• Internal Code :
  • Subject Code :
  • University : Kaplan University
  • Subject Name : finance and mortgage broking

Written Assignment

Part 3

1. As this is my first meeting with the client, Stephanie Jones, after an initial cold call, I will provide her with the Credit Guide and Credit Quote. A credit guide contains various disclosures such as name and contact details of the licensee, ACL number of the licensee, Details and method for working out any fees payable by the consumer to the Licensee, details of top 6 lenders to which the licensee has introduced its customers. The credit guide is also required to provide information about any commission that is expected to be received by the broker. It is also supposed to disclose information about any volume bonus arrangement that the mortgage broker may with the lender. If there is a volume bonus arrangement, then a statement must be included saying that commission payable by the lender could depend upon volume written and commission is driven by the volume. The credit guide also contains the EDRS and IDRS details of the licensee.

A broker is required to provide a credit quote to its client, if they are charging a fee for their service. A credit quote discloses the services that will be provided and the maximum amount that will be charged from the client for those services. 

I would check with the client to make sure that she understands these disclosures by telling her that above said information such as ACL number, detail for working out the fee and other disclosures have been made in the credit guide and ask her if she understands the disclosure made in the credit credit guide and credit quote.

I have total five lenders on the lending panel, these are HSBC bank, U Bank, Beyond bank, Greater Bank and Virgin money on my lending panel. 

2. I would maintain eye contact with Stephanie and use non-verbal gestures to show that I am interested in listening what she is conveying. This will encourage her to express her needs and goals I would ask certain open ended and close ended questions to collect more information and would actively listen to what she is saying. This would let me determine her current investment and asset position. I would ask her certain reflective questions before I consider home loan options for her.

I will record all information recorded by Stephanie in her client file.

3. (a) Stephanie will be required to provide at least two documents that can be used to verify her personal details and at least two documents that can be used to verify her income. The list of documents that can be used to verify personal details are- Birth Certificate, Driver’s License, Passport, Medicare card, Phone or Utility Bill, savings account statements of last 6 months and credit card statements of last three months. The list of documents that can be submitted as proof of income are- Payslips of last three months, Signed letter from the employer on their letterhead (letter must have ABN), Tax returns and assessment notices of last three years. (I am assuming that Stephanie is employed with an employer, else there are different documents required to act as proof of income for self-employed people and she want to purchase a property). Stephanie would also be required to provide copy of her purchase contract. 

The steps that will occur through this steps are – Receiving of the application by the lender, Conditional approval of the application by the lender, Post credit approval activities such as Obtaining of valuation report by the vendor, Determination of security, Preparation and sending of letter of offer. 

3. (b) I would regularly follow up with the lender to find out the status of loan application. If the loan application remains pending for processing due to report of other party such as value or insurer, I would follow up with these parties to find out the reason for the report has been delayed.

3. (c ) I would keep her informed about the progress of the loan application and keep her informed and attend all the calls made her to enquire the status of her application. I will respond to all emails sent by her quickly and in a professional way. If her application has been accepted by the lender, the same would be communicated to her within 24 hours of receiving the information from the lender. If her application has been rejected, then I find out the reason it was rejected and would communicate the same to her within 24 hours.

4. (a) I would ask below three questions to Stephanie:

What is the biggest factor that is preventing you from making up your mind?

Why do you think that it will be difficult for you to handle?

Is there any other reason due to which you do not want to proceed further?

4. (b) As Stephanie is concerned about the increase in interest rates and it is the main reason that she does not want to commit, I would research about the different fixed rate loans that are available and present those options to Stephanie. The fixed interest rate loans allow the borrower to fix the interest percentage that will be charged over the term of the loan and thus the interest rates remain unaffected by the increase/decrease in interest rates. These would be useful to Stephanie and will deal with her concern about adverse movements in exchange rates.

4. (c) I would document my research and discussion’s with Stephanie in her client file. I would also prepare a written assessment and provide the same to Stephanie. The written assessment contains all factual information about the customer. It will help her understand that credit contract advised by me is not unsuitable for her. 

5. (a) I would put forth certain points before the lender in order to convince the lender that Stephanie’s application is a good application and deserves quick approval. I would emphasize the fact before the lender that Stephanie has a flawless credit history, her credit score is good and has always been regular in making all her credit card repayments. I would also emphasize the fact that the property being purchased by her is expected to significantly appreciate(increase) in coming years due to certain developments in the neighbourhood.

