gathering feedback are customer surveys, face-to-face conversations, and monitoring social media. Customer surveys are often used to gather feedback regarding customer satisfaction. Face-to-face conversations are one of the oldest methods of gathering feedback, they may be casual, ad hoc conversations or scheduled formal meetings.
Social media allow the creation or sharing of user content. Thoughts and opinions can be disseminated globally within seconds and the response can be monitored. Assessor feedback
Resubmission required?
No
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Task 7: Question 2
Feedback is very important for a business to understand that the products and service that they provide to their clients meets the expectations of the clients.
The feedback from the quarterly customer survey on the service and products provided has been received by the business.
There are six (6) responses of feedback received:
1.
‘The broker was really helpful and responded quickly to my emails. They were very personable and professional’: Sam Welsh
2.
‘I left a message on their message bank on Thursday night, leaving my details to be contacted the next day. I didn’t get a response call until the following Thursday – I really couldn’t wait that long as I had found a property and went elsewhere’:
Anh Nam
3.
‘No one responded my calls in a timely manner, it was always 2 to 3 days later’: Mario Taranto
4.
‘I sent an email on the Friday and still did not have a response by the following Friday, I wasn’t very happy with that’: Aya Farid
5.
‘I sent through a couple of emails with questions that I had regarding my loan application. The response I received was not what I was expecting – very unprofessional’:
Yarran Danggetti
6.
‘I am really happy with the products recommended to meet my needs for a home loan’: Dan Wong
It is important to record and action this feedback.
Part 1
The feedback is to be recorded in the client files. (a)
Select three (3) responses from above and record these details in the table below, including what actions you would take.
(b)
How would you confirm that the client’s expectations have been met in response to their feedback?
Student response to Task 7: Question 2 Part 1
(a) Client name
Feedback source
Feedback comments
Action required
Action completed
Y/N
Sam Welsh
Client
‘The broker was helpful and responded quickly to
my emails. They were very personable and professional’
Pass on thanks
Y
Dan Wong
Client
‘I am really happy with the products recommended to meet my needs for a home loan’
Pass on thanks
Y
Aya Farid
Client
I sent an email on the Friday and still did not have a response by the following Friday, I wasn’t very happy with that’
Enquire why the employee isn’t meeting company service standards
Y
(b) C
ontact the client directly and apologise if negative feedback was received. Tell them it will be reviewed Document classification: Confidential Page 39 of 124
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Assessor feedback
Resubmission required?
No
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Part 2
(a) Referring to the areas of concern in the survey responses above, write a customer service improvement report including:
•
three (3) areas where customer service can be improved. (What)
•
a minimum of two (2) actions that would be required to implement the improvements. (How)
•
a list of the stakeholders that would need to be consulted to implement the improvement, and an explanation of how you would communicate this with the stakeholders. (Who)
(b) Write an email to a stakeholder identified in the table below explaining your recommendation and how it will improve the area of customer service. (100 words)
Hint/Tip:
Draw on your current and/or past experiences to answer this question. Refer to the Toolbox for examples of customer service standards. You may also use the example business profile of CCF & MB to answer this question. It is preferable that you relate the areas of customer service to the finance and mortgage broking industry. You also may need to conduct your own research. Student response to Task 7: Question 2, Part 2
(a) Area for Improvement
Steps/Actions to implement improvement
the improvement
(min of two (2) actions)
Communication to Stakeholders (name the stakeholder by role)
Time frame to complete
1. Phone call response time
Staff to review customer service standards
Managers to investigate why staff
aren’t meeting KPI’s. Managers to investigate if company-wide problem or individuals. Brokers, Managers and HR
To be implemented immediately
2. Email response time
Manager or supervisor to investigate why emails aren’t responded to in a timely fashion, is it access to technology, excessive workload or mismatch of workload priorities? Investigate software to assist and track reply rate.
All staff with email response time KPI’s and their managers. To be implemented immediately
3. Email professionalism Reminder sent out to all staff regarding professionalism when representing the company, regardless of the medium. Refresher training regarding what
is expected from employees in regards to professionalism.
All staff
To be implemented immediately
(b) Dear Brokers,
It has been brought to my attention through several instances of negative feedback that we are not meeting our customer
service standards. As this is not an isolated incident, the company would like to reiterate the standards required by all staff. Regarding the response time for emails, our investigation has highlighted that we are not meeting our KPI regarding email response times. The company has sourced some new software which tracks email reply rate and timings. This is available to all staff, and it sends reminders if emails have been missed. This has come as a substantial cost to the Document classification: Confidential Page 41 of 124
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company, so we expect to see a dramatic shift in this area in next month’s reporting.
It is imperative that we maintain our standards across the board, and we maintain the company image.
Thank you all for your compliance in this matter.
Assessor feedback
Resubmission required?
No
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Task 7: Question 3
(a)
How can you and your team monitor the level of customer satisfaction in your workplace in line with the service standards set?
(b)
Provide two (2) suggestions for ensuring that team members are accountable for the customer service standards in the workplace.
(75 words)
Student response to Task 7: Question 3
(a) Send out a survey for the clients to complete, with targeted questions regarding customer satisfaction and response times. (b) Add customer satisfaction and response times into the employee’s performance review and possibly incorporate a bonus for those that excel. This incentivises the performance, instead of punishing those who have lower scores in this area. Additionally, for those who score below a certain threshold on the customer service standards, have it company policy that they are to report as to why they are not meeting the standards. As this creates extra work, it could also encourage the member to up their performance to avoid doing the report.
Assessor feedback
Resubmission required?
No
Task 7 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Task 8 ― Respond and report on complaints
Task 8: Question 1
Refer to the Toolbox in your subject room for Policies and Procedures and links regarding handling complaints and disputes, and respond to the following questions based on those documents:
(a) Who should a client refer their complaint to in the first instance?
(b) In accordance with the Banking Code of Practice, if a provider of financial products and services is unable to provide a resolution within 30 days, what are the five (5) steps they must take?
(50 words)
Student response to Task 8: Question 1
(a) A client should submit their complaint to the company in which they are complaining about. The company’s internal dispute resolution policy should be provided upon request. (b) The five steps include
tell you the reasons for the delay;
tell you the date by which you can reasonably expect to hear the outcome of our investigation; and
give you monthly updates on the progress; and
tell you about your right to complain to AFCA if you are dissatisfied; and
provide you with contact details for AFCA.
Assessor feedback
Resubmission required?
No
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Task 8: Question 2
Consider the following scenario.
Mr Joseph Harper, a new customer, has called your office and has complained about the time it is taking to receive a decision on his loan application, which was submitted 10 days ago.
The average turnaround time with the lender Joseph has applied to for a loan is 14 working days. Additionally, the loan requires lenders mortgage insurance (LMI), which could add a further two days to the
assessment time frame.
The client is getting anxious as he has made an offer on a property subject to finance. There is only 14 days from date of offer to confirm finance approval before the property will go back on the market, so he is very worried he may miss out on the property. (a) Describe the steps you will take to resolve this complaint. Include the stakeholders you will refer to in
the resolution process.
(b) Describe the resolution you will communicate to Joseph.
You may refer to the Toolbox for Policies and Procedures regarding handling complaints and disputes.
(80 words)
Student response to Task 8: Question 2
(a) Discuss the issue with the client and note that is still with the quoted time frame. Empathise with Mr Harper, and to put his mind at ease, try calling the lender to see if they can expedite the application. Escalate to the manager if necessary. (b) Call Mr Harper to state that you have spoken to the lender and requested that his be processed as a priority. Add that you have escalated it to your manager to try and get the application processed within the 14-day deadline. Assessor feedback
Resubmission required?
No
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Task 8: Question 3
Complete the customer report below based on the scenario in question 2.
Student response to Task 8: Question 3
Customer complaint report
Customer name
Title (Mr, Mrs, etc.)
Family name (surname)
Given names
Mr
Harper
Joesph
Service being provided to client:
Brokerage services for home loan
Nature of complaint:
Time Delay
Outcome:
Escalated with manager and requested the lender process the application as a priority. Assessor feedback
Resubmission required?
No
Task 8 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Task 9 ― Prospecting for new clients
Finding sales prospects or people who are likely to become customers is necessary to ensure the stability and growth of a business.
Task 9: Question 1
What communication methods can be used to prospect for new clients?
(30 words)
Student response to Task 9: Question 1
Numerous communication methods can be used to prospect for new clients. These include face to face contact, printed material, telephone contact, websites, marketing emails, online advertising, social media. The client needs to consent to being contacted to comply with anti-hawking laws.
Assessor feedback
Resubmission required?
No
Task 9: Question 2
Refer to the Toolbox and the Client Prospecting Guidelines and answer the following questions:
(a)
What are the four (4) steps you must include in your introduction when making a prospective call?
(b)
Following your introduction, what important question must you ask before continuing with your call?
(c) What should you do if the prospect advises you that they do not wish to continue the call and they do not wish to be contacted again?
(30 words)
Student response to Task 9: Question 2
(a) A greeting, my name, the name and location of my organisation and the purpose of the call.
(b) Permission must be sought before continuing with the call. (c) Thank the prospect and conclude the call. Enter client details into the Prospecting Register and add a tick into the ‘Do not call’ column, to advise that the client does not wish to be contacted in the future.
Assessor feedback
Resubmission required?
No
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Task 9: Question 3
You have made two (2) prospecting calls. As per the client prospecting guidelines located in the Toolbox, complete the client prospect register below for the following scenarios:
(a)
Call 1:
You made a call to Rosie Abdul. Following your introduction, Rosie agreed to continue the call. Rosie has been considering refinancing her home loan and seeking an increase to her loan so as she can renovate her kitchen. Rosie also said that the task of doing the research for different lenders seems too daunting. She is not quite ready to begin the process, but she is interested in how your brokerage could assist her. Rosie asked if you could call back in three months.
(b)
Call 2:
You just called Bruce O’Connor and introduced yourself and provided the purpose of the call. You asked Bruce permission to proceed with the call. Bruce advised that he was not interested and did not want to receive calls from your firm in the future.
Student response to Task 9: Question 3
Client prospect register
Name
Date
Contact method
Comment/outcome
Follow up required (Y/N)
Follow up date
Do not call
(a) Rosie Abdul 1/11/22
Phone call
Possibly interested in the future. Refinance and increase loan for kitchen.
Y 1/2/23
No
(b) Bruce O’Connor 1/11/22
Phone call
Not interested, do not try again
N N/A
YES
Assessor feedback
Resubmission required?
No
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Task 9: Question 4
Refer to your contact with Rosie Abdul in Question 4. Three months has now passed, and you need to call Rosie back.
Explain how you will prepare for your next call with Rosie. Include the following:
(a)
The information you will require from Rosie.
(b) The information you should provide to Rosie about how your brokerage firm can assist her and a brief outline of the application process.
(80 words)
Student response to Task 9: Question 4
(a) Check in if Rosie still wants to look at refinancing her home and renovate her kitchen. If so, see if Rosie has any quotes for the kitchen renovation to assist with determining the loan value and associated costs. Will also require a completed fact find document, income statements and identification documents in order to commence the process.
(b) Information that should be provided to Rose includes an overview of the company, e.g. number of brokers, panel of lenders etc how the process works. Rose should also be informed of her rights, and that any external complaints should be lodged with AFCA.
The following steps are a brief outline of the pre-credit stage.
Assess client needs,
collect data,
analyse data,
identify solution,
submit application
Assessor feedback
Resubmission required?
No
Task 9: Question 5
Refer to the Toolbox for the link to the following article: 6 Steps of a Successful Sales Process: Understanding both perspectives.
