Certificate IV in Finance and Mortgage Broking Written Assignment

This written assignment, part of the Certificate IV in Finance and Mortgage Broking (CIVMB_AS_v4A1) course, presents two case studies: Philip and Jennifer Brown, first-time homebuyers, and Richard and Pauline Jackson. The assignment requires the student to address various aspects of mortgage broking, including gathering client information, assessing financial situations, exploring borrowing options, conducting reasonable inquiries, understanding the First Home Owners Grant, leveraging professional networks, analyzing interest rates, establishing clients' financial knowledge, fulfilling responsible lending obligations, considering self-employed clients, advising on financial strategies, evaluating the impact of credit history, addressing external dispute resolution, and ensuring effective access to files. The assignment is assessed based on the student's ability to demonstrate competence in each task, with feedback provided for improvement and resubmission opportunities. The assessment criteria include units of competency related to credit processing, loan application preparation, client needs identification, broking options presentation, financial services legislation compliance, professional practice, product knowledge, and customer service. The student's initial attempt was deemed 'Not yet competent', and a resubmission was required for several tasks.

Written Assignment
Certificate IV in Finance and Mortgage Broking
(CIVMB_AS_v4A1)
Student identification (student to complete)
Please complete the fields shaded grey.
Student number 10646951
Written assignment result (assessor to complete)
Result — first submission (Details for each activity are shown in the table below)
Not yet competent
Parts that must be resubmitted:
All tasks except 14.
Result — resubmission (if applicable)
Not Yet Competent
Tasks 1, 2.1, 2.2b, 3, 5, 9.3, 9.4, 12.2
CIVMB_AS_v4A1

Result summary (assessor to complete)
First submission Resubmission (if required)
Section 1: Case study 1 —
Philip and Jennifer Brown
Task 1 — Gathering and documenting client information Not yet demonstrated Not yet demonstrated
Task 2 — Assessing the clients’ situation Not yet demonstrated Not yet demonstrated
Task 3 — Borrowing options Not yet demonstrated Not yet demonstrated
Task 4 — Reasonable enquiries Not yet demonstrated Demonstrated
Task 5 — First Home Owners Grant Not yet demonstrated Not yet demonstrated
Task 6 — Philip and Jennifer’s professional network Not yet demonstrated Demonstrated
Task 7 — Interest rates Not yet demonstrated Demonstrated
Section 2: Case study 2 —
Richard and Pauline Jackson
Task 8 — Establishing level of financial knowledge Not yet demonstrated Demonstrated
Task 9 — Responsible lending obligations Not yet demonstrated Not yet demonstrated
Task 10 — Self Employed special considerations Not yet demonstrated Demonstrated
Task 11 — Advising on strategies Not yet demonstrated Demonstrated
Task 12 — Impact of credit history Not yet demonstrated Not yet demonstrated
Task 13 — External dispute resolution Not yet demonstrated Demonstrated
Task 14 — Effective access to files Demonstrated Demonstrated
Feedback (assessor to complete)
An average first attempt at assignment.
You did not render the assignment in its correct format however I have copied your responses into the
correct document. Do not erase any of the content when you resubmit.
Majority of the Tasks require further work. Please be guided by my comments at each task and refer to
the self study material for reference.
Several of your responses were too brief to demonstrate competency while other responses did not
appear to relate to the question being asked. This is a Certificate IV level course and expectation is that
you are able to provide appropriate commentary to demonstrate your knowledge. While word counts,
where provided, are a suggestion only they do give some indication of the level of detail expected for a
particular response.
(Please keep your original answers and record your re-submission answers in a different colour.)
You have been unsuccessful in your re- submission attempt based on overall
completion of your re-submission tasks and not strictly following assessors
comments. These incorrect tasks are very important to get right as a mortgage
broker and you need to ensure that you are better equipped with content. Please be
guided by the feedback provided for each of the Tasks 1, 2.1, 2.2b, 3, 5, 9.3, 9.4, 12.2
and refer to the self-study material for reference
(Please keep your original answers and record your re-submission answers in a different colour.)