(It has been assumed that Stephanie has a good history and the value of property is expected to go up in recent years)

5 (b) As per the feedback policy of our firm, we believe in obtaining feedback from our clients in order to continuous improve our services. We would be sending you a feedback questionnaire through email within 48 hours of settlement of your loan. 

The feedback form sent by you is reviewed and if any issues relating to policies or processes have been identified, the same is shared with senior management so that they can review the current policies and processes and make required changes.

Two other sources of feedback that would help in evaluating professional business development needs are – providing feedback column on the official website of the company and conducting SMS surveys.

6. (a) The first step towards improving current allocation of duties would be to understand the skill set, strengths and weaknesses of each staff member in order to determine those areas where they are doing best as well as those tasks and duties on which they need improvement. Then, the duties will be allocated according to the skill set of the staff members. For example- a team member who is good in interpersonal skills and communication should be involved in client meetings and interactions while another staff who is not great at communication while has good analytical skills and is able to assess the financial position of clients should be assigned with the responsibility of assessment of financial position and documentation part. Apart from this, training should be provided to each staff member on their weak areas so that they can swap their roles as and when required.

In order to effectively plan work to be completed while maintain a team environment at the same time, I would manage my time effectively. I would ensure that I organize and plan the work effectively. I would plan my work using Covey’s time management matrix and clearly define roles and responsibilities of staff members to avoid confusion. I would set realistic goals for myself as well as my staff members for each day which will ensure timely execution of duties and avoid procrastination.

6. (b) Data collection and storage could be better managed across teams while following the sustainability principles by adopting the use of e-storage options such as Shared drive, intranet etc. These methods of data collection and storage are extremely easy to use, can be used to store data in an organized manner and are lower in costs compared to physical storage of documents. Moreover, these methods are sustainable methods as they do not require the use of paper.

6. (c ) Professional development activities that would improve knowledge and team work within the team are – conducting of knowledge building sessions by senior team members, discussions regarding industry updates, discussions on news related to mortgaging industry, publication of newsletter of the company, sessions meant for sharing of knowledge, insights and best practices among shareholders. 

7. (a) According to the philosophy of triple bottom line reporting an organization must consider three important aspects while conducting its operations and activities. These three factors are- People, planet and profits. The philosophy of triple bottom line includes satisfaction of customers, preservation of environment and profitability of business as three main objectives of any business. According to this philosophy, a business should not only focus on generation of profits but also contribute towards sustainable development of environment and communities.

7. (b) One sustainability idea that I could implement at my workplace is switching off all artificial lights during the day and using natural light. Also, when a decision to purchase a new equipment would be required to be made, I would only choose energy efficient devices. These measures would not require any additional equipment or facilities. This would cut down the consumption of energy and contribute towards sustainable development. The use of energy has a direct impact on environment. By reducing the use energy, I would be able to contribute towards reduction in toxic emissions that are released by power plants, thus help in preservation of environment. 

I will emphasize the concepts of sustainable practices and triple bottom line reporting with my team members and explain to them why adopting sustainability practices and measures is important. In would also emphasize that following sustainable practices and measures leads to positive publicity for the business and vice versa. I will share my idea with the team and urge them to follow it strictly. As no additional facility or equipment would be required for this measure, no additional approval would be required.

I will encourage the team to implement this idea by rewarding those team members who follow this idea well in their daily routine at office. 

Part 4

Me: Good morning Mr. Brown, it is good to see you here after our first meeting. I intend to complete all steps in today’s meeting and advise you the loan products. After you have chosen the loan option, I would be completing all requirements for your loan application. I got to know that Mrs Jennifer has gone out of state to visit her brother who has gone sick. I am really sorry to hear about the sickness of Mrs Jenifer’s brother, what exactly happened to her brother?

Client: He had a cardiac arrest. 

Me: Oh! I wish for his speedy recovery. Mrs Jennifer conveyed over the phone that she would want us to proceed further in her absence as both of you do not want to delay the loan application because of this. 

Client: Yes, that’s correct. Jennifer is not here so I will have the meeting with you and would convey the options to her over phone.

Me: So, based on the discussions we had in our last meeting and this meeting, my understanding is that the main reason you want to apply for the mortgage loan is to purchase the 2 bedroom, 2 bathrooms, Strata Title apartment at Seaside Lane Edgartown. The estimated value of the proposed property is $490000 and the amount of loan you wish to apply is more than 80% of the value of the property, hence you shall be required to pay for Lender’s Mortgage Insurance. The estimated amount of Lender’s Mortgage Insurance on your loan is $8448, however, you do not have to worry about arranging additional cash to pay this LMI, as it will be added to the principal amount of your loan. Do you have plans to take any other loans or purchase any major asset in the coming years? Or if you foresee any planned expenditure involving major amount, please tell me about the same.

