centertop00Written assignmentDiploma of Finance and Mortgage Broking Management

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(DFMB1_AS_v3)

Student identification (student to complete)

Please complete the fields shaded grey.

Student number Written assignment result (assessor to complete)

Result first submission Not yet demonstrated

Parts that must be resubmitted Result resubmission (if applicable) Not applicable

Result summary (assessor to complete)

First submission Resubmission (if required)

Part 2: Industry knowledge Task 1: Key termsNot yet demonstrated

Not applicable

Task 2: The Australian financial marketNot yet demonstrated

Not applicable

Task 3: Financial services legislation and industry codes of practiceNot yet demonstrated

Not applicable

Task 4: Products and servicesNot yet demonstrated

Not applicable

Part 3: Business skills

Task 5: Effective communicationNot yet demonstrated

Not applicable

Task 6: Professional developmentNot yet demonstrated

Not applicable

Task 7: Respond and report on complaintsNot yet demonstrated

Not applicable

Task 8: Professional networksNot yet demonstrated

Not applicable

Part 4: The lending process

Task 9: Understanding the clients needsNot yet demonstrated

Not applicable

Task 10: Developing and presenting solutionsNot yet demonstrated

Not applicable

Task 11: Packaging the application to send to the lenderNot yet demonstrated

Not applicable

Task 12: Monitor the lending processNot yet demonstrated

Not applicable

Part 5: Case studies

Task 13: Case study Purchasing an owner-occupied homeNot yet demonstrated

Not applicable

Task 14: Completing the fact findNot yet demonstrated

Not applicable

Task 15: Assessing the clients situationNot yet demonstrated

Not applicable

Task 16: Presenting borrowing options and potential benefitsNot yet demonstrated

Not applicable

Task 17: Supporting the client to settlementNot yet demonstrated

Not applicable

Task 18: Case study Refinancing a home loanNot yet demonstrated

Not applicable

Task 19: Preparing a preliminary assessmentNot yet demonstrated

Not applicable

Task 20: Case study Purchasing an investment propertyNot yet demonstrated

Not applicable

Task 21: Preparing a loan proposalNot yet demonstrated

Not applicable

Task 22: Loan contracts and security documentationNot yet demonstrated

Not applicable

Task 23: Preparing the loan for settlementNot yet demonstrated

Not applicable

Feedback (assessor to complete)

Please refer to the assessors detailed feedback found at the end of each task so that you know what to do for any tasks you need to resubmit.

[insert assessor feedback]

Before you begin

Read everything in this document before you start your written assignment.

About this document

This document includes the following parts:

Part 1: Instructions for completing and submitting the written assignment

Part 2: Industry knowledge

Task 1: Key terms

Task 2: The Australian financial market

Task 3: Financial services legislation and industry codes of practice

Task 4: Products and services

Part 3: Business skills

Task 5: Effective communication

Task 6: Professional development

Task 7: Respond and report on complaints

Task 8: Professional networks

Part 4: The lending process

Task 9: Understanding the clients needs

Task 10: Developing and presenting solutions

Task 11: Packaging the application to send to the lender

Task 12: Monitor the lending process

Part 5: Case studies

Task 13: Case study 1 Purchasing an owner-occupied homeTask 14: Completing the fact find

Task 15: Assessing the clients situation

Task 16: Presenting borrowing options and potential benefits

Task 17: Supporting the clients to settlement

Task 18: Case study 2 Refinancing a home loan

Task 19: Preparing a preliminary assessment

Task 20: Case study 3 Purchasing an investment property

Task 21: Preparing a loan proposal

Task 22: Loan contracts and security documentation

Task 23: Preparing the loan for settlement

How to use the study plan

We recommend that you use the study plan for this subject to help you manage your time to complete the written assignment within your enrolment period. Your study plan is in the KapLearn subjectroom.

Part 1: Instructions for completing and submitting this written assignment

Saving your work

Download this document to your desktop, type your answers in the spaces provided and save your work regularly.

Use the template provided, as other formats will not be accepted for the written assignment.

Name your file as follows: StudentNumber_SubjectCode_AS_versionNumber_SubmissionNumber (e.g.12345678_DFMB1_AS_v3_Submission1).

Include your student ID on the first page of the written assignment.

Before you submit your work, please do a spell check and proofread your work to ensure that everything isclear and unambiguous.

Word count

The word count shown with each question is indicative only. You will not be penalised for exceeding the suggested word count. Please do not include additional information which is outside the scope of the question.

Additional research and referencing

You will be required to do additional research to answer the written assignment questions. However,youranswers must still be written in your own words.

This means if you are using external sources, you should aim to read and understand the source, then write it in your own words. This is called paraphrasing.

If the words of the source are special or unique, and you want to use them, you can do so occasionally. Inthis case, you should place the text in quotation marks. This is known as a quotation.

If you paraphrase or quote external sources, you must reference the source using an in-text citation (inanystyle, reference list not required). Some examples are below:

The ATO is the principal agency responsible for collecting revenue for the Australian government (ATO2023, About ATO, https://www.ato.gov.au/about-ato).

Credit licensees must ensure their representatives meet the requirements set out in RegulatoryGuide206 Credit Licensing: Competence and Training (ASIC 2020, https://asic.gov.au/regulatory-resources/credit/credit-general-conduct-obligations/rg-206-credit-licensing-competence-and-training).

According to ASIC, a person can be a credit licensee and a representative but only where they are for different authorised credit activities (ASIC 2023, https://asic.gov.au/for-finance-professionals/credit-licensees/credit-representatives).

This way your assessor knows what are your words and ideas, and what are those of other people orsources. This is critical for your assessor to be able to accurately assess your competence.

When completing the Client information collection tool, assumptions are permitted although they must not be in conflict with the information provided in the case studies. All assumptions must be noted.

You may be required to conduct your own research in addition to the topic notes provided to source information to answer some of the assignment questions. You may also be required to source additional information from other organisations within the finance industry to find the products or services to meet your clients requirements, to source indicative interest rates and to calculate any fees and charges that may be applicable.

Submitting the written assignment

Only Microsoft Office compatible written assignments submitted in the Word template file will be accepted formarking by Kaplan Professional Education. You need to saveand submit this entire document. Incompletewrittenassignments will be returned to you unmarked.

Do not remove any sections of the document.

Do not save your completed written assignment as a PDF.

The maximum file size for the written assignment (Word document) is 20MB. Once you submit your writtenassignment for marking you will be unable tomake any further changes to it.

You are able to submit your written assignment earlier than the deadline if you are confident you have completed all parts and have prepared a quality submission.

Refer to the Important details available in the Written assignment section of KapLearn under your Written assignment Enrolment.

Note: Your written assignment must be submitted on or before your personal due date. Pleasecheck KapLearn for your due date.

The written assignment marking process

You have 12 weeks from the date of your activation in this subject to submit your completed written assignment.

If you reach the end of your initial enrolment period and have been deemed Not yet demonstrated in one or more assessment items, then an additional four (4) weeks will be granted, provided you attempted all assessment tasks during the initial enrolment period.

Your assessor will mark your written assignment and return it to you in the subject room inKapLearn under the Written assignment page.

Make a reasonable attempt

You must demonstrate that you have made a reasonable attempt to answer all of the questions in your written assignment. Failure to do so will mean that your written assignment will not be accepted for marking, therefore, you will not receive the benefit of feedback on your submission.

If you do not meet these requirements, you will be notified. You will then have until your submission deadline to submit your completed written assignment.

How your written assignment is graded

Written assignment(s) are used to determine your competence in demonstrating the required knowledgeand/or skills for each subject. As a result, you will be graded as either Demonstrated orNotyetdemonstrated.

Your assessor will follow the below process when marking your written assignment:

assess your responses to each question, and sub-parts if applicable, and then determine whether you have demonstrated competence in each question

determine if, on a holistic basis, your responses to the questions have demonstrated overall competence.

You must be deemed to be demonstrated in all assessment items in order to be awarded the units of competency in this subject, including:

all of the exam questions

the written assignment

the oral assignment.

Not yet demonstrated and resubmissions

Should sections of your written assignment be marked as Not yet demonstrated you will be given an additional opportunity to amend your responses so that you can demonstrate your competency to the requiredlevel.

You must address the assessors feedback in your amended responses. You only need amend those sections where the assessor has determined you are Not yet demonstrated.

Make changes to your original submission. Use a different text colour for any written sections of your resubmission. Yourassessor will be in a better position to gauge the quality and nature of your changes. Ensure you leave your first assessors comments in your written assignment, so your second assessor can see the instructions that were originally provided for you. Do not change any comments made by a Kaplanassessor.

Units of competency

This written assignment is your opportunity to demonstrate your competency against these units:

FNSCUS511 Develop and maintain professional relationships in financial services industry

FNSFMB411 Prepare loan applications on behalf of clients

FNSFMB412 Identify client needs and present broking options

FNSFMK515 Comply with financial services regulation and industry codes of practice

FNSINC411 Conduct work according to professional practices in the financial services industry

FNSINC412 Apply and maintain knowledge of financial products and services

Note that the written assignment is one of three assessments necessary to meet the requirements ofthe unitsofcompetency.