Explain the key features of the buying and selling process. (80 words)
Student response to Task 9: Question 5
The key features in the buying and selling process are “define vision” “execute purchase” and “drive results”. Define vision involves the first two steps of buying (dissatisfaction and analysis) and selling (prospecting and needs). In this phase sellers engage buyers proactively and inspire with ideas. This drives the buyer thinking, agendas, and influences the buying process. Execute purchase involves another three steps in the buying (intervention, selection and commitment) and selling (solution crafting, solution presentation and win). In this stage, sellers are brought in here by buyers who are late to the game. Finally, drive results has one step in the buying (implementation) and selling (account development) process. Assessor feedback
Resubmission required?
No
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Task 9 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Task 10 – Professional networks
You build on your network base each day at work as you interact with your colleagues, and internal and external stakeholders. You even build networks in your social life.
Networks and professional connections are important as they can be helpful in building on your industry knowledge, your career development and also to grow your business.
Hint/Tip:
Watch the video ‘Networking for Success’ – the link is in the Toolbox.
Internal networks
– people you know and connect with inside your organisation, for example, colleagues, people from other departments.
External networks
–
people you know and connect with outside of the organisation, for example, other professionals who do not work in your organisation that are aligned with your work, industry associations, family, friends, sporting clubs, social clubs, committees, children school, social/professional media platforms.
Task 10: Question 1
(a)
Identify and make a comprehensive list (minimum of ten (10) internal and external networks). This can include networking groups and/or associations.
List people by their role rather than their names – if you are not currently working, you can list the networks you would have in a mortgage broker role.
(b) From the list you created in part (a), choose six (6) networks. At least one (1) must be from the financial services industry and one (1) must be a third-party referrer. The others may be from any other connections. Complete the table below by outlining how your connection with these networks is of benefit to you and to the broking business. (c) From the list in Part (b), choose three (3) connections/networks. Explain how you develop
and maintain
those relationships. Include how you will stay in contact and also how you will enhance the relationship to ensure it remains mutually beneficial.
(d) Identify and explain the importance of three (3) communication channels and tools that you use to develop and maintain professional relationships.
(100 words)
Student response to Task 10: Question 1
(a) Internal
other brokers
mentor
supervisor
manager
director
company accountant
External
•
MFAA -Mortgage & Finance Association of Australia
• Clients
• Asset broker - referrer
• Banks
• Aggregator
• Conveyancer
• Real Estate agents
(b)
Network
Benefit You
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1. MFAA
Extra training and networking opportunities 2. Mentor
Extra support or assistance if necessary
Network
Benefit to the business
3. Aggregator Additional training and support for team
4. Clients and ex-clients Referring extra customers
5. Banks Better deals for clients and faster response times
Network
Benefit to the business
6. Real estate agents Referring clients will increase work for company and
therefore turnover.
(c) Network/connection — Name
Type of network/connections
Actions you take to develop and maintain the relationship
1. Real estate agents
External - Referral
Keep in contact and offer special referral commissions. Consider higher commission to be their sole mortgage broker they refer to. Determine best method of communication once
relationship is established.
2. Mentor
Internal
Take them out for coffee/lunch to discuss any non-confidential matters. This will take a less formal approach and enable you to establish rapport with the mentor. They will be more likely to provide assistance once you show you
are helpful and personable.
Network/connection — Name
Type of network/connections
Actions you take to develop and maintain the relationship
3. Banks
External
Lodge accurate and compliant documents so they see you as a competent broker and are more likely to take your call should you need something done urgently. The relationship can be maintained by making a personal connection, eg pets, children, and asking how they have been etc. (d) Communication method
What are the positive features of this method (why might you use it)?
1. Social Media
Can target a large group of people simultaneously. This could be used to broadcast a special deal by one of the banks on your lending panel for home loan refinancing.
2. Phone call
This could be used to check in with certain clients to offer a service, such as a check of their current loans and see if they would be better off with refinancing
3. Text messaging
A text message is an informal way to maintain relationships. However, it should be used once rapport has been established as you don’t want to come across too familiar before a connection is established. Assessor feedback
Resubmission required?
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No
Task 10: Question 2
Explain how you will maintain policy, regulations and codes of practice when networking to promote your business and enhance its reputation. Include how you would present yourself, communicate and maintain client confidentiality. (30 words)
Student response to Task 10: Question 2
I would present myself in a friendly, knowledgeable, and approachable manner. I would ensure that I was well dressed in suitable attire and looking professional. I would speak on general terms to maintain client confidentiality. Assessor feedback
Resubmission required?
No
Task 10: Question 3
(a) Identify two (2) practices that could be implemented to improve business practices when it comes to developing and maintaining networks. (b)
Explain which personnel you would involve in reviewing your network connections to ensure that they are appropriate for your business’ needs and why you would involve them.
(75 words)
Student response to Task 10: Question 3
(a) the introduction of a “welcome pack” when a client is first onboarded could be a good way to improve practices. Special offers or small gift might assist in building client loyalty in the early stage of the client life cycle. Monitoring the client’s behaviour for a trigger, could lead to income generation for the company if it was to achieve an outcome generated from the trigger.
(b) An external party that could conduct relationship analysis for the company. External, whilst a cost to the company, could provide insight into what has been overlooked by the company previously. They are also independent to the company so bring any preconceived ideas with them. Assessor feedback
Resubmission required?
No
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Task 10 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Task 11 ― Managing information
Working as a broker in the financial services industry can involve working for a large or small organisation. A comprehensive understanding of the organisation’s structure, management, processes and policies is vital for success.
Refer to the Capital City Finance and Mortgage Brokers (CCF & MB) case study (Future developments) located in the subject room.
CCF & MB have hired a new sales team member, and you are responsible for completing the induction program.
Task 11: Question 1
Briefly explain how CCF & MB access information regarding updates to products and services in their system.
(50 words)
Student response to Task 11: Question 1
CCF & MB access information regarding updates through their aggregator software. Also, in their future developments,
they can access information through their strategic alliances. The CCF & MB team can convey updates to each other during their fortnightly credit and compliance training sessions. All members would be captured as any members absent
are responsible to review the training content. Assessor feedback
Resubmission required?
No
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Task 11: Question 2
Managing information in a mortgage broking firm may also apply to maintaining and upkeeping compliance
and licences. Refer to the Australian Securities and Investment Commission’s (ASIC) website to answer the following question.
Australian credit licence holders are required to complete an Annual Compliance Certificate and lodge it with ASIC.
Hint/Tip:
You will be required to conduct your own research
—
Refer to the Toolbox and ASICs website.
When completing the Annual Compliance there is specific information required to be provided to ASIC upon lodgement. List the five (5) items that are required to be confirmed on the Annual Compliance Certificate. (75 words)
Student response to Task 11: Question 2
1.
I know when my next annual compliance date is and when the lodgement due date is.
2.
All my details on Australian credit registers are up to date
3.
I have done my background checks on each of the ‘fit and proper’ people named on my credit licence.
4.
I have information about any new responsible managers so that I am ready to include their qualifications and relevant work experience in my annual compliance certificate.
5.
I understand my obligations as a credit licensee and am ready to certify that I have complied with these obligations.
Assessor feedback
Resubmission required?
No
Task 11 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Section 3: The lending process
Task 12 ― Understanding the client’s needs
Brokers have both ethical and legislative obligations to understand a client’s needs and objectives. There are obligations for making reasonable inquiries and verifications under NCCPs responsible lending obligations contained in ASIC’s Regulatory Guide 209 (RG209).
Research RG209.43 online and answer the following questions.
Task 12: Question 1
While it is important to understand your client’s needs and objectives to ensure that you recommend a product that has all of the features and benefits they require, it is also important to understand other requirements your client may have to ensure the product recommended is ‘not unsuitable’.
List at least four (4) types of ‘specific customer requirements’ your client may have. Hint/Tip:
Refer to your topic notes and/or conduct your own research.
Choose requirements that may not necessarily be a product feature, for example, a client may want a lender
that they can visit or may need to sell the property in a specific time frame.
(20 words)
Student response to Task 12: Question 1
Client may only want to perform business with an environmentally sustainable financial institution.
Client may request a lender that supports the community
Client may prefer loans from lenders with local branches and not a neo bank. Client may request a lender that doesn’t invest in live animal export
Assessor feedback
Resubmission required?
No
Task 12: Question 2
When the loan is for a self-employed person, the lender will ask for financial information for the business. What are the common financial records the lender will ask for? Provide a minimum of three (3). (These must be in addition to what a PAYG client would provide.)
(20 words)
Student response to Task 12: Question 2
Final annual statements signed by directors for two consecutive years plus personal tax returns.
ATO notice of assessment relating to last year’s tax return
Supply of tax portal statements Document classification: Confidential
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Assessor feedback
Resubmission required?
No
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Task 12: Question 3
(a)
Explain the information that is contained in a credit report.
(b) Why it is important that the client provides all the details about their credit report to their broker at the beginning of the loan process?
(c) What are the credit provider’s obligations to the client if a loan is declined due to their credit report?
(d) What would you advise your client to do if their loan was declined due to their credit report?
(80 words)
Student response to Task 12: Question 3
(a) A credit report contains a myriad on information, including fully name, birth date, address, record of credit applications (and closures since the implementation of comprehensive credit reporting). Current loans and credit facilities are also listed. The repayment history for the loans and any details of any late or missed payments. Any accounts which have been in default for over 60 days or dishonoured cheques will be listed in the file. Items of public record, such as court judgements and bankruptcies are also included. (b) It is important for the client to provide all details about their credit report to their broker at the beginning of the loan process so the broker can determine whether the loan is viable. There is no point in going through the whole process if the client has item(s) on their credit file which will disqualify them from a loan, e.g., recent bankruptcy. (c) The credit provider is obligated to state the reasons for declining the application and the name and address of the credit reporting agency. Also, that they have a right to access the agency’s file.
(d) Obtain a copy of the credit report and determine whether or there is a mistake which is resulting in their application
being denied. If there aren’t any mistakes, try and rectify the issue or reduce credit availability e.g., close credit cards down. Assessor feedback
Resubmission required?
No
Task 12 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Task 13 ― Developing and presenting solutions
Task 13: Question 1
The client solution is not just about providing a product that will meet their product needs. Developing a solution for your client’s needs also involves the security or collateral that the lender will require for that loan product.
(a) List a minimum of three (3) types of assets that lenders may take as collateral to secure a loan. (This can be security for either consumer or commercial lending.)
(b) List a minimum of two (2) security documents that are required in order for the lender to have control over the asset while the loan is in place.
(c) If a director offers their home (in their personal name) as security for lending in their company name,
what is the name of the security document that is required to link the asset to the loan?
(d) From time to time a client may need to offer a second property to support a loan in order to reduce the loan-value-ratio (LVR) to avoid LMI and meet lender requirements. What is this name of this practice?
(50 words)
Student response to Task 13: Question 1
(a) Real property, shares in a public company personal property, and personal guarantee from a third party. (b) Registered mortgage for real property, or a guarantee
(c) when a director offers their home as security for lending it is called a director guarantee
(d) When a client offers equity in a second property to purchase another is it called cross-collateralisation.
Assessor feedback
Resubmission required?
No
Task 13 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Task 14 – Packaging the application to send to the lender
Packaging a home loan application is detailed and requires a mortgage broker to gather documents to prepare the lending submission in accordance with the lender’s requirements.
While it is important to know what documents you will need to gather, it is also important that you understand the information contained within the documents. For example, the frequency of income, if overtime is included.
Task 14: Question 1
(a)
Explain what documents you would gather to in order to verify:
(i)
a PAYG employee’s income
(ii)
a self-employed person’s income
(iii) rental income for an existing investment property.
(b) Choose three (3) documents that you listed in part (i). Write one (1) question that you could ask the client to confirm you understand the information contained within each of the documents provided.
