The Assignment on Certificate IV in Finance and Mortgage Broking

Certificate IV in Finance and Mortgage
Broking (CIVMB_OR_Audio_v5A1)
Student identification (
student to complete)
Please complete the fields shaded grey.
Student number
Oral assignment result (
assessor to complete)
Result — first submission
Parts that must be resubmitted
Result — resubmission (if applicable)
Result summary (
assessor to complete)
Time First submission Resubmission (if
required)
Preparati
on for
oral
assessme
nt
Part 1: Instructions n/a n/a
Part 2: Preparation for oral
assignment
Oral
assessme
nt
Part 3: Oral response to
questions
10
minutes
Part 4: Role play 10
minutes
Part 5: Role play 5 minutes
Part 6: Role play 5 minutes
Total time required 30
minutes
Feedback (
assessor to complete)
[insert assessor feedback]
CIVMB_OR_Audio_v5A1

Part 3: response to questions
Questions Summary of oral response (assessor
only)
1. You are a broker who charges a fee for your
service. You are meeting a new client,
Stephanie Jones, for the first time at your
office after an initial cold call.
The purpose of the meeting is to start to
gather information about her existing
financial situation, goals and needs.
To comply with organisation policy and
legislative requirements and to ensure that
Stephanie can make informed decisions
moving forward, there are two documents
you must provide to Stephanie.
(a) Name the two (2) documents you must
provide to Stephanie.
Credit Guide which provides information
regarding the mortgage broker to the client
Proposal Document which lists out the
costs to the consumer of using the mortgage
broking service and the same includes all
charges and commissions
(Disclosures should include, but are not limited to, the range
and limitation of your services, complaint handling process and
the way you are remunerated.)
Page 2 of 7

Section 1: Case study 1 — Philip and Jennifer
Brown
Background
Philip and Jennifer Brown are a young couple about to buy their first home. They have
been married for five years and during that time have rented an apartment while saving for their
own home.
Following a personal referral from Glenn Brown, Philip’s brother you have already had a first
meeting with Philip and Jennifer to discuss their objectives and needs. They admitted they have
little time to do much research of lenders, have limited knowledge of the loan products available
and have approached you to guide them through the process as they are confused.
During (and subsequent) to your first meeting, Philip and Jennifer have provided the basic
information documents — pay slips, tax returns, bank statements, property details for
review/verification. You have now undertaken your preliminary assessment and need to discuss and
present to them the proposal covering the options and your recommendations. It is important to get
the proposal moving quickly, as the agent has indicated other parties are interested in the property.
They have been looking at properties for the past three months and have found a 10 year old
established apartment that has really caught their eye, although they have some concern over the
kitchen which requires some minor renovations.
They have not paid a deposit at this stage, but the Real Estate Agent has provided some guidance on
additional fees and charges.
Following is a summary of the details of the property they wish to purchase, the couple’s financial
and employment details, and the loan features they require.
The property
Address Unit 1, 92 Seaside Lane Edgartown (Your state)
Purchase price $490,000
Description 2 bedroom, 2 bathroom Strata Title apartment
Agent details Stephanie Jones
Phone [phone]
Mobile [phone]
The couple
Current address Unit 12, 22 Wentworth Lane, Highville, (Your
state)
Philip and Jennifer have lived there since March 2012
Home phone [phone]
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