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Before you begin
Read everything in this document before you start your assignment for Certificate IV in Finance and
Mortgage Broking (CIVMB_AS_v4A1).
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: Case study 1 — Philip and Jennifer Brown
A case study with a series of short-answer questions:
– Task 1 — Gathering and documenting client information
– Task 2 — Assessing the clients’ situation
– Task 3 — Borrowing Options
– Task 4 — Reasonable enquiries
– Task 5 — First Home Owners Grant
– Task 6 —Philip and Jennifer’s professional network
– Task 7 — Interest rates
• Section 2: Case study 2 — Richard and Pauline Jackson
A case study and a series of short-answer questions:
– Task 8 — Establishing level of financial knowledge
– Task 9 — Responsible lending obligations
– Task 10 — Self Employed special considerations
– Task 11 — Advising on strategies
– Task 12 — Impact of credit history
– Task 13 — External dispute resolution
– Task 14 — Effective access to files
• Appendix 1: Client information collection tool/Fact Finder.
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 assignment within your enrolment period. Your study plan is in the KapLearn Certificate IV in
Finance and Mortgage Broking (CIVMBv4) 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_Submissionnumber
(e.g. 12345678_CIVMB_Submission1).
• Include your student ID on the first page of the 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 Tool in Appendix 1, assumptions are permitted,
although they must not be in conflict with the information provided in the Case Study.
You may also be required to source additional information from other organisations in the finance industry
to find the right products or services to meet your client’s requirements or to calculate any service fees that
may be applicable.
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Submitting the written assignment
Only Microsoft Office compatible written assignments submitted in the template file will be accepted for
marking by Kaplan Professional Education. You need to save and submit this entire document.
Do not remove any sections of the document.
Do not save your completed assignment as a PDF.
The written assignment must be completed before submitting it to Kaplan Professional Education.
Incomplete written assignments will be returned to you unmarked.
When you submit your written and oral assignment in KapLearn, the File submissions box will list the
maximum size for new files and the maximum number of attachments.
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 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 instructions (pdf) in the Assessment section of
KapLearn for details on how to submit your written assignment.
Your Written Assignment and Oral Assignment must be submitted together on or before your due date.
Please check KapLearn for the due date.
The assignment marking process
You have 26 weeks from the date of your enrolment in this subject to submit your completed assignment.
If you reach the end of your initial enrolment period and have been deemed Not Yet Competent in one or
more assessment items, then an additional 4 weeks will be granted, provided you attempted all assessment
tasks during the initial enrolment period.
Your assessor will mark your written and oral assignment and return it to you in the Certificate IV in
Finance and Mortgage Broking (CIVMBv4) 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 assignment. Failure to do so will mean that your 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 assignment.
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How your written assignment is graded
Assignment tasks 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 competent or not yet competent.
Your assessor will follow the below process when marking your 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 competent in all assessment items in order to be awarded your qualification,
including demonstrating competency in:
• all of the exam questions
• the written and oral assignment.
‘Not yet competent’ and resubmissions
Should sections of your assignment be marked as ‘not yet competent’ 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 competent’.
Make changes to your original submission. Use a different text colour for 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 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:
FNSCRD301 Process applications for credit
FNSFMB401 Prepare a loan application on behalf of finance or mortgage broking clients
FNSFMB402 Identify client needs for broking services
FNSFMB403 Present broking options to client
FNSFMK505 Comply with financial services legislation and industry codes of practice
FNSINC401 Apply principles of professional practice to work in the financial services industry
FNSINC402 Develop and maintain in-depth knowledge of products and services used by an organisation or sector
BSBITU306 Design and produce business documents
BSBCUS301 Deliver and monitor a services to customers
BSBCUS402 Address customer needs
FNSSAM403 Prospect for new clients
FNSFMB501 Settle applications and loan arrangements in the finance and mortgage broking industry
Note that the Written and Oral Assignment is one of two assessments required to meet the requirements
of the units of competency.