(60 words)
Student response to Task 14: Question 1
(a)(i) One of the following to be obtained:
• two computer-generated pay slips confirming at least three months year to date (YTD) income or annual salary (most recent available), or
• most recent statements of account covering a minimum period of three months, confirming regular wage/salary credits
from employer and a letter of employment on the employer’s company letterhead, or an employment contract.
In addition, a lender would expect at least one of the following:
• most recent computer-generated group certificate, or • most recent computer-generated tax return.
And to confirm the authenticity of the above information:
• an ATO notice of assessment.
(a)(ii) • final annual financial statements signed by the directors/partners for all borrowers and related entities covering a period of two consecutive years plus the personal taxation returns for each director/partner/guarantor and trustee for the same two years.
• the supply of an ATO notice of assessment relating to the year’s tax returns is mandatory because this allows the lender some comfort that the tax returns being used to assess an applicant’s ability to repay a
loan are legitimate.
• the supply of tax portal statements in addition to tax returns and tax assessment is also becoming a more regular requirement among lenders.
Note: If the most recent final annual financial statements are older than 18 months, in some instances the lender may accept accountant prepared interim financial statements or internal management accounts supported by all BAS since the last full year of financial statements.
(a)(iii) One of the following is required:
• most recent property manager’s statement
• most recent statements of account covering a minimum period of three months confirming regular credits from property manager
• copy of current rental tenancy agreement
• where the property has not been tenanted previously, a rental appraisal issued by a local real estate agent may be used.
Note: For casual or holiday rentals, provide 12 months evidence.
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(b) Document
One (1) question to confirm information with your client
1. Pay Slips
Is this your only source of income for the year? i.e., do you have another employer or income earning asset?
2. Statement of account
Do you have any other bank accounts where your income is deposited?
3. ATO Notice of Assessment
Did you have any undeclared income? Assessor feedback
Resubmission required?
No
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Task 14: Question 2
When submitting your client’s loan application, you also need to submit supporting documentation.
(a) Explain how you confirm that you have the correct supporting documents for your client’s loan requirements in accordance with the lender’s requirements. (e.g. If the loan application was for an investment property, think of what may be required as specific supporting documents)
(b) Explain how you check the supporting documentation for accuracy and also to ensure that the documents are in the right format and legible for the lender.
(40 words)
Student response to Task 14: Question 2
(a) In order to have the correct documents I would follow the lenders checklist to ensure that all documents are supplied, and no errors are made. An investment property loan would be submitted with a rental appraisal to be factored
into the lender’s calculations.
(b) double check the documents for accuracy and utilise other documents to cross reference them, e.g., cross reference the YTD total with last year’s ATO notice of assessment to ensure that the applicant is on a similar income. Utilising the checklist will ensure that errors are not made, and the documents are submitted in the correct format. Assessor feedback
Resubmission required?
No
Task 14 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Task 15 ― Monitor the lending process
Some loan applications may require further information following submission. This often means returning to the client to obtain the information.
Task 15: Question 1
Provide one (1) example of further information a lender may request. Explain common reasons for the additional information.
(30 words)
Student response to Task 15: Question 1
The lender may request a statutory declaration from the borrower due to them having an anglicised name or middle name on their driver’s licence, which is different to their passport.
Assessor feedback
Resubmission required?
No
Task 15 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Section 4: Case studies
Case study 1: Philip and Jennifer Brown
The case study is located in the subject room in KapLearn.
Often client meetings occur in the form of a face-to-face meeting, typically at the broker’s office or in the client’s home or workplace. As technology has developed, it has made different forms of client contact possible using software such as Zoom. Conducting online meetings has become more acceptable and can also be quite convenient for some clients.
Task 16 ― Case study: Purchasing an owner-occupied home
It is time to prepare to meet with your first client, Philip and Jennifer Brown. As the broker, you need to consider a range of obligations when dealing with a customer. This section will consider some of these obligations.
Task 16: Question 1
You have just made an appointment over the phone to meet with Jennifer and Philip. Prepare an email outlining the purpose of your first meeting. In the email, make sure you also cover the following points.
(a)
What documents would you attach to the email?
(b) Include the following information in your email:
(i)
the services, values and capacity your organisation has to offer
(ii)
your background, credentials and your role as their broker
(iii)
the commercial relationship that your firm has with the product providers (i.e. the lenders on your panel).
(50 words)
Hint/Tip:
You can base your response to Part (b) on the CCF & MB business case study located in the subject.
Student response to Task 16: Question 1
(a)
Attach the standard company document outlining mortgage broker responsibilities, the fact-finding document and how to lodge a complaint. (b)(i) Hi Jennifer and Philip,
Thank you for choosing us at Finance and Mortgage Brokers Australia (FMBA). FMBA is a family owned and run business providing a range of mortgage and finance broking services to the residential clients. We specialise in home loans and personal finance and focus on helping clients find the finance service suited to their individual circumstances. We currently have five full time brokers that can assist clients. We believe in a wholistic approach and allocate at least two brokers to each client to ensure immediate communication is available to all clients.
Given we are a small family run business we only employ the highest quality applicants that embody our company values of honesty, integrity, efficiency and confidentiality. Additionally, we meet or exceed all regulatory requirements.
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(b)(ii) As your lead broker, I would like to advise that I am highly qualified and possess a Bachelor of Commerce and a Certificate IV in Finance and Mortgage Broking. As a company, we have over 90 years of mortgage broking experience and always ensure that our clients receive the best loan for their circumstances. As your broker I will gather important financial information about your current and planned future financial position to enable us to present the best loan options possible. I, like all my colleagues at FMBA are members of the MFAA (Mortgage and Finance Association of Australia)
(b)(iii) At FMBA we have access to an extensive panel of lenders through our leading aggregator, Connective. We are paid via commission directly from the aggregator and there is no charge to you, our client. We maintain a gift register at
our office, which may be viewed upon request. Assessor feedback
Resubmission required?
No
Task 16 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Task 17 ― Completing the fact find
Task 17: Question 1
From the information in Case Study 1 for Jennifer and Philip Brown, complete the following tasks.
(a)
Using the client information collection tool/fact finder below, complete:
(i)
assets and liabilities
(ii)
needs analysis
(iii)
credit representative notes
(iv)
anticipated fees and charges
(v)
funds to complete.
Student response to Task 17: Question 1
Client information collection tool/Fact finder
or the client information collections tool/fact finder tasks, you will need to calculate government fees and charges as well as LMI where applicable.
For this assignment, Genworth is your lender’s LMI provider. Please use the Genworth LMI calculator for all LMI calculations. There are links provided in the Toolbox to help you calculate the applicable fees and charges.
Appointment date: 25/11/22
Appointment time: 1030
Applicant 1
Applicant 2
Surname Brown
Brown
Other names
Philip
Jennifer
Contact details
Address Unit 12, 22 Wentworth Lane, Thomastown VIC 3074
Unit 12, 22 Wentworth Lane, Thomastown VIC 3074
Phone (W)
Phone (H)
0419 123 456
0412 987 654
Mobile
0419 123 456
0412 987 654
Email
Philipb@ace.com.au
jbrown@techcity.com.au
Employment
Team Leader at ACE Limited, 101 City Road Westside, Melbourne VIC 3000
Compliance Manager at Tech City,
804 High Street, Docklands VIC 3008
How long?
12 years
11 years
Previous employer (if less than two years)
N/A
N/A
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How long?
N/A
N/A
Employment type (FT/PT/casual/self-employed)
FT
FT
Gross income (p.a.)
58,000
95,000
Number of dependants
0
0
Motor vehicles:
make/model/year/value $
Holden Colorado 2012
$25,000
Kia Cerato Sport 2015
$9000
Loan purpose
Purchase apartment- owner occupier
Purchase price/valuation
$490,000
Deposit on property
$50,000
Loan amount
$440,000 + $5080 LMI
Borrowing capacity (using Genworth serviceability calculation)
$881,999
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Assets and liabilities
Assets
Liabilities
Details
Market value
Details
Monthly payments
Amount owing
Owner occupied property at: N/A
Mortgage with:
N/A
N/A
Investment Property at:
N/A
Mortgage with:
N/A
N/A
Cash at bank
(includes fixed deposits)
83,600
Car leasing
N/A
N/A
Other cash
(includes offset accounts)
0
Personal loans
1.
2.
180
5600
Deposit paid on property (only
if paid)
N/A
Overdraft N/A
N/A
Motor vehicles:
1. 2. 25,000
9,000
Other loans:
1.
2.
N/A
N/A
Personal effects
40,000
Credit card limit:
4000
120
200
Business value (if self-employed)
N/A
Credit card limit:
5000
150
1, 600
Shares and investments
N/A
Other:
N/A
N/A
Superannuation
$90,000
Other:
N/A
N/A
Other assets (give details)
N/A
Other:
N/A
N/A
Total assets
$247,600
Total liabilities
450
7,400
Surplus/deficiency: (Total assets less
Total liabilities) $
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CURRENT MONTHLY LIVING EXPENSES (Provide a breakdown of the total amount listed in the case study — use
your discretion)
Food/housekeeping
1100
Insurance (e.g. motor vehicles, home contents/ building, medical, life/income protection)
700
Utilities
(e.g. rates, gas, electricity, transport)
400
Transport (e.g. public transport, petrol, registration, repairs)
200
Education (e.g. school, college, university)
0
Dependants support (e.g. childcare, child maintenance)
0
Entertainment (include online subscriptions, e.g. Netflix/Stan)
16
Other (detail below):
Entertainment, movies, dining out etc
500
MONTHLY LIVING EXPENSES 2,916
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Needs analysis
fields marked with * are an assumption/guess
1
Name of your current lender?
Capital Bank
2
What type of loans do you have?
Personal Loan and credit cards
3
Why did you choose this particular loan and lender?
Already had credit card with lender*
4
What is the interest rate on your current loan?
9%*
5
What are your payments?
Amount
180
6
Frequency monthly
7
Do you know the fees and charges?
Annual fee on credit cards*
8
What is your proposed purpose for the new loan you are applying for?
Owner occupier home loan
9
Branch access available with current lender
Yes*
10
Internet banking available with current lender
Yes*
11
Phone banking available with current lender
Yes*
12
Lenders not to be considered
None*
13
Type of loan sought
Fixed interest rate
14
Preferred Interest rate range
~4%*
15
Payment frequency
fortnightly
16
Redraw
Yes
17
Offset
Yes
18
Salary crediting
Did not disclose
19
Low fees and charges
Premium package, application waived under special offer
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Credit representative notes
Note:
Providing substantive notes here is a compulsory part of your assessment.
Clients would like to make an offer within 10 days
Clients request a 30-year loan
Plan an overseas holiday within 5 years
Planning on starting a family after 5 years
Philip is hoping for a promotion within the next 12 months
Clients are concerned about interest rate increases
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Anticipated fees and charges
Anticipated purchase price
490,000
Deposit on property
50,000
Total Loan amount 440000
LVR %
89.8%
Purchase costs
21,370
Stamp duty – Transfer of Land
Registration fee – Transfer of Land
350
Solicitor/conveyancer fee 1500
Rates and land taxes (estimate)
1200
Pest inspection (estimate)
400
Building inspection (estimate)
500
Borrowing costs
0, waived
Application/establishment fee
Valuation fee
200
Security admin fee
100
LMI
5080
Registration of mortgage
200
Discharge/Release of mortgage fee
200
Search fees
250
Other
50
Total purchase and borrowing costs
31,400
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Funds to complete
PURCHASE AND LOAN COSTS:
AVAILABLE FUNDS:
Purchase price:
490,000
Deposit if already paid to agent:
0
Lender application/valuation fees:
200
Cash savings:
77,000
Stamp duty payable ― Transfer of Land 21,370
Sale proceeds:
0
Registration fee - Transfer of Land
350
Registration of mortgage ― Land Titles Office
200
Gift:
0
Solicitors fees:
1500
FHOG:
0
Other
50
Other:
0
Lenders mortgage insurance ―
added to loan
5080
Other:
0
TOTAL COSTS (A):
518,750
TOTAL OWN FUNDS (D):
77,000
LOAN AMOUNT REQUESTED(B):
445,080
OWN FUNDS REQUIRED(A–B) = C:
73,670
OWN FUNDS REQUIRED (A–B) = C
73,670
SURPLUS/SHORTFALL (D–C)
3330 surplus
Assessor feedback
Resubmission required?