We are here to help

If you have any questions about this written assignment you can post your query at the Ask your Tutor forum in your subject room. You can expect an answer within 24 hours of your posting from one of our technical advisers or Course Coordinator.

Assignment tasks (student to complete)

Please note: Throughout the written assignment, you are to assume that you are a finance and mortgage broker. Ifyou are not currently in a finance and mortgage broker role, your answers are to reflect what you would do if you were working in the finance and mortgage broking industry. You can also draw on your current and past work experiences and refer to the topic notes. You may also need to conduct your own research and consult with people who currently work within the finance and mortgage broking industry.

Part 2: Industry knowledge

Task 1: Key terms

Working in the finance industry requires you to have an understanding of the terminology used and the names of documentation that you will deal with.

Demonstrate your understanding of some of the common terms and document names by completing the following tables.

Task 1: Question 1

In your own words, complete the table below; define and explain loan transaction terminology and definitions of the following:

(150 words)

Lender and borrower Answer here

Lessor and lessee Answer here

Mortgagee and mortgagor Answer here

Assessor feedback Resubmission required?

Task 1: Question 2

In your own words, complete the table below; define and explain the documentation used by lenders:

(150 words)

Credit check signed authority Answer here

Guarantee Answer here

Loan contract Answer here

Periodical payment authority Answer here

Signed application form Answer here

Assessor feedback Resubmission required?

Task 1: Question 3

In your own words, complete the table below; describe:

(100 words)

The negotiation process Answer here

Customer relationship management (CRM) tool Answer here

Certificate of currency Answer here

Assessor feedback Resubmission required?

Assessor feedback for Task 1 Key terms[insert feedback]

Date assessed: Click here to enter a dateDoes the student need to resubmit? No

Questions that need to be resubmitted First submission Not yet demonstrated

Resubmission Not applicable

To pass this written assignment, you will need to be assessed as DEMONSTRATED for either your firstsubmission or your resubmission.

Task 2: The Australian financial market

The state of the economy and financial markets affects elements of lending, such as interest rates, and also has an impact on consumers attitudes to borrowing and debt.

The Reserve Bank of Australia (RBA) is Australias central bank and is responsible for monetary policy, financial and payment systems, and other financial matters.

Task 2: Question 1(a)

Research the RBA website and answer the following questions.

Watch the Monetary Policy Framework video on the RBA website.

Hint/Tip: there is a link to the website in the Toolbox.

List the three (3) statutory objectives (key elements) the RBA sets out to achieve.

(20 words)

Answer here

Assessor feedback Resubmission required?

Task 2: Question 1(b)

It is important that the RBA has the controls mentioned in part (a).

(i)In your own words, explain what monetary policy involves.

(ii)Explain the RBAs inflation target (e.g. what is the target and over what period?)

(25 words)

Answer here

Assessor feedback Resubmission required?

Task 2: Question 1(c)

Commencing 2024, the RBA meets eight times a year to review the cash rate.

(i)What is the role of the cash rate?

(ii)Name three (3) things that the cash rate impacts.

(25 words)

Answer here

Assessor feedback Resubmission required?

Assessor feedback for Task 2 The Australian financial market[insert feedback]

Date assessed: Click here to enter a dateDoes the student need to resubmit? No

Questions that need to be resubmitted First submission Not yet demonstrated

Resubmission Not applicable

To pass this written assignment, you will need to be assessed as DEMONSTRATED for either your firstsubmission or your resubmission.

Task 3: Financial services legislation and industry codes ofpractice

Task 3: Question 1

Conduct some research to identify websites that you could use to keep up to date with regulatory changes and changes in codes of practice in the mortgage broking industry.

Complete the table below with the following information:

(a)Identify the names of two (2) regulations/pieces of legislation and two (2) codes of practice that you need to keep up to date with.

(b)Provide the website name and URL address of each of the regulations/pieces of legislation and codes of practice from part (a).

(c)Explain how these websites are helpful for keeping up to date with changes.

(40words)

(a)Regulation/legislation name (b)Website name and URL address (c)Explain how this website is helpful to keep up to date with changes

1. Answer here Answer here Answer here

2. Answer here Answer here Answer here

(a)Code of Practice name (b)Website name and URL address (c)Explain how this website is helpful to keep up to date with changes

1. Answer here Answer here Answer here

2. Answer here Answer here Answer here

Assessor feedback Resubmission required?

Task 3: Question 2

(a)In your own words, describe the key features of the National Consumer Credit Protection Act 2009 (NCCP Act).

(b)Provide one (1) example of how the NCCP Act would be implemented into a work situation for a mortgage broker.

(c)List two (2) risks and the consequences that are associated with not complying with the NCCP Act legislation.

(50 words)

Answer here

Assessor feedback Resubmission required?

Task 3: Question 3

(a)In your own words, describe the key features of the Privacy Act 1988.

(b)Provide one (1) example of how the Privacy Act would be implemented into a work situation for a mortgage broker.

(50 words)

Answer here

Assessor feedback Resubmission required?

Task 3: Question 4

(a)In your own words, describe the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTFAct).

(b)Describe a situation where a mortgage broker would have to comply with the AML/CTF Act.

(50 words)

Answer here

Assessor feedback Resubmission required?

Task 3: Question 5

(a)In your own words, describe the key features and purpose of codes of practice.

(b)Provide one (1) example of how a code of practice would be implemented into a work situation for a mortgage broker.

(150 words)

Answer here

Assessor feedback Resubmission required?

Task 3: Question 6

(a)In your own words describe the best interests duty.

(b)Provide one (1) example of how the best interests duty would be implemented into a work situation for a mortgage broker.

(150 words)

Answer here

Assessor feedback Resubmission required?

Task 3: Question 7

(a)How would you communicate any changes in regulations, legislation or codes of practice to your work colleagues?

(b)Following a review of the MFAAs Code of Practice, you noticed your organisation has failed to include a requirement in Section 6 of the Code where it states, Members must never charge a customer a non-refundable fee for preparation and submission of a credit application if the Memberknows or suspects that there is little, or no chance of the application being approved.

Explain how you would execute this change to your organisations policy, procedures and practices toensure you are responding to the changes.

(80words)

Answer here

Assessor feedback Resubmission required?

Task 3: Question 8

If you were unsure of how to apply any regulation, legislation or codes of practice to your role or interaction with a client, explain what you would do.

(30 words)

Answer here

Assessor feedback Resubmission required?

Task 3: Question 9

Remaining compliant with financial services regulation and industry codes of practice is vital. One way to check for compliance is through monitoring or internal audit.

Your manager has asked you to implement an internal monitoring/audit process for your mortgage broking firm to ensure that the credit representatives are meeting their obligations specified in regulation, legislation and codes of practice.

Outline the monitoring/audit process you have implemented to ensure compliance. You should include the following:

How you will monitor/audit compliance?

Who will undertake the monitoring/audit process?

What tools will you use?

How or where will you record the outcomes?

(150 words)

Answer here

Assessor feedback Resubmission required?

Task 3: Question 10

Information provided by clients and documentation prepared by brokers need to be retained by financial services organisations.

Detail what information needs to be retained, where it should be stored and why it needs to be retained.

(50 words)

Answer here

Assessor feedback Resubmission required?

Task 3: Question 11

Consider the following two scenarios.

In each scenario, based on your position profile, explain what your job role will permit and not permit you to do.

(100 words)

Scenario A

You hold the position of a loans processing officer. Your role provides no authority to approve or reject an application. Once you have verified all supporting information, you are required to inform the credit manager to accept or reject the loan submission.

As the credit manager was unavailable, you took a call from an accredited mortgage broker seeking information on whether the loan has been approved. You are aware that the loan does not comply with the lending policy. What can and cannot you do in this situation?

Scenario B

As a mortgage broker, you have taken on a new referral partner that specialises in the sale of investment property. You have entered a reciprocal arrangement where the property seller will pay you a commission if you introduce one of your clients to purchase a property.

According to the disclosure of commissions under the best interests duty, what are you required to do, and what are you not permitted to do?

Answer here

Assessor feedback Resubmission required?

Assessor feedback for Task 3 Financial services legislation and industry codes of practice[insert feedback]

Date assessed: Click here to enter a dateDoes the student need to resubmit? No

Questions that need to be resubmitted First submission Not yet demonstrated

Resubmission Not applicable

To pass this written assignment, you will need to be assessed as DEMONSTRATED for either your first submission or your resubmission.

Task 4: Products and services

The financial services industry is very competitive, with many organisations offering a number of different lending and transactional products and services.

Organisations use a variety of approaches to market and promote their products and services.

It is very important that brokers can determine the right product and service to meet the needs and requirements of their clients.

Some clients like to be able to combine their lending products with other banking products and services. While it is important to have a thorough knowledge of lending products, it is also important to be able to identify other relevant products and services to accommodate your clients needs and requirements.

