MAS21516 - Finance - Certificate IV in Finance and Mortgage Broking - Assessment Answer

MAS21516 Certificate IV in Finance and Mortgage Broking Assessment Answer

Assessment Task:

You are required to keep a copy of your assessment task for a period of 12 months.

1. Identify and Interpret Compliance Requirements  
 

2 Deliver and Monitor a Service to Customer
 

3 Contribute to OHS Hazard Identification & Risk Assessment

4 Manage Personal Work Priorities and Professional Development
 

5 Develop and Nurture Relationships with Clients, Other Professionals, and Third-Party Referrers

6 Promoting the Effective Use of Credit 
 

7 Prepare a Loan Application on Behalf of Mortgage Broking Clients

8 Steps Taken by the Credit Provider

Task 1: Identify and Interpret Compliance Requirements

Mortgage brokers face important compliance requirements, the foremost among them being the reasonable lending provisions of the NCCP Act. The penalties for non-compliance include loss of license (for businesses) and removal from the industry (for individuals). If fraud is involved there may also be the criminal penalties of fines and / or imprisonment. Compliance requirements are not static. It is therefore important to stay up to date with them.
Mortgage brokers also need to keep up-to-date with the actions of the regulatory authorities such as APRA and the Reserve Bank. Their actions may not amount to direct regulation, but through their effects on interest rates and bank lending these authorities can have a very direct impact on the business mortgage brokers are able to do.

(a) A key requirement of the responsible lending obligations is the ‘unsuitability test.’ What must a mortgage broker do to comply with the unsuitability test?

(b) List the sorts of items a client’s requirements and objectives could include (as indicated by ASIC).

(c) Leading credit providers and other financial organisations have code of ethics, sometime called codes of conduct. Select one of them and summarise it by itemising its main principles.

Task 2: Deliver and Monitor a Service to Customers

The relationship with a client is generally described as beginning with the establishment of empathy. In other words, it is first necessary for a mortgage broker to establish that he / she is truly interested in the client and the client’s needs. It is only after that that the mortgage broker has established the right to interview a client.

(a) Use the internet or any other source to find a definition of empathy.

(b) List three open-ended questions that assist in developing empathy with a client? How do such questions indicate empathy?

(c) List and explain the steps involved in an ‘active listening approach’.

(d) How is client service commonly monitored in your organisation? What are the two possible outcomes?

Task 2: Deliver and Monitor a Service to Customers Continued

In a survey on the reasons for referrals conducted by David Maister, only 10% were due to the quality of technical work. The remaining 90% of referrals were due
to the quality of service. This indicates that the key to maintaining client relationships and gaining referrals is the provision of outstanding service. This has been described by Maister as ‘over-servicing’.

(a) Describe three ways in which a mortgage broking organisation can attempt to ‘overservice’ clients?

(b) How would you keep a client informed about the progress of an application as it passed through a creditor provider’s hands? What approximate timing might be involved?

(c) Describe how you might attempt to resolve conflicts with clients.

(d) How do you can prepare clients for the hiccups that can happen while their credit application is being processed

(e) The chapter on Operating a Mortgage Broking Business contains an example suggesting that a mortgage broker acting in the best interests of clients should act as a Protector rather than an Expert. What are the implications for this in regard to (i) advice given to clients and (ii) recommending the most suitable loan products?.

(f) How could you prepare yourself to deal with client concerns?

(g) Give examples of the following legal breaches: breach of the duty of care, false and misleading conduct, unconscionable conduct & conflict of interest without disclosure.

(h) Once a desirable market segment has been identified, a mortgage broking business can put its mind o developing suitable marketing strategies. List examples of different strategies that might be used.

Task 3: Contribute to OHS Hazard Identification & Risk

The risks that should be considered in management decision-making include environmental risks. This is giving rise to a new way for businesses to report to stakeholders that goes beyond traditional financial reporting. It is called “triple bottom line” reporting.

(a) List the three criteria of triple bottom line reporting. What is the likely effect of this form of reporting on management decision-making at all levels?

(b) Select the annual report of a leading financial organization such as a major bank and, after identifying the organization, summarise what it says about its environmental impact

(c) Briefly indicate the environmental protection assistance that your business organization is able to receive from your State or Territory environment protection agency.

Task 4: Manage Personal Work Priorities and Professional Development

One of the challenges we face in a workplace situation is time management. Management theory on the subject began with the Pareto Principle, suggested that only about 20% of the things we do produce 80% of the results we achieve. The challenge than becomes to set time aside for the 20% that matters. The theory was taken further with Stephen Covey’s Time management matrix.

(a) Describe Covey’s Quadrant 2.

(b) List three of your work activities that should belong in Covey’s Quadrant 2

(c) Suggest ways that you might utilize to ensure that proper time is spent on Quadrant 2 activities so that stress is avoided.

(d) Digital diaries are now available as both computer and mobile phone apps. Describe the place of digital diaries in managing personal work priorities.

(e) Describe the importance of setting goals in terms of personal well-being.

(f) What does Stephen Corvey recommend for “re-creation” (a Quadrant 2 activitiy),

(g) What are the common characteristics of work goals?

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