No
Task 17 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Task 18 — Assessing the clients’ situation
Based on the information gathered in the initial client meeting with Philip and Jennifer Brown (see Case Study 1) and any other online tools used, you now need to assess the clients’ loan application, paying particular attention that you have met regulations, legislative requirements, followed industry codes of practice, and met lender credit policy.
Provide data to support your comments and conclusions. Note:
You will need to use this assessment of the clients’ needs to complete Part 2 of your Oral Assignment.
Task 18: Question 1
Assume you have conducted your initial face-to-face meeting and have provided and sought the necessary information from your clients. Explain a minimum of three (3) regulatory and legislative requirements that you have met so far in dealing with this application. Include the documents you would have provided to the
client in the initial meeting.
Note
: You are not
charging a fee for service to your client
.
(30 words)
Student response to Task 18: Question 1
Complied with the NCCP act by making reasonable enquiries into the customer’s financial situation and taken reasonable steps to verify that situation. Finally, the privacy act would have been followed to ensure the clients details are only available to essential personnel. Assessor feedback
Resubmission required?
No
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Task 18: Question 2
As part of assessing the clients’ situation, a broker is required to determine the approximate cost of LMI. (a)
Will Jennifer and Philip be required to pay LMI and why or why not?
(b)
If so, what would the premium be? (c)
What two (2) options are available to borrowers to pay the LMI fee?
(40 words)
Hint/Tip:
The calculators are located in the Toolbox. Also, for the purposes of this assignment, you may use the LMI premium excluding stamp duty.
Student response to Task 18: Question 2
(a)
Yes, they will be required to pay LMI as the LVR is greater than 80% at 89.8%
(b)
$5080
(c)
LMI may be paid upfront or capitalised into the loan
Assessor feedback
Resubmission required?
No
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Task 18: Question 3
In the previous question you used the Genworth LMI calculator to work out the LMI premium for Philip and Jennifer Brown. There are other helpful tools located on the Genworth site that can assist you with the preparation of a loan application.
On the Genworth website, under ‘Tools’, select the appropriate calculators to complete the following:
(a)
What is Philip and Jennifer’s maximum loan amount according to Genworth serviceability calculation?
(b)
What is their combined total gross and net incomes?
(c)
What is the proposed monthly loan repayment, based on the actual interest rate? (Tip: capitalise the LMI cost onto the loan amount.)
(30 words)
Student response to Task 18: Question 3
(a) $
881,999
(b) Gross $153,000 Net $119,281
(c) $2,124.88/month
Assessor feedback
Resubmission required?
No
Task 18: Question 4
Based on what they have disclosed to you, does the client have the capacity to meet the deposit and total cash contribution required for the property purchase? Explain why or why not.
(30 words)
Student response to Task 18: Question 4
Yes, the clients have the capacity to meet the deposit and total cash contribution for the property purchase. In fact, they have a surplus of $3330
Assessor feedback
Resubmission required?
No
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Task 18: Question 5
What is the security offered for this loan? Is it an appropriate type of security? If so, explain why or why not. (30 words)
Student response to Task 18: Question 5
The property is mortgaged as security for the loan. It is an appropriate type of security for the loan. Due to not having a large enough deposit, LMI is required to protect the lender.
Assessor feedback
Resubmission required?
No
Task 18: Question 6
Prior to submitting the application, you are required to obtain a valuation on the property.
For the purposes of the assignment, the broker is to arrange the valuation of the security prior to submitting the loan application.
(a)
Complete the template below and prepare a letter to instruct the valuer to conduct a valuation for Philip and Jennifer Brown.
(b)
One completed and submitted, how and where would you file this for future reference? (Consider correct document policies and procedures including legislation and security.)
Student response to Task 18: Question 6
(a) Property Valuation Request
Broker details
Name Contact details
CCF & MB
John Matthews
0499 111 222
Client name
Loan type
Loan amount
J and P Brown
Fixed Interest Owner Occupier Home Loan
445,080
Loan purpose Purchase
Refinance 0
Consolidation 0
Equity release 0
Property type
Residential
Commercial 0
Vacant land 0
Land and construction 0
Property address
: Title details Unit 1, 92 Golf Links Way, Bundoora VIC 3083
Volume: 10120
Folio: 456
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Folio identifier: 5
Description
Year of construction
1998
Number of bedrooms
2
Number of bathrooms
2
Car accommodation
2
Other rooms
Kitchen/family, lounge
Other features
Strata apartment, golf course views
Property value Purchase price $ 490,000 Date of contract TBA
or
Land purchase price $
Building contract $
Refinance ― estimated value range From $
To $
Property use
Owner occupied
Investment 0
Holiday rental 0
Rental income Rent per month $ .00 Actual/Proposed
Valuation type:
Full valuation:
Kerbside: 0
Desktop: 0
(b) Store on the company secure server, which has access control, a firewall and intrusion detection system.
Assessor feedback
Resubmission required?
No
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Task 18: Question 7
After considering the client's financial position, what loan amount would you recommend, and why? (30 words)
Student response to Task 18: Question 7
As the client has requested certainty of payments, I would recommend a fixed interest rate or split complete home loan package. This meets their requirements and is possible with the current financial situation. Assessor feedback
Resubmission required?
No
Task 18: Question 8
What is the likelihood that the clients will be able to meet all of their financial obligations once the loan is in place? (30 words)
Student response to Task 18: Question 8
It is likely that the clients can meet all their financial obligations once the loan is in place. They are borrowing less than the maximum amount using the Genworth calculator. Assessor feedback
Resubmission required?
No
Task 18: Question 9
Under Responsible lending requirements, brokers also need to consider foreseeable changes in a client’s financial position. What issues may impact the clients’ ability to meet their financial obligations, including any possible risks, now or in the future? (40 words)
Student response to Task 18: Question 9
Several factors may impact the client’s ability to meet their financial obligations. For example, they are planning a holiday before they start a family. Both events may impact their financial situation. Additionally, if Jennifer or Philip was to become injured and unable to work their situation would be affected.
Assessor feedback
Resubmission required?
No
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Task 18: Question 10
Most lenders stress test home loan repayments by adding a 3.0% buffer to the interest rate to make sure the borrower can afford the repayments over the medium term. If interest rates increased by 3.0%, what would Philip and Jennifer’s loan repayments be, and do you think they would be able to cope with the extra
repayment amount? (50 words)
Student response to Task 18: Question 10
An increase in interest rates of 3.0% would result in monthly payments being $2,961.13, however they have opted for a fixed interest rate product which would mean the interest rate increase would not be passed onto them during the fixed term. However, for the purpose of the exercise they would still be able to cope with the extra repayment.
Assessor feedback
Resubmission required?
No
Task 18: Question 11
(a) Identify appropriate product options you can present to the clients that may remove this interest rate risk? (b)
What advantage would this type of product provide for the customer?
(50 words)
Student response to Task 18: Question 11
(a) A fixed interest rate complete home loan package would meet the client’s requirements and remove the interest rate risk. The means the same interest rate would be payable for the term of the fixed interest rate period.
(b) A fixed interest rate home loan will provide certainty to payments regardless of interest rate movements. As per the client’s request. Assessor feedback
Resubmission required?
No
Task 18 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Task 19 — Presenting borrowing options and potential benefits Task 19: Question 1
Although Philip and Jennifer (Case Study 1) are looking to borrow at approximately 90% LVR, what other options may be available to them that would avoid the cost of LMI? Provide at least three (3) options. (100 words)
Student response to Task 19: Question 1
The clients may have a family member provide a guarantee for their loan. This allows the lender to use some of the equity in a family member’s property to provide backup security should the borrower fail to repay their debt. As a mortgage broker, we could investigate lenders which will lend at a higher LVR without LMI due to the client’s professions. Finally, as the loan is for a home in Victoria, the clients can utilise the current Victorian Homebuyer Fund shared equity scheme. All the above are options which would avoid having the cost of LMI capitalised into their loan, saving the client’s $5080 upfront, plus the interest over the course of the loan.
Assessor feedback
Resubmission required?
No
Task 19: Question 2
Describe the First Home Owner’s Grant or home buyer assistance scheme benefits and stamp duty concessions that are available in the state where Philip and Jennifer are purchasing their home. Are Philip and Jennifer eligible for any assistance? Explain why or why not? (100 words)
Student response to Task 19: Question 2
Victoria has several initiatives to assist first home buyers in the state. These include the Victorian Homebuyer Fund shared equity scheme, Stamp duty removal or reduction and first homeowner grants. The clients are eligible for the first two schemes; however, they do not qualify for the first homeowners grant of $10,000 because they are not purchasing a new apartment. The Victorian Homebuyer Fund shared equity scheme means the government will contribute up to 25% of the purchase price in exchange for an equivalent share in the property. This means no LMI. Stamp duty would be reduced by 50% under the stamp duty reduction scheme. Assessor feedback
Resubmission required?
No
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Task 19: Question 3
Philip and Jennifer have called to discuss an issue in relation to the product option you have proposed. They are wondering whether it would be better to fix the interest rate on their loan after having received several conflicting viewpoints from family and friends.
(a)
Explain the process you would use to research and identify the various product options available to address the issue raised and still meet the needs of Philip and Jennifer.
(b)
Explain to Philip and Jennifer two (2) advantages and two (2) disadvantages of fixing a loan over different fixed rate terms. (150 words)
Student response to Task 19: Question 3
(a) Research all loan types through the aggregator and present them to the clients. The clients have requested certainty with their repayments which lends to a fixed rate loan. Research into the bond market could also assist with the decision whether to fix or not due the futures market indication.
(b) Fixing a loan over the short-term compared to the long-term years has multiple advantages and disadvantages. For example, a fixed rate loan over one year, may provide a lower interest rate for the clients as the lender has more certainty of where the interest rate will be in one year instead of 5 years’ time. Additionally, if interest rates are anticipated to increase in the short term and then decrease, a 1-year fixed loan would serve the clients well, locking in the interest rate for the short-term increase, then giving them the option for another fixed term or change to variable if the interest rates are decreasing. The disadvantage of choosing a shorter fixed term loan is that if interest rates increase more than expected, after one year the client will have to lock in a higher rate or go with a variable loan, which would be at a higher rate than if a 5-year loan was selected. Another disadvantage of a shorter-term loan is lack of certainty regarding repayments. A long-term fixed loan provides certainty to repayments for the fixed period which allows for accurate budgeting. A shorter-term loan does not provide this and after the short period is up, the client is exposed to interest rate increases.
Assessor feedback
Resubmission required?
No
Task 19: Question 4
What other option/s can you suggest if Philip and Jennifer remain uncertain about whether to fix the rate on their loan? (100 words)
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Student response to Task 19: Question 4
Another option for the clients would be a split loan. This means having a portion of the loan with a fixed interest rate and the remainder on a variable interest rate. This is a good mix and protects the clients against interest rate rises by having a portion fixed, but also allows them to capitalise on any interest rate decreases on the variable portion. A split loan is a good compromise or hedge against interest rate movements. The negative of a split loans mean that any interest rate decreases are not fully captured as fixed interest rate portion remains the same. Additionally, with an interest rate decrease, the repayments on the variable portion will also increase.