Task 4: Question 1

Using the information in the topic notes in conjunction with your own research, complete the product knowledge table below.

An example is provided in the Toolbox.

1.Variable rate home loan package 2.Fixed rate home loan 3.Interest-only home loan

Financial institution & name of product Product characteristics (features)

List a minimum of three (3) key features 1.

3. 1.

Product purpose (whatwould a client use it for?) Applicable fees & charges List a minimum of three (3) key terms and conditions of this product 1.

3. 1.

List one (1) strength & one(1) weakness Strength:

Weakness: Strength:

Weakness:

4.Home equity loan (lineof credit) 5.Credit card 6.Personal overdraft

Financial institution & name of product Product characteristics (features)

List a minimum of three (3) key features 1.

3. 1.

Product purpose (whatwould a client use it for?) Applicable fees & charges

List a minimum of three (3) key terms and conditions of this product 1.

3. 1.

List one (1) strength & one(1) weakness Strength:

Weakness: Strength:

Weakness:

Assessor feedback Resubmission required?

Task 4: Question 2

Describe how you would determine the most suitable product or service for a client.

(20 words)

Answer here

Assessor feedback Resubmission required?

Task 4: Question 3

Conduct your own research and describe the current home loan industry trends. Provide a minimum of three (3) current trends.

(50 words)

Answer here

Assessor feedback Resubmission required?

Task 4: Question 4

(a)How do financial service providers market and/or promote their products and services?

(b)Where can you locate a lending organisations current promotions and specials?

(c)Describe how you would identify clients whose needs match products and services that are part of a current promotional strategy.

(d)Describe how you can keep your product knowledge up to date. Include the methods and/or systems you could use to maintain product knowledge.

(100 words)

Answer here

Assessor feedback Resubmission required?

Task 4: Question 5

The Australian Banking Associations (ABA) Banking Code of Practice outlines several obligations in the provision of financial products and services. The Code can be downloaded from the ABA website.

(a)List at least two (2) items of information that must be provided to a client when providing financial products and services.

(b)Refer to the items you listed in part (a) and explain what the items clearly set out.

(c)What four (4) factors does the Code advise on when providing banking services to vulnerable clients?

(d)According to the Banking Code of Practice, how would you become aware of a potentially vulnerable client and a client on a low income?

(100 words)

Answer here

Assessor feedback Resubmission required?

Task 4: Question 6

What is a deposit bond and when would it be suitable for a purchaser to use this product?

Refer to the Toolbox or conduct your own research.

(30 words)

Answer here

Assessor feedback Resubmission required?

Assessor feedback for Task 4 Products and services[insert feedback]

Date assessed: Click here to enter a dateDoes the student need to resubmit? No

Questions that need to be resubmitted First submission Not yet demonstrated

Resubmission Not applicable

To pass this written assignment, you will need to be assessed as DEMONSTRATED for either your first submission or your resubmission.

Part 3: Business skills

Task 5: Effective communication

Communication is vital in all interactions, particularly for successful team and client relationships in business.

Answer the following questions using the information from the topic notes in conjunction with your own research.

Task 5: Question 1

List a minimum of four (4) types of communication skills, and explain why each is important for effective business communication.

(100 words)

Answer here

Assessor feedback Resubmission required?

Task 5: Question 2

(a)Explain why listening is so important for effective communication.

(b)List three (3) barriers to effective listening.

(50 words)

Student response to Task 5: Question 2

Answer here

Assessor feedback Resubmission required?

Task 5: Question 3

List five (5) tips to help someone communicate more effectively when communicating with individuals and/or groups from different cultural backgrounds.

(100 words)

Answer here

Assessor feedback Resubmission required?

Assessor feedback for Task 5 Effective communication[insert feedback]

Date assessed: Click here to enter a dateDoes the student need to resubmit? No

Questions that need to be resubmitted First submission Not yet demonstrated

Resubmission Not applicable

To pass this written assignment, you will need to be assessed as DEMONSTRATED for either your first submission or your resubmission.

Task 6: Professional development

Refer to the business profile for Capital City Finance and Mortgage Brokers (CCF & MB) located in the subject room.

For this task you are to assume you are a mortgage consultant with the CCF & MB team.

It is your responsibility to be proactive with your performance and development. This requires you to understand how your role and performance impacts the organisation.

Your manager has advised you will be participating in a one-on-one performance and development meeting in the near future. Your manager has given you the task of being proactive to ensure you are aware of what is expected of you in your role, what your roles goals are and how your goals align with the organisations goals.

In preparation for your performance and development meeting, you will undertake the necessary research by answering the questions below.

During the meeting, you will be required to explain a number of items to your manager, as well as explain how you will maintain your performance and professional development.

Task 6: Question 1

(a)Explain why is it important for your individual work goals to align with the organisations goals.

(b)Identify the types of organisational framework that you can refer to when planning your work goals to ensure they align with the organisations goals.

(c)List the colleagues you would consult with if you were unsure of your own role responsibilities and how they fit into the wider organisation.

Hint/Tip: You may be required to conduct your own research for this task. Refer to the Toolbox for suggested links.

(80 words)

Answer here

Assessor feedback Resubmission required?

Task 6: Question 2

(a)Where would you document (record) your role responsibilities and role-specific targets?

(b)Explain how you will set goals to ensure you will achieve your set role expectations and targets.

(50 words)

Answer here

Assessor feedback Resubmission required?

Task 6: Question 3

(a)How and where can you record and document your personal and professional development goals?

(b)List a minimum of four (4) types of professional development activities that a finance and mortgage broker could undertake to maintain their required continuous professional development (CPD) obligations.

(50 words)

Hint/Tip: You may wish to refer to the MFAA and FBAA websites for some ideas.

Answer here

Assessor feedback Resubmission required?

Task 6: Question 4

(a)You are required to create a professional development plan (PDP). (Refer to the Toolbox for a sample PDP or you can develop your own.)

Your PDP must include the following:

Two (2) targets or KPIs that you need to improve on. (These can be hypothetical yet should be relevant to a broker role.)

Develop a goal for each target/KPI to ensure you will achieve your goals within the year.

Show the steps/actions you will take to achieve the goals.

Identify two (2) professional development areas that you would like to improve.

Locate two (2) formal training or CPD activities that relate to the industry (refer to industry associations for ideas).

State the minimum amount of CPD points you would be required to maintain if you were an MFAA member holding loan writing status. (a link is available in the Toolbox.)

(b)Explain how often you would review and update your PDP and who you would consult with to ensure you are maintaining and managing your personal development.

(100 words)

Answer here

Assessor feedback Resubmission required?

Task 6: Question 5(a)

Managing your time is vital to being able to juggle all of your work tasks, professional development and personal life. Refer to the information provided in the topic notes as well conducting your own research regarding the important/urgent matrix. There are many short videos available for example, TheEisenhower matrix: how to manage your tasks with Eisenhower, viewed 20 November 2023, .

Make a list of the tasks and activities a mortgage broker (or mortgage consultant) would need to completein their role. This should include anything that requires your time, for example team meetings, emails, personal emails, making a coffee, processing your work, training etc. You must list a minimum of twelve(12) tasks.

Hint/Tip: Refer to the example business profile for Capital City Finance & Mortgage Brokers (CCF & MB) fora mortgage consultants role description and list of role tasks.

When it comes to phone calls and emails, be specific about the types of phone calls or emails you handle, for example personal/social emails versus urgent email requests from a client.

(30 words)

Answer here

Assessor feedback Resubmission required?

Task 6: Question 5(b)

Once you have listed your job tasks above (from part a), place each task in the appropriate quadrant.

(30 words)

Important/Urgent

Answer here

Important/Not Urgent

Answer here

Not Important/Urgent

Answer here

Not Important/Not Urgent

Answer here

Source: Marquette Educator.

Assessor feedback Resubmission required?

Assessor feedback for Task 6 Professional development[insert feedback]

Date assessed: Click here to enter a dateDoes the student need to resubmit? No

Questions that need to be resubmitted First submission Not yet demonstrated

Resubmission Not applicable

To pass this written assignment, you will need to be assessed as DEMONSTRATED for either your first submission or your resubmission.

Task 7: Respond and report on complaints

Refer to the Toolbox for helpful links and the organisations policies and procedures regarding handling complaints and disputes.

Task 7: Question 1

(a)What is the name of the external dispute resolution scheme for the financial services industry?

(b)In accordance with the industrys external dispute resolution scheme, who should a client refer their complaint to in the first instance?

(c)According to the Banking Code of Practice, if a provider of financial products and services is unable to provide a resolution within 30 days, what are the five (5) steps they must take?

(50 words)

Answer here

Assessor feedback Resubmission required?

Task 7: Question 2

Consider the following scenario.

Mr Joseph Harper, a new client, has called your office and has complained about the time it is taking to get a decision on his loan application which was submitted 10 days ago.

The average turnaround time with this lender is 14 working days. The loan also requires lenders mortgage insurance (LMI), which could add a further two days to the assessment timeframe.

