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FNS40815 Certificate IV in Finance and Mortgage Broking
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Added on 2019-10-31
FNS40815 Certificate IV in Finance and Mortgage Broking
Added on 2019-10-31
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Certificate IV in Finance andMortgage BrokingAssessment Task FNS40815Your details:Name:Address:Phone:Company nameEmail:Your assessment taskYou are required to keep a copy of your assessment task for a period of 12 months. Submit your assessment to our Education Team via submissions@mentor.edu.auPlagiarism StatementAll assessments must be your own work and not a result of plagiarism or collaboration with other students or workmates. AssessmentThe pass mark is 70% for each element. If you do not achieve this, you will receive feedback via your email address and be asked to resubmit your assessment for a secondmarking. Assignments will not be returned to you as they need to be retained for by us forverification and audit purposes.TaskAssessmentsTargetMarkWord CountStatus1Identify and Interpret Compliance Requirements27600Done2Deliver and Monitor a Service to Customers398603Contribute to OHS Hazard Identification & Risk Assessment419004Manage Personal Work Priorities and Professional Development245285Develop and Nurture Relationships with Clients, Other Professionals and Third Party Referrers173746Promoting the Effective Use of Credit153307Prepare a Loan Application on Behalf of Mortgage Broking Clients6414088Steps Taken by the Credit Provider23506Total2505500Assessor’s Initials: ____________________Assessment Date: ____________________Copyright Mentor Education Group Pty LtdPage 1 of 41tmp2xrg5pk31694902_1100338398_618971.docx
IntroductionObjectiveThe objective of this Assessment Task is to demonstrate that you have the skills and knowledge required to conduct a client relationship and comply with statutory, industry and organization compliance requirements.Elements to be assessedTo achieve this objective, you will need to demonstrate your ability to:The assessment tasks in this assessment will allow you to demonstrate yourknowledge and skills in relation to these elements.Assessment processStart by:1.Reading the Assessment Task.2.Type your answers to the assessment tasks into this template document(hand-written answers are not accepted)3.Submit your completed document by uploading it on the ‘Ready forAssessment’ area of www.CPDplus.comDon’t forget to keep a copy and retain it for 12 months. Need help?If you have any questions or would like to request a digital copy of this assessment task, please email the Mentor Support Team at service@mentor.edu.auStatement of CompletionUpon successful completion of this assessment you will be awarded the Statement of Completion for FNS40811 Certificate 4 in Finance and Mortgage Broking.Copyright Mentor Education Group Pty LtdPage 2 of 41tmp2xrg5pk31694902_1100338398_618971.docx
Task 1: Identify and Interpret Compliance Requirements1. Identify compliance requirementsMortgage brokers face important compliance requirements, the foremost among them being the reasonable lending provisions of the NCCP Act. The penalties fornon-compliance include loss of license (for businesses) and removal from the industry (for individuals). If fraud is involved there may also be the criminal penalties of fines and / or imprisonment.Compliance requirements are not static. It is therefore important to stay up to date with them.Mortgage brokers also need to keep up-to-date with the actions of the regulatory authorities such as APRA and the Reserve Bank. Their actions may not amount to direct regulation, but through their effects on interest rates and bank lending these authorities can have a very direct impact on the business mortgage brokers are able to do.(a)A key requirement of the responsible lending obligations is the ‘unsuitability test.’ What must amortgage do to comply with the unsuitability test?NoMark1. /12. /13. /1(b)List the sorts of items a client’s requirements and objectives could include (as indicated byASIC).Mark/2(c)Leading credit providers and other financial organisations have code of ethics, sometime called codes of conduct. Select one of them and summarise it by itemising its main principles.Mark /4Sub-total /9ContinuedCopyright Mentor Education Group Pty LtdPage 3 of 41tmp2xrg5pk31694902_1100338398_618971.docx
(d)In point form, list the key information that the NCCP Act requires to be contained in a Credit Guide.Mark/3(e)It is important to keep up to date with compliance requirements so that the required changes can be made to organization procedures and product offerings. Suggest three sources that you can use.Mark /3(f)Explain the requirement for Australian Credit Licensees to keep a training register.Mark/2(g)Explain APRA’s current attitude towards bank lending for investment properties.Mark/2Sub-total / 10Continued Copyright Mentor Education Group Pty LtdPage 4 of 41tmp2xrg5pk31694902_1100338398_618971.docx
Task 1: Identify and Interpret Compliance RequirementsContinued1.2 Interpret, analyse and prioritise identifiedcompliance requirementsSome of the compliance requirements are difficult to meet. Unfortunately, also there have been some ‘rogue’ mortgage brokers who have failed to comply – to thedisadvantage of their clients.The finance planning industry has been plagued by non-compliance in the largest planning groups, with the image of the industry being substantially tarnished as a result. It may not suffer greatly because of the absence of an alternative source of financial advice.This is not so with mortgage brokers. They are just establishing their reputation andconsumers always have alternative of going to the lenders directly.(a)Select three tasks you perform on a regular basis that are subject to compliancerequirements.NoMark1. /12. /13. /1(b)Identify the compliance requirements that are relevant to the three tasks selected, indicating the name of the relevant legislation, regulation or code of conduct.No1. /12./13./1(c)How does your organisation monitor your compliance?Mark /2Sub-total /8ContinuedTotal /27Copyright Mentor Education Group Pty LtdPage 5 of 41tmp2xrg5pk31694902_1100338398_618971.docx
Task 2: Deliver and Monitor a Service to Customers2. Identify customerneedsThe relationship with a client is generally described as beginning with the establishment of empathy. In other words, it is first necessary for a mortgage broker to establish that he / she is truly interested in the client and the client’s needs. It is only after that that the mortgage broker has established the right to interview a client. (a)Use the internet or any other source to find a definition of empathy.MarkEmpathy is an emotion between sympathy and affection. It is a feeling which someoneexpresses to someone else. /1(b)List three open-ended questions that assist in developing empathy with a client? How do suchquestions indicate empathy?No.MarkAre you comfortable with our services?What are the problems that you are experiencing? Can anything else be done to help you further with your current problem?/2The fact that in each question an effort has been made to comfort the client indicateempathy. /1(c)List and explain the steps involved in an ‘active listening approach’.MarkConcentrate completely on what speaker is saying./1Do not ask any question while the speaker is speaking. /1Have a clear mind while listening to the speaker. /1(d) How is client service commonly monitored in your organisation? What are the two possibleoutcomes?No.Mark1.In order to monitor the client services in an organization the following standardsprocedure shall be followed:I.A clear strategy shall be there to improve the quality of services that arebeing provided to clients. II.Survey should conducted on the clients to find out the quality of servicesthey expect from the organization. III.A system of feedback shall be instituted within the organization toaccumulate the feedback of clients on quality of services that are beingprovided by the organization. IV.Continuous endeavor to improve the quality of services. /1Copyright Mentor Education Group Pty LtdPage 6 of 41tmp2xrg5pk31694902_1100338398_618971.docx
2.I. Improvement in quality of services that are offered by an organization.II. Increase amount of customer / client satisfaction. /2 Sub-total /10 ContinuedTask 2: Deliver and Monitor a Service to CustomersContinued2.1 Deliver a service tocustomersIn a survey on the reasons for referrals conducted by David Maister, only 10% were due to the quality of technical work. The remaining 90% of referrals were due to the quality of service.This indicates that the key to maintaining client relationships and gaining referrals is the provision of outstanding service. This has been described by Maister as ‘over-servicing’.(a)Describe three ways in which a mortgage broking organisation can attempt to ‘overservice’clients?No.Mark1.Huge increase in marketing and advertisement to attract client. /12.Making a pitch for sale always. /13.Making a pitch for purchase always. /1(b)How would you keep a client informed about the progress of an application as it passed through acreditor provider’s hands? What approximate timing might be involved?No.Mark1.Effective communication with the client by using calling services about the progress of anapplication as it passed through a creditor provider’s hands. Providing timely response to theclients and customers is essential to the success of a broking business thus, it is important to have agreat customer service to clients and customers up-to-date with progress in different matters. /22.A period of 12 months is approximate time for ensuring that proper communication is made withthe client to let him know about the status of such application. /2(c)Describe how you might attempt to resolve conflicts with clients.MarkDiscussion with the client is one of the most effective ways to resolve conflicts and disagreement with client. Understanding the issue on which the conflict has arisen between the organization and the client, then a discussion on the issue with the client could be very helpful in resolving such/2Copyright Mentor Education Group Pty LtdPage 7 of 41tmp2xrg5pk31694902_1100338398_618971.docx
issue. Information is another important component that helps in resolving conflicts as often wronginformation leads to conflicts between the client and an organization. (d)How do you can prepare clients for the hiccups that can happen while their credit application is beingprocessedMarkA complete way through shall be provided to the client and he shall be made aware of the various situationsthat he might have to face over the period of time during which the status of the application shows pending.An in-depth discussion shall be held with the client to make him aware of various issues that might arise inthe future in the application stage. This will help the client to deal with various issues that generally arise inapplication stage. /2Sub-total /11Continued(e)The chapter on Operating a Mortgage Broking Business contains an example suggesting that amortgage broker acting in the best interests of clients should act as a Protector rather than an Expert.What are the implications for this in regard to (i) advice given to clients and (ii) recommending themost suitable loan products?. No.Mark1.The client should be advised with more caution than flamboyance. Only the deals that will surelybenefit a client should be suggested to the client. Thus, even if there is a minute chance of anyissue that a client might be facing the expert shall withdraw the client engagement from suchdeals. /22.The most suitable loan products are the ones that bear minimum rate of interests and have otherbeneficiary attributes for a client. The repayment scheme of suitable loan products shall bebeneficiary to a client from every aspects. /2(f)How could you prepare yourself to deal with client concerns?MarkA thorough knowledge of the market is vital to deal with the concerns of clients. Along with the knowledgeof the market the client should have good communication skill to be able to communicate different mattersclearly with the clients. Thus, one should work on their communication skills to prepare his / herself to dealwith clients’ concerns. /2(g)Give examples of the following legal breaches: breach of the duty of care, false and misleading conduct, unconscionable conduct & conflict of interest without disclosure.No.MarkCopyright Mentor Education Group Pty LtdPage 8 of 41tmp2xrg5pk31694902_1100338398_618971.docx
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