Skills Assessment Provide Information on Financial Products and Services to Clients FNSSAM421
- Subject Code :
FNSSAM421
Skills assessment
Criteria
Unit code and name
FNSSAM421 | Provide information on financial products and services to clients
Qualification/Course code and name
FNS40821 | Certificate IV in Finance and Mortgage Broking
Assessment declaration
Note: If you are an online student, you will be required to complete this declaration on the TAFE NSW online learning platform when you upload your assessment.
This assessment is my original work and has not been:
- plagiarised or copied from any source without providing due acknowledgement.
- written for me by any other person except where such collaboration has been authorised by the Teacher/Assessor concerned.
Assessment instructions
Table 1Assessment instructions
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Assessment details |
Instructions |
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Assessment overview |
The aim of this assessment is to assess your skills in responding to a client enquiry for financial products and services and provide solutions that meet client requirements. |
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Assessment event number |
3 of 3 |
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Instructions for this assessment |
This is a skills-based assessment that assesses your ability to demonstrate skills required in the unit. This assessment is in 3 parts: 1.Part 1: Joel and Amy scenario 2.Part 2: Frederica Scenario 3.Part 3: Joe and Felix scenario And is supported by: 3 Checklist/s Assessment feedback |
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Submission instructions |
On completion of this assessment, you are required to submit it to your Teacher/Assessor for marking. Where possible, submission and upload of all required assessment files should be via the TAFE NSW online learning platform. It is important that you keep a copy of all electronic and hardcopy assessments submitted to TAFE and complete the assessment declaration when submitting the assessment. |
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What do I need to do to achieve a satisfactory result? |
To achieve a satisfactory result for this assessment you must be available at the arranged time to complete all the assessment criteria as outlined in the assessment instructions. All parts of the task must be performed to a satisfactory level as indicated in the criteria section of the checklist. All oral questions must be answered correctly to be deemed satisfactory in this assessment task; however, Teachers/Assessors may ask you additional questions to confirm your understanding of the task. If a resit is required to achieve a satisfactory result it will be conducted at an agreed time after a suitable revision period. |
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What do I need to provide? |
TAFE NSW student account username and password. If you do not know your username and password, contact your campus or service centre on 131601. Computer or other device with word processing software and internet access. Writing materials, if required. Calculator, pens, reference documents. |
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What the Teacher/Assessor will provide |
Access to this assessment and learning resources, including the student workbook and any supporting documents or links. |
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Due date Time allowed Delivery location |
Due Date: 4 hours (indicative only) TAFE NSW Moodle |
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Assessment feedback, review or appeals |
In accordance with the TAFE NSW policyManage Assessment Appeals,all students have the right to appeal an assessment decision in relation to how the assessment was conducted and the outcome of the assessment. Appeals must be lodged within14 working daysof the formal notification of the result of the assessment. If you would like to request a review of your results or if you have any concerns about your results, contact your Teacher/Assessor or Head Teacher. If they are unavailable, contact the Student Administration Officer. Contact your Head Teacher/Assessor for the assessment appeals procedures at your college/campus. |
Specific task instructions
The instructions and the criteria in the tasks and activities below will be used by the Teacher/Assessor to determine whether the tasks and activities have been satisfactorily completed. Use these instructions and criteria to ensure you demonstrate the required skills and knowledge.
If this assessment requires you to record information, your Teacher/Assessor will provide you with an appropriate document/template.
Your Teacher/Assessor will advise a time and location for each event.
Alternatively, you may have the option to record your participation and submit as video evidence.
If you are submitting video evidence, you must:
- Provide a video for each participation clearly meeting all requirements.
- Ensure you have access to the equipment and resources required to participate in each demonstration.
- Follow theVideo recording instruction (pdf).This one-pager includes useful tips, links to resources, and a demonstration video.
URL: https://share.tafensw.edu.au/share/items/744af7d4-a241-45e2-adb0-0e13f2fe4950/0/?attachment.uuid=01c3c87a-4599-48c2-91f0-68a00b5bbb4c - Address the items listed in the checklist, either during the demonstration or record them in a separate video file.
Part 1: Scenario 1 Amy and Joel
To complete this part of the assessment, you will participate in a role play with the aid of a colleague, peer or friend to demonstrate your ability to complete skills-based tasks to industry standards.
If you are completing your course on campus, the role play will be observed by your Teacher/Assessor, or you may digitally record and submit as video evidence.
If you are completing your course online, the role play will need to be digitally recorded and submitted as video evidence.
Your demonstration will be used as part of the overall evidence requirements of the unit.
Read all instructions carefully and complete all requirements in this section of the assessment. In addition, you may refer to the checklist, which your Teacher/Assessor will use to record your results.
Once completed you will need to submit this assessment to your Teacher/Assessor for marking.
Scenario 1: Amy and Joel
This assessment is using FED Brokers as the business in the scenario. For each task you are required to complete all sections in each of the forms that are provided.
You are a Mortgage Broker employed by FED Brokers and have an appointment with Joel and Amy Nelson to discuss purchasing their first home. You arranged to email them a Fact Find Form to complete prior to coming to the appointment. This document has been completed and returned and can be located at:
Fed Brokers Fact Find Joel Amy
All sections must be completed.
Joel and Amy are both 25 years of age and have been married for 3 years. Joel is a Retail Supervisor with Shop4Deals earns $75,000 per annum before tax and Amy is an Accountant with Numbers R Us, earns $125,000 per annum before tax. Neither Joel nor Amy have any other sources of income. Joel and Amy live in Sydney and are eligible for the First Home-Owners Grant. They would like to buy a home and land package in Oran Park. The cost of the land and buildings package is $725,000. Information provided on their Fact Find Form indicates they would like to apply for a loan for $575,000, long term 25 years, they want to pay back principal and interest, would like to be able to pay additional repayments and redraw any excess repayments as needed. Joel and Amy are planning to start a family in 3 years. Amy will arrange maternity leave for 12 months. They have $150,000 saved towards the purchase.
