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

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

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

What evidence can you provide to prove your understanding of each of the following citeria?

Compile necessary information

  1. Collect and complete appropriate and relevant lender forms and gather relevant signatures in appropriate format
  2. Source information required to support loan application in accordance with National Credit Code, compliance requirements and security policies
Collect and complete appropriate and relevant lender forms and gather relevant signatures in appropriate format

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare loan documentation

  1. Prepare documentation that accurately reflects client’s financial situation and personal information, and complies with lender requirements and guidelines
  2. Confirm basic requirements of loan, including amount, term and interest rate, and check all documentation for accuracy and readability
  3. Complete all relevant processes for proper execution of documentation efficiently and in an appropriate timeframe
Prepare documentation that accurately reflects client’s financial situation and personal information, and complies with lender requirements and guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present documentation for assessment

  1. Submit documentation to appropriate lender or approving officer in appropriate manner to protect client confidentiality
  2. 3.2 Notify client in timely manner of lender or approving officer's determination of offer or non-offer of loan
  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
Submit documentation to appropriate lender or approving officer in appropriate manner to protect client confidentiality

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain communication with relevant parties

  1. Maintain clear and open communication throughout loan preparation and presentation process with lender and client
  2. Gather additional information requested by lender to support loan application in efficient and timely manner
  3. Provide clear, comprehensive and accurate information to client on manner in which to proceed immediately following loan approval
Maintain clear and open communication throughout loan preparation and presentation process with lender and client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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.