Client: Well, we don’t have any plans to buy any major asset or take a loan (apart from this one) in the recent years and neither have any planned expenditures involving major cash outflow. However, we have plans to undertake a long overseas trip within the next five years. We are saving for this so do not plan to take credit to finance the cost of our overseas trip, we have planned to use our savings for same.

Me: Okay, that’s great! So, based on the information you have provided, I understand that you have total cash savings of $79,600 in your bank, you together hold two motor vehicles Holden Com and Kia Cerato Sport whose total valuation would be around 34000, the value of your personal effects is $40000 and amount held in Superannuation fund is $90000. So, the total combined value of your assets is $90000. Are there any other assets held by you which I may be missing out or you forgot to mention about them?

Client: That is correct, these are the only assets we own, we do not own any other asset apart from these.

Me: Okay, so talking about the liabilities, the unpaid balance of your personal loan with capital bank is $5600, and the total outstanding amounts on both of your credit cards is $9000, so your total liabilities are $14,600 only. Are there any other liabilities owed by you which I may be missing out or you forgot to mention about them?

Client: No, we only have the above mentioned liabilities.

Me: Okay, that’s good then. Your net position is a surplus of $229000, which is favourable point for your loan application. Do you have any concerns or require any clarification on any point before I work out the suitable products for you?

Client: I have heard that LVR’s higher are considered as riskier by the lenders. Do you think this will create any issues in approval of our loan application? Are there any other reasons that will create hindrance or delay in approval of our loan? As already advised to you, we want to avail the loan as early as possible as our real estate agent has conveyed that there are a lot of other parties which are interested in that property. We really like this property and don’t think that we will get a similar deal again. So, we do not want to let this deal slip at any cost.

Me: It is true that loans with LVR’s higher than 80% are regarded as riskier than those loans that have a LVR below 80 percent, however this would not create any issues or delay in the processing of your loan application. In case of loans with a LVR higher than 80%, the applicants are required to pay for Lender’s Mortgage Insurance whose purpose is to provide additional protection to the lender. So, as long as you are paying the LMI, this would not create any issues in approval of your loan application. The LVR ratio for your loan would be around 89% however there are other factors regarding your financial position and repayment capability which would make your loan application a strong application. I see no factors which could create hindrance or delay in approval of your loan application and all looks good. So, be assured that your loan application would be approved soon. I will take all the required steps to ensure that your loan is approved and settled soon.

Client: Thank you for resolving our concern. However, there is one more reason why we are worried. We do not have much idea about the financial market and interest rates however some of our friends who have taken loans in past have advised that increase in interest rates cause an increase in repayment amounts and sometimes they go as high that they burn out your pocket. It would have been really good if we could have known the exact amount of our monthly repayments in advance as it would help us plan our monthly budget in advance and we could sleep peacefully as we would know that we won’t run short of cash. We love travelling and an overseas trip is one big thing we would like to take within next five years, before we start a family.

Me: If you are worried about the fluctuations in interest rates, you may choose to go for a fixed rate loan which will allow you to pay interest at a fixed rate that has been decided as per terms of loan agreement. As your interest amount will be fixed, the exact amount of your repayment amounts can be known in advance and you can plan your monthly budget and expenses. However, I must tell you about the cons of choosing a fixed rate loan. Although you would get protection against rising interest rates, you would be charged the pre-determined rate of interest even when the market interest rates fall. Also, these loans generally do not allow you to make extra repayments without charging an additional fee. As you intend to pay off your loan quickly, this may not be suitable for you and if you still go for it you will have to bear additional charges.

Client: Oh! In that case we myself and Jennifer would go for variable interest rate loan only as we do not want to pay charges on conversion of loan or making extra repayments and we really want to pay off the loan as quickly as possible.

Me: Alright, then let me tell you the suitable products options for you. The best option is Essentials Variable PI Loan from loans.com.au Pty Ltd whose comparison rate is 3.22% and offer monthly repayment of $1900.45. This product is one of the most highly rated products and is available on a LVR of 90%. It also allows the facility to make additional repayments without any fees and charges. It will charge an upfront fee of $520 and no ongoing fee. The second best product is HSBC Value Promotional Offer P&I which offers a comparison rate of 3.48% and Minimum repayments of $1968.44. It does not charge any ongoing and upfront fee and is available on a LVR of 90%. It also provides the facility to make lump sum payments and make additional repayments without any charges. 

Part 5

Call 1

Me: Hello, may I speak to Ms Susan Philips?

Client: Yes, speaking

Me: Good morning Ms Philips. This is Amit from YS Finance Sydney, which is situated at 12, Collins St, Melbourne. This call is meant to ask you if you have any credit requirements or are looking for any credit assistance. Would you like me to continue with the call?

Client: Yes, I do have plans to apply for a mortgage loan to finance the purchase of my new home. I would be interested in knowing more about your services.

Me: Okay, that’s great! I would now like to ask you a few questions regarding your credit requirements to understand your needs.

Client: Okay, go ahead.

Me: What is the main purpose for which you want to apply for credit?

Client: I want to purchase a two bedroom-one bathroom-one kitchen apartment for myself.

Me: Okay, What type of loan due you want to apply for – Mortgage loan, Refinance, 


Me: What is your Annual income and the source of your income?

Client: I am employed with TingTang Restaurant Pty Ltd as a Chef and have an annual income of $36,000 (before deduction for taxes).

Me: Alright, what is the value of property which you want to purchase.

Client: The value of property is $300000.

Me: Okay, what is the amount of loan that you would want to apply for?

Client: I would require credit assistance for around $ 230000. I am able to fund the rest of the amount from the proceeds of sale of vacant plot which I sold 3 months back.

Me: That’s great. Would you be able to provide me an estimate of your Annual living expenses?

Client: $ 22000 roughly

Me: Okay, I am done with the questions and let me tell that you are eligible to get free credit advice from our organization. Would you like to schedule an interview with our credit representative Mr Jim Kelly.

Client : Yes, an interview would be good.

Me: Okay, our credit Representative Mr Jim Kelly will contact you within 24 hours. May I please ask your email address so that I can send over the credit guide to you.

Client: It is susan2034@ gmail.com.

Me: Thank you sharing the same, you will just receive a copy of credit guide. Thank you for your time. Have a good day!

Call 2

Me: Hello, may I speak to Mr David Williams?

Client: Yes, speaking

Me: Good morning Ms Philips. This is Amit from YS Finance Sydney, which is situated at 12, Collins St, Melbourne. This call is meant to ask you if you have any credit requirements or are looking for any credit assistance. Would you like me to continue with the call?

Part 6

Hi Greg, how is it going? Is all work manageable in the absence of our manager? 

Colleague: Thanks Amit, all is going well.

Me: Okay, that’s great! The main reason why I wanted to have a meeting is to discuss about status of the loans that are being taken care of by you. I am currently handling 7 loans out of which 3 applications have already been submitted, 2 applications are awaiting settlement, 1 is at the stage of finalization and 1 client is yet to be contacted for assessment of requirements and other steps for loan application. There are 2 new responsibilities that have come up, and in the absence of our manager, both of us together would have to carry on those responsibilities.

Colleague: okay, what are the 2 new tasks. I am currently handling 5 clients, out of which 3 applications have been submitted, 1 is awaiting settlement and 1 is at the stage of finalization.

Me: Firstly, there is a new client who has come up and needs to be assigned to a broker. I know that the assignment of client is usually done by our manager only, however as he is away, either of us must take this client. The second thing is that our CEO has requested for a report that provides a summary of all activities of our team from the last financial year. He wants to have this report within 3 business days. I want you to work with me collectively in discharging these two responsibilities. 

Colleague: Okay, but how exactly are we going to divide and share these responsibilities. 

Me: The report is for an entire financial year and would involve a bit of time in its preparation. I believe that the best way we can divide these responsibilities would be – As you don’t have many applications to be finalized or submitted, you can start working on the report today. I know it’s going to be a big report but you only prepare data for the first 9 months of the financial year. I will prepare data for next 3 months and then later on we can consolidate the data to prepare the final report. In the meanwhile, I would attend this new client who has come up today. I will sit down tomorrow to prepare data for 3 months of the report tomorrow. We can catch up tomorrow evening around 4 p.m. to see where we are with the report and if there are issues you face; I would help you out to resolve the same. 

Colleague: I am not really great at preparing reports and I am unsure about the layout of the report and the format in which activities are to be presented.

Me: Oh! Don’t worry about the format, I have a copy of the report that was prepared by our manager in prior years, I would share the same with you and you can use the same layout.

Colleague: Okay, that would be good.

Me: Okay, then. Let’s proceed to start with the tasks as discussed and let’s catch up tomorrow to see where we are with the report. If you need to ask something related to the report, you can call md on my extension.


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