Joel and Amy have provided the required payslips, bank statements, and documents to support a home loan application.
Note:One of the characteristics of the clients is that their cultural understanding of personal space and social touching do not allow for casual contact i.e. pats on the back, handshakes and standing in close proximity. Another characteristic is that any communication whether verbal or written should first address the male client (Joel).
Task 1: Short answer questions
Establish Joel and Amys needs and knowledge of the broking process, determine clients financial situation and prepare options.
- The Nelsons have completed the Fact Find Form you sent them.
Fed Brokers Fact Find Joel Amy
Identify their priorities, goals, product expectations and financial situation. Confirm that the information provided is suitable to allow you to research and identify options for the clients. (Suggested word count 50 -100 words)
Table 2
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Identify financial situation |
- Complete a Credit Guide to provide to the clients. The document should outline your background, credentials, and role. The document should include information about your commercial and strategic relationships and arrangements with the 6 lenders you conduct the most business. Ensure the Credit Guide includes procedures for complaint handling and resolution with clients.
You will need to use the FED Brokers Credit Guide:
- Research applicable products, services, features and benefits that meet Joel and Amys needs and expectations from the information provided in the Fact Find Form with your panel of Lenders. Include 3 products and lenders that match the clients needs and expectations using the Credit Proposal document:
- Identify if you need to seek advice from a professional to support the clients. If specialist information is required outline the reason for their involvement in the home buying process. (Suggested word count 15-30 words.)
Table 3
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Referral if required |
- Complete a Lender Home Loan Application based on the clients' needs, using the Heritage Bank Home Loan Application Form:
https://share.tafensw.edu.au/share/items/2b737815-a17f-4c4c-9bf4-8c6c25786a76/0/?attachment.uuid=11f619a5-4908-43cd-a5cc-8207c0b8d24abased on your recommendation you provided in the Credit Proposal, including personal information gathered in the Fact Find.
- Complete a Home Loan Checklist to confirm loan requirements and supporting documentation is accurate using the FED Brokers Home Loan Checklist:
Task 2: Role Play
To complete this part of the assessment, you will participate in a role play to demonstrate their ability to complete skills-based tasks to industry standards. The role play will be observed by your Teacher/Assessor or can be digitally recorded and submitted as evidence.
The presentation will be used as part of the overall evidence requirements of the unit.
Students should refer to the list of criteria provided in the Observation Checklist to understand what skills you need to demonstrate in this section of the assessment. This Checklist outlines the Performance Criteria, Performance Evidence and Assessment Conditions your Teacher/Assessor will be marking you on.
Once completed you will need to submit this assessment to your Teacher/Assessor for marking.
The scenario
In this role play, you are employed as a Mortgage Broker with FED Brokers. You present your clients, Joel and Amy, with a Credit Guide and Credit Proposal documenting your recommendations based on your understanding of their personal circumstances, financial situation, needs, requirements and objectives.
Role of the student being assessed
During your role play you must demonstrate the following skills:
- Present Joel and Amy with a Credit Guide and Credit Proposal that outlines the products and services you are recommending and explain how the features and benefits of each meet their needs and expectations.
- Identify any recent changes in legislation, the implications of these changes and how FED Brokers have included these changes in their procedures. Ensure they understand the implication of these regulation changes.
- Explain all fees, charges, broker payments and commissions associated with your recommendations
- Obtain feedback from Joel and Amy regarding their understanding and expectations and address any concerns they have regarding the services and products you have recommended and resolve any issues.
- Appendix A contains a script for you, the mortgage broker, to follow during the role play. You should familiarise yourself with the script and complete all of the sections marked for the student to complete.
In your presentation you must:
- Greet clients and confirm understanding of their needs.
- Discuss with Joel and Amy the 14 stages of the Home Loan Preparation process with an explanation of what occurs at each stage and your role as their broker.
- Identify any recent changes in legislation, the implications of these changes and how FED Brokers have included these changes in their procedures.
- Provide an overview of FED Brokers, including fees and charges as outlined in the Credit Guide.
- Provide an explanation of the completed Credit Proposal including your product and service recommendations and all associated fees and charges based on your understanding of Joel and Amys requirements.
- Obtain feedback from Joel and Amy on product recommendations and expectations and address any concerns they have voiced.
- Obtain agreement from Joel and Amy to proceed with the application by requesting their signatures on the Credit Proposal.
- Arrange Home Loan Application Form to be completed, signed and dated. Explain that they must sign the Privacy Acknowledgement and Consent page.
- Complete a Home Loan Checklist to ensure lender requirements have been met.
On completion of the role play, you must submit
- A completed Credit Guide
- A completed and signed Credit Proposal
- A completed and signed Home Loan Application Form
- A completed and signed Home Loan Checklist
Roles of the persons in supporting roles
Ask a friend, colleague or another student to act in the supporting role. The assessor will provide the scenario instructions and script to participants to use during the roleplay. This will ensure there is enough information so that they can effectively contribute to the demonstration.
This role play will require the following roles:
- Name of role 1 - Joel
- Name of role 2 - Amy
Roles and details for each party
Joel Will attend the scheduled meeting his wife Amy to discuss their home loan enquiry. The Mortgage Broker will present options relating to loans, lenders and required features during the interaction that meet your goals and expectations that were outlined in the Fact Find Form you completed. As the client you should have access to the Fact Find Form in case you are asked questions. Due to cultural protocols, the Mortgage Broker should address you first, then Amy.
