FNSCRD301 - Process Applications for Credit - Accounting and Finance Assignment Help

Assignment Task

1. Based on the information provided in the case study and any other online tools used, you now need to assess the clients’ loan application paying particular attention that you have met legislative requirements, followed industry codes of practice and met lender credit policy.

(a) Does the application appear to meet legislative requirements? (e.g. NCCP)

(b) According to the Genworth calculator, what is the maximum borrowing capacity of client?

(c) Does the client have the capacity to meet deposit and total cash contribution for the loan required?

(d) What are the required repayments based on the loan required?

(e) What will the security be and is it an appropriate type of security?

(f) (i) Will Jennifer and Philip be required to pay Lenders Mortgage Insurance (LMI) and why?

(ii) If so, what would the premium be?

(iii) Name at least two (2) options borrowers have to pay the LMI fee.

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