The client had been expecting a decision for three days now and is getting quite anxious, as they have made an offer on a property subject to finance. They only get 14 days to confirm finance approval, so Joseph is very worried they may miss out on the property.

(a)Describe the steps you will take to resolve this complaint. Include the stakeholders you will refer to during the resolution process.

(b)Describe the resolution you will communicate to the client.

You may refer to the Toolbox for your organisations policies and procedures regarding handling complaints and disputes.

(80 words)

Answer here

Assessor feedback Resubmission required?

Task 7: Question 3

Complete the customer report below based on the scenario in question 2.

Customer complaint report

Customer name Title (Mr, Mrs, etc.) Family name (surname) Given names

Answer here

Service being provided to client:

Answer here

Nature of complaint:

Answer here

Outcome:

Answer here

Assessor feedback Resubmission required?

Assessor feedback for Task 7 Respond and report on complaints[insert feedback]

Date assessed: Click here to enter a dateDoes the student need to resubmit? No

Questions that need to be resubmitted First submission Not yet demonstrated

Resubmission Not applicable

To pass this written assignment, you will need to be assessed as DEMONSTRATED for either your first submission or your resubmission.

Task 8: Professional networks

Task 8: Question 1

You build on your network base each day at work as you interact with your colleagues and internal and external stakeholders. You even build networks in your social life.

Networks and professional connections are important as they can help build on your industry knowledge, your career development and to grow your business.

Hint/Tip: Watch the video Networking for success the link is in the Toolbox.

Internal networks people you know and connect with inside your organisation, for example colleagues and people from other departments.

External networks people you know and connect with outside of the organisation, for example other professionals who do not work in your organisation who are aligned with your work, industry associations, family, friends, sporting clubs, social clubs, committees, childrens school and social/professional media platforms.

(a)Identify and make a comprehensive list (minimum of 10 internal and external networks). Thiscaninclude networking groups and/or associations.

List people by their role rather than their names if you are not currently working, you can list the networks you would have in a mortgage broker role.

(b)From the list you created in part (a), choose six (6) networks. At least one (1) must be from the financial services industry and one (1) must be a third-party referrer; the others may be from any other connections. Complete the table below by outlining how your connection with these networks is of benefit to you and to the broking business.

(c)From the list in part (b), choose three (3) connections/networks. Explain how you develop and maintain those relationships. Explain how you will stay in contact and also how you will enhance the relationship to ensure it remains mutually beneficial.

(d)Identify and explain the importance of three (3) communication channels and tools that you use to develop and maintain professional relationships.

(100 words)

(a)

Answer here

(b)

Network Benefit you

1. Answer here Answer here

2. 3. Network Benefit to the business

4. Answer here Answer here

5. 6.

(c)

Network/connection name Type of network/connections Actions you take to develop and maintain the relationship

1. Answer here Answer here Answer here

2. 3. (d)

Communication method Why is this method important?

1. Answer here Answer here

2. Answer here Answer here

3. Answer here Answer here

Assessor feedback Resubmission required?

Task 8: Question 2

Explain how you will maintain policy, regulations and codes of practice when networking to promote your business and enhance its reputation. Include how you would present yourself, communicate and maintain client confidentiality.

(30 words)

Answer here

Assessor feedback Resubmission required?

Task 8: Question 3

(a)Identify two (2) practices that could be implemented to improve business practices when it comes to developing and maintaining networks.

(b)Explain which personnel you would involve in reviewing your network connections to ensure that they are appropriate for your businesss needs, and why you would involve them.

(75 words)

Answer here

Assessor feedback Resubmission required?

Assessor feedback for Task 8 Professional networks[insert feedback]

Date assessed: Click here to enter a dateDoes the student need to resubmit? No

Questions that need to be resubmitted First submission Not yet demonstrated

Resubmission Not applicable

To pass this written assignment, you will need to be assessed as DEMONSTRATED for either your first submission or your resubmission.

Part 4: The lending process

Task 9: Understanding the clients needs

Brokers have both ethical and legislative obligations to understand a clients needs and objectives. Thereare obligations for making reasonable inquiries and verifications under the NCCP Act responsible lending obligations contained in ASICs Regulatory Guide 209 Credit licensing: Responsible lending conduct (RG 209).

Task 9: Question 1

Research RG 209.43 and list all three (3) What are your obligations for making reasonable inquiries and verifications under this regulation?

(50 words)

Answer here

Assessor feedback Resubmission required?

Task 9: Question 2

While it is important to understand your clients needs and objectives to ensure you recommend a product that has all of the features and benefits they require, it is also important to understand other requirements your client may have to ensure the product recommended is not unsuitable.

List at least four (4) types of specific customer requirements your client may have.

Hint/Tip: Refer to your topic notes and/or conduct your own research.

Choose requirements that may not necessarily be a product feature, for example a client may want a lender they can visit or may need to sell the property in a specific timeframe.

(20 words)

Answer here

Assessor feedback Resubmission required?

Task 9: Question 3

When the loan is for a self-employed person, the lender will ask for financial information for the business. List at least three (3) common financial records the lender will ask for. (These must be in addition to what a PAYG client would provide.)

(20 words)

Answer here

Assessor feedback Resubmission required?

Task 9: Question 4

(a)Explain the information that is contained in a credit report.

(b)Why it is important that the client provides all the details about their credit report to their broker upfront?

(d)What would you advise your client to do if their loan was declined due to their credit report?

(100 words)

Answer here

Assessor feedback Resubmission required?

Assessor feedback for Task 9 Understanding the clients needs[insert feedback]

Date assessed: Click here to enter a dateDoes the student need to resubmit? No

Questions that need to be resubmitted First submission Not yet demonstrated

Resubmission Not applicable

To pass this written assignment, you will need to be assessed as DEMONSTRATED for either your first submission or your resubmission.

Task 10: Developing and presenting solutions

Task 10: Question 1

When developing solutions for a client, what tools are available for a broker to conduct their product research? (Name a minimum of two (2).)

(20 words)

Answer here

Assessor feedback Resubmission required?

Task 10: Question 2

What steps would you take when presenting loan solutions to a client to ensure it is effective in meeting their needs and objectives?

(50 words)

Answer here

Assessor feedback Resubmission required?

Task 10: Question 3

The client solution is not just about providing a product that will meet their needs. Developing a solution for your clients needs also involves the security or collateral that the lender will require for that loan product.

(a)List a minimum of three (3) types of assets that lenders may take as collateral to secure a loan. (Thiscan be security for either consumer or commercial lending.)

(b)List a minimum of two (2) security documents that are required for the lender to have control over the asset used for a commercial purpose while the loan is in place.

(c)If a director offers their home (in their personal name) as security for lending in their company name, what is the name of the security document that is required to link the asset to the loan?

(d)From time to time a client may need to offer a second property to support a loan to reduce the loan to value ratio (LVR) to avoid lenders mortgage insurance and meet lender requirements. What is the name of this practice?

(50 words)

Answer here

Assessor feedback Resubmission required?

Assessor feedback for Task 10 Developing and presenting solutions[insert feedback]

Date assessed: Click here to enter a dateDoes the student need to resubmit? No

Questions that need to be resubmitted First submission Not yet demonstrated

Resubmission Not applicable

To pass this written assignment, you will need to be assessed as DEMONSTRATED for either your first submission or your resubmission.

Task 11: Packaging the application to send to the lender

Packaging a home loan application is detailed and requires a mortgage broker to gather documents toprepare the lending submission in accordance with the lenders requirements.

While it is important to know what documents you will need to gather, it is also important that you understand the information contained within the documents, for example the frequency of income, ifovertime is included.

Task 11: Question 1

(a)Explain what documents you would gather to verify:

(i)a PAYG employees income

(ii)a self-employed persons income

(iii)rental income for an existing investment property.

(b)Review the payslip, the employment contract and the rental statement for Mary Jane Smith in the Toolbox. Draft an email and write two (2) questions you could ask the applicant to confirm they understand the information contained within the documents provided. Include any concerns you may have about the documents provided.

(60 words)

Answer here

Assessor feedback Resubmission required?

Task 11: Question 2

When submitting your clients loan application, you also need to submit supporting documentation.

(a)Explain how you confirm that you have the correct supporting documents for your clients loan requirements in accordance with the lenders requirements.

(For example, if the loan application is for an investment property, there would be specific supporting documents required for this loan.)

(b) Explain how you check the supporting documentation for accuracy and ensure that the documents are in the right format and legible for the lender.

(c)What procedural checks can you incorporate into a checklist when submitting documents to the lender? In your checklist, how might you ensure the Australian Privacy Principles are adhered to, soclients details remain confidential?

(60 words)

Answer here

Assessor feedback Resubmission required?

Assessor feedback for Task 11 Packaging the application to send to the lender[insert feedback]

Date assessed: Click here to enter a dateDoes the student need to resubmit? No

Questions that need to be resubmitted First submission Not yet demonstrated

Resubmission Not applicable

To pass this written assignment, you will need to be assessed as DEMONSTRATED for either your first submission or your resubmission.