Assessor feedback
Resubmission required?
No
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Task 19: Question 5
You want to ensure that Philip and Jennifer have all the critical insurance protections in case something unfortunate happened to one of them.
(a)
What process would you follow during your discussion with the clients to ensure you have a good assessment of their needs? (50 words)
Student response to Task 19: Question 5(a)
Show the clients that a single income would not be enough to service the loan comfortably, and in order to protect their home, they should consider taking out an appropriate mortgage protection insurance policy. This would ensure they can continue to meet the repayments should one of the clients be unable to work. Assessor feedback
Resubmission required?
No
(b)
Explain who you should refer Philip and Jennifer to obtain advice on these types of products. (10 words)
Student response to Task 19: Question 5(b)
I would refer the clients to an insurance broker to ensure they receive quality and accurate advice. Assessor feedback
Resubmission required?
No
Task 19 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Task 20 – Supporting the client to settlement
Although a broker does not participate in the settlement process, they still need to remain in touch with all of the stakeholders until the loan settles.
Task 20: Question 1
Why it is important for the broker to remain informed of developments in the lending process despite not being actively involved at every stage? (100 words)
Student response to Task 20: Question 1
It is important that the broker is across all developments so they can try and predict any issues that may arise and plan appropriately. For example, if the broker is not informed of any pre settlement conditions, they cannot assist. The broker may work closely with numerous other companies and have relationships which mean they can call in last minute favours e.g., from a pest or building inspector. Assessor feedback
Resubmission required?
No
Task 20: Question 2
The application form and related documents have now been signed and forwarded to the lender for approval. Philip and Jennifer have agreed that you will keep their solicitor informed of progress if/when the
loan is approved. (a)
To improve your service delivery standards and ensure you are communicating effectively with Philip and Jennifer for the remainder of your interactions with them, you thought this was an appropriate time to review your client service standards. Refer to the ‘Example of an organisation’s policies and procedures’ document in the Toolbox under the section ‘client service standards’. What evidence would you consider in your review of the service delivery standards?
(b)
Considering organisational policy and procedure, how would you document the improvements and to whom in your organisation might you submit your review of the standards? (100 words)
Student response to Task 20: Question 2
(a) Evidence to consider would be the timelines to reply or action emails and the notification of loan decisions. These are areas where an audit can easily determine where standards are being met or where improvement is required. For example, notification of a loan decision within 12 hours of receipt exceeds the standard of 24 hours. However, if the notification is sent 55 hours after receipt, then the service standard has not been met and it would be prudent to investigate the reasons why, to ensure it doesn’t occur again and client service standards are maintained.
(b) Any improvements should be documented via email or as per company guidelines. The review should be sent to your manager for review. Some may include their team for transparency and to stimulate further review and discussions.
Assessor feedback
Resubmission required?
No
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Task 20 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Case study 2: Mary Azacca
Case study 2 for Mary Azacca is located in your subject room in KapLearn. Task 21 ― Case study 2: Refinancing a home loan
One of your clients, Adib Bursal, who has used your service for several years, has referred a work colleague who is considering their options to refinance their loan. The colleague’s name is Mary Azacca.
The initial meeting with Mary was conducted over Zoom. Following the meeting, Mary forwarded basic information and documents sufficient to prepare a preliminary assessment.
Task 21: Question 1
A preliminary assessment is a document prepared by the broker and given to the borrower upon request. However, before the assessment is prepared, the broker must have a comprehensive idea of what the client requires. To collect the information necessary to prepare a preliminary assessment, refer to Case Study 2 for Mary Azacca and complete the following tasks.
(a)
Using the client information collection tool/fact finder, complete:
–
assets and liabilities
–
needs analysis
–
anticipated fees and charges
–
funds to complete.
Student response to Task 21: Question 1
Client information collection tool/Fact finder
Appointment date: 27/11/22
Appointment time: 1100
Applicant 1
Surname Azacca
Other names
Mary
Contact details
Address 8 North Road, Rockingham WA 6168 Phone (W)
Phone (H)
(08) 8594 6168 Mobile
0439 258 478 Email
mary.azacca@gmail.com Document classification: Confidential
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Employment
Nursing Unit Manager, Allied Health Services Ltd, Perth WA 6000
How long?
18 years
Previous employer (if less than two years)
N/A
How long?
N/A
Employment type (FT/PT/casual/self-employed)
FT
Gross income (p.a.)
$95,000
Net income (monthly)
$6,138
Number of dependants
0
Motor vehicles:
make/model/year/value $
2007 Holden Commodore SS $25,000
2019 Nissan Qashqai $25000
2018 Indian Scout Motorcycle
Loan purpose
Refinance Mortgage
Purchase price/Valuation
550,000
Deposit on property
0
Loan amount
330,000
Borrowing capacity (using Genworth serviceability calculation)
445,828
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Assets and liabilities
Assets
Liabilities
Details
Market value
Details
Monthly payments
Amount owing
Owner occupied property at: 8 North Road Rockingham Perth Western Australia
550,000
Mortgage with:
Simply Home Loans
2292
330,000
Investment property at:
N/A
Mortgage with:
0
0
Cash at bank
(includes fixed deposits)
34,000
Car leasing
0
0
Other cash
(includes offset accounts)
Answer here
Personal loans
1.
2.
0
0
Deposit paid on property (only if paid)
0
Overdraft 0
0
Motor vehicles:
1. Holden Commodore SS 2007
2. Nissan Qashqai 2019
3. Indian Scout Motorcycle 2018
25,000
25,000
18,000
Other loans:
1.
2.
0
0
Personal effects
115,000
Credit card limit:
5000
150
700
Business value (if self-employed)
0
Credit card limit:
0
0
0
Shares and investments
18,000
Other:
0
0
Superannuation
480,000
Other:
0
0
Other assets (give details)
0
Other:
0
0
Total assets
1,265,000
Total liabilities
2442
330,700
Surplus/deficiency: (Total assets less
Total liabilities) $935,000 surplus Document classification: Confidential
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CURRENT MONTHLY LIVING EXPENSES (Provide a breakdown of the total amount listed in the case study — use your discretion)
Food/housekeeping
500
Insurance (e.g. motor vehicles, home contents/ building, medical, life/income protection)
800
Utilities
(e.g. rates, gas, electricity, transport)
700
Transport
(e.g. public transport, petrol, registration, repairs)
300
Education (e.g. school, college, university)
0
Dependants support (e.g. childcare, child maintenance)
0
Entertainment (include online subscriptions, e.g. Netflix/Stan)
33
Other (detail below):
0
MONTHLY LIVING EXPENSES 2333
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Needs analysis
1
Name of your current lender?
Simply Home Loans
2
What type of loans do you have?
Home Loan
3
Why did you choose this particular loan and lender?
Ex-husband may have decided upon it
4
What is the interest rate on your current loan?
4.8%
5
What are your payments?
Amount
$2292
6
Frequency Monthly
7
Do you know the fees and charges?
No
8
What is your proposed purpose for the new loan you are applying for?
Refinance home
9
Branch access available with current lender
No
10
Internet banking available with current lender
No
11
Phone banking available with current lender
No
12
Lenders not to be considered
Lenders with monthly fees
13
Type of loan sought
Complete home loan package
14
Preferred interest rate range
~4.0%
15
Payment frequency
Answer here
16
Redraw
Yes
17
Offset
Yes
18
Salary crediting
Possibly
19
Low fees and charges
Yes
Assessor feedback
Resubmission required?
No
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Task 21 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Task 22 ― Preparing a preliminary assessment
Preparing a preliminary assessment is required under the NCCP Act. In this task, you are required to prepare a preliminary assessment for Case study 2: Mary Azacca.
Task 22: Question 1
Before preparing the preliminary assessment, under best interest duty, you need to assess if there is a benefit to the customer by switching loans. To determine if there is a benefit for the client you need to go to the MoneySmart website. Using the mortgage switching calculator, you need to:
(a)
provide the result using the calculator (b)
explain if the customer will benefit from switching lenders.
The MoneySmart link can be located in the Toolbox. (50 words)
Student response to Task 22: Question 1
(a) Assuming $10/month fee on current loan and $300 application fee on new loan with no monthly fee and that with the additional repayments, the current loan is paid off in 20 years, not the 23 remaining, the calculator shows Mary will be $36,002 better off by switching loans. If Mary switches loans and continues with the same repayments, she will save $52,887 and pay the mortgage off in 18 years. (b) The customer will benefit from switching lenders, as detailed above, by switching lenders and continuing with the same repayment amount, the customer will pay the loan off sooner and save over $50,000.
Assessor feedback
Resubmission required?
No
Task 22: Question 2
Will Mary be required to pay LMI? Explain why or why not. (20 words)
Student response to Task 22: Question 2
No, Mary will not pay LMI as the LVR is less than 80%
Assessor feedback
Resubmission required?
No
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Task 22: Question 3
Using the information gathered from your customer, Mary Azacca, you are required to prepare the preliminary assessment.
Part of the preparation will require you to use a home loan comparison website and use that information to
prepare the preliminary assessment below.
Preliminary Assessment
Student response to Task 22: Question 3
Applicant 1
Full name (Client 1)
Mary Azacca
REQUIREMENTS AND OBJECTIVES
Reasons for seeking credit or reviewing an existing contract, and the resulting benefit
Refinance to better conditions to save money. Specific features requested, and any risks or costs
Possibly sell property in five years, complete home loan, ability to make extra repayments.
MONTHLY FINANCIAL POSITION
Current
Proposed
Total monthly after tax income: (A)
6,138
6,138
Total monthly repayments:
(B)
2292
2000
Total monthly living expenses: (C)
2333
2333
TOTAL MONTHLY NET SURPLUS (A-B-C)
1513
1805
Foreseeable material financial changes, and resulting plan to meet the ongoing obligations
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RECOMMENDED PRODUCT PARTICULARS
PRODUCT 1
PRODUCT 2
PRODUCT 3
Lender’s name
ME Bank
loans.com.au
Yard
Loan product:
ME Flexible Home Loan With Member Package
loans.com.au Smart Booster Discount Variable Home Loan
Yard Variable Home Loan
Loan Amount:
330,000
330,000
330,000
Term in years
20
20
20
Monthly repayments
2110
2111
2117
Other loan details:
$2,500 cashback when refinancing with ME Bank
CONFLICT OF INTEREST DISCLOSURE:
Has any conflict of interest which may disadvantage the client been identified in relation to the recommended product? No
SUITABILITY:
I consider that based on the information provided by the client and further enquiries that the loan proposal is ‘not unsuitable’ for the client.
Indicate yes or no and provide supporting comments.
Yes, these loans are suitable. All the above loans reduce the monthly repayments, or for the same monthly repayments, pay the loan off earlier. There is also a cashback offer with ME Bank, which enhances the suitability of the ME bank product.
Assessor feedback
Resubmission required?
No
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Task 22: Question 4
Of the three loans recommended in the preliminary assessment, which loan product would you recommend to Mary, and why? (30 words)
Student response to Task 22: Question 4
I would recommend the ME Bank loan. This offers the lowest monthly repayment and has a $2,500 cashback bonus for refinancing and gives the best result for the customer. Assessor feedback
Resubmission required?
No
Task 22: Question 5
Does Mary qualify for any government concessions or stamp duty reductions? Explain why or why not. (20 words)
Student response to Task 22: Question 5
No, as Mary is not a first homeowner. Mary does not need to pay stamp duty when refinancing the same property.
Assessor feedback
Resubmission required?
No
Task 22: Question 6
What other issues may impact, now or in the future, on the Mary’s ability to meet her obligations, including any possible risks? (30 words)
Student response to Task 22: Question 6
Mary taking three months of leave with no pay may impact her ability to meet her obligations. Planning for this event will ensure that Mary can service the loan whilst on holidays and not receiving an income. Assessor feedback
Resubmission required?