Amy Will attend the scheduled meeting her husband Joel to discuss their home loan enquiry. The Mortgage Broker will present options relating to loans, lenders and required features during the interaction that meet your goals and expectations that were outlined in the Fact Find Form you completed. As the client you should have access to the Fact Find Form in case you are asked questions. Due to cultural protocols, the Mortgage Broker should address Joel first and then you.
You will both be provided with the Fact Find Form and the script prior to the role play.
Time allowed
Approximately 30 minutes
You should refer to the list of criteria in the observation checklist to understand what you need to demonstrate in this section of the assessment. This checklist outlines the assessment criteria used to assess your performance.
Once completed, submit this assessment to your Teacher/Assessor for marking.
Checklist
The checklist will be used by your Teacher/Assessor to mark your performance in the previous event type/s. Use this checklist to understand what skills you need to demonstrate in the role play. The checklist lists the assessment criteria used to determine whether you have successfully completed this assessment event. All the criteria must be met. Your demonstration will be used as part of the overall evidence requirements of the unit.
Your Teacher/Assessormayneed to ask you questions:
- to clarify student depth of understanding (for example, why did you select that particular piece of equipment?)
- to capture contingencies that may form part of the demonstration (for example, dealing with faults or unexpected events)
- to prevent a WHS incident (face to face students only).
If additional questions are required, your assessor will document these questions and your responses in theAdditionalQuestionstable following the checklist.
Table 4Observation checklist
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OC # |
Observable criteria |
S |
US |
Assessor Comments (Describe the students ability in demonstrating the required skills and knowledge) |
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1 |
Adjusts communication to establish and maintain rapport and maintain client relationship including: shows respect for clients values beliefs cultural expectations adjusts tone, pace and gestures appropriate for clients uses relevant conventions and protocols |
? |
? |
?Appropriate language everyday English used to present information Student showed: ?empathy ?displayed a positive attitude ?used appropriate body language (maintained eye contact; open posture; appropriate facial expressions) ?Student did not have physical contact with clients during interaction and kept their distance ?Student always addressed and referred to Joel first ?Demonstrated effective communication techniques including: ?maintained a professional but warm manner to engage the clients |
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2 |
Uses questioning and listening skills to confirm needs, elicit information, respond to queries and concerns. |
? |
? |
Student showed: Demonstrated effective communication techniques including: ?showed active listening ?used open, closed and clarifying questions, used unambiguous language, and active listening |
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3 |
Explains Broker role, FED Brokers, lenders panel, fees and complaints process. Identifies any recent changes in legislation or regulations, the implications of these changes and how FED Brokers have included these changes in their procedures. Ensures the client understands the implication of these regulation changes. Ensures the need for referral to specialist adviser was addressed |
? |
? |
Student clearly explained to clients: ?the role of the broker as credit representative FED Brokers ?the role of the principal, FED Brokers, a holder of an ACL and authorised to provide financial services to the public, who has responsibility for the advisers conduct was stated by student ?the student must identify any recent changes in legislation or regulations i.e. BID regulation ?the need to ensure the client understands the implication of these regulation changes ?the need to refer to specialist adviser was addressed |
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4 |
Explains: recommended product options features long teer and short-term benefits charges impacts |
? |
? |
Credit Proposal document to: ?outline 3 suitable products based on stated goals and objectives ?explain term of loan and repayments ?explain features and benefits additional repayments, redraws, repayment pause ?explain lender fees of the 3 options ?explain impacts of the product and changes to interest rates ?explain the recommended product from the 3 options |
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5 |
Confirms understanding on products and obtains feedback/concerns from client and resolves issues. |
? |
? |
?Responded to client concerns by clarifying relevant aspects of proposed solution using clear language. ?Seeks confirmation of clients understanding of proposed solution by using open and clarifying questions. ?Used closed questions and persuasion to confirm solution |
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6 |
Obtains agreement from clients to proceed with product. |
? |
? |
?Obtained clients agreement to the solution using closed questions to elicit response. ?To apply for the Home Loan, we now have to complete and sign the application form, are you happy to sign that now? ?Directed clients to Application form ?Provided clients with Credit Guide as exchange of documentation. |
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Table5Additional Questions table |
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Additional Questions |
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Assessors may ask additional questions to clarify student understanding. Record all additional questions that were asked of the student during the assessment event. |
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Student Reponses to Additional Questions |
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Record the student responses to any additional questions that were asked during this assessment event. |
Task 3: Submission
The application and documents have been compiled, checked and signed as per the Lenders guidelines. Provide a screenshot of the documents you have saved in the following text box. Submit the application and documents to the Lender by email for Joel and Amy.
Table 6Screen shot
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Insert Screen shot |
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Task 4: Lender Decision
You have received the following communication from the Lender indicating their decision for Joel and Amys Home Loan Application. You are required to notify the clients of the decision by email as per organisational policies and procedures.
Table 8Application Outcome
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Education Bank Home Loan Application Outcome |
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Education Bank is pleased to confirm that it will offer credit to the following applicants based on the terms and conditions set out in this communication and Letter of Offer. |
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Applicants |
Joel and Amy Nelson |
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Loan Purpose |
Owner Occupied - New House and Land Package |
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Amount of Credit |
$575,000 |
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Loan Type |
Standard Variable Rate Loan |
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Annual Percentage Rate |
2.44% (subject to change during loan term) |
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Term |
25 years |
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Repayments |
300 monthly repayments of $2584 each (subject to change during loan term) The total amount of repayments is $775,200 |
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Loan Approval Fee |
$600 |
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Acceptance Period |
Expires in 2 weeks |
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Status |
Approved - A formal Letter of Offer will be forwarded within 2 business days and requires the applicants to review and sign and return to Education Bank. |
Table 9Email template
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Email template |
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[Your instructions are enclosed in square brackets. Delete the instructions when finished.] To: [clients email addresses] From: [student first and last name]@fedbrokers.com.au Date: [date uploaded] Subject: Body: Signature block: [student first and last name and contact number] |
Part 2:Scenario2 Frederica
To complete this part of the assessment, read the scenario and complete the tasks required.
