FNS40815 CERTIFICATE IV IN FINANCE AND MORTGAGE BROKING | My Assignment Tutor

FNS40815 CERTIFICATE IV IN FINANCE AND MORTGAGE BROKING – ASSESSMENT TASKS© Copyright 2019, The National Finance Institute V.190899The following formsshould be used for Assignment 1 – Question 6.When completing the Loan Application Cover Sheet, trainees withan existing company/employer are permitted to follow the CoverSheet format specified by their company/employer.For trainees who do not have an existing company/employer coversheet template available, please use the Loan Application CoverSheet provided in this group of forms.FNS40815 CERTIFICATE IV IN FINANCE AND MORTGAGE BROKING – ASSESSMENT TASKS© Copyright 2019, The National Finance Institute V.190819Lending ChecklistThe following list can be used as your Checklist of necessary documentation. Brokers may care to develop a simplerform from some of the headings below to fax or email to their clients to collect information. Other documentation maybe required by some lenders, based on unusual circumstances by the applicant.Continued Overleaf … YesNoN/A1. This Loan Summary Checklist2. Loan Submission (commission breakdown etc.)3. NSR Serviceability worksheet4. Loan Application Form5. Privacy Act Consent Form6. Declaration of Purpose7. Joint Nomination Form8. Loan Interview Diary Note9. 100 Point ID Checklist10. Acknowledgement and Disclosure Form11. Evidence of IncomeA. PAYG Income Documentation (minimum 2 forms)EITHER 3 Pay Slips covering the 3 preceding months, with one being within the past fourweeks preferably confirming at least three months YTD (consistent with annual income), OR Last 2 years’ Tax Return accompanied by an ATO Assessment Notice, OR Group Certificates / PAYG Payment Summary (not handwritten), OR PAYG Payment Summary (if handwritten) accompanied by an ATO assessment NoticeSigned and dated letter from employer on employer’s letterhead with ACN/ABNconfirming full or part-time employment and annual gross incomeB. Self EmployedProof of ABN where required for the minimum termApplicant’s last 2 years personal tax returns and ATO Assessment NoticeBusiness’ last 2 years Tax return and Full Financial Statements (when required) FNS40815 CERTIFICATE IV IN FINANCE AND MORTGAGE BROKING – ASSESSMENT TASKS© Copyright 2019, The National Finance Institute V.190819 Supplementary documentationYesNoNA12. Are TFNs removed from all financial documentation?13. Copy of valuation / valuation request LVR %14. Copy of front page of contract of sale15. Copy of Offer & Acceptance – purchase / sale16. Title details (lot/folio/etc.), plans/specs and/or building contract for construction17 Evidence of funds to complete (deposit / genuine savings / equity)18 Proof of genuine savings (as above) evidenced by bank statements over the last 6months (minimum)19. Is the FHOG forming part of this loan application?20. Copies of most recent 6 months bank statements of all loans refinanced21. Copies of insurance policies ie. current house and contents insurance policy and any lifeinsurance policies22. Copies of proof of other investments ie. Superannuation statements, share certificatesand/or managed investment statements23. Is suitable documentation held on file to support other income?(eg. Centrelink/Child support/Dividends/Family Trust disbursements)24. Has sufficient proof of current rental income been provided by way of RentalStatements, Valuation, Current Lease Agreements, Tax Returns?25. Council Rates and Water Rates Notices for the property being offered as security on arefinance 27. DeclarationThe correctness of these documents is the responsibility of the person signing this Lending ChecklistSubmitted by:Signature: Date 26. Additional supporting comments Page 1 of 7Credit GuideThis Credit Guide provides you with the key information that you need to know to make aninformed and confident choice when engaging our products and services.This Credit Guide summarises our goals and standards, offerings, fees, and commissions.Please don’t hesitate to ask if you need more information or clarification.This Credit Guide has been generated by: BrokerAuthorised CreditRepresentative name andCredit RepresentativenumberOrganisation/Trading NameAddressPhone:Fax:Mobile:Email AddressAustralian Credit Licencename and Australian CreditLicence numberAustralian CompanyNumber of ACL holder OverviewWe hold the necessary mortgage broking experience and qualifications in accordance withthe National Consumer Credit Protection Act, 2009 to provide you with assistance. We arerequired to meet specific competency standards relating to educational and professionaldevelopment. You can be confident that we are held accountable to not only ourorganisation’s high ethical standards / values, but also have a responsibility to maintain theregulatory standards that are set by both Commonwealth and State governments.Our mission is to ensure we offer our clients the best service and most appropriate productsto suit their individual needs through our professionalism and attention to detail. Ultimately,our goal is to ensure applicants are provided with a loan that meets their objectives.We guarantee to listen to your needs and your instructions, ensuring that there iscollaborative agreement through each step of the finance application process.Our relationships and alliances with likeminded quality organisations ensure we arepositioned to offer the best quality service as well as offering