DIPMB1 - Industry Knowledge and The Lending Process - Philip and Jennifer Brown Case Study - Accounting & Finance Assignment Help

Assignment Task

Question 1
In Parts 3, 4 and 5 of this assignment you will act as a broker and will be required to make an audio recording. Prepare a list of resources and equipment you will need for these oral tasks.
 

Question 2
Aside from the resources and equipment identified in Part 2 Question 1 of this assignment:
• What will you do to prepare for the delivery of the loan proposal in Part 4: Role play?
• What communication techniques would you use to respond to any difficult questions?

Question 3
There have been recent changes to the level of ‘reasonable enquiries’ required to assess a client’s financial position making it necessary to obtain a number of additional documents to complete a more depth check of living expenses. Explain below how you would detail these changes to colleagues.

Question 4 - You are a broker who charges a fee for your service. You are meeting a new client, Stephanie Jones, for the first time at your office after an initial cold call.
The purpose of the meeting is to start to gather information about her existing financial situation, goals and needs. To comply with organisation policy and legislative requirements and to ensure that Stephanie can make informed decisions moving forward, there are two documents you must provide to Stephanie.
(a) Name the two (2) documents you must provide to Stephanie.
(b) Explain the disclosures that are contained in the documents in your own words.
(c) Give one (1) example of how you would check with her that she understands these disclosures.
(d) Communicate to Stephanie your commercial relationship with the various product providers from which you will access loan product options for her.

Question 5 - Stephanie has acknowledged that she understands the two documents and disclosures. She then begins to tell you more about her current financial situation.
(a) Describe the communication skills you will use to:
• encourage Stephanie to express her needs and goals
• determine her current investment and assets position
• consider various home loan options for her.

Question 6 - This is Stephanie’s first home purchase. She is very happy with all of your advice and has made a decision on which loan option she would like to take. She now asks ‘what happens from here?’ Advise Stephanie on:
(a) • the key documents you will require from her prior to submitting an application
• the steps that will occur from this meeting through to settlement and your role in those steps.
(b) how you will communicate with relevant parties to keep the loan approval process on track
(c) how you will communicate with her throughout the process and advise her of next steps when the lenders decision for an offer (approval) or a non-offer (declined) loan is made.

Question 7. After talking with friends, Stephanie expresses some resistance with committing and says she is a little worried that possible increases in interest rate will be too difficult for her to handle.
(a) Ask Stephanie three (3) questions to help you identify the reasons for her resistance and how you would document them.
(b) What processes would you use to research options for Stephanie and then present these options to effectively negotiate a commitment to proceed with the option you have recommended?
(c) Explain where you would document your research and discussions with Stephanie.

case study — Philip and Jennifer Brown
Note: This Philip and Jennifer Brown case study is also used in the written assignment as part of this course. It is recommended that you complete Tasks 1 and 2 of the Written assignment prior to undertaking the role play, as this will assist you in assessing the clients’ needs and potential loan structure that you can use for this role play activity. Alternatively, in preparation for the role play, use the tools available to you (e.g. loan calculators, lenders and Genworth websites), to prepare your presentation to the clients.

Background
Philip and Jennifer Brown are a young couple about to buy their first home. They have been married for five years and during that time have rented an apartment while saving for their own home. Following a personal referral from Glenn Brown (Philip’s brother), you have already had a first meeting with Philip and Jennifer to discuss their objectives and needs. They admitted they have little time to do much research on lenders; have limited knowledge of the loan products available and basically are not sure what is right for them. During (and subsequent) to your first meeting, Philip and Jennifer have provided the basic information documents — pay slips, tax returns, bank statements, property details for review/verification. You have now undertaken your preliminary assessment and need to discuss and present to them the proposal covering the options and your recommendations. It is important to get the proposal moving quickly, as the agent has indicated other parties are interested in the property. They have been looking at properties for the past three months and have found a 10-year-old established apartment that has really caught their eye; although they have some concern over the kitchen, which requires a little work.

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