You must demonstrate your ability to:
- determine clients broking requirements, explain capabilities, legal and compliance related issues and present broking options to the client.
- present loan applications on behalf of the client.
All responses must:
- address all parts of each question with examples, where required
- use clear and concise language to ensure the intended meaning is understood
Once completed, submit this assessment to your Teacher/Assessor for marking.
Scenario
You are a Mortgage Broker with FED Brokers and have an appointment with Frederica Santos to discuss purchasing a townhouse. You arranged to email her a Fact Find Form to complete prior to coming to the appointment. This document has been completed and returned and can be located at
FED Brokers Fact Find Frederica
Frederica is a 37-years old and is single earning $145,000 per annum before tax as an Insurance Manager with RiskIt. Frederica lives in Sydney. Frederica recently sold her one-bedroom unit in Newtown for $600,000, from the sale she received $350,000 after paying back the mortgage. She is currently living with her parents. She would like to purchase a 3-bedroom townhouse in Stanhope Gardens for $750,000 and therefore is seeking a loan of $400,000 from a suitable Lender, she has indicated on her Fact Find Form that she does not want to take out the new loan with That Bank. She would like a loan term of 20 years. She would like to avail of the low interest rates at the moment, but if there was some flexibility to make small extra repayments she would like to, however being able to budget and know the interest rate will not change over the next 3 years is important to her. As an Insurance Manager she has confirmed in her form that she does not need information on insurance and will arrange this herself.
Frederica has provided the required payslips, bank statements and documents to support a home loan application.
Task 1: Short answer questions
Establish Fredericas need, knowledge of the broking process, clients financial situation and prepare options for the client
- Federica has completed the Fact Find Form you sent her, refer to the completed document:
FED Brokers Fact Find Frederica
Identify her priorities, goals, product expectations and financial situation. Confirm that the information provided is suitable to allow you to research and identify options for the client. (Suggested word count 50 -100 words)
Table 10
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Identify financial situation |
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- Complete a Credit Guide to provide the client. The document should outline your background, credentials and role. The document should include information about your commercial and strategic relationships and arrangements with the 6 lenders you conduct the most business. Ensure the Credit Guide includes procedures for complaint handling and resolution with clients. The FED Brokers Credit Guide can be accessed here: https://share.tafensw.edu.au/share/items/2b737815-a17f-4c4c-9bf4-8c6c25786a76/0/?attachment.uuid=b8865ad7-ead9-4726-8003-4290a021e845
- Research applicable products, services, features and benefits that meet Fredericas needs and expectations from the information provided in the Fact Find Form with your panel of Lenders. Include 3 products and lenders that match the client needs and expectations in theCredit Proposaldocument:
Long URL: https://share.tafensw.edu.au/share/items/2b737815-a17f-4c4c-9bf4-8c6c25786a76/0/?attachment.uuid=80091b0e-6c82-48a5-8e86-5978ee701844
- Identify if you need to seek advice from a specialist to support the clients. If a specialist is required outline the reason for their involvement in the home buying process.
(Suggested word count 50 -100 words)
Table 11
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Referral if required |
- Complete a Lender Home Loan Application based on the clients needs, located
based on your recommendation you provided in the Credit Proposal, including personal information gathered in the Fact Find.
- Complete a Home Loan Checklist to confirm loan requirements and supporting documentation is accurate and reliable located in
Task 2: Role Play
To complete this part of the assessment, you will participate in a role play to demonstrate their ability to complete skills-based tasks to industry standards. The role play will be observed by your Teacher/Assessor or can be digitally recorded and submitted as evidence.
The presentation will be used as part of the overall evidence requirements of the unit.
You should refer to the list of criteria provided in the Observation Checklist to understand what skills you need to demonstrate in this section of the assessment. This Checklist outlines the Performance Criteria, Performance Evidence and Assessment Conditions your Teacher/Assessor will be marking you on.
Once completed you will need to submit this assessment to your Teacher/Assessor for marking.
The scenario
In this role play, you are a mortgage broker working for FED Brokers who is presenting your client, Frederica, with a Credit Proposal documenting your recommendations based on your understanding of their personal circumstances, financial situation, needs, requirements and objectives.
Role of the student being assessed
During your role play you must demonstrate the following skills:
- Present Frederica with a Credit Proposal that outlines the products and services you are recommending and explain how the features and benefits of each meet their needs and expectations.
- Identify any recent changes in legislation, the implications of these changes and how Fed Brokers have included these changes in their procedures. Ensure she understands the implication of these regulation changes.
- Explain all fees, charges, broker payments and commissions associated with your recommendations
- Obtain feedback from Frederica regarding their understanding and expectations and address any concerns they have regarding the services and products you have recommended and resolve any issues.
- Appendix B contains a script for you, the mortgage broker, to follow during the role play. You should familiarise yourself with the script and complete all of the sections marked for the student to complete.
In your presentation you must:
- Greet client and confirm understanding of her needs.
- Discuss with Frederica the 14 stages of the Home Loan Preparation process with an explanation of what occurs at each stage and your role as her broker.
- Identify any recent changes in legislation, the implications of these changes and how Fed Brokers have included these changes in their procedures.
- Provide an overview of FED Brokers, including fees and charges as outlined in the Credit Guide.