complementary financialservices where appropriate.Page 2 of 7Suitability of Loans to Your Financial ObjectivesBy law, before entering into a specific credit contract, we are obliged to conduct aPreliminary Credit Assessment to determine what kind of loans would be suitable for you. Inconsultation with you, we will explore and discuss with you your financial situation, financialobjectives and borrowing needs before we determine which loan product may suit yourrequirements.For the purposes of the Preliminary Credit Assessment, we will need to ask you somequestions in order to assess whether the loan or lease is not unsuitable. The law requires usto:• make reasonable inquiries about your requirements and objectives;• make reasonable inquiries about your financial situation; and• take reasonable steps to verify that financial situation.The assessment will be conducted prior to recommendation of a particular product. Theassessment will involve collection and verification of financial information to determine theappropriate loan amount and the loan costs associated with entering a credit contract. Thiswill ensure that your circumstances will be assessed appropriately and that the optionssuggested will not place you in financial hardship. Once completed, this Preliminary CreditAssessment is only valid for 90 days. A copy of the Preliminary Credit Assessment will beavailable to you, on request – this will be available up to 7 years after we provide you withcredit assistancePrior to the Preliminary Credit Assessment being conducted, we may provide you withProduct summaries that highlight various key features and benefits of the product. We mayalso provide you with Product Comparison documents that allow you to compare thefeatures and benefits of each product and assess the suitability to your requirements.Lender and Products Lenders availableWe aim to provide you with information from a range of lenders andproducts / loans. Once you have chosen a loan that is suitable for you,we will help you obtain an approval.Commonly used lendersThe list below documents the 6 most commonly used Lenders by mylicensee. This does not necessarily reflect all of the financial institutionsthat my licensee is able to conduct business through.However, if less than six lenders are displayed below, this is a summaryof the lenders that my licensee is able to utilise for loan submissionpurposesFinancial Institutions1. Macquarie Bank2. Westpac3. Commonwealth Bank4. Bankwest5. Suncorp6. ANZ Page 3 of 7Fees, Charges, Commission and Disclosures Fees payable by you tothird partiesWhen the credit application (loan) is submitted, you may need to paythe lender’s application fee, valuation fees, or other fees that areassociated with the loan application process, even if the loan isultimately unsuccessful.Fees payable by you tothe licenseeIf a fee is payable by you, this will be disclosed in a Credit Quote thatwill be provided to you. If a Credit Quote is not supplied, this willindicate that we do not charge consumers any fees.Payments received by thelicenseePlease take notice that the licensee may receive fees, commissions, orfinancial rewards from Lenders or Lessors in connection with anyfinance we arrange for you. These fees are not payable by you.The commission / brokerage amount depends on the amount of thefinance and may vary from product to product. We can provide youwith information about a reasonable estimate of those commissionsand how the commission is worked out if you require.Commissions are paid based on a percentage of the loan balance thatis drawn down which in most cases will be net of any amounts you holdin an offset account. The way commissions are calculated and paid tous by lenders may vary. By following the responsible lendingrequirements, we will ensure the loan recommended to you is notunsuitable for your situation and objectives.Fees payable by thelicensee to third partiesWe may pay fees to call centre companies, real estate agents,accountants, or lawyers and others for referring you to us. Thesereferral fees are generally small amounts in accordance with usualbusiness practice.These are not fees payable by you. On request you can obtain areasonable estimate of the amount of the fee and how it is worked out.From time to time, we may also remunerate other parties throughpayments, rewards or benefits.Tiered ServicingArrangementsThrough your broker’s relationships with lenders they may have accessto tiered servicing arrangements. The benefits of this access to thesearrangements can include faster processing, better information orgreater levels of assistance provided for obtaining loan approval. Yourbroker will advise you of any tiered service arrangements that are inplace with a particular lender that they have proposed at the timerecommendations are made.Access to this program is not based solely on the volume of new orexisting lending your broker’s customers have with each respectivelender and does not entitle them to any additional commissions outsideof what they have disclosed to you, any additional payments orpreferential customer discounts. Page 4 of 7About Credit RepresentativesYour broker is authorised to engage in credit activities by Aggregator Pty Ltd. Thelicensee shares responsibility in the conduct of your broker. Commonly used lendersby your brokerThe list below documents the 6 lenders most commonly used by yourbroker. The lenders disclosed below may be different