FNSFMB504 Implement Complex Loan Structures Assignment Sample

• Subject Code : FNSFMB504
• Subject Name : FINANCE & MORTGAGE BROKING

Table of Contents

Written Activity.

Relevant Legislation.

Complex Features of a Client Situation and Needs.

Complex Nature of Securities to Be Taken

Forms of Security to Be Taken For Complex Loan Structure.

Third Party Report

Review of special or complex features for high assets.

The implementation plan.

Implementation actions required by the client

Implement the actions, using timing and priority.

Information provided to relevant personnel.

Implementation actions by other professionals.

Monitoring procedures and methods.

Actions that may need to be taken.

Issue Instructions.

Joint implementation.

Fees and Charges.

Debriefing the client: Post-implementation.

Chattel leases.

The assignment of rental income to the lender

Key features of the legislation.

Time management tools and techniques.

Written/Oral Questions and Research Task.

Identification of special or complex features of client’s situation.

Information used to prioritize implementation actions.

Planning the timing.

Explanation to the client

Written agreement

Timing and priority.

Brief for identified individuals.

Internal documentation.

The external document

Coordination.

Time management techniques and tools.

Monitoring procedures.

Required actions for the implementation.

Assistance to client

Internal and external personnel

Consultation and monitoring with other professionals.

Types of documentation.

Types of fees and charges.

Post-implementation debrief.

Client concerns.

Documentation.

Written Activity

1: Relevant Legislation

Credit has been considered as the enabling force, which allows business to grow and maintain its performances as required. In this consideration credit can be a source of considerable hardship and despair. Bank and non-bank leads the customers to refer credits to its consumers and is subjected to different numbers which is to commonly overlapping the legal regimes. The main credit legislation included in the Australian Law Regulating Consumer loan and credit are National Consumer Credit Protection Act 2009 (NCCP Act), National Credit Code (NCC), Australian Securities and Investments Commission Act 2001 (ASIC Act) and Australian Consumer Law (ACL). These acts reflect on three types of credit loans which include home loan