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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 student support staff.
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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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Funds position
Purchase price $490,000
Clients’ estimate of costs $25,000
Total required $515,000
Loan $440,000 + LMI
Clients’ total contribution $75,000
Use fees and charges applicable to your state. If a servicing calculator you are using requires a postcode,
select one that would represent a reasonable suburb/location in your city or state.
Assets
Capital Bank savings account (joint) $78,000
Capital Bank cheque account (joint) $1600
Holden Commodore SS 2007 (Philip) $25,000
Kia Cerato Sport 2015 (Jennifer) $9000
Superannuation — Capital Bank (Philip) $28,000
Superannuation — Capital Bank (Jennifer) $62,000
Household effects (insured value) $40,000
Liabilities
Capital Bank personal loan (Philip) $5,600 (repayments $180 p.m.)
Capital Bank Visa card (Philip) $200 (limit $4,000)
Capital Bank Visa card (Jennifer) $1,600 (limit $5,000)
Payments have always been met on time and any prior loans repaid in terms of contracts. The minimum
monthly commitment on each of the credit cards should be calculated at 3% of the credit limit.
Living expenses
Annual expenditure for living expenses — $33,000.
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Employment and income
Philip (date of birth 21/2/87)
Position Team Leader (full time)
Employer ACE Limited 101 City Rd, Westside (Your state)
Phone [phone]
Income (gross) $58,000 p.a. monthly gross income: $4,833
Employer contact Dwayne Johnson, HR Manager
Length of service Since October 2005
Driver’s licence 8855KL
Email [e-mail]
Jennifer (date of birth 8/10/88)
Position Accountant (full time)
Employer Tech city 804 High Street, City East (Your state)
Phone [phone]
Income (gross) $95,000 p.a. monthly gross income: $7,917
Employer contact Bruce Wayne, HR Manager
Length of service Since March 2006
Driver’s licence 17016C
Email [e-mail]
Solicitor’s details
Jones and Co
22 High Street, City East (Your state)
Phone: [phone]
Email: jonesandco.net.au
The solicitor has quoted a fee of $1,500 for the conveyance.
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The loan requirements
• 30 year term
• Premium option home loan features
• Variable interest rate (for this case use 4.5% p.a.)
• LMI to be capitalized
• proposed settlement date — six weeks from exchange of contracts
• Ability to make additional payments from time to time without penalty
• Fortnightly repayment option
• Redraw facility
• Funds access via card.
Other information
• Jennifer has asked if there are any professional package benefits available because she is an accountant.
• Jennifer previously owned and lived in an apartment with her two older sisters when they attended
university but they sold this before she married — they did not make a lot from sale.
• Family plans are five years away.
• They do have plans to take a major overseas trip before family comes along.
• Philip is hoping for a promotion within the next 12 months upon possible retirement of a long-term
employee where he works.
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Assignment tasks (student to complete)
Task 1 — Gathering and documenting client information
Complete the Client Information Collection Tool (located at the end of the assignment in Appendix 1)
using the information provided in Case Study 1.
Note: Any assumptions you make should be listed and should not be in conflict with the case study
information already provided.
Surname Applicant 1 Applicant 2
Philips Brown Jennifer Brown
Other names Brown Brown
Contact details
Address
Phone (W)
Phone (H)
Mobile
Email
Unit 12,22 Wentworth Lane,
Highville
98001111 99102033
91232121 91232121
[e-mail] ;
Jbrow@techcity,com.au
Unit 12,22 Wentworth Lane,
Highville
Employment Accountant Team Leader Accountant
How long 12 years 13 years
Employment type Full time Full time
Gross income $58,000 $ 95,0000
Number of
dependants
1 1
Motor vehicle Yes Yes
Loan Purpose To buy their own house To buy their own house
Purchase price $490000
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