- Provide an explanation of the completed Credit Proposal including your product and service recommendations and all associated fees and charges based on your understanding of Fredericas requirements.
- Obtain feedback from Frederica on product recommendations and expectations and address any concerns she has voiced.
- Obtain agreement from Frederica to proceed with the application by requesting her signature on the Credit Proposal.
- Arrange Home Loan Application Form to be completed, signed and dated. Explain that she must sign the Privacy Acknowledgement and Consent page.
- Complete a Home Loan Checklist to ensure lender requirements have been met.
On completion of the role play, you must submit
- A completed Credit Guide
- A completed and signed Credit Proposal
- A completed and signed Home Loan Application Form
- A completed and signed Home Loan Checklist
Role of the person in supporting roles
Ask a friend, colleague or another student to act in the supporting role. The assessor will provide the scenario instructions and script to the participant to use during the roleplay. This will ensure there is enough information so that they can effectively contribute to the demonstration.
This role play will require the following role:
- Name of role 1 Frederica
Role and details for each party
Frederica Will attend the scheduled meeting to discuss her home loan enquiry. The Mortgage Broker will present options relating to loans, lenders and required features during the interaction that meet your goals and expectations that were outlined in the Fact Find Form you completed. As the client you should have access to the Fact Find Form in case you are asked questions.
You will be provided with the Fact Find Form and the script prior to the role play.
Time allowed
Approximately 30 minutes
You should refer to the list of criteria in the observation checklist to understand what you need to demonstrate in this section of the assessment. This checklist outlines the assessment criteria used to assess your performance.
Once completed, submit this assessment to your Teacher/Assessor for marking.
Checklist
The checklist will be used by your Teacher/Assessor to mark your performance in the previous event type/s. Use this checklist to understand what skills you need to demonstrate in the role play. The checklist lists the assessment criteria used to determine whether you have successfully completed this assessment event. All the criteria must be met. Your demonstration will be used as part of the overall evidence requirements of the unit.
Your Teacher/Assessormayneed to ask you questions:
- to clarify student depth of understanding (for example, why did you select that particular piece of equipment?)
- to capture contingencies that may form part of the demonstration (for example, dealing with faults or unexpected events)
- to prevent a WHS incident (face to face students only).
If additional questions are required, your assessor will document these questions and your responses in theAdditionalQuestionstable following the checklist.
Table 2 Observation Checklist
|
OC # |
Observable criteria |
S |
US |
Assessor Comments (Describe the students ability in demonstrating the required skills and knowledge) |
|
|
1 |
Adjusts communication to establish and maintain rapport and maintain client relationship including: show respect for clients values beliefs cultural expectations adjusts tone, pace and gestures appropriate for clients uses relevant conventions and protocols |
? |
? |
?Appropriate language everyday English used to present information Student showed: ?empathy ?displayed a positive attitude ?used appropriate body language (maintained eye contact; open posture; appropriate facial expressions) ?Student did not have physical contact with clients during interaction and kept their distance ?Student always addressed and referred to Joel first Demonstrated effective communication techniques including: ?used open, closed and clarifying questions, used unambiguous language, and active listening ?maintained a professional but warm manner to engage the clients |
|
|
2 |
Uses questioning and listening skills to elicit information, respond to queries and concerns |
? |
? |
?Appropriate language everyday English used to present information Student showed: ?active listening ?empathy Demonstrated effective communication techniques including: ?showed active listening ?used open, closed and clarifying questions, used unambiguous language, and active listening ?maintained a professional but warm manner to engage the clients |
|
|
3 |
Explains Broker role, FED Brokers, lenders panel, fees and complaints process. Identifies any recent changes in legislation or regulations, the implications of these changes and how Fed Brokers have included these changes in their procedures. Ensures the client understands the implication of these regulation changes. Ensures the need for referral to specialist adviser was addressed |
? |
? |
Student clearly explained to clients: ?the role of the student as credit representative FED Brokers ?the role of the principal, FED Brokers, a holder of an ACL and authorised to provide financial services to the public, who has responsibility for the advisers conduct was stated by student ?the student must identify any recent changes in legislation or regulations i.e. BID regulation ?the need to ensure the client understands the implication of these regulation changes ?the need to refer their enquiry to specialist was addressed |
|
|
4 |
Explains: recommended product options features long teer and short term benefits charges impacts |
? |
? |
Credit Proposal document to: ?outline 3 suitable products based on stated goals and objectives ?explain term of loan and repayments ?explain features and benefits additional repayments, redraws, repayment pause ?explain lender fees of the 3 options ?explain impacts of the product and changes to interest rates ?explain the recommended product from the 3 options |
|
|
5 |
Confirms understanding on products and obtains feedback/concerns from client and resolves issues |
? |
? |
?Responded to client concerns by clarifying relevant aspects of proposed solution using clear language. ?Seeks confirmation of clients understanding of proposed solution by using open and clarifying questions. ?Used closed questions and persuasion to confirm solution |
|
|
6 |
Obtains agreement from clients to proceed with product |
? |
? |
?Obtained clients agreement to the solution using closed questions to elicit response. ?To apply for the Home Loan, we now have to complete and sign the application form, are you happy to sign that now? ?Directed clients to Application form ?Provided clients with Credit Guide as exchange of documentation. |
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Table12Additional Questions table |
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Additional Questions |
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Assessors may ask additional questions to clarify student understanding. Record all additional questions that were asked of the student during the assessment event. |
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Student Reponses to Additional Questions |
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Record the student responses to any additional questions that were asked during this assessment event. |
Task 3: Submission
- The application and documents have been compiled, checked and signed as per the Lenders guidelines. Provide a screenshot of the documents you have saved in the following text box. Submit the application and documents to the Lender by email for Frederica.
