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FNS40815_ FNSFMB401 Assessment 3 Questions and Answers
| 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
Describe the responsible lending obligations of a mortgage broker.
Activity 1 Answer
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Activity 2
Identify the regulatory framework under which finance and mortgage brokers operate.
Activity 2 Answer
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Activity 3
Identify and describe the four elements which are required to determine the legal validity of hand- written signatures.
Activity 3 Answer
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Activity 4
Why are the debt commitments of a home loan applicant important information for brokers and lenders?
Activity 4 Answer
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Activity 5
Identify situations where a lender my not need to comply with the Privacy Act as it applies to personal information.
Activity 5 Answer
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Activity 6
Identify and describe the obligations and responsibilities of home loan applicants.
Activity 6 Answer
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Activity 7
In what circumstances might someone, other than the applicant, complete home loan application forms on behalf of an applicant?
Activity 7 Answer
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Activity 8
Describe some services that a mortgage broker could provide to clients after a home loan has been approved and settled.
Activity 8 Answer
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Reference ID: #getanswers2001031