Certificate IV in Finance and Mortgage Broking Assignments

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Section 1: 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:

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


Lessor and lessee
Mortgagee and mortgagor

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

Credit check signed authority
Guarantee
Loan contract
Periodical payment authority
Signed application form

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

The negotiation process
Customer Relationship Management (CRM) tool
Certificate of Currency

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 Australia’s central bank and is responsible for monetary policy, financial and payment system policies, and other financial matters.

Task 2: Question 1

Research the RBA website and answer the following questions:

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

Student response to Task 2: Question 1(a)

(b) The RBA meet on the first Tuesday of each month to review the cash rate. Name three (3) things relevant to a mortgage broker’s role upon which the cash rate impacts.

Student response to Task 2: Question 1(b)

Task 3 — Financial services legislation and industry codes of practice

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:

Two (2) Regulations/Legislations and two (2) codes of practice with which you must keep up to date.
For both, provide the website name and URL address, and explain how these websites are helpful for keeping up to date with changes.

Student response to Task 3: Question 1

Regulation/ Legislation name	Website URL Address	Explain how this website is helpful to keep up to date with changes


Code Name	Website URL Address	Explain how this website is helpful to keep up to date with changes

Task 3: Question 2

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

Task 3: Question 3

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

Task 3: Question 4

(a) In your own words, describe the key features and the 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.

Task 3: Question 5

(a) In your own words describe 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.

Task 3: Question 6

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

(b) Explain how you would execute changes to your organisation’s policy, procedures and practices to ensure that you are meeting the changes (for example, the introduction of best interests duty).

Task 3: Question 7

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.

Task 3: Question 8

Remaining compliant with financial services regulation and industry codes of practice is vital.
One way to make sure compliance is being met is through monitoring or internal audits.

You have been asked by your manager to implement an internal monitoring/audit process for your mortgage broking firm to ensure that the credit representatives are meeting their obligations with regulation, legislation and codes of practice.

Outline the monitoring/audit process that 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 you will use.
How or where you will record the outcomes.

Task 3: Question 9

What information provided by a client needs to be retained by a financial services organisation, like a brokerage?

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 are able to 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 client’s 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.

Student response to Task 4: Question 1

	1. Variable rate home loan — package	2. Fixed rate home loan	3. Interest only home loan
Financial institution and name of product
Product characteristics (features) (Minimum of three (3))	1. 2. 3.	1. 2. 3.	1. 2. 3.
Product purpose (What would a client use this for?)
Applicable fees and charges
Terms and conditions of this product (Minimum of three (3))	1. 2. 3.	1. 2. 3.	1. 2. 3.
List one (1) strength and one (1) weakness	Strength: Weakness:	Strength: Weakness:	Strength: Weakness:
	4. Home equity loan (line of credit)	5. Credit card	6. Personal overdraft
Financial institution and name of product
Product characteristics (features) (Minimum of three (3))	1. 2. 3.	1. 2. 3.	1. 2. 3.
Product purpose (What would a client use this for?)
	4. Home equity loan (line of credit)	5. Credit card	6. Personal overdraft
Applicable fees and charges
Terms and conditions of this product (Minimum of three (3))	1. 2. 3.	1. 2. 3.	1. 2. 3.
List one (1) strength and one (1) weakness	Strength: Weakness:	Strength: Weakness:	Strength: Weakness:

Task 4: Question 2

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

Task 4: Question 3

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

(b) Where can you locate a lending organisation’s 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.

Task 4: Question 4

The Australian Banking Association’s (ABA) Banking Code of Practice (BCOP) outlines several obligations for 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.

(d) According to the BCOP, how would you identify (become aware of) a potentially vulnerable client and a client on a low-income?

Task 4: Question 5

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)

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