Task 12: Monitor the lending process

Some loan applications may require further information following submission. This often means returning to the client to obtain the information.

Task 12: Question 1

Provide one (1) example of further information a lender may request. Explain common reasons for the obtaining this additional information.

(30 words)

Answer here

Assessor feedback for Task 12 Monitor the lending process[insert feedback]

Date assessed: Click here to enter a dateDoes the student need to resubmit? No

Questions that need to be resubmitted First submission Not yet demonstrated

Resubmission Not applicable

To pass this written assignment, you will need to be assessed as DEMONSTRATED for either your first submission or your resubmission.

Part 5: Case studies

Case study 1 Philip and Jennifer Brown

The case study is located in the subject room in KapLearn.

Often client meetings occur in the form of a face-to-face meeting, typically at the brokers office or in the clients home or workplace. As technology has developed, it has allowed us to use different forms of client contact by using software such as Zoom. Conducting online meetings has become more acceptable and can also be quite convenient for some clients.

Task 13: Case study Purchasing an owner-occupied home

It is time to prepare to meet with your first clients, Philip and Jennifer Brown. As the broker, you need to consider a range of obligations when dealing with a client. This section will consider some of these obligations.

Task 13: Question 1

You have just made an appointment over the phone to meet with Jennifer and Philip.

Prepare an email outlining the purpose of your first meeting. In the email, make sure you also cover the following points.

(a)What document/s would you attach to the email?

(b)What information would you include in the email about your service?

(50 words)

Answer here

Assessor feedback Resubmission required?

Task 13: Question 2

How do you assess the need to adjust your interpersonal style to communicate with different types of clients effectively?

Providetwo (2) of situations that require you to adjust your style. e.g. when you are dealing with a difficult client, or someone whose first language is not English).

(30 words)

Answer here

Assessor feedback Resubmission required?

Task 13: Question 3

At the initial interview, the broker obtains all the facts needed to conduct a preliminary assessment for the client and to prepare a proposal that may contain several loan product options. When presenting the solution, the broker should present it in a way that makes it understandable for the client.

List at least three (3) steps a broker should take when presenting and explaining the solution to the client.

(30 words)

Answer here

Assessor feedback Resubmission required?

Assessor feedback for Task 13 Purchasing an owner-occupied home[insert feedback]

Date assessed: Click here to enter a dateDoes the student need to resubmit? No

Questions that need to be resubmitted First submission Not yet demonstrated

Resubmission Not applicable

To pass this written assignment, you will need to be assessed as DEMONSTRATED for either your first submission or your resubmission.

Task 14: Completing the fact find

Task 14: Question 1

From the information in the case study for Jennifer and Philip Brown, complete the following tasks.

Using the client information collection tool/fact finder, complete:

assets and liabilities

needs analysis

credit representative notes

anticipated fees and charges

funds to complete.

Client information collection tool/factfinder

For the client information collection tool/fact finder tasks, you will need to calculate government fees and charges as well as lenders mortgage insurance (LMI) where applicable.

For this assignment, Helia is your lenders LMI provider. Please use the Helia LMI calculator for all LMI and loan serviceability calculations. There are links provided in the Toolbox to help you calculate the applicable fees and charges. If any aspect of the form does not apply to the applicants, mark n.a. (not applicable) or leave blank.

Calculators for Victorian stamp duty are available in the Toolbox.

Appointment date: Student to insert date

Appointment time: Student to insert time

Applicant 1 Applicant 2

Surname Answer here Answer here

Other Answer here Other: Answer here

Lenders mortgage insurance

Added to loan Answer here Other: Answer here

TOTAL COSTS (A) Answer here TOTAL OWN FUNDS (D) Answer here

LOAN AMOUNT REQUESTED(B) Answer here OWN FUNDS REQUIRED (A B) = (C) Answer here

OWN FUNDS REQUIRED (A B) = (C) Answer here SURPLUS/SHORTFALL (D C) Answer here

Assessor feedback Resubmission required?

Assessor feedback for Task 20 Purchasing an investment property[insert feedback]

Date assessed: Click here to enter a dateDoes the student need to resubmit? No

Questions that need to be resubmitted First submission Not yet demonstrated

Resubmission Not applicable

To pass this written assignment, you will need to be assessed as DEMONSTRATED for either your first submission or your resubmission.

Task 21: Preparing a loan proposal

After completing your investigation into what loan options are available, you are ready to proceed and prepare a loan proposal for the clients.

During discussions with the clients, they have confirmed their willingness to cross-collateralise their owner-occupied property as equity to purchase the investment property. You have agreed to send them an email and propose two options to finance the investment property.

Firstly, you are required to complete the credit proposal disclosure to attach to your email presentation.

Note: The Toolbox will assist with links for this task.

(100 words)

Credit proposal disclosure

This document provides information on commissions and certain fees and charges the broker or other parties may receive in relation to the proposed loan or lease.

Task 21: Question 1

You now need to complete a credit proposal. For this task you will need to use an online loan comparison website and to complete the template below.

Lender information: The lender is paying an upfront commission of 0.65% of the loan amount and a monthly trail based on 0.15% of the loan balance.

Customer(s) full name(s) Answer here

Address Answer here

Phone and email Answer here

Proposed finance

Interest rates and repayments may change if the lender changes its interest rate. Lender:

Product details Purpose:

Finance amount:

Interest structure:

Interest rate:

Term:

Repayments:

Other features:

Total loan amount $Answer here

Fees payable by you to us. These fees are payable by you. $Answer here

Commission is payable for Answer here

Commission payable by Answer here

Commission payable to Answer here

Reasonable estimate of commission Answer here% of the amount of credit limit shortly after the finance is provided. We estimate this to be $Answer here.

Answer here% per annum of your amount owing from time to time payable monthly. We estimate the largest monthly payment to be $Answer here.

Estimate of total fees and charges payable to the financier in relation to applying for the finance. These fees are payable by you.

Note: These figures are estimates only and the final figures will be shown in your credit contract or lease. Some or all of these fees may be paid from the finance proceeds.

We are not aware of any other fees or charges payable to anyone else in relation to the application for finance, but the financier may impose some additional requirements. Application fee: Answer here

Establishment fee: Answer here

Lenders mortgage insurance: Answer here

Valuation fee: Answer here

Transfer duty fees: Answer here

Refinancing fees: Answer here

Discharge fee: Answer here

Other known costs: Answer here

Total Answer here

Assessor feedback Resubmission required?

Task 21: Question 2

Now that you have completed the credit proposal disclosure, you will need to write your email to the client.

You must cover the following points in your email:

a summary of your understanding of the clients needs (this could be an outline summary of their proposed loan structure)

a brief summary of their current financial position (use information from the case study)

your explanation of the product options evaluated that meet their needs (you should have researched at least two lenders) and details of the loan features. Use the internet or, if working in the industry, internalsoftware to do this. Include a comment regarding changes to loan repayment when the interest-only period expires

the option you recommend and the reasons for the recommendation including the loan amount, term and repayments, explain how the recommended product meets the clients needs (refer to the case study) and explain why you recommend this lender

invite questions from the clients and respond in a follow-up email accordingly.

Provide a section for the clients to provide you with permission to proceed.

(200 words)

Answer here

Assessor feedback Resubmission required?

Task 21: Question 3

Ravi has responded to your email asking some questions. Send a reply email to Ravi and respond to his questions.

To: Broker 1

Broker1@CCF&MB.com.auFrom: ravi.patel@jayzar.com.au

Re: Recommendation

Dear broker,

Thank you for providing your recommendation for the home loan product for our refinance application.

I have some questions I am hoping you can answer for us:

1.Can you please explain our rights for obtaining a written assessment?

2. Do you have to provide us with a comparison rate with your home loan product recommendations and can you please explain the difference between the interest rate and the comparison rate?

3. We would like to negotiate the application fee or the interest rate for the product you have recommended. Can you please advise how much you can negotiate for either the interest rate or the application fee on our behalf?

Thank you and regards,

Ravi Patel

Send a reply email to Ravi ensuring that you answer all of his questions.

(100 words)

Answer here

FWD: To: Ravi Patel

ravi@jayzar.com.au

From: broker1@CCF&MB.com.au

Re: Recommendation

Answer here

Assessor feedback Resubmission required?

Assessor feedback for Task 21 Preparing a loan proposal[insert feedback]

Date assessed: Click here to enter a dateDoes the student need to resubmit? No

Questions that need to be resubmitted First submission Not yet demonstrated

Resubmission Not applicable

To pass this written assignment, you will need to be assessed as DEMONSTRATED for either your first submission or your resubmission.

Task 22: Loan contracts and security documentation

Task 22: Question 1

When checking the loan offer contracts received from the lenders, what key points should you check to ensure the documents are accurate? List a minimum of six (6) points.

(20 words)

Answer here

Assessor feedback Resubmission required?

Task 22: Question 2

If there is a guarantor involved, what type of professional should you recommend the client refer their loan contracts to prior to signing, and why is this so important?

