Security and customer service | My Assignment Tutor

FNS40815 Certificate IV in FINANCE & MORTGAGE BROKING FNSCRD301 Process applications for creditUnit DescriptionThis unit describes the skills and knowledge required to apply product knowledge and advisory skills to identify, confirm and process applications for credit prior to assessment in accordance with organisational and legislative requirements.Learning OutcomesBy the end of this unit, students will be able to:Check and verify application detailsSubmit assessment and decisionMaintain application records and complete necessary documentation Activity 1 Refer to your Learner Guide and the guide ‘Money Smart – Types of Credit’, located in the Additional Resources folder and respond to the following: Your supervisor has asked you to provide information to clients about different credit products. Compete the table below to demonstrate to your supervisor your understanding of credit products and their application. (List the features of credit products and their application requirements) Activity 1 Answer Type of CreditExplanationAdvice that you should provide to the client about the productCar loanPersonal loans  Credit cardsConsolidation loan Activity 2 You have asked the following questions to check a client’s level of understanding and knowledge regarding credit application processes: What types of credit are available in Australia?Do you know the costs associated with credit?Do you know what a debt collector is? Now complete the table below by describing how you can assist the special needs and requirements of a client according to the level of knowledge and understanding they have demonstrated when answering the above questions. (Identify ways of obtaining and checking relevant information from applicants) Activity 2 Answer Level of UnderstandingDescription of action or assistance that should be providedLevel 1: No or a limited understandingLevel 2: Some level of understandingLevel 3: A higher level of understanding Activity 3 Explain the key features of a financial services provider’s credit assessment policy based on the principles of responsible lending. (Explain key features of organisational policy and procedures that relate to credit assessments, security and customer service) Activity 3 Answer    Activity 4 The purpose of the National Credit Code is to provide protection for consumers who enter into credit contracts for personal purposes. How does the legislation identify whether a loan is for personal purposes, as opposed to business purposes? (Explain the key purpose of relevant credit legislation, statutory requirements and codes of practice, covering: consumer credit; personal property securities; privacy) Activity 4 Answer    Activity 5 When taking out a business loan a lender will often want to secure the loan in the form of an asset. This security is intended to minimise risk exposure in the event the applicant is unable to repay the loan. Describe the main types of ‘security’ that may be required to obtain a small business loan. (Explain types of security) Activity 5 Answer  

QUALITY: 100% ORIGINAL PAPER – NO PLAGIARISM – CUSTOM PAPER

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