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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Compile necessary information
   • 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
2. Prepare loan documentation
   • 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
3. Present documentation for assessment
   • 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
4. Maintain communication with relevant parties
   • 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

Performance Evidence

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.

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Knowledge Evidence

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.

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