State which code of practice and section of the code applies concerning guarantors for bank loans.

Hint/Tip: Refer to the Toolbox section Industry information.

(20 words)

Answer here

Assessor feedback Resubmission required?

Task 22: Question 3

The clients have chosen to sign their contracts with you in your capacity as a broker. Describe how you would explain the loan offer and security documentation to the client as well as gain confirmation of their understanding of approval conditions of their finance.

Hint/Tip: Include the sections of the loan offer that you would cover in your explanation to the client.

Refer to the topic notes and the sample letter of offer in the subject room.

(100 words)

Answer here

Assessor feedback Resubmission required?

Task 22: Question 4

(a)Now that the client has signed the documents, explain how you will submit the documents to the lender.

(b)Include a comprehensive list of the documents that the lender will require in order to proceed with settlement. This may also include, for example, lender-specific documents for the new loan account.

(50 words)

Answer here

Assessor feedback Resubmission required?

Task 22: Question 5

Explain to your client how you will communicate with them throughout the settlement process. Include the method of communication and the timeframes. (This should be in line with the organisations Client service standards as outlined in the Toolbox.)

(20 words)

Answer here

Assessor feedback Resubmission required?

Task 22: Question 6

You have just received a call from the lender to advise the documents have been executed correctly. Describe how you will notify the client.

(15 words)

Answer here

Assessor feedback Resubmission required?

Assessor feedback for Task 22 Loan contracts and security documentation[insert feedback]

Date assessed: Click here to enter a dateDoes the student need to resubmit? No

Questions that need to be resubmitted First submission Not yet demonstrated

Resubmission Not applicable

To pass this written assignment, you will need to be assessed as DEMONSTRATED for either your first submission or your resubmission.

Task 23: Preparing the loan for settlement

Although a broker does not participate in the settlement process, they still need to remain in touch with allthe stakeholders until the loan settles. Before the loan can settle, the borrower needs to adhere to presettlement conditions.

Task 23: Question 1

In the pre-settlement phase, there are items that need to be checked and satisfied:

(a) building insurance

(b) independent legal advice.

Why are these two pre-settlement conditions required? Explain the importance of each item.

(40 words)

Answer here

Assessor feedback Resubmission required?

Task 23: Question 2

Explain the settlement process to the client. Include the personnel who are involved at each step.

(100 words)

Answer here

Assessor feedback Resubmission required?

Task 23: Question 3

Explain the issues that can occur which may delay or prevent a settlement. (Provide a minimum of four (4) examples.)

(80 words)

Answer here

Assessor feedback Resubmission required?

Task 23: Question 4

Explain the steps in the process of registering security documentation.

Hint/Tip: In addition to the topic notes, you may also be required to undertake your own research.

(50 words)

Answer here

Assessor feedback Resubmission required?

Task 23: Question 5

When the lender is ready for settlement, they will contact the borrowers solicitor and inform them of the expected settlement date, and request details of funds to be distributed at settlement.

The lender will then prepare a pre-settlement costing sheet and forward it to the borrowers solicitor in preparation for settlement. With the broker working closely with the borrowers solicitor, when they receive a copy of the costing sheet, the broker can then make sure that all the particulars are correct.

For this task you are required to prepare the following pre-settlement statement for the purchase of the investment property for Ravi and Alice Patel.

Purchaser/s Answer here Property Answer here Purchase

Purchase price $ Answer here

Less: Deposit paid ($Answer here)

Subtotal $ Answer here

Adjustments

Plus Council rates $ Answer here

Less Amount due on settlement to vendor $ Answer here

Disbursements

Eastern Conveyancing $ Answer here

Land transfer duty & fees $ Answer here

Amount due on settlement from purchaser $ Answer here

Assessor feedback for Task 23 Preparing the loan for settlement[insert feedback]

Date assessed: Click here to enter a dateDoes the student need to resubmit? No

Questions that need to be resubmitted First submission Not yet demonstrated

Resubmission Not applicable

To pass this written assignment, you will need to be assessed as DEMONSTRATED for either your first submission or your resubmission.

End of Written assignment

centertop00Oral assignmentAudioDiploma of Finance and Mortgage Broking Management

(DFMB1_OR_Audio_v3)

Student identification (student to complete)

Please complete the fields shaded grey.

Student number Oral assignment result (assessor to complete)

Result first submission Not yet demonstrated

Parts that must be resubmitted Result resubmission (if applicable) Not applicable

Result summary (assessor to complete)

Oral assignment (Audio) Time First submission Resubmission (if required)

Part 2: Role play 1 and 2 20 minutes Not yet demonstratedNot applicablePart 3: Role play 3 10 minutes Not yet demonstrated

Not applicablePart 4: Role play 4 10 minutes Not yet demonstrated

Not applicableTotal time required 40 minutes Feedback (assessor to complete)

[insert assessor feedback]

Before you begin

Read everything in this document before you start your oral assignment by audio recording.

About this document

This document includes the following parts:

Part 1: Instructions for completing and submitting the oral assignmentPart 2: Role play 1 and 2 20 minutes

Part 3: Role play 3 10 minutes

Part 4: Role play 4 10 minutes.

How to use the study plan

We recommend that you use the study plan for this subject to help you manage your time to complete theoral assignment within your enrolment period. Your study plan is in the KapLearn subjectroom.

You will need to start preparing for your oral assignment a few weeks before the oral assignment is due.

Part 1: Instructions for completing and submitting this oralassignmentCompleting the oral assignment

For this oral assignment you are required to complete a roleplay by making an audio recording with a volunteer.

More information regarding the requirements for the oral assignment are provided in the resources in your subject in KapLearn.

Saving your work

Download this document to your desktop, type your answers in the spaces provided and save your workregularly.

Use the template provided, as other formats will not be accepted for the oral assignment.

Name your file as follows: StudentNumber_SubjectCode_OR_Audio_versionNumber_SubmissionNumber (e.g.12345678_DFMB1_OR_Audio_v2_Submission1).

Include your student ID on the first page of the oral assignment.

Before you submit the file, please do a spell check and proofread your work to ensure that everything isclear and unambiguous.

Submitting the oral assignment

Only Microsoft Office compatible oral assignments submitted in the Word template file will be accepted formarking by Kaplan Professional. You need to save and submit this entire document. Incomplete oral assignment documents and/or audio recordings will be returned to you unmarked.

Do not remove any sections of the document.

Do not save your completed oral assignment as a PDF.

You will also need to upload an audio recording of your oralassignment.

The maximum file size for the oral assignment (word document) and audio recording is 20MB. Onceyou submit your oral assignment and audio recording for marking you will be unable tomake any further changes to it.

You are able to submit your oral assignment earlier than the deadline if you are confident you have completed all parts and have prepared a quality submission.

Refer to your study plan so you can plan ahead to complete your audio recording before the oralassignment is due.

For more information see the resources in your subject about how to organise and upload your audio recording in KapLearn.

Note: Your oral assignment (in Word) and audio recording must be submitted together on or before your personal due date. Please check KapLearn for your due date.

The oral assignment marking processYou have 12 weeks from the date of your activation in this subject to submit your completed oralassignment and audio recording.

Your assessor will mark your oral assignment and return it to you in the subject room inKapLearn under the Oral assignment page.

Make a reasonable attemptYou must demonstrate that you have made a reasonable attempt to complete all the parts of your oralassignment. Failure to do so will mean that your oral assignment will not be accepted for marking; therefore, you will not receive the benefit of feedback on your submission.

If you do not meet these requirements, you will be notified. You will then have until your submission deadline to submit your completed oralassignment.

How your oral assignment is gradedOral assignment(s) are used to determine your competence in demonstrating the required knowledgeand/or skills in your subject. As a result, you will be graded as either Demonstrated orNotyetdemonstrated for this oralassignment.

Your assessor will follow the below process when marking your oral assignment:

assess your responses in each part of the oralassignment, and then determine whether you have demonstrated competence in each question or checklistdetermine if, on a holistic basis, your responses have demonstrated overall competence.

You must be deemed to be demonstrated in all assessment items in order to be awarded the units of competency in this subject, including:

all of the exam questions

the written assignment

the oral assignment.

Not yet demonstrated and resubmissionsShould parts of your oral assignment be marked as Not yet demonstrated you will be given an additional opportunity to amend your responses so that you can demonstrate your competency to the requiredlevel.

You must address the assessors feedback in your amended responses. You only need amend those sections where the assessor has determined the assessment result is Not yet demonstrated.

You may be asked to re-record a part of your audio recording or to answer some written questions in this document. Use a different text colour for any written sections of your resubmission. Yourassessor will be in a better position to gauge the quality and nature of your changes. Ensure you leave your first assessors comments in your oral assignment, so your second assessor can see the instructions that were originally provided for you. Do not change any comments made by a Kaplanassessor.

Units of competency

This oral assignment is your opportunity to demonstrate your competency against these units:

FNSCUS511 Develop and maintain professional relationships in financial services industry

FNSFMB411 Prepare loan application on behalf of clients

FNSFMB412 Identify client needs for and present broking options

FNSFMK515 Comply with financial services regulations and industry codes of practice

FNSINC411 Conduct work according to professional practices in the financial services industry

FNSINC412 Apply and maintain knowledge of financial products and services

Note that the oral assignment is one of three assessments necessary to meet the requirements of the unitsofcompetency.

We are here to helpIf you have any questions, you can do the following steps:

1.Refer to the Oral assignment support tool available in the Oral assignment section of KapLearn.

2.Post your query at the Ask your Tutor forum in your subject room. You can expect an answer within 24hours of your posting from one of our technical advisers or Course Coordinator.

Preparation for oralassignment

In Part 2, Part 3 and Part 4 of this assignment, you will act as a broker and will be required to make audiorecordings. In preparation for this assessment, it is helpful to prepare a list of resources and equipment you will need for these oral tasks.

Resources list:

Part 2: Case study 1 Jennifer and Philip Brown

You will participate in two (2) role plays for a maximum time of 20 minutes. The role plays will be conducted by audiorecording. You will need a volunteer to assist you in the role plays.

Role play and volunteer instructions

For your volunteer, you need to select an appropriate person who is able to participate in the volunteer role criteria below. The volunteer needs to understand that thisis part of your assessment. Provide a copy of the Volunteer Guide in your KapLearn subject to your volunteer so they understand what they need to do in your assessment.

You will be assessed on the criteria listed below under the student role. To demonstrate to your assessor that you meet the criteria, it is important that the interaction you undertake in your role play is realistic. Sowhile its recommended that you prepare in advance and follow the guidance provided in the role play instructions, please do not script or read your responses rather, allow the interaction to flow naturally.

When starting your role-play recording, ask your volunteer if they give permission to be included in the audio recording. The volunteer needs to agree verbally before the recording may continue.

Your volunteer cannot be a past or current student of this course with Kaplan.

See the resources in your subject room in KapLearn to assist you in preparing for your role play.

Role play 1 Interviewing the client

You are required to complete this role play as part of the oral assessment, which should take a maximum of 10 minutes. You may find the Fact Find document from the Written assignment helpful.

To set the scene for this role play

Undertake the initial interview with the clients. You can assume they have come into your office for themeeting.

Demonstrate your ability to build rapport with the clients.

Explain your responsible lending disclosure obligations including best interests duty provide the client with the appropriate documentation at the appropriate time in the meeting and explain the document to the client.

Use a form of technology in your presentation (i.e. refer to a website such as MoneySmart for further information, or refer to an online calculator etc.).

Inform your client of your role as a mortgage broker in helping them to obtain a loan, and include your customer service standards (e.g. turn-around times, how often you will contact them etc.).

Inform the client of your relationship with your primary list of lenders and inform the client of the range of lending products that may be available.

Advise the client of your broking fees and commissions and how these will be disclosed to the client.

Use your communication skills and questioning techniques to identify three (3) current client needs andobjectives.

Using questioning techniques, ask your client about their future plans, (i.e. are you planning any other significant expenditure in the next few years).

Ask two (2) clarifying questions (i.e. you mentioned you wanted a low interest rate loan, some low interest rate loans have account keeping fees, which is more important to you?).

Explain the short-term and long-term advantages and disadvantages of a fixed interest rate loan term for the client.

Thank the client for bringing in all of the documents you listed in your email (e.g. bank statements, payslips, ID etc.), although the tax returns are not included. You need to ask your client for their taxreturns. However, your client is hesitant about providing their tax returns as they are concerned about the lender knowing their tax file number. Help your client to understand why it is required and what protections you will provide.

End the interview by thanking your client for coming in and advise them of when you will next be incontact.

The assessment criteria you will be assessed on includes the following:

uses appropriate introduction and builds rapportmeet responsible lending disclosure documents obligations

advised client of responsible lending obligations

established clients needs, objectives and requirements and confirm this with client in accordance with responsible lending obligationsasking a specific question in regard to responsible lending obligations and if necessary explain further ifclient does not understand what responsible lending is

confirmed the accuracy of information and documents provided by reviewing documents with clientclarified customers current and future needsasked clarifying questions about productsused questions to clarify needsexplained advantages and disadvantages of a product featuremanage client resistance.

Assessor checklist: Role play 1 Interviewing the client

Assessor checklist completed after listening to the audio recording of the roleplay Demonstrated or Notyetdemonstrated

1 Used appropriate introduction and builds rapport Not yet demonstrated

2 Met responsible lending disclosure documents obligations Not yet demonstrated

3 Advised client of responsible lending obligations Not yet demonstrated

4 Established clients needs, objectives and requirements and confirm this with client in accordance with responsible lending obligations Not yet demonstrated

5 Confirmed the accuracy of information and documents provided by reviewing documents with client Not yet demonstrated

6 Clarified customers current and future needs Not yet demonstrated

7 Asked clarifying questions about products Not yet demonstrated

8 Used questions to clarify needs Not yet demonstrated

9 Explained advantages and disadvantages of a product feature Not yet demonstrated

10 Managed client resistance Not yet demonstrated

11 Communicated clearly, naturally and appropriately with the client Not yet demonstrated

Student resubmission response (if required by assessor):

Assessor feedback Resubmission required?

Role play 2 Presenting the loan offer

You are required to complete this role play as part of the oral assignment, which should take a maximum of10 minutes. You may find the Fact Find document from the Written assignment helpful.

To set the scene for this role play

The client is coming into your office following on from their initial meeting with you in Role play 1.

The main objective of this meeting is for you to:

provide the client with two (2) loan options from two (2) different lendersmake a recommendation on which product you believe meets their needs and objectivesallow the client to ask questions.

During this client meeting, you should focus on presenting your analysis of the couples current position, loanprospects, evaluation of product options, as well as your recommendation, covering the following essential points:

Open the meeting and demonstrate your ability to maintain rapport with the client.

Provide a brief overview of your understanding of the clients needs (this could be an outline summary of their proposed loan structure).

Provide a brief overview of their current savings and available funds to complete the purchase (useinformation from the case study).

Present two (2) different loan product options from two (2) different lenders to the client.

Present an alternate loan structure to your client from the original proposal (e.g. a split loan).

Present the client with your recommended product and why you recommend it, include two features ofthat product that meet your clients needs.

Identify risks associated with the loan (i.e. lender mortgage insurance or fixed rate loan).

Provide the client with the terms and conditions and Product Disclosure Statement (documents).

Confirm with the client the term, interest rate, amount of loan (confirm they understand).

Ask the client if the loan product recommended is suitable to meet their needs.

Allow the client to ask three (3) questions about the loan selected respond to each of the clients concerns and offer an alternative/solution and/or a specialist.

Obtain agreement to proceed with an agreed loan product.

You need to request additional documents (i.e. latest bank statement).

Obtain a signature on the application form and privacy consent form.

Explain to the client once the loan application is prepared, the steps taken by the lender before a formal approval can be granted.

Explain your customer service standards to follow up with the client.

You are required to present your analysis and recommendations to your client (your volunteer) andrespond toany concerns they may have.

invite questions from the client and respond accordingly.

There are no rules regarding the format of your presentation; however, it must be presented so that it is succinct and easily understood by clients. Please use the format that best suits you this could include covering the detail you have prepared in a written proposal document. Remember that the way you speak in your presentation is realistic. So while its recommended that you prepare in advance and follow the guidance provided in the presentation instructions, please do not script or read your responses wordforword rather, allow the presentation to flow naturally as if you were talking directly to the client in real life.

The role play requires the volunteer to ask at least three (3) questions, there is guidance provided to the volunteer in the volunteer guide. Remember, you are not being judged on your acting ability. Yourassessment is about how you communicate and interact with the client. You may need to adjust your presentation of the proposal, depending on the time that the questions are asked. However, to manage time, you may ask the volunteer to keep their questions until you have finished presenting your recommendations.

The assessment criteria you will be assessed on includes the following:

maintain rapport with the client

present two (2) loan options and review the documentation with the clientpresented alternate loan structurepresented preferred lending optionasked client about product suitabilityidentified risks associated with the loanobtained approval to proceedrequested additional documentsobtained signaturesexplained procedures following approvalexplained customer service standards.

Assessor checklist: Task 2: Role play 2 Presenting the loan offer

Assessor checklist completed after listening to the audio recording of the roleplay Demonstrated or Notyetdemonstrated

1 Maintain rapport with the client Not yet demonstrated

2 Present two loan options with evidence of reviewing documentation with client Not yet demonstrated

4 Presented preferred lending option Not yet demonstrated

5 Asked client about product suitability Not yet demonstrated

6 Identified risks associated with the loan Not yet demonstrated

7 Responds to client concerns and provides an alternative/solution and/or specialist referral Not yet demonstrated

8 Obtained approval to proceed Not yet demonstrated

9 Requested additional documents Not yet demonstrated

10 Obtained signatures Not yet demonstrated

11 Explained procedures following approval Not yet demonstrated

12 Explained customer service standards Not yet demonstrated

Student resubmission response (if required by assessor):

Assessor feedback Resubmission required?

Part 3: The loan decision

Role play 3

You will participate in a role play that includes four (4) phone calls for a maximum of 10 minutes in total. The role play will be conducted by audiorecording. You will need a volunteer to assist you in the role play.

For your volunteer, you need to select an appropriate person who is able to participate and meets the volunteer role criteria below. The volunteer needs to understand that thisis part of your assessment. Provide a copy of the Volunteer Guide (located in your KapLearn subject room) to your volunteer so they understand what they need to do in your assessment.

When starting your role-play recording, ask your volunteer if they give permission to be included in the audio recording. The volunteer needs to agree verbally before the recording may continue.

Your volunteer cannot be a past or current student of this course with Kaplan.

To set the scene for this role play

You are required as the broker to call your client, Wes or Wendy Evans, and provide them with the outcome of their loan application.

Wes or Wendy Evans applied for an investment home loan which was submitted to XYZ bank. You have just received a phone call from the lender who explained that the loan application has not been approved in its current structure.

Although the lender had accepted the property offered as security, the Lenders Mortgage Insurance provider would not accept the property due to its location at 90% LVR.

You are required to call the client and advise them of the non-offer by the lender and the reason why.

You are also required to offer a solution to the client to amend the structure of the application which may be more favourable to the lender.

The client has some equity in their home. Although they were reluctant to use their home as security for this investment, you suggest that they should consider offering their property as additional security for the loan which will bring the LVR down to 80%. This will remove the need for Lenders Mortgage Insurance and save them approximately $10,000.

Call 1

Call Wes or Wendy Evans and explain the reason for your call.

advise the client the reason for the non-offer on their loan applicationprovide a solution to the client that you think will make the application more favourablethe client then asks you to contact their solicitor to bring them up to date with the status of their loan application.

Call 2

Call the clients solicitor, Belinda or Bill Moore, and introduce yourself.

Explain the reason for the non-offer by the lender and what additional actions have been agreed between you and the client as per Call 1.

(Your volunteer will play the role of the clients solicitor, Belinda or Bill Moore. Details for your volunteer are located in the Volunteer Guide.)

Call 3

Call the client Wes or Wendy Evans.

Advise the client that their loan has been approved as per the amended loan structure.

Advise the client that the lender requires further information. They require a copy of their building insurance for both properties and explain that this is a requirement that will be outlined in their credit contract.

Call 4

The loan has progressed, and loan contracts have all been signed and sent back to the lender. You have gained confirmation from the lender that all documents are now in order.

Call Belinda or Bill Moore, Wes and Wendys solicitor, to advise that all parties are now ready to settle.

The assessment criteria you will be assessed on includes the following:

obtain the decision of a lender and notify the client

advice the client on how to proceed following the lenders decision

gather additional information required by the lender to support the loan

demonstrate communicating outcomes with stakeholders

communicate information on property, insurances and securities in credit contract to client

communicate confirmation that all parties are ready to settle with client and conveyancer/solicitor.

Assessor checklist: Role play 3 the loan decision

Assessor checklist completed after listening to the audio recording of the roleplay Demonstrated or Notyetdemonstrated

1 Obtain decision of lender and notify client of non-offer Not yet demonstrated

2 Advise clients on how to proceed following the lenders decision on a non-offer Not yet demonstrated

3 Gather additional information required by lender to support the loan application Not yet demonstrated

4 Demonstrated communication of outcomes with stakeholders Not yet demonstrated

5 Communicate information on property, insurances and securities in credit contract to client Not yet demonstrated

6 Communicate confirmation all parties are ready to settle with client and conveyancer/solicitor Not yet demonstrated

Student resubmission response (if required by assessor):

Assessor feedback Resubmission required?

Part 4: Communicating with colleagues and stakeholdersRole play 4

You will participate in five (5) short role plays for a maximum of 10 minutes. The role plays must be conducted by audiorecording and include three (3) meetings and two (2) phone calls. You will need avolunteer to assist you in the role-plays.

Refer to role play and volunteer instructions above. Remember that the interaction in your role play is to berealistic. So while you may prepare in advance, please dont script or read your responses rather, allowthe interaction to flow naturally.

Before starting your role-play, ask your volunteer if they give permission to be included in the audiorecording. The volunteer needs to agree verbally before the recording may continue.

To set the scene for this role play

In your role as a mortgage broker, effective communication skills displayed with colleagues and stakeholders play an important role in the success of a business.

In this task, you are playing the role of either a loan administrator or a mortgage broker. You will be involved in a series of meetings and phone calls with your manager, colleagues and stakeholders.

Meeting 1

You are to conduct a short meeting with your manager to discuss the priority of three (3) client files and areport that is due for submission. The purpose of the meeting is for you to prioritise and negotiate your workload. There is capacity to delegate work to other colleagues. You are to agree on the priority of these tasks and how they will be met.

Client file A is at documentation stage and is due to settle in 15 days.

Client file B is at approval stage and is due in 30 days (you will be on annual leave when settlement is due).

Client file C has had the initial client meeting and is due to settle in 45 days. A recommendation needs to be prepared and a second meeting with the client is required urgently so as the application process can begin.

Your quarterly client prospecting report to the general manager is due in two days and the timeframe is not negotiable.

At the end of the meeting, the following items were discussed and agreed with your manager:

You will conduct a meeting with your colleague to explain that you are delegating work to them and what they need to do.

The target for the following month has been increased from 8 to 10 home loan applications submitted per credit representative/broker. Your manager is going on leave the following day for two (2) weeks. There is a team meeting scheduled and you have been asked to conduct that meeting on behalf of your manager to deliver this target and discuss other important items.

Meeting 2 Team meeting

Following on from Meeting 1, you are now going to meet with one of your colleagues who is also a credit representative/mortgage broker.

The purpose of this meeting is to delegate one of your work tasks that you discussed with your manager inMeeting 1. This is to ensure that all of your tasks are completed on time.

Once you have negotiated which work task your colleague will take on, your colleague asks you for some assistance with their role.

Your colleague advises you that they are struggling to achieve the required Continuous Professional Development (CPD) points for the year. They have asked you to provide them with two (2) workshops thatyou think will assist them to improve in their role as well as satisfy two (2) CPD points.

Meeting 3

Following on from Meeting 1 with your manager, you are going to conduct a team meeting.

The agenda is as follows:

Item 1 Home loan application target for next month

You are to advise the team of the increase in their monthly home loan application target for the following month. Provide the team with the one (1) strategy to achieve this target and encourage one other team member to provide one (1) strategy. Praise and thank the team member for their idea.

Ask the team if there are any questions and respond appropriately and move on to the next agenda item.

Item 2 The weekly training topic: Buyer resistance, conflict resolution and persuasion techniques

This topic has been raised several times over the last month and has been chosen for this months training session.

Provide your colleagues with two (2) reasons for resistance they may encounter when closing the sale with clients and one (1) suggestion for overcoming resistance. (Check the volunteer guide to ensure you do not provide the same suggestion that is outlined for the volunteer).

The volunteer will offer a suggestion, acknowledge that it is correct and praise them for their response. Iftheir response does not match the examples for resistance you provided, you must provide a correct suggestion for overcoming resistance.

Thank the team for their attendance and contribution.

Call 1

You are to make a call to the local real estate office and try to establish a working relationship with the view of gaining client referrals from them.

During the call you are to cover the following:

introduce yourself and the business you representprovide the reason for your call you are seeking to form a working relationship and gain client referralsyou can refer clients who have a pre-approval to the real estate agentadvise the real estate agent of the following:

the types of products and services that your brokerage firm can assist with

the role your brokers play in assisting the client.

End the call with an agreed follow up call timeframe. Allow the volunteer to advise a suitable time frame.

Call 2

You have just interviewed a client that was referred to you by the new referral source. The meeting went very well, and the client has decided to proceed with a loan.

Make a call to the referrer to thank them for the referral. An objective of the call is to develop and nurture the relationship for future client referrals.

You should cover the following during the call:

introduce yourself and the business you work for

build rapport already established with the referrerexplain how you would want to develop the referral relationship going forward.

The referrer has asked whether you think the client will be able to get a loan and how much do you think they can borrow. You are to respond to the question keeping in mind that you must ensure you maintain client confidentiality when you respond.

Thank the referrer and end the call on a positive note.

Assessor checklist: Role play 4 Communicating with colleagues and stakeholders

Assessor checklist completed after listening to the audio recording of the roleplay Demonstrated or Notyetdemonstrated

1 Discussed targets and strategies Not yet demonstrated

2 Explained plans to improve job role Not yet demonstrated

3 Discussed with a colleague the job role Not yet demonstrated

4 Conducted cold call with prospect referrer Not yet demonstrated

5 Build on relationship with the existing referrer Not yet demonstrated

6 Maintains confidentiality when communicating with external parties Not yet demonstrated

Student resubmission response (if required by assessor):

Assessor feedback Resubmission required?

End of Oral assignment (Audio)

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