Required skills

welldeveloped communication skills to

determine and confirm client requirements using questioning and active listening as required

build rapport with the client and clearly explain financial and mortgage broking services

liaise with others share information listen and understand

use language and concepts appropriate to cultural differences

customer service skills such as

providing appropriate contact with client throughout the broking procedure

dealing with emotive situations as required

appropriate timing of events in the broking process

research and analysis skills for accessing interpreting and managing complex information and analysing client needs

numeracy and IT skills to

access and use appropriate software such as organisational broking systems spreadsheets and databases

calculate client debt and risk quickly and accurately

access internet information

literacy skills to

read and interpret organisational and industry information

prepare client records and related documentation

organisational skills including the ability to plan and sequence work

Required knowledge

basic financial and accounting terms and concepts relating directly to mortgage or finance broking such as

interest rates

flexible and fixed rates

types of mortgage accounts

procedures and principles of deposit bonds

financial records relating to different ownership models

complaint resolution processes complaint handling procedures relevant legislation and the roles of the various alternative disputes resolution schemes and services

credit and credit reporting services

economic environment business cycle and role financial markets interest rates exchange rates and inflation

legal environment and relevant legislation affecting finance and mortgage broking services around such issues as

disclosure

compliance and ethical requirements in terms of privacy

industry codes of practice

Uniform Consumer Credit Code UCCC

lenders mortgage insurance

loan transaction terminology and definitions of the parties involved such as

lender

borrower

lessor

lessee

mortgagee

mortgagor

real estate terms and concepts such as

land titles and searches

strata title versus company title

multiple securities

securing second mortgages

subdivisions of title and partial discharge of mortgage where multiple securities are held by lender

the legal environment for the finance industry and how tokeep currency with the changes occurring and the issues and laws relating to disclosure and compliance

the roles of the various players in the finance broking market such as associations and government authorities

types of calculations such as deferred establishment fees and early repayment penalties

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria required skills and knowledge range statement and the Assessment Guidelines for the Training Package

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to

communicate knowledge of the finance and mortgage broking industries effectively with clients

apply analytical skills to assess client needs

apply knowledge of investment opportunities risk company policies and relevant legislation so clients can make informed decisions

Context of and specific resources for assessment

Assessment must ensure

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment technology software and consumables

access to finance and mortgage product information

access to relevant software system and data

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge The following examples in combination are appropriate for this unit

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

observing processes and procedures in workplaces or role plays

verbal or written questioning on underpinning knowledge and skills

setting and reviewing workplace projects and business simulations or scenarios

evaluating samples of work

accessing and validating third party reports

Guidance information for assessment

Finance and mortgage broking process may include:

Background, credentials and role of the broker may include:

Services, values and capacity may include:

Fees and charges may include:

Procedures for complaint handling and resolution may include:

Client's relevant facts may include:

Personal and financial information may include:

Investment goals and expectations may include:

Risk issues and tolerance may include:

Client concerns may include:

Relevant legislation and industry codes of practice may include: