Complex Lending Assessment:
This assessment relates to the following units of competency:
Case Study Overview: In order to achieve competence, you will need to demonstrate a clear understanding of complex loan scenarios, proving you are competent at Diploma level. This case study will determine your understanding of the complexities of various loan scenarios and the outcome for your clients.
The requirement for this case study is to prepare a submission for assessment in two parts.
Part A: Fully completed set of NCCP Act Compliance documents including related interview and diary notes.
Part B: Fully completed loan submission to the lender/s of your clients' choice. Please also note at this stage we have options for you to choose given the industry area you are currently servicing e.g. Investment property loan, Commercial/Business Loan, Self-Managed Superfund Loan or a Plant and Equipment loan. You make the choice but all required documents (no matter what industry you select) must be enclosed.
Please ensure the following documents and processes are included in your client and loan submissions in the following order:
Part A: A completed Client Needs Review/Fact Find form which has allowed you to review and research your client's information.
A client signed Privacy Consent form to exchange personal information with other third parties. Because of the variances in the make-up of a number of the compliance forms used by the industry, this authority may already be included in the Credit Guide or other such compliance documents. At the end of the day, they all have the same meaning and intent.
A completed Statement of Credit Advice or a Credit Quote or a Credit Proposal Disclosure Document which you have presented to your clients' with the recommendation of a lender. Your recommendation will in all probability provide the solution the clients are seeking. It should be in the appropriate format that the clients will easily understand. This document also serves as your authority to proceed with the lodgment of the loan application.
Complete Preliminary Assessment Checklist
Completed Credit Quote
Provide a completed Compliance Checklist
You must be satisfied that you have outlined the process that is required for the client to obtain appropriate finance and the risks (potential and real) of which your client should be aware.
Part B: A completed AAMC Training Assessment Cover Sheet in which you acknowledge the submission is all your own work.
A fully completed loan application which will contain all documentary financial evidence to support the application such as:
Financial Statements, Tax Returns, Trust deeds etc.
Cash Flow Forecasts:
Offer and Acceptance or Contract of Sale for any purchase of real estate/ Invoice or Offer to Purchase from a supplier for Plant and Equipment.
Evidence of any other debt your clients may have which allows a serviceability to be completed with all available facts.
A Serviceability Assessment to show clients can afford the loan requested.
Notes to the lender addressing the points as listed in line with the course notes titled lenders submission lender notes, for example:
- Applicants' details including history and needs
- Purpose of loan
- Brief details and value of security
- Brief details of loan make-up
- Loan amount requirement
A SWOT analysis - refer to appendices for template of this document, you should also refer the results of your analysis in your notes to the lender.
A Financial Ratio Analysis - A minimum of one or more if appropriate to be completed and the results mitigated/supported in your notes to the lender
Reasons for major variations in the 2 years financial statements included in this assessment.
What we are asking for here is an application that you would send to the lender. Whilst you would not normally include in your submitted lenders file the Clients Needs Review/Fact Find, Statement of Credit Advice/Client credit quote you need to maintain them on the clients file for audit purposes and we need to verify them for assessment purpose.
Evidence requirements:
In order to be deemed competent, you will need to evidence the ability to:
Develop detailed broking options designed to maximize the client's outcomes and reach client objectives which incorporate elements from research and which address complex needs and issues.
Identify and describe key assumptions upon which the plan is based.
Provide a detailed analysis of research strategies and findings.
Test and make appropriate checks on a proposed plan for its integrity and compliance.
Assess the impacts of taxation, social security, economic and other government policies on client investment and financial requirements taking care not to provide financial advice unless licensed to do so.
Interpret and comply with industry regulations and codes of practice.
Identify the roles of associated financial advisers and work effectively with them.
Identify and document the situations where the client/s should be referred to an associated financial advisor for professional advice.
Assess broking options, financial markets and investment characteristics.
Use appropriate sales and marketing methodologies and provide justification and research evidence.
Gain client feedback on and/or agreement to the plan.
Prepare materials and personnel to effectively implement complex loan structures.
Establish appropriate audit trails and effectively document records, diary notes and data.
Demonstrate that effective and appropriate follow up and feedback systems are in place to track progress of the loan application and to keep client/s informed.
Knowledge requirements:
To be deemed competent you must be able to demonstrate a comprehensive knowledge of:
Acts and regulations affecting the financial industry.
Legislation impacting on financial services, including environmental, corporations and consumer legislation and State and Territory legislation, charges and taxes.
Relevant codes of practice.
NCCP Act disclosure requirements.
The role of mortgage/finance brokers.
Products available in the financial services industry.
Sources of information on financing such as lenders, government departments, accountants, solicitors and financial planners.
Methods of presenting financial data.
Credit assessment.
Risk Assessment.
Valuation practices and methodology.
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Attachment:- Complex Lending.rar