Certificate IV Finance and Mortgage Broking Assignment Solution

This document presents a comprehensive solution to a Certificate IV in Finance and Mortgage Broking assignment. It addresses key aspects of the profession, including the differences between a good and great mortgage broker, emphasizing the importance of customer engagement, communication, and building trust. The assignment delves into the behavioral traits necessary for excellent customer service, highlighting the need for understanding client needs, providing suitable loan amounts, and maintaining regular communication. It explores the legal framework governing business practices, underscoring the ethical responsibility to prioritize customer needs. Furthermore, the document outlines best practices for providing customer service, such as understanding customer needs, offering various solutions, and providing prompt service. It also covers recommendations for improving service delivery, including market knowledge and building strong client relationships. The assignment also touches upon environmentally friendly business practices and the essential employability skills required for a finance broker, such as communication, teamwork, problem-solving, and adaptability. References from academic sources are included to support the analysis.

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By student name
Professor
University
Date: 07 November 2017.
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Contents
Question No. 1……………………………………………....……..……………………………………….3
Question No. 2……………………………………………....……..……………………………………….4
Question No. 4……………………………………………....……..……………………………………….5
Question No. 5……………………………………………....……..……………………………………….5
Question No. 6……………………………………………....……..…………………………………..….6
Question No. 11…………………………………………....……..……………………………………….6
Question No. 15…………………………………………....……..……………………………………….7
Refrences.....………………………………………………………………....................................8
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Question No. 1
There is a difference between a good and a great mortgage broker. A great mortgage broker
engages his audience or crowd or customer by communicating on few very critical and
significant needs and expectations of the customer like:
1. A good mortgage broker should ask and be aware of all his questions to the customer
like his personal assets, his liabilities, his source of income, the dependents, his home, if
any, the quantum and purpose of the loan required, his future plans and what type of
property he wishes to purchase (Alexander, 2016).
2. He should ne aware and communicate to the customer the rates prevailing in the
industry, the products lying in the industry, the area wise variance and few other in and
outs of the industry such that the customer can belief and have a trust on the technical
knowledge of the person.
3. He should be able to close the business case in time and should let know the customer
what will be his steps and priorities in dealing with the customer queries. He should also
ask the customer about the credit rating.
4. The broker should always be in touch and continuous communication with the client over
phone, text or mail and sometimes face to face meetings.
5. He should make the customer feel homely and should give the right advice by letting
know the optimum amount of loan he should opt for.
All these measures will help in meeting the expectation of the client and helping in retaining
them.
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Question No. 2
There are many specific behavioural traits that needs to be taken care off in order to be satisfy
the client at all times and to ensure an overall superb customer experience. Some of these are:
1. The staff should understand what is required by the customer, what is the repayment
capacity of the customer and should not mislead or force the customer for a higher loan
amount as the same can be against him and the broker may lose the customer.
2. The staff or the broker should work in the comfort zone of the customer rather than
imposing the self decision or thoughts rather than taking suggestions and opinion from
the client himself (Davis, 2017).
3. He should be well aware of the industry and a number of lenders offering at customer
friendly rates. This is what shows how experienced and well versed the broker is in the
industry.
4. He should keep the customer engaged by regularly by asking the requirements and
whether he is satisfied with the rates and other requirements being fulfilled.
5. Finally, besides the professional behaviour, a personal touch is also required to retain
the customer and making an outstanding customer experience.
All this is measured in terms of the after sales customer experience, whether he refers the
broker to anyone and whether the broker retains the customer served. This also helps broker in
not only maintaining relations with the customers but at the same time with lenders too as he
can contact a number of lenders at a time.
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Question No. 4
Many laws have been framed for guiding the way in which the businesses provide their services
to the customers. These are important and critical from the customer’s point of view as they help
the customers from not being cheated or misguided by the providers of the service. They also
prove to be handy if the customer has some complaint against the service provider and he
wants his grievances to be redressed (Bromwich & Scapens, 2016). These laws put the
customer at the first place.
Our responsibility as a service provider is to keep the customer needs and priorities at the
forefront and to provide the best of the services at the least possible rate without cheating them.
This is governed by the business ethics.
Question No. 5
There should be proper way and a guide in how to provide the best customer service to the
customer as a mortgage broker. Few of the critical points in this regard are as follows:
1. Making customer feel comfortable and working in the customer’s comfort zone.
2. Clear identification of the customer needs, priorities and his expectations w.r.t. the
services required.
3. Assessing the time period required to solve the request depending on the urgency.
4. Determining what are the kinds of services that are required to be given to the customer
and within what timeline.