to the lendersthat the licensee has already disclosed. This may be due to differentaccreditation requirements or different types of consumers. The listbelow does not necessarily reflect all the financial institutions that yourbroker is able to conduct business through.However, if less than 6 lenders are displayed below, this is a summaryof the lenders that the broker is able to utilise for loan submissionpurposesFinancial Institutions1. Suncorp2. Commonwealth Bank3. Westpac4. Macquarie Bank5. Bankwest6. ANZPayments to the brokerHow are we paid?Your broker may receive a whole or part of the commissions receivedby the licensee referred to above. This may be paid to your brokerdirectly or indirectly from the licensee. You may obtain from usinformation about a reasonable estimate of those commissions andhow the commission is worked out if you wish.Commissions are paid based on a percentage of the loan balance thatis drawn down; which in most cases will be net of any amounts youhold in an offset account. The way commissions are calculated andpaid to your broker by lenders may vary. By following the responsiblelending requirements your broker will ensure the loan recommended toyou is not unsuitable for your situations and objectives.Fees payable to thirdparties by your brokerThe information set out in the table for the licensee also applies toyour broker with regards to referral fees.On request you can obtain a reasonable estimate of the amount of thefee and how it is worked out. Other disclosures,benefits or interestsNot ApplicableYour broker is prohibited from accepting gifts or inducements over$350. Any benefit given to your broker greater than $100 and less than$350 will be recorded in a Gifts Register. A copy of you broker’sregister is available to inspect on request. If you wish to inspect theregister, please contact your broker. Page 5 of 7ComplaintsIrrespective of our status as a licensee, representative or credit representative, ourreputation is built on matching the appropriate product(s) to the individual’s requirements.We go to great lengths to ensure satisfaction with our services and offerings. However, theremay be instances from time to time, where applicants may be dissatisfied with the outcomesof our consultation process. If you have a complaint about the service that we provide, thefollowing steps or avenues for resolution are available to you.Step 1Most complaints arise from miscommunication and can usually be fixed quickly. So,please contact your broker first and express your concerns.Step 2If the issue is not satisfactorily resolved within 5 working days by talking with your brokerwe will apply our internal complaints process to manage your complaintappropriately. In this instance, the complaint will be internally escalated to ourComplaints Officer. You may also contact the Complaints Officer directly.Complaints Officer NameSteve NickenoffskiPhone02 5555 6666Emailsteve@mortgagebroker.net.auAddress181 Regent Road Penrith 2750 Note: In some instances your broker may also be fulfilling the role of the Complaints Officer.This will not affect the capacity to have your complaint dealt with appropriately.By using our internal complaints process we hope to assist you to resolve your complaintquickly and fairly. The maximum timeframe in which to provide a written response to you is45 days, although in pursuit of best practice and the reputation of our organisation, we aim toresolve these issues in a much shorter time frame.Step 3Although we try hard to resolve a customer’s concern in the most considerate and directmanner, if you are not completely satisfied after the above steps have been attempted, youstill have other avenues available to resolve the dispute. This is then managed externallyand independently.This external dispute resolution (EDR) process is available to you, at no cost. Two EDRschemes may be listed below. This indicates that the Credit Representative and theirauthorising Licensee are both required to be members (independently) of an ASIC approvedEDR scheme. Where a Credit Representatives EDR is displayed, please contact that EDRscheme in the first instance for complaint escalation. EDR (Licensee)EDR (Credit Representative)NameAFCAAFCAPhone1800 931 6781800 931 678AddressAustralian Financial ComplaintsAuthority GPO Box 3Melbourne VIC 3001Australian Financial ComplaintsAuthority GPO Box 3Melbourne VIC 3001 Page 6 of 7Things you should knowWe don’t make any promises about the value of any property you finance with us or its futureprospects. You should always rely on your own enquiries.We don’t provide legal or financial advice. It is important you understand your legalobligations under the loan, and the financial consequences. If you have any doubts, youshould obtain independent legal and financial advice before you enter any loan contract.BrokerSignatureBroker Name &Date:Client SignatureClient Name &Date:Client SignatureClient Name &Date:Page 7 of 7Each consent given in this document continues until withdrawn in writing.Privacy Disclosure Statement and ConsentI/We consent to you using Personal Information, financial information and Credit Information about me/us for the purpose of arrangingor providing credit, insuring credit, and for direct marketing of products and services offered by you or any organisation you areaffiliated with or represent each of which may contact me/us for such a purpose including by telephone and electronically. In