Table 13Screen shot
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Insert Screen shot |
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Table 14Email template
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Email Template |
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[Your instructions are enclosed in square brackets. Delete the instructions when finished.] To: [clients email addresses] From: [student first and last name]@fedbrokers.com.au Date: [date uploaded] Subject: Body: Signature block: [student first and last name and contact number] |
Task 4:Lender Decision
You have received the following communication from the Lender indicating their decision for Fredericas Home Loan Application. You are required to notify the client of the decision by email as per organisational policies and procedures.
Table 15Application Outcome
|
Money Bank Home Loan Application Outcome |
|
|
Money Bank is pleased to confirm that it will offer credit to the following applicants based on the terms and conditions set out in this communication and Letter of Offer. |
|
|
Applicants |
Frederica Santos |
|
Loan Purpose |
Owner Occupied Property Purchase |
|
Amount of Credit |
$400,000 |
|
Loan Type |
Fixed Rate Loan 3 years |
|
Annual Percentage Rate |
2.87% (subject to change during loan term) |
|
Term |
20 years |
|
Repayments |
240 monthly repayments of $2200 each (subject to change during loan term) The total amount of repayments is $528,000 |
|
Loan Approval Fee |
$200 |
|
Acceptance Period |
Expires in 2 weeks |
|
Status |
Approved - A formal Letter of Offer will be forwarded within 2 business days and requires the applicant to review and sign and return to Money Bank. |
Table 16Email Template
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Email template |
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[Your instructions are enclosed in square brackets. Delete the instructions when finished.] To: [clients email addresses] From: [student first and last name]@fedbrokers.com.au Date: [date uploaded] Subject: Body: Signature block: [student first and last name and contact number] |
Part 3: Scenario 3 Felix and Joe
To complete this part of the assessment, read the scenario and complete the tasks required.
Your responses must demonstrate your ability to:
- determine the clients broking requirements, explain capabilities, legal and compliance related issues and present broking options to the clients.
- present loan applications on behalf of the clients.
All responses must:
- address all parts of each question with examples, where required
- use clear and concise language to ensure the intended meaning is understood
Once completed, submit this assessment to your Teacher/Assessor for marking.
Scenario:
You are a Mortgage Broker with FED Brokers and have an appointment with Felix Fisher and Joe Bryant to discuss purchasing a unit. You arranged to email them a Fact Find document for them to complete prior to coming to the appointment. This document has been completed and returned and can be located:
Fed Brokers Fact Find Felix and Joe
Long URL: https://share.tafensw.edu.au/share/items/2b737815-a17f-4c4c-9bf4-8c6c25786a76/0/?attachment.uuid=68c5cccb-f666-48e5-b52f-f59771fc3d15
Felix and Joe are 35 years of age and 41 years of age respectively. Felix earns $90,000 per annum before tax as a Warehouse Co-ordinator at Buildings2U and Joe earns $125,000 per annum before tax as a Dietician at Health Hospital. Felix and Joe live in Sydney and they are first home buyers. They are looking for a 2-bedroom unit in the Bankstown area. They have $130,000 deposit saved. They have indicated they are interested in a loan of $600,000 for 20 years. They want a loan that is flexible, but they want to have some rate lock guarantee for $500,000 over the next five years as they establish themselves into owning property. They indicated that they both receive work bonuses every quarter that they would like to apply to the loan. Felix and Joe are not having a family.
Felix and Joe have provided the required payslips, bank statements and documents to support a home loan application.
Task 1: Short answer questions
Establish Felix and Joes loan requirements, knowledge of the broking process, clients financial situation and prepare options for the client
Fed Brokers Fact Find Felix and Joe:
- Felix and Joe have completed and returned theFed Brokers Fact FindIdentify their priorities, goals, product expectations and financial situation. Confirm that the information provided is suitable and sufficient to allow you to research and identify options for the client. (Suggested word count 50 -100 words)
Long URL: https://share.tafensw.edu.au/share/items/2b737815-a17f-4c4c-9bf4-8c6c25786a76/0/?attachment.uuid=68c5cccb-f666-48e5-b52f-f59771fc3d15
Table 17
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Identify financial situation |
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|
- Complete a Credit Guide to provide the client. The document should outline your background, credentials and role. The document should include information about your commercial and strategic relationships and arrangements with the 6 lenders you conduct the most business. Ensure theCredit Guideincludes procedures for complaint handling and resolution with clients. The FED Brokers Credit Guide can be accessed here:
Long URL: https://share.tafensw.edu.au/share/items/2b737815-a17f-4c4c-9bf4-8c6c25786a76/0/?attachment.uuid=b8865ad7-ead9-4726-8003-4290a021e845
- Research applicable products, services, features and benefits that meet Felix and Joes needs and expectations from the information provided in the Fact Find document with your panel of Lenders. Include 3 products and lenders that match the clients needs and expectations in theCredit Proposaldocument in:
Long URL: https://share.tafensw.edu.au/share/items/2b737815-a17f-4c4c-9bf4-8c6c25786a76/0/?attachment.uuid=80091b0e-6c82-48a5-8e86-5978ee701844
- Identify if you need to seek advice from a specialist to support the clients. If aspecialist is required outline the reason for their involvement in thehome buying process.(Suggested word count 15-30 words.)
Table 18
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Referral if required |
- Complete aLender Home Loan Applicationbased on the clients needs, based on your recommendation you provided in the Credit Proposal, including personal information gathered in the Fact Find document.
Long URL: https://share.tafensw.edu.au/share/items/2b737815-a17f-4c4c-9bf4-8c6c25786a76/0/?attachment.uuid=11f619a5-4908-43cd-a5cc-8207c0b8d24a
- Complete aHome Loan Checklistto confirm loan requirements and supporting documentation are accurate and reliable.