No
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Task 22: Question 7
You are required to present your analysis and recommendations to your client. On this occasion you will make your presentation in an email. You will gather some of the information from your preliminary assessment and you will also need to include the following information.
•
Provide a brief summary of your understanding of the clients’ needs (this could be an outline summary of their proposed loan structure).
•
Provide a brief summary of the clients’ current financial position (use information from the case study).
•
Give an explanation of the product options evaluated that meet their needs (you should have researched at least three (3) lenders as part of the preliminary assessment) and details of the loan features. Use the internet or, if working in the industry, internal software to do this.
•
Explain the option you recommend and the reasons for the recommendation — including the loan amount, term and repayments. Explain how the recommended product meets the clients’ needs (refer to the case study)
•
Invite questions from the client and respond in a follow-up email accordingly.
•
Seek agreement from the client to proceed with the product recommendation.
(200 words)
Student response to Task 22: Question 7
Hi Mary,
Thanks for completing the fact-finding document.
To summarise, you are looking to refinance your existing home loan of $330,000 You would prefer a 20-year term, with premium home loan features, including a redraw facility and offset account, with
card access. You’d like ability to make additional payments from time to time without penalty and would prefer to make repayments fortnightly.
You currently have a $1533 surplus each month, own three vehicles and have an $935,000 asset/liability surplus.
From that data I have determine that these three products meet your requirements: ME Bank, loans.com.au and Yard.
ME Bank has free redraws, no account keeping fees, and lets you pay off your loan as early as you like. ME Bank also has a refinancing offer of $2,500 cash back, which you qualify for. Loans.com.au also meets your requirements, however the monthly repayment is $1 more per month and the discounted interest rate is only for two years. Loans.com.au also meets your requirements, however the monthly repayment is $17 more per month compared to ME Bank.
My recommendation is to proceed with ME Bank. It meets your requirements listed above, is the cheapest, and has the cashback offer. The following details apply:
20-year loan of $330,000
Current Variable rate of 4.49%p.a.
Monthly repayment at current interest rate is $2110, giving you a $123 saving per month compared to your current loan.
Please advise if you have any questions, I am more than happy to answer them. Otherwise, if you are happy, could you please reply that you consent to continuing with refinancing through ME Bank?
Regards,
Your Broker
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Assessor feedback
Resubmission required?
No
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Task 22: Question 8
Mary has responded to your email asking some questions. To: Broker 1
Broker1
@CCF&MB.com.au
From: mary.azacca@gmail.com
Re: Recommendation
Dear broker,
Thank you for providing your recommendation for the home loan product for my refinance application.
I have some questions I am hoping you can answer for me:
1. I want to open a bank account to make sure there is somewhere for any disbursement of surplus funds from the refinance settlement and also for my periodical payments to be debited from. What options do I have to apply to open a bank account?
2. What ID will I need to provide to open a new bank account?
I look forward to receiving your reply.
Thank you.
Mary Azacca
Send a reply email to Mary to answer her questions.
(100 words)
Hint/Tip:
You will need to conduct your own research to answer this question. Refer to the Toolbox for a suggested website.
Student response to Task 22: Question 8
FWD: To: Mary Azacca
mary.azacca@gmail.com
From: broker1@CCF&MB.com.au
re: Recommendation
Hi Mary,
There are many bank accounts to choose from, personally I’d go with a high interest bank account so you can have your money working for you when not in use. For example, Ubank currently has one of the better interest rates going around with minimal conditions at 3.85% commencing 1 Dec 2022. You can view the details here: https://www.ubank.com.au/banking/savings-account
Ubank is owned by NAB and is backed by the government for the $250,000 deposit guarantee.
To open an account, you’ll need an Australian mobile number and at least 1 of the following types of Australian issued ID:
a driver licence, passport, Medicare card, or birth certificate
Regards,
Your Broker
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Assessor feedback
Resubmission required?
No
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Task 22: Question 9
In the course of your interactions with Mary, you have gathered or completed a number of documents, which include, for example, the completed fact find with credit representative notes, the preliminary assessment and assorted communication with her. How and where would you file this information?
(30 words)
Student response to Task 22: Question 9
The file should be stored on a secure server with limited access so only essential personnel can open it. It should also be
saved in accordance with the company naming conventions. Assessor feedback
Resubmission required?
No
Task 22 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Case study 3: Ravi & Alice Patel
Case study 3 for Ravi & Alice Patel is located in the subject room.
Task 23 ― Case study: Purchasing an investment property
Ravi and Alice Patel have approached you to arrange finance to purchase an investment property. The clients have already paid the 10% deposit, so you will need to act fast as they need to settle in 60 days.
Following the initial meeting, the clients have provided all of the essential documents to prepare a loan submission.
Task 23: Question 1
To commence the process, you need to enter the information collected into your aggregator’s CRM system.
This will include:
(a)
client information collection tool/fact finder
(b)
assets and liabilities
(c)
needs analysis
(d)
credit representative notes
(e)
anticipated fees and charges
(f)
funds to complete.
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Student response to Task 23: Question 1
Client information collection tool/fact finder
Appointment date: 29/11/2022
Appointment time: 1100
Applicant 1
Applicant 2
Surname Patel
Patel
Other names
Ravi
Alice
Contact details
Address 12 Mascot Street, Lidcombe NSW 2141
12 Mascot Street, Lidcombe NSW 2141
Phone (W)
Phone (H)
N/A
N/A
Mobile
0419 456 123
Answer here
Email
Ravi@jayzar.com.au
alicep@elitestyle.com.au
Employment
Self Employed – Jayzar Carpentry Pty. Ltd. A.C.N. 048 521 369 Senior designer at Elite Style Pty Ltd
How long?
15 Years
25 years
Previous employer (if less than two years)
N/A
N/A
How long?
N/A
N/A
Employment type (FT/PT/casual/self-employed)
FT
PT
Gross income (p.a.)
50000
45000
Number of dependants
2
2
Motor vehicles:
make/model/year/value $
Toyota Prado 2015
48,000
0
Loan purpose
Investment property
Purchase price/valuation
715,000
Deposit on property
60,000
Loan amount
715,000
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Assets and liabilities
Assets
Liabilities
Details
Market value
Details
Monthly payments
Amount owing
Owner occupied property at: 12 Mascot Street, Lidcombe NSW 2141
1,300,000
Mortgage with:
Penrith Mutual Home Loan
1,800
450,000
Investment property at:
0
Mortgage with:
0
0
Cash at bank
(includes fixed deposits)
37,500
Car leasing
0
0
Other cash
(includes offset accounts)
0
Personal loans
1.
2.
0
0
Deposit paid on property (only
if paid)
60,000
Overdraft 0
0
Motor vehicles:
1. Toyota Prado 2015
2. 48,000
Other loans:
1.
2.
0
0
Personal effects
household effects
140,000
Credit card limit:
5000
150
800
Business value (if self-
employed)
112,500
Credit card limit:
0
0
Shares and investments
0
Other:
0
0
Superannuation
Ravi
Alice
300,000
120,000
Other:
0
0
Other assets (give details)
Boat: Bar crusher 2017
65,000
Other:
0
0
Total assets
2,183,000
Total liabilities
1950
450,800
Surplus/deficiency: (Total assets less
Total liabilities) $
1,732,200
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CURRENT MONTHLY LIVING EXPENSES (Provide a breakdown of the total amount listed in the case study — use
your discretion)
Food/housekeeping
1510
Insurance (e.g. motor vehicles, home contents/ building, medical, life/income protection)
1000
Utilities
(e.g. rates, gas, electricity, transport)
510
Transport (e.g. public transport, petrol, registration, repairs)
510
Education (e.g. school, college, university)
510
Dependants support (e.g. childcare, child maintenance)
510
Entertainment (include online subscriptions, e.g. Netflix/Stan)
33
Other (detail below):
0
MONTHLY LIVING EXPENSES 4583
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Needs analysis 1
Name of your current lender?
Penrith Mutual Home Loan
2
What type of loans do you have?
Home Loan
3
Why did you choose this particular loan and lender?
Local bank (assumption)
4
What is the interest rate on your current loan?
2% (assumption - estimate with 27 years remaining)
5
What are your payments?
Amount
1800
6
Frequency Monthly
7
Do you know the fees and charges?
Yes
8
What is your proposed purpose for the new loan you are applying for?
Investment property
9
Branch access available with current lender
Yes
10
Internet banking available with current lender
Yes
11
Phone banking available with current lender
Yes
12
Lenders not to be considered
Nil
13
Type of loan sought
Interest only for five years
14
Preferred Interest rate range
~4.7%
15
Payment frequency
Fortnightly
16
Redraw
No (assumption)
17
Offset
No (assumption)
18
Salary crediting
No (assumption)
19
Low fees and charges
Yes
Credit representative notes Note:
Providing substantive notes here is a compulsory part of your assessment.
Clients are looking to borrow the full amount $715,000 for an investment property which a deposit ($60,000) has already been put down. 25 year loan and the first 5 years as interest only. Happy to refinance current home if necessary.
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Anticipated fees and charges Anticipated purchase price
660,000
Deposit on property
66,000
Total Loan amount 715,000 LVR %
108%
Purchase costs
24,790
Stamp duty – Transfer of Land
Registration fee – Transfer of Land Solicitor/conveyancer fee 1500
Rates and land taxes (estimate)
1000
Pest inspection (estimate)
200
Building inspection (estimate)
200
Borrowing costs
300
Application/establishment fee
Valuation fee
200
Security admin fee
100
LMI
0
Registration of mortgage
200
Discharge/release of mortgage fee
200
Search fees
250
Other
50
Total purchase and borrowing costs
28,990
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Funds to complete
PURCHASE AND LOAN COSTS:
AVAILABLE FUNDS:
Purchase price:
660,000
Deposit if already paid to agent:
66,000
Lender application/valuation fees:
200 Cash savings:
37,500
Stamp duty payable ― Transfer of Land 24,790
Sale proceeds:
0
Registration fee ― Transfer of Land 200
Registration of Mortgage ― Land Titles Office
200
Gift:
0
Solicitors fees:
1500
FHOG:
0
Other
30,000
Other:
0
Lenders mortgage insurance
Added to loan 0
Other:
0
TOTAL COSTS (A):
716,890
TOTAL OWN FUNDS (D):
103,500
LOAN AMOUNT REQUESTED(B):
716,890
OWN FUNDS REQUIRED
(A–B) = C:
0
OWN FUNDS REQUIRED (A–B) = C
0
SURPLUS/SHORTFALL (D–C)
103,500
Assessor feedback
Resubmission required?
No
Task 23 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Task 24 ― Preparing a loan proposal
After completing your investigation into what loan options are available, you are ready to proceed and prepare a loan proposal for the clients Ravi and Alice. During discussions with the clients, they have confirmed their willingness to cross-collateralise their owner-occupied property as equity to purchase the investment property. So, you have agreed to send them
an email and propose two options to finance the investment property. Firstly, you are required to complete the credit proposal disclosure to attach to your email presentation.
Credit proposal disclosure
This document provides information on commissions and certain fees and charges the broker or other parties may receive in relation to the proposed loan or lease.
Task 24: Question 1
You now need to complete a credit proposal. For this task you will need to use an online loan comparison website and to complete the template below.
Lender information:
The lender is paying an upfront commission of 0.65% of the loan amount and a monthly trail based on 0.15% of the loan balance.
Student response to Task 24: Question 1
Customer(s) full name(s) Ravi and Alice Patel
Address
12 Mascot Street, Lidcombe NSW 2141
Phone and email
(02) 9784 0454 Ravi@jayzar.com.au
alicep@elitestyle.com.au
Proposed finance
Interest rates and repayments may change if the lender changes its interest rate.