5. Informing the customer about teh various alternatives available for the given set of
queries and let the customer decide what he/she is comfortable with based on the
expected outcomes. The broker should assist teh client by giving the positives and the
negatives of the options.
6. Always be ready with Plan B, in case the customer is not satidfied with the remedy as
per Plan A.
7. Also, if an expert advice is required from a profession of another area, the same needs
to be consulted.
8. Prompt and immediate service needs to be provided to the customer and a good rapport
needs to be built up with the customer so that he can be retained for future services as
well.
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9. The completion of a transaction or a service is not completed as soon as the service is
rendered or a good is transferred. Post that, the after service support is also required to
maintain the healthy relations with the client (Knechel & Salterio, 2016).
10. If any specific need arises during the course of the service, the same also needs to be
taken care off and the broker should also be able to identify and propose cross selling
opportunities, if any.
11. Customer feedback is a must as it is the ultimate rating of te work done.
12. Cross check if the customer is fully satisfied or something was still missing which can be
corrected next time.
All these measures act as a guide in providing the quality services to the client and retaining
them.
Question No. 6
Some recommendations on how to improve the service delivery to the customers is to know the
root cause of the issue proposed, coming out with alternative solutions without deviating from
the topic and giving the best course of action at the affordable rates. To improve the service
delivery, the broker should have the knowledge of the market and should have well built
contacts to built the confidence with the customer (Belton, 2017).
Besides above steps, the other ways include being available 24*7 for the urgent customer
requirements, passing and sharing teh knowledge besides what has been asked to them so that
it can add value to their funds and offering VIP or special services or discounts to them.
Question No. 11
There are numerous ways in which a business can be made environmentally friendly and
sustainable going forward in future. Some of these are:
1. Disposing the wastes of the business particularly the stationary waste in a biodegradable
way such that the reusable waste should be optimally utilised. The electronic wastes
should be properly disposed as they are the ones which create toxic element in teh
environment.
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2. The procurement of the goods and services should be made in such a way that it causes
least possible damage and creates least packaging waste.
3. Use of eco friendly envelopes or simply the emails to deliver the messages instead of
using the non disposable envelope material (Visinescu, Jones, & Sidorova, 2017).
4. Using the renewable source of energy primarily solar energy instead of artificial means
of energy and powering off the electricity when not in use.
5. Printing using double sided documents instead of printing only a single side. This will
help in preserving paper.
Question No. 15
To hire the person as finance broker, the person should meet theminimum expectations and
should meet some of the critical criterias or employability skills like
1. He should be able to communicate the ideas and options well to the customer otherwise
there would be no point in providing the service. Communication is the essence of
service delivery in broking business.
2. The person should be able to adjust within the team and should be able to collaborate
well and work well in team. This helps in taking help from the other colleagues in case of
any issues.
3. The person should be able to identify the issues and should be able to find out teh ideas
to solve the issue well within the timeline.
4. A successful mortgage broker is one who takes initiative and enterprise and is not afraid
to take risks as these risks often turn out to be on the positive side (Ashton & Hudson,
2017).
5. Planning and organising is the key in completion of any task as without planning any
problem seems to be big and the road ahead may not be clear and seem to be absurd.
6. The person should be able to manage himself well and personal discipline is very
important for success in any kind of business.
7. Learning is in every stage of the work and one who is ambitious to learn everyday and
desirous of having new experiences is the one who suits for the role.
8. Technology is changing so rapidly that the person who is not updated with the same
would be left behind in the race as compared to the competitors, so this aspect os also
necessary.
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Works Cited
Alexander, F. (2016). The Changing Face of Accountability. The Journal of Higher Education ,
71 (4), 411-431.
Ashton, J., & Hudson, R. (2017). The price, quality and distribution of mortgage payment
protection insurance: A hedonic pricing approach. The British Accounting Review , 242-255.
Belton, P. (2017). Competitive Strategy: Creating and Sustaining Superior Performance.
London: Macat International ltd.
Bromwich, M., & Scapens, R. (2016). Management Accounting Research: 25 years on.
Management Accounting Research , 31, 1-9.
Davis, P. (2017). Value Investing: Do Quant Strategies Measure Up? Financial Analysts Journal
, 1-172.
Knechel, W., & Salterio, S. (2016). Auditing:Assurance and Risk (fourth ed.). New York:
Routledge.
Visinescu, L., Jones, M., & Sidorova, A. (2017). Improving Decision Quality: The Role of
Business Intelligence. Journal of Computer Information Systems , 57 (1), 58-66.
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