Assessor Resource

FNSFMB401
Prepare loan application on behalf of finance or mortgage broking clients

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to prepare a client loan application to a relevant lender, and present and process the loan using appropriate channels. Assistance with loan settlement may also apply.

It applies to individuals who use analytical and organisational skills to complete administrative requirements and use interpersonal skills to work effectively with a range of clients and personnel.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Compile necessary information

1.1 Collect and complete appropriate and relevant lender forms and gather relevant signatures in appropriate format

1.2 Source information required to support loan application in accordance with National Credit Code, compliance requirements and security policies

2. Prepare loan documentation

2.1 Prepare documentation that accurately reflects client’s financial situation and personal information, and complies with lender requirements and guidelines

2.2 Confirm basic requirements of loan, including amount, term and interest rate, and check all documentation for accuracy and readability

2.3 Complete all relevant processes for proper execution of documentation efficiently and in an appropriate timeframe

3. Present documentation for assessment

3.1 Submit documentation to appropriate lender or approving officer in appropriate manner to protect client confidentiality

3.2 Notify client in timely manner of lender or approving officer's determination of offer or non-offer of loan

3.3 Provide clear, comprehensive and accurate information to client on their rights, obligations, responsibilities and manner in which to proceed if loan application is non-offer

4. Maintain communication with relevant parties

4.1 Maintain clear and open communication throughout loan preparation and presentation process with lender and client

4.2 Gather additional information requested by lender to support loan application in efficient and timely manner

4.3 Provide clear, comprehensive and accurate information to client on manner in which to proceed immediately following loan approval

Evidence of the ability to:

prepare a loan application to suit a lender’s requirements, providing all necessary support documentation

communicate efficiently and effectively with clients, lenders and other relevant parties

advise clients on how to proceed following the lender's decision on an offer or non-offer.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

outline key features of relevant current legislation and codes of practice relating to finance and mortgage broking

explain the different types of relevant lender forms

describe what information is required to support a loan application

describe key stages and features of loan settlement processes

describe loan requirements and characteristics including:

term

interest rate

amount

support documentation

describe key features of the following processes:

loan management

instructing valuers to assess the value of a property or other types of security

explain general and specific lender requirements and guidelines for loan applications and securing a loan

identify various types of security that may be required by lenders.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the finance and mortgage broking field of work and include access to:

office equipment, technology, software and consumables

lending products and information

lending policy and procedures documentation.

Assessors must satisfy NVR/AQTF assessor requirements.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Compile necessary information

1.1 Collect and complete appropriate and relevant lender forms and gather relevant signatures in appropriate format

1.2 Source information required to support loan application in accordance with National Credit Code, compliance requirements and security policies

2. Prepare loan documentation

2.1 Prepare documentation that accurately reflects client’s financial situation and personal information, and complies with lender requirements and guidelines

2.2 Confirm basic requirements of loan, including amount, term and interest rate, and check all documentation for accuracy and readability

2.3 Complete all relevant processes for proper execution of documentation efficiently and in an appropriate timeframe

3. Present documentation for assessment

3.1 Submit documentation to appropriate lender or approving officer in appropriate manner to protect client confidentiality

3.2 Notify client in timely manner of lender or approving officer's determination of offer or non-offer of loan

3.3 Provide clear, comprehensive and accurate information to client on their rights, obligations, responsibilities and manner in which to proceed if loan application is non-offer

4. Maintain communication with relevant parties

4.1 Maintain clear and open communication throughout loan preparation and presentation process with lender and client

4.2 Gather additional information requested by lender to support loan application in efficient and timely manner

4.3 Provide clear, comprehensive and accurate information to client on manner in which to proceed immediately following loan approval

Evidence of the ability to:

prepare a loan application to suit a lender’s requirements, providing all necessary support documentation

communicate efficiently and effectively with clients, lenders and other relevant parties

advise clients on how to proceed following the lender's decision on an offer or non-offer.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

outline key features of relevant current legislation and codes of practice relating to finance and mortgage broking

explain the different types of relevant lender forms

describe what information is required to support a loan application

describe key stages and features of loan settlement processes

describe loan requirements and characteristics including:

term

interest rate

amount

support documentation

describe key features of the following processes:

loan management

instructing valuers to assess the value of a property or other types of security

explain general and specific lender requirements and guidelines for loan applications and securing a loan

identify various types of security that may be required by lenders.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the finance and mortgage broking field of work and include access to:

office equipment, technology, software and consumables

lending products and information

lending policy and procedures documentation.

Assessors must satisfy NVR/AQTF assessor requirements.
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Collect and complete appropriate and relevant lender forms and gather relevant signatures in appropriate format 
Source information required to support loan application in accordance with National Credit Code, compliance requirements and security policies 
Prepare documentation that accurately reflects client’s financial situation and personal information, and complies with lender requirements and guidelines 
Confirm basic requirements of loan, including amount, term and interest rate, and check all documentation for accuracy and readability 
Complete all relevant processes for proper execution of documentation efficiently and in an appropriate timeframe 
Submit documentation to appropriate lender or approving officer in appropriate manner to protect client confidentiality 
3.2 Notify client in timely manner of lender or approving officer's determination of offer or non-offer of loan 
Provide clear, comprehensive and accurate information to client on their rights, obligations, responsibilities and manner in which to proceed if loan application is non-offer 
Maintain clear and open communication throughout loan preparation and presentation process with lender and client 
Gather additional information requested by lender to support loan application in efficient and timely manner 
Provide clear, comprehensive and accurate information to client on manner in which to proceed immediately following loan approval 

Forms

Assessment Cover Sheet

FNSFMB401 - Prepare loan application on behalf of finance or mortgage broking clients
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSFMB401 - Prepare loan application on behalf of finance or mortgage broking clients

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: