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FNS40815_FNSFMB401 Certificate IV in FINANCE & MORTGAGE BROKING
| FNSFMB401 Prepare loan application on behalf of finance or mortgage broking clients | |
| Unit Description | This unit describes the skills and knowledge required to prepare a client loan application to a relevant lender, and present and process the loan using appropriate channels. Assistance with loan settlement may also apply. |
| Learning Outcomes | By the end of this unit, students will be able to:
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Activity 1
Outline which aspect of a mortgage broking code of practice prohibits members from charging non- refundable fees for credit applications.
(Outline key features of relevant current legislation and codes of practice relating to finance and mortgage broking)
Activity 1 Answer
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Activity 2
Why is it necessary for a broker to choose the appropriate form for a home loan applicant? (Explain the different types of relevant lender forms)
Activity 2 Answer
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Activity 3
Describe what information is required from an applicant in support of a standard home loan. (Describe what information is required to support a loan application)
Activity 3 Answer
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Activity 4
Describe the steps between a conditional approval from a home loan lender to final loan settlement. (Describe key stages and features of loan settlement processes)
Activity 4 Answer
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Activity 5
Describe the features and purpose of a loan amortization schedule. What changes would occur to this schedule if home loan interest rates changed?
(Describe loan requirements and characteristics including: term; interest rate; amount; support documentation)
Activity 5 Answer
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Activity 6
Why do banks require independent property valuations prior to approving home loans?
(Describe key features of the following processes: loan management; instructing valuers to assess the value of a property or other types of security)
Activity 6 Answer
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Activity 7
Identify and explain some lender requirements and guidelines for home loan applications.
(Explain general and specific lender requirements and guidelines for loan applications and securing a loan)
Activity 7 Answer
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Activity 8
Identify and describe the types of security required by a home loan lender. (Identify various types of security that may be required by lenders)
Activity 8 Answer
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