Long URL: https://share.tafensw.edu.au/share/items/2b737815-a17f-4c4c-9bf4-8c6c25786a76/0/?attachment.uuid=2b41fbb3-e721-484e-b32e-57658e2873da
To complete this part of the assessment, read the scenario and complete the tasks required.
Your responses must demonstrate your ability to:
- determine clients broking requirements, explain capabilities, legal and compliance related issues and present broking options to the client.
- present loan applications on behalf of the client.
All responses must:
- address all parts of each question with examples, where required
- use clear and concise language to ensure the intended meaning is understood
Once completed, submit this assessment to your Teacher/Assessor for marking.
Task 2: Role Play
To complete this part of the assessment, you will participate in a role play to demonstrate their ability to complete skills-based tasks to industry standards. The role play will be observed by your Teacher/Assessor or can be digitally recorded and submitted as evidence.
The presentation will be used as part of the overall evidence requirements of the unit.
Students should refer to the list of criteria provided in the Observation Checklist to understand what skills you need to demonstrate in this section of the assessment. This Checklist outlines the Performance Criteria, Performance Evidence and Assessment Conditions your Teacher/Assessor will be marking you on.
Once completed you will need to submit this assessment to your Teacher/Assessor for marking.
The scenario
In this role play, you are a Mortgage Broker working for FED Brokers who is presenting your clients, Felix and Joe, with a Credit Proposal documenting your recommendations based on your understanding of their personal circumstances, financial situation, needs, requirements and objectives.
Role of the student being assessed
During your role play you must demonstrate the following skills:
- Present Felix and Joe with a Credit Proposal that outlines the products and services you are recommending and explain how the features and benefits of each meet their needs and expectations.
- Identify any recent changes in legislation, the implications of these changes and how Fed Brokers have included these changes in their procedures. Ensure they understand the implication of these regulation changes.
- Explain all fees, charges, broker payments and commissions associated with your recommendations
- Obtain feedback from Felix and Joe regarding their understanding and expectations and address any concerns they have regarding the services and products you have recommended and resolve any issues.
- Appendix C contains a script for you, the mortgage broker, to follow during the role play. You should familiarise yourself with the script and complete all of the sections marked for the student to complete.
In your presentation you must:
- Greet clients and confirm understanding of their needs.
- Discuss with Felix and Joe the 14 stages of the Home Loan Preparation process with an explanation of what occurs at each stage and your role as their broker.
- Identify any recent changes in legislation, the implications of these changes and how Fed Brokers have included these changes in their procedures.
- Provide an overview of FED Brokers, including fees and charges as outlined in the Credit Guide.
- Provide an explanation of the completed Credit Proposal including your product and service recommendations and all associated fees and charges based on your understanding of their requirements.
- Obtain feedback from Felix and Joe on product recommendations and expectations and address any concerns she has voiced.
- Obtain agreement from Felix and Joe to proceed with the application by requesting her signature on the Credit Proposal.
- Arrange Home Loan Application Form to be completed, signed and dated. Explain that they must sign the Privacy Acknowledgement and Consent page.
- Complete a Home Loan Checklist to ensure lender requirements have been met.
On completion of the role play, you must submit
- A completed Credit Guide
- A completed and signed Credit Proposal
- A completed and signed Home Loan Application Form
- A completed and signed Home Loan Checklist
On completion of the role play, you must submit
- A completed Credit Guide
- A completed and signed Credit Proposal
- A completed and signed Home Loan Application Form
- A completed and signed Home Loan Checklist
Role/s of the person/s in supporting roles
Ask a friend, colleague or another student to act in the supporting role. The assessor will provide the scenario instructions and script to the participants to use during the roleplay. This will ensure there is enough information so that they can effectively contribute to the demonstration.
This role play will require the following roles:
- Name of role 1 - Felix
- Name of role 2 - Joe
Roles and details for each party
Felix Will attend the scheduled meeting his partner Joe to discuss their home loan enquiry. The Mortgage Broker will present options relating to loans, lenders and required features during the interaction that meet your goals and expectations that were outlined in the Fact Find Form you completed.
You will be provided with the Fact Find Form and the script for the roleplay.
Joe Will attend the scheduled meeting his partner Felix to discuss their home loan enquiry. The Mortgage Broker will present options relating to loans, lenders and required features during the interaction that meet your goals and expectations that were outlined in the Fact Find Form you completed.
You will be provided with the Fact Find Form and the script for the roleplay.
Time allowed
Approximately 30 minutes
You should refer to the list of criteria in the observation checklist to understand what you need to demonstrate in this section of the assessment. This checklist outlines the assessment criteria used to assess your performance.
Once completed, submit this assessment including your PowerPoint presentation to your Teacher/Assessor for marking.
Checklist
The checklist will be used by your Teacher/Assessor to mark your performance in the previous event type/s. Use this checklist to understand what skills you need to demonstrate in the role play. The checklist lists the assessment criteria used to determine whether you have successfully completed this assessment event. All the criteria must be met. Your demonstration will be used as part of the overall evidence requirements of the unit.
Your Teacher/Assessormayneed to ask you questions:
- to clarify student depth of understanding (for example, why did you select that particular piece of equipment?)
- to capture contingencies that may form part of the demonstration (for example, dealing with faults or unexpected events)
- to prevent a WHS incident (face to face students only).
