Assessment cover sheet

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In order for your assessment to be marked you must complete and upload all tasks and this cover sheet via the AAMC Training Group portal. Your assessment tasks must be uploaded in an electronic format i.e. Word, Excel, PDF or Scan. A maximum of five (5) attachments (maximum 20MB each) can be uploaded for this assessment. Please see the step-by-step instructions in your Member Area on how to upload assessments.

Student details
Course name
Assessment name	FNSFMB501 Assessment
Surname		Given name
Address		Postcode
Email
Phone		Phone (other)
Current occupation
Industry		Years in industry

DECLARATION:When you upload your assessment you will be asked to confirm that your assessment submissionto AAMC Training is your own work and NOT the result of plagiarism or excessive collaboration, and that all material used from any third party has been identified and referenced appropriately. AAMC Training may conduct independent evaluation checks and contact your supervisor to discuss your assessment.

Checklist of attachments:

☐ TASK 1 – Research
☐ TASK 2 – Short Answer Questions

Please indicate style of course undertaken:

☐ Correspondence ☐ Online ☐ Face to face Trainer’s name:      

Once your assessment has been uploaded it will be pending review with your nominated course assessor and marked within 5-10 working days. You will receive an email advising you have been marked as “satisfactory” or “additional information required”.

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FNSFMB501 Assessment

CREDIT TRANSFER You may be able to claim credit transfer for a unit/s of competency that you have previously completed with AAMC Training or another RTO. If you have been awarded a record of result or statement of attainment for any of the units detailed below then please go to the Credit Transfer tab in your Learning Centre and follow the prompts. This assessment relates to the following units of competency: FNSFMB501 Settle applications and loan arrangements in the finance and mortgage broking industry Please refer to AAMC Training’s full Recognition Policy for further details.

Task 1 – Research

As a result of your client interview, completing relevant client documents and loan application for the lender; you are now required to complete the remainder of customer file supporting several of your obligations and responsibilities as a Finance Broker. These important steps being the approval process, documentation, settlement and ongoing relationship management. In areas where you do not have copies of actual supporting documentation, insert a page with the name of the document, an explanation of the document and its purpose. You would include e.g. copy of formal/unconditional approval stating conditions of settlement.

The template containing all forms required for this task is located in your AAMC Member’s Area under Useful Resources > Finance Broking > Loan Applications – Settlement Pack.

You are required to submit your customer as determined by the chosen case study. Therefore, your file information must contain the following:

1. Adding to your Interview Notes – Customer Contact Sheet/Record

You should have already documenting regular communication pre your loan submission. These interview notes incorporate all the correspondence from initial contact to loan preparation and submission. You are now required to provide interview notes from loan submission to post loan application process; with all parties specifically including:

1. – Customer
2. – Bank/s
3. – Referrer/s
4. – Government bodies, i.e. Stamp Duty, FHOG
5. – Property Valuers
6. – Settlement Agent
7. Advice of Loan Approval

Evidence of communication with customer and other relevant parties regarding:

• Communication of formal/unconditional approval to customer i.e. lender letter of offer;
• Letter to client regarding documentation/settlement expectations;
• Communication with Real Estate Agent, Settlement Agent, etc.

3. Document Sign-Up/Settlement Preparation

• Document sign-up checklist and covering letter /communication;
• Correctly signed mortgage documents;
• Insurance details;
• Authority to disburse funds;
• Settlement checklist.

4. Advice of Transaction Completed/Finalised

• Communication of successful settlement;
• Letter/survey to client asking for client satisfaction feedback on services/support provided. You may wish to ask for referral to friends and family.

Settlement File Checklist

Students are to provide all the below requested information as per the checklist

The provision of all the information detailed below will ensure prompt issuance of your qualification. Any omissions will cause AAMC Training to seek the missing data which can prove costly to both parties. You must include this checklist in the submission of your assessment.

DOCUMENTS MORTGAGE (M) AND/OR PLANT, EQUIPMENT, VEHICLE FINANCE/COMMERCIAL LENDING (PEVC)
Type	Data	
M/PEVC	File Notes from first contact through to Settlement in chronological order	☐
M/PEVC	Evidence of loan approval	☐
M only	Loan/letter of offer from lender	☐
M/PEVC	Borrowers checklist (Document sign-up)	☐
M only	Correctly signed home loan contract (including transfer of land and mortgage of land relevant to the State.)	☐
PEVC	Correctly signed Consumer Loan contract for the Lender chosen	☐
M/PEVC	Insurance details – Home Certificate of Currency or Motor Vehicle Certificate of Currency	☐
M only	Borrowers Authority and Instructions	☐
M only	Evidence of settlement related communications between all parties (Broker, Conveyancer, Lender, Client) e.g. a letter or email showing settlement communications between all parties.	☐
M/PEVC	Letter of successful settlement from broker	☐
M/PEVC	Service Questionnaire or relevant example of feedback from client	☐
		☐
		☐
		☐

Task 2 – Short Answer Questions

Bob and Mary have been approved by Bank X to purchase a home which was arranged by their broker Ginnie Smith. Answer the following questions in relation to the settlement process for the client’s loan facility.

1. Provide two examples of different pre-settlement conditions required by lenders and explain why they may be required before settlement takes place.

2. Why would consent of a prior mortgagee on a second mortgage security be required prior to settlement?

3. Prior to settlement, highlight some documents required by the lender and why they are needed.

4. List different parties involved in the settlement process and explain the role of at least four of them.

5. Give at least two examples of issues that can occur at settlement and briefly explain why they impact the parties involved.

6. In your own words describe why the following legislation would need to be considered in relation to the settlement process for a consumer mortgage: National Consumer Protection Act 2009
   Real Property General Conditions
   Australian Privacy Act 1988
7. Explain the process of registering security documentation.