Lender:
ANZ
Split 1 Purpose: Primary residence
Finance amount:
450,000
Interest structure: P & I Interest rate:
4.7%
Term: 25 years
Repayments:
$1,800/month
Other features no monthly fee’s, matched interest rate of current lender
Split 2
Purpose: Investment Property
Finance amount:
715,000
Interest structure: Interest Only for 5 years
Interest rate:
4.7%
Term:
25 years
Repayments:
$2,800/month during first five years (interest only)
Other features: no monthly fee’s
Total loan amount
$
1,165,000
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Fees payable by you to us. These fees are payable by you
.
$
0
Commission is payable for:
Brokerage services
Commission payable by:
ANZ
Commission payable to:
CCF&MB
Reasonable estimate of commission: _
0.65
__
% of the amount of credit limit shortly after the finance is provided. We estimate this to be $
_
7572.5
____
.
__
0.15
_
% per annum of your amount owing from time to time payable monthly. We estimate the largest monthly payment to be $
_
1745.5
_
. Estimate of total fees and charges payable to the financier in relation to
applying for the finance. These fees are payable by you
.
Note
: These figures are estimates only
and the final figures will be shown in your credit contract or lease. Some (or
all) of these fees may be paid from the finance proceeds. We are not aware of any other fees or
charges payable to anyone else in relation to the application for finance, but the financier may impose some additional requirements.
Application fee:
Establishment fee: Lenders mortgage insurance:
Valuation fee: Transfer duty fees Refinancing fees:
Discharge fee: Other known costs Total
$100
$100
$0
$100
$24,790
$100
$100
$100
$25,390
Assessor feedback
Resubmission required?
No
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Task 24: Question 2
Now that you’ve completed the credit proposal disclosure, you will need to write your email to the client. You must cover the following points, namely:
•
a summary of your understanding of the clients’ needs (this could be an outline summary of their proposed loan structure)
•
a brief summary of their current financial position (use information from the case study)
•
your explanation of the minimum of two (2) product options evaluated that meet their needs and details of the loan features (use the internet or, if working in the industry, internal software)
•
the option you recommend and the reasons for the recommendation — including the loan amount, term and repayments; explain how the recommended product meets the clients’ needs (refer to the case study); and explain why you recommend this lender.
•
invite questions from the client and respond in a follow-up email accordingly
•
provide a section for the client to provide you with permission to proceed.
(200 words)
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Student response to Task 24: Question 2
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Dear Ravi and Alice, To summarise your position, you owe $450,000 on your current property (valued at $1,300,000) and would like to borrow approximately $715,000 to purchase an investment property, of which you have already paid a $66,000 deposit, which you’d like to return to your offset account. You’d like an interest only, 25 year loan with the first five years as interest only. This gives you a total loan of $1,165,000 for the investment property and your current home. During the interest only part of the loan, your repayments would be $2,800 per month. You also have $37,500 in savings which you’d like to keep.
I’ve utilised an online calculator to ensure that the repayments can be met, and it is good news. Please see below for a copy of the calculator that has been used to make the assessment:
The above calculator shows that the loan is viable, even with a 3% increase in the interest rate on your investment loan.
Two loan options that I have prepared for you are:
NAB Basic Variable and ANZ Basic Variable
NAB (option 1)
ANZ (option 2)
Loan Amount
$715,000
$715,000
Loan Term
25 years
25 years
Interest Only
5 years
5 years
Interest
4.70%
4.70%
Application fee
$0
$0
Annual fee
$398
$0
Repayments
$2,800/month
$2,800/month
The major difference between NAB and ANZ is the annual fee, which ANZ has waived for you. I recommend taking out the ANZ loan. ANZ has agreed to match the interest rate with your current lender, Penrith Mutual. This means you will continue paying $1,800 per month for your current home loan. This meets your requirements of a 25-year loan, with the first five years as interest only. For clarity, we’ll refinance and use the equity in your current home to avoid paying LMI. Document classification: Confidential
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Assessor feedback
Resubmission required?
No
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Task 24: Question 3
Ravi has responded to your email asking some questions. To: Broker 1
Broker1
@CCF&MB.com.au
From: ravi.patel
@jayzar.com
.au
Re: Recommendation
Dear broker,
Thank you for providing your recommendation for the home loan product for our refinance application. I have some questions I am hoping you can answer for us:
1. Can you please explain our rights for obtaining a written assessment.
2. Do you have to provide us with a comparison rate with your home loan product recommendations, and can you please explain the difference between the interest rate and the comparison rate?
3. We would like to negotiate the application fee or the interest rate for the product you’ve recommended. Can you please advise how much you can negotiate for either the interest rate or the application fee on our behalf?
Thank you and regards,
Ravi Patel
Send a reply email to Ravi to respond to those questions.
(100 words)
Student response to Task 24: Question 3
FWD
: To: Ravi Patel
ravi@jayzar.com.au
From: broker1@CCF&MB.com.au
Re: Recommendation
Hi Ravi, Thanks for your email.
1.
According to the NCCP Act you are entitled to request a free copy of the written assessment stating that your loan is not unsuitable. You are entitled to this document within seven years of the date of the quote.
2.
Under the NCCP Act requires providers of consumer credit to provide a comparison rate when advertising their interest rate. The comparison rate is a more wholistic summary as it takes into additional fees and charges, where are the interest rate is purely the interest paid on the loan. I recommend you refer to the comparison rate when comparing products.
3.
As each application is different it is hard to say, however from previous clients, we have managed to get a reduction of interest around 0.1-0.2% or the application fees waived.
Please don’t hesitate to contact me if you have any more questions.
Regards.
Your Broker
Assessor feedback
Resubmission required?
No
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Task 24 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Task 25 ― Loan contracts and security documentation
Task 25: Question 1
When checking the loan offer contracts received from the lenders, what key points should you check to ensure the documents are accurate? List a minimum of six (6) points. (20 words)
Student response to Task 25: Question 1
Correct Name of the mortgagor(s), including middle names and anglicised names
Correct Date of Birth
Correct interest rate
Correct loan amount
Correct payment amount
Correct payment frequency i.e., weekly, fortnightly or monthly.
Correct address of property used as security
Assessor feedback
Resubmission required?
No
Task 25: Question 2
If there is a guarantor involved, what type of professional should you recommend the client refer their loan contracts to prior to signing and why is this so important? Include which code you would be adhering to in doing so. (20 words)
Student response to Task 25: Question 2
The guarantor should seek independent legal advice prior to signing the contracts. In order to comply with the banking code of practice, the guarantor needs to have taken reasonable steps to ensure that you understand the risks associated with entering into the loan and understand the difference between being a co-borrower and a guarantor. Assessor feedback
Resubmission required?
No
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Task 25: Question 3
The clients have chosen to sign their contracts with you, in your capacity as a broker. Describe how you would explain the loan offer and security documentation to the client, as well as gain confirmation of their understanding of approval conditions of their finance.
Hint/Tip:
Include the sections of the loan offer that you would cover in your explanation to the client.
Refer to the topic notes and the sample Letter of Offer in the subject room.
(100 words)
Student response to Task 25: Question 3
The broker should go through all sections of the letter of offer, this includes the financial table and other details. It is crucial the client checks and understands what they are signing. The broker should double check all the facts and figures
with the client, such as, loan amount, duration, interest rate, repayment frequency, repayment amount, interest rate, fees and charges. It is also important that the client understands what parts the lender can change without their consent, such as interest rate (unless fixed). Then highlight the commission section and double check the security for loan details are correct. Finally, the important information, confirm that the clients understand it all and then show them where to sign on the document.
Assessor feedback
Resubmission required?
No
Task 25: Question 4
(a) Now that the client has signed the documents, explain how you will submit the documents to the lender.
(b)
Include a comprehensive list of the documents that the lender will require in order to proceed with settlement. This may also include lender-specific documents for the new loan account etc.
(50 words)
Student response to Task 25: Question 4
(a) The documents would be lodged electronically through the lenders portal. This minimises errors and increases efficiency in process
(b) All pre settlement conditions need to be completed in order to proceed with settlement. These include.
signed letter of offer,
security/collateral documents
Building insurance including the lender stated on the certificate of currency, and
Any other requirements put in place by the lender
Assessor feedback
Resubmission required?
No
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Task 25: Question 5
Explain to your client how you will communicate with them throughout the settlement process; include the method of communication and the timeframes. (This should be in line with the organisation service standards as outlined in the Toolbox.)
(20 words)
Student response to Task 25: Question 5
Most of the communication will be via email. In accordance with our organisational service standards, I will acknowledge your emails or complaints within two business days and answer the phone promptly. Additionally, I will advise you of the loan decision within 24 hours of receipt. Assessor feedback
Resubmission required?
No
Task 25: Question 6
You have just received a call from the lender to advise the documents have been executed correctly. Describe how you will notify the client. (15 words)
Student response to Task 25: Question 6
I would notify the client via a phone call. Then when received in writing, notify the client via email or their preferred method. Assessor feedback
Resubmission required?
No
Task 25 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
To pass this assignment, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
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Task 26 ― Preparing the loan for settlement
Although a broker does not participate in the settlement process, they still need to remain in touch with all the stakeholders until the loan settles. Before the loan can settle the borrower needs to adhere to pre-settlement conditions. Task 26: Question 1
In the pre-settlement phase, there are items that need to be checked and satisfied. For each one, explain why it is required (i.e. what is the importance of each of item):
(a) building insurance
(b) independent legal advice.
(40 words)
Student response to Task 26: Question 1
(a) building insurance is required as is the loan is taken out against that asset. If that asset was to be insured, the mortgagor would owe more than the asset is valued. (b) Independent solicitors confirm in writing that the mortgagee understands the risks and dangers of the loan. Assessor feedback
Resubmission required?
No
Task 26: Question 2
Explain the settlement process to the client, include the personnel who are involved at each step.
(100 words)
Student response to Task 26: Question 2
Settlement occurs when the purchaser pays the balance of the purchase price (plus or minus adjustments) to the vendor and takes possession of the title documents.
The settlement usually occurs at a place nominated by vendor, or vendor’s lender if there is an outgoing mortgagee. Representatives of the purchaser, vendor and lenders (incoming and outgoing) are usually present at settlement. It is at this time that moneys are exchanged in return for the necessary title documents. These documents will differ depending on the title particulars of the property.
Where there is an existing mortgage on the property, it will be discharged, and a representative of the mortgagee will also be present to collect moneys owing and to hand over relevant documents.
Before the settlement is finalised, all parties must be completely satisfied that all documentation is complete and properly executed. Assessor feedback
Resubmission required?
No
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Task 26: Question 3
Explain a minimum of four (4) examples of issues that can occur which may delay or prevent a settlement. (80 words)
Student response to Task 26: Question 3
Settlement may be delayed due to the pre-settlement conditions not being met. One being building insurance, if the insurance is not taken out then settlement would be delayed until an appropriate policy had been taken out. Any discrepancies on the certificate of currency would also result in a delayed settlement. For example, the lenders name being left off the certificate of currency or the property being under insured. A delayed statement of adjustment would also delay the settlement, as it cannot occur until it has been approved by the vendor. Assessor feedback
Resubmission required?
No
Task 26: Question 4
Explain the steps in the process of registering security documentation. (50 words)
Hint/Tip:
In addition to the topic notes, you may also be required to undertake your own research.
Student response to Task 26: Question 4
The appropriate documentation is completed in its entirety and then it is lodged with the relevant agency. For example, a mortgage would be lodged with the state land titles office or a car would be lodged on the PPSR register. The PPSR documentation contains the collateral details, secured party group, and grantor details and is available as a webform.
Assessor feedback
Resubmission required?