thisdocument “you” means each of Aggregator Pty Ltd, the Appointed Credit Service Provider and their organisation and any assignees ortransferees of the commissions relating to any credit provided to me arranged by the Appointed Credit Service Provider or theirorganisation. In this document, ‘Personal Information’ includes any sensitive information (including health information) and anyinformation I/we tell you about any vulnerability I/we may have.The Personal Information provided by me/us will be held by you. I/We can obtain a copy of Aggregator Pty Ltd’s Privacy Policy atwww.aggregator.net.au. Your privacy policy contains information about how I may access or seek correction of my PersonalInformation, how you manage that information and your complaints process. If I/we do not provide the requested PersonalInformation, I/we acknowledge that you may be unable to assist in arranging finance or providing other services.You may disclose Personal Information about me/us to the following types of entities, some of which may be located overseas(including in USA, Canada, Malaysia, India, Ireland, the United Kingdom and the Philippines):• any persons who provide credit or other products or services to us, or to whom an application has been made for those products or services;• any financial consultants, accountants, lawyers and advisers;• any industry body, tribunal, court or otherwise in connection with any complaint;• any person where you are required by law to do so;• any of your associates, related entities or contractors (including printing/publication/mailing houses, IT service providers, cloudstorage providers, lawyers/accountants);• our referees, such as our employers, to verify information we have provided;• any person considering acquiring an interest in your business or assets; and• any organisation providing online verification of our identities.Credit InformationI/We hereby authorise you to receive Credit Information from any lender about our credit affairs, and to provide any relevant real estateagent, lawyer, conveyancer, agent or person authorised by me access to my Credit Information, with details of whether finance has beenapproved for us, and if it has, the terms of that approval, including providing a copy of any approval letter.I/We appoint you as our agent and authorise you to obtain our Credit Information (including both consumer and commercial creditreporting and eligibility information) from a credit reporting body on our behalf. You are authorised to use that Credit Information toassist you to provide services, including credit assistance, to me/us and to assist me/us to apply for credit.In this document ‘Credit Information’ includes information such as my/our identity information, the type, terms and maximum amount ofcredit provided to me/us, repayment history information, default information (including overdue payments), court information, newarrangement information, personal insolvency information, disciplinary proceedings, complaints, delinquency, fraud investigations anddetails of any serious credit infringements.Receiving Information ElectronicallyI/We consent to receiving credit assistance documentation and loan application information electronically. I/We acknowledge and agreethat paper documents may no longer be given, electronic communications must be regularly checked for documents and this consent toreceive electronic communications may be withdrawn at any time. Full Name of Applicant 1Signature of Applicant 1DateFull Name of Applicant 2Signature of Applicant 2DateFull Name of Applicant 3Signature of Applicant 3DateFull Name of Applicant 4Signature of Applicant 4DateName of Appointed Credit Service ProviderName and contact details of Appointed Credit Service Provider’s Organisation (if applicable) including address/email/phone no. Privacy Disclosure Statementand ConsentFNS40815 CERTIFICATE IV IN FINANCE AND MORTGAGE BROKING – ASSESSMENT TASKS© Copyright 2019, The National Finance Institute V.190819LOAN APPLICATION COVER SHEETDate: ……………………………………………………… No. of Pages (if faxing): ……………………….Broker Name: ……………………………………………………………………………………………………………..Broker contact: ……………………………………………………………………………………(phone/fax)………………………………………………………………………………………..(mobile)………………………………………………………………………………………….(email)———————————————————————————————————— Borrowers:…………………………………………………………………………………………………..………………………………………………………………………………………………….. Loan Type: ……………………………………………….. Loan Amount: …………………………Loan Term: ……………………………………………….. Interest Rate: ………………………… Loan Purpose:…………………………………………………………………………………………………..………………………………………………………………………………………………….. Deposit: ……………………………………………….. Equity: ………………………………….. Security Details:…………………………………………………………………………………………………..…………………………………………………………………………………………………..…………………………………………………………………………………………………..…………………………………………………………………………………………………..…………………………………………………………………………………………………..Estimated LVR:Names on Title:Valuation Details: Income/Employment Details: ………………………………………………………………………………………..…………………………………………………………………………………………………..…………………………………………………………………………………………………..Background/Comments: ……………………………………………………………………………………………….…………………………………………………………………………………………………..…………………………………………………………………………………………………..………………………………………………………………………………………………….. Recommendation:Attachments:…………………………………………………………………………………………………..………………………………………………………………………………………………….. ……………………………………………………… (Broker signature)

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