If additional questions are required, your assessor will document these questions and your responses in theAdditionalQuestionstable following the checklist
Table 3 Observation Checklist
|
OC # |
Observable criteria |
S |
US |
Assessor Comments (Describe the students ability in demonstrating the required skills and knowledge) |
|
|
1 |
Adjusts communication to establish and maintain rapport and maintain client relationship including: show respect for clients values beliefs cultural expectations adjusts tone, pace and gestures appropriate for clients uses relevant conventions and protocols |
? |
? |
?Appropriate language everyday English used to present information Student showed: ?empathy ?displayed a positive attitude ?used appropriate body language (maintained eye contact; open posture; appropriate facial expressions) ?Student did not have physical contact with clients during interaction and kept their distance ?Student always addressed and referred to Joel first Demonstrated effective communication techniques including: ?used open, closed and clarifying questions, used unambiguous language, and active listening ?maintained a professional but warm manner to engage the clients |
|
|
2 |
Uses questioning and listening skills to elicit information, respond to queries and concerns |
? |
? |
?Appropriate language everyday English used to present information Student showed: ?active listening ?empathy Demonstrated effective communication techniques including: ?showed active listening ?used open, closed and clarifying questions, used unambiguous language, and active listening ?maintained a professional but warm manner to engage the clients |
|
|
3 |
Explains Broker role, FED Brokers, lenders panel, fees and complaints process. Identifies any recent changes in legislation or regulations, the implications of these changes and how Fed Brokers have included these changes in their procedures. Ensures the client understands the implication of these regulation changes. Ensures the need for referral to specialist adviser was addressed |
? |
? |
Student clearly explained to clients: ?the role of the student as credit representative FED Brokers ?the role of the principal, FED Brokers, a holder of an ACL and authorised to provide financial services to the public, who has responsibility for the advisers conduct was stated by student ?the student must identify any recent changes in legislation or regulations i.e. BID regulation ?the need to ensure the client understands the implication of these regulation changes ?the need to refer their enquiry to specialist adviser was addressed |
|
|
4 |
Explains: recommended product options features long teer and short term benefits charges impacts |
? |
? |
Credit Proposal document to: ?outline 3 suitable products based on stated goals and objectives ?explain term of loan and repayments ?explain features and benefits additional repayments, redraws, repayment pause ?explain lender fees of the 3 options ?explain impacts of the product and changes to interest rates ?explain the recommended product from the 3 options |
|
|
5 |
Confirms understanding on products and obtains feedback/concerns from client and resolves issues |
? |
? |
?Responded to client concerns by clarifying relevant aspects of proposed solution using clear language. ?Seeks confirmation of clients understanding of proposed solution by using open and clarifying questions. ?Used closed questions and persuasion to confirm solution |
|
|
6 |
Obtains agreement from clients to proceed with product |
? |
? |
?Obtained clients agreement to the solution using closed questions to elicit response. ?To apply for the Home Loan, we now have to complete and sign the application form, are you happy to sign that now? ?Directed clients to Application form ?Provided clients with Credit Guide as exchange of documentation. |
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Table19Additional Questions table |
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Additional Questions |
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Assessors may ask additional questions to clarify student understanding. Record all additional questions that were asked of the student during the assessment event. |
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Student Reponses to Additional Questions |
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Record the student responses to any additional questions that were asked during this assessment event. |
Task 3: Submission
- The application and documents have been compiled, checked and signed as per the Lenders guidelines. Provide a screenshot of the documents you have saved in the following text box. Submit the application and documents to the Lender by email for Felix and Joe.
Table 20Screen shot
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Insert Screen shot |
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Table 21Email template
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Email template |
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[Your instructions are enclosed in square brackets. Delete the instructions when finished.] To: [clients email addresses] From: [student first and last name]@fedbrokers.com.au Date: [date uploaded] Subject: Body: Signature block: [student first and last name and contact number] |
Task 4: Lender Decision
You have received the following communication from the Lender indicating their decision for Felix and Joes Home Loan Application. You are required to notify the client of the decision by email as per organisational policies and procedures.
Table 22Application Outcome
|
Bank 4 U Home Loan Application Outcome |
|
|
Bank 4 U has assessed the following loan and advises it has declined the application to offer credit to the following applicants based on the terms and conditions set out in this communication. |
|
|
Applicants |
Felix Fisher and Joe Bryant |
|
Loan Purpose |
Owner Occupied Property Purchase |
|
Amount of Credit |
$600,000 ($100,000 standard variable/$500,000 fixed rate for 5 years) |
|
Loan Type |
Combination/Split Loan |
|
Annual Percentage Rate |
2.79% (rate lock guarantee 5 years) |
|
Term |
20 years |
|
Repayments |
240 monthly repayments of $3273 each (subject to change during loan term) The total amount of repayments is $785,520 |
|
Loan Approval Fee |
$300 |
|
Acceptance Period |
Expires in 2 weeks |
|
Status |
Declined Credit history for Felix Fisher revealed defaults and additional liabilities that were not disclosed on the application. Arrange review of clients personal situation and discuss the impact of the findings. |
Table 23Email Template
|
Email template |
|
[Your instructions are enclosed in square brackets. Delete the instructions when finished.] To: [clients email addresses] From: [student first and last name]@fedbrokers.com.au Date: [date uploaded] Subject: Body: Signature block: [student first and last name and contact number] |
Assessment feedback
NOTE: This sectionmusthave the Teacher/Assessor and student signature to complete the feedback. If you are submitting through the TAFE NSW online learning platform, your Teacher/Assessor will give you feedback via the platform.
Assessment outcome
?Satisfactory
?Unsatisfactory
Assessor feedback
? Has the assessment declaration for this assessment event been signed and dated by the student?
? Are you assured that the evidence presented for assessment is the students own work?
? Was reasonable adjustment in place for this assessment event?
If yes, ensure it is detailed on the assessment document.
Comments:
Assessor name, signature and date
Student acknowledgement of assessment outcome
Would you like to make any comments about this assessment?