No
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Task 26: Question 5
When the lender is ready for settlement, they will contact the borrower’s solicitor and inform them of the expected settlement date, and request details of funds to be distributed at settlement.
The lender will then prepare a pre-settlement costing sheet and forward to the borrower’s solicitor in preparation for settlement. With the broker working closely with the borrower’s solicitor, when they receive a copy of the costing sheet, the broker can then make sure that all the particulars are correct.
For this task you are required to prepare the following pre-settlement statement for the purchase of the investment property for Ravi and Alice Patel.
Student response to Task 26: Question 5
Purchaser/s: Ravi and Alice Patel
Property: 3 Premier Street, Kingswood NSW 2747
Purchase
Purchase price:
660,000
Less:
66,000
Deposit paid
(
)
Subtotal 594,000
Adjustments
Plus 1200
Council rates Less 500
Amount due on settlement to vendor 594,700
Disbursements
1500
Eastern Conveyancing
25,540
Land transfer/stamp duty & fees
Amount due on settlement from purchaser 27,040
Assessor feedback
Resubmission required?
No
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Task 26: Question 6
You are now at the closing stages of the loan process with this client.
(a) How and where do you file the information you have communicated with them?
(b) Once the settlement concludes, what else would you do to ensure you communicate with this client effectively?
(30 words)
Student response to Task 26: Question 6
(a) The details of communication with the client will be stored securely with restricted access. Whether this is on a cloud or backed up on another hard drive is up to the organisation. (b) Advise the client of the actions being taken by the solicitor or conveyancer e.g. paying of stamp duty and lodging of
documents. Finally, congratulate them and thank them for their custom. If they are happy with your service, please refer
them onto friends and family.
Assessor feedback
Resubmission required?
No
Task 26 — Assessor feedback: [insert feedback]
Date assessed:
Click here to enter a date
Does the student need to resubmit?
No
Questions that need to be resubmitted
First submission
Not yet demonstrated
Resubmission
Not applicable
END OF WRITTEN ASSIGNMENT MARKING GUIDE
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Conceptual Question
Ito Ltd. receives a local government grant to help defray the cost of its plant facilities.
The grant is provided to encourage Ito to move its operations to a certain area.
Explain how the grant might be reported. Your answer must be supported by referring
to relevant accounting standards.
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Question 30 of 42
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The information for preparing a trial balance on a worksheet is obtained from
general journal entries.
financial statements.
business documents.
general ledger accounts.
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Changes in Current Operating Assets and Liabilities-Indirect Method
Covington Corporation's comparative balance sheet for current assets and liabilities was as follows:
Dec. 31, 20Y2
Dec. 31, 20Y1
Accounts receivable
$15,300
Inventory
66,500
67,200
Accounts payable
20,100
0098
Dividends payable
000'
Adjust net income of $84,200 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
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Florist Grump, Inc., had beginning retained earnings of $137,000. During the year, Florist Grump had net income of $63,000 and declared
and paid dividends of $18,000. What will be shown for ending retained earnings on Florist Grump's year-end balance sheet?
QUESTION 9
For the year ended December 31, Year 2
For the year ended December 31, Year 1
Revenues
$ 7,500
$ 500
Expenses
1,500
Net Income
December 31, Year 2
December 31, Year 1
Assets
$ 16,500
$ 1,000
500
Liabilities
Stock
300
300
Retained Earnings
1.$
200
Assume Year1 is the company's first year of business and there were $100 dividends in Year 1 and $100 dividends in Year 2. After
determining the missing amounts ($
Earnings 1.$
in the above…
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Final answer
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Assignment Details
ATG-110-20A01: Financial Accounting (Session II Summer 2021)
7474 unread replies.7575 replies.
Please read and respond to TIF 12-2 on page 623. Review
the rubric to ensure you receive full points for this
discussion.
Discussion Rubric- 25 points(1)_(3).docx
*After you have posted your answers, please reply to three
other students' posts. This discussion board was set up so
that you will not be able to see others replies until you post
your own.
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TIF 12-2
Issuing Stock
1.
ETHICS Lou Hoskins and Shirley Crothers are
organizing Red Lodge Metals Unlimited Inc. to
undertake a high-risk gold mining venture in Canada.
Lou and Shirley tentatively plan to request
authorization for 400,000,000 shares of common
stock to be sold to the general public. Lou and Shirley
have decided to establish par of $0.03 per share in
order to appeal to a wide variety of potential
investors. Lou and Shirley believe…
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C
D
E
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Formula: Divide; Cell Referencing
Using Excel to Perform Vertical Analysis
Student Work Area
PROBLEM
Required: Provide input into cells shaded in yellow in this template. Use mathematical
formulas with cell references to this work area.
Data from the comparative balance sheets of Rollaird Company is
presented here.
December 31,
December 31,
Using these data from the comparative balance sheets of Rollaird Company, perform vertical
analysis.
2022
2021
Accounts receivable (net)
2$
460,000 $
400,000
1.
December 31, 2021
Inventory
Total assets
780,000
650,000
December 31, 2022
3,164,000
2,800,000
Amount
Percent
Amount
Percent
Accounts receivable (net)
$ 460,000
$
400,000
Inventory
780,000
650,000
Total assets
3,164,000
2,800,000
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The double-entry system requires that each transaction must be recorded
in a journal and in a ledger.
in two sets of books.
first as a revenue and then as an expense.
in at least two different accounts.
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Assignment Problem
Anand Kalaimani Al Harthi SAOG located in Muscat Sultanate of Oman involved in manufacturing of
Drugs and Pharmaceutical Industry from 1981 to till now. The SAOG Company has provided the
following information for the months of September, October, November and December 2023.
Month
Sales
Material
Wages
Postage
Electrical
Other
September
Expense
Expense
10,000
6,000
350
1,200
1,000
5,000
October
12,500
7,500
550
2,400
2,000
6,000
November
13,600
8,200
850
3,600
3,000
5,500
December
19,400
9,000
950
4,800
4,000
3,200
Additional information:
a) Cash Balance on 1/10/2023 is RO X000000
b) Sales 25 per cent is for Cash in the same month. 50 per…
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FUNDAMENTALS OF ACCOUNTANCY BUSINESS AND MANAGEMENT 2
Self-Learning Activity 9
Name
Year/Block:
Date
Direction: Write your answers on the space provided at the back of this Self Learning Activity.
Learning Objective:
After reading the module, the learners shall be able to:
4. Describe the nature of a bank reconciliation statement.
5. Identify common reconciling items and describe each of them.
6. Analyze the effects of the identified reconciling items.
Reference: Quarter 1 Module 9 – Fundamentals of Accountancy, Business and Management 2
LEARNING ACTIVITY 9:1
Presented hereunder are the details of your Cash Receipts Journal, Cash Disbursements Journal and the Bank
Statement of Banco de Oro.
Cash Receipts Journal
O.R. Number
Amount
Payor
Odessa Alera
Date
0001
P 30,000
June 3
0002
0003
20,000
5,000
20
Arnold Navales
29
Juanita Nambatac
0004
10,000
30
Kyle Jamora
Cash Disbursements Journal
Check Number
Amount
Payee
Star 5 Grocery
DX…
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Quality of initial posting
15
Frequency of responses to classmates
2.5
Quality of responses to classmates
2.5
Reference to supporting readings
2.5
Language and grammar
2.5
Total
25
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Final
Which of the following has the steps of the accounting cycle in the proper sequence? (Some
Score
steps may be missing.)
Attempt
a. analyze and record transactions, post transaction to the ledger prepare a trial balance, prepare
financial statements, journalize closing entries, analyze adjustment data and prepare adjusting
Score
entries
b. prepare financial statements, journalize closing entries and post to the ledger, analyze and record
transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data,
prepare adjusting entries
C. prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial
statements, journalize closing entries and post to the ledger analyze and record transactions, post
transactions to the ledger
Commen
d. analyze and record transactions, post transactions to the ledger, prepare a…
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Chapter 3
Question 2 of 5
The ledger of Blossom, Inc. on March 31, 2022, includes the following selected accounts before adju
Debit
Credit
Prepaid Insurance
$2,000
Supplies
2,000
Equipment
29,000
Unearned Service Revenue
$8,500
An analysis of the accounts shows the following.
1.
Insurance expires at the rate of $400 per month.
2.
Supplies on hand total $1,400.
3.
The equipment depreciates $300 per month.
4.
During March, services were performed for two-fifths of the unearned service revenue.
Prepare the adjusting entries for the month of March. (List all debit entries before credit entries. Credit account titles are autn
Credu
indented when the amount is entered. Do not indent manually.)
Debit
Date
Account Titles and Explanation
No.
rch
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Cost to date
Estimated cost to complete
Total estimated cost
Percentage complete (Round)
to nearest whole number)
Total contract price
Total estimated cost
Estimated grass profit or lass
Revenue to recognize to date
Less Revenue previously
recognized
Revenue to recognize in year
Estimated grass profit to
recognize to date
Less Gross profit or loss
previously recognized
Gross profit or loss to
recognize in year
2022
2023
2024
$
S
%
%
%
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Answered: 38. Which of the f...
The accountant failed to m
b. have been collected, but not yet earned or recorded
have been earned and recorded, but not yet collected
d. have been earned, but not yet collected or recorded
С.
23. The accountant failed to make the adjusting entry to record the amount of interest owed on a note
to the bank at the end of the year. This error would cause an overstatement of
a. assets
b. expenses
liabilities
С.
d. owner's equity
24. The accountant failed to make the adjusting entry to record the depreciation for the year. This error
would cause
an overstatement of assets
an overstatement of expenses
a.
b.
an understatement of liabilities
C.
d.
an understatement of owners' equity
25. Which of the following accounts would not be closed to Income Summary during the year-end
closing process?
a. Loss on Sale of Land
b. Prepaid…
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E Chapter 5 Homework
Question 1 of 6
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Koch Corporation's adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $7,000, Land
$40,000, Patents $12,500, Accounts Receivable $90,000, Prepaid Insurance $5,200, Inventory $30,000, Allowance for Doubtful
Accounts $4,000, and Equity Investments (to be sold in the next quarter) $11,000.
Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)
КОСН СORPORATION
Balance Sheet (Partial)
2$
2$
1:37 PM
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- in CengageNOWv2| Online teachi x Cengage Learning 8-1 Problem Set: Module Eight X how.comn/akeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=D&inprogress3false eBook Show Me How Changes in Current Operating Assets and Liabilities-Indirect Method Covington Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $15,300 Inventory 66,500 67,200 Accounts payable 20,100 0098 Dividends payable 000' Adjust net income of $84,200 for changes in operating assets and liabilities to arrive at net cash flow from operating activities. ( Previou: Check My Work レ AD 12arrow_forwardus.wvu.edu/webapps/assessment/take/launch.jsp?course_assessment_id=_349525_1&course_id=_172235_1&content_id= 91004 Musketeers worldhiston H Blackboard M WVU Gmail a Discord Complete History... m HBO Max N Netflix A ALEKS- Musketeers Excel Email am and sieges v Question Completion Status: Florist Grump, Inc., had beginning retained earnings of $137,000. During the year, Florist Grump had net income of $63,000 and declared and paid dividends of $18,000. What will be shown for ending retained earnings on Florist Grump's year-end balance sheet? QUESTION 9 For the year ended December 31, Year 2 For the year ended December 31, Year 1 Revenues $ 7,500 $ 500 Expenses 1,500 Net Income December 31, Year 2 December 31, Year 1 Assets $ 16,500 $ 1,000 500 Liabilities Stock 300 300 Retained Earnings 1.$ 200 Assume Year1 is the company's first year of business and there were $100 dividends in Year 1 and $100 dividends in Year 2. After determining the missing amounts ($ Earnings 1.$ in the above…arrow_forwardFinal answerarrow_forward
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Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
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