FNSFMB501 Settle Applications and Loan Arrangements in the Finance and Mortgage Broking Industry Assessment 3 Answers

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FNS50315 Diploma of Finance and Mortgage Broking Management Assessment 3 Questions

FNSFMB501 Settle applications and loan arrangements in the finance and mortgage broking industry  
Unit Description This unit describes the skills and knowledge required to settle applications and loan arrangements for debt finance and undertake final arrangements to secure and complete the lending transaction for a client applying for a mortgage or related finance.
 
Learning Outcomes By the end of this unit, students will be able to:

  • Prepare for settlement
  • Register securities
  • Arrange for disbursement of funds

 

Activity 1

You have been notified by your bank that your mortgage loan has been ‘approved in principle’. Should you immediately commit to purchasing a property? Explain your answer.

Activity 1 Answer

 

 

Activity 2

What steps should be taken to prepare for a property settlement?

Activity 2 Answer

 

 

Activity 3

Henry has saved up $42,500 to use as a deposit and he wants to know the maximum price of a property he can purchase while avoiding Lender’s Mortgage Insurance (LMI). Henry’s financial service provider requires borrowers with a Loan to Value ratio (LVR) of 80% or more to take out LMI.

Calculate how much Henry can spend on a property without having to pay LMI. Show your workings.

Activity 3 Answer

 

 

Activity 4

Identify and explain some of the benefits of the new PEXA system of e-conveyancing.

Activity 4 Answer

 

 

Activity 5

How is buying property at an auction different from buying property through a real estate agent?

Activity 5 Answer

 

 

Activity 6

What sort of disbursements might a conveyancer make on behalf of a property purchaser?

Activity 6 Answer

 

 

Activity 7

What are adjustments when related to a property settlement?

Activity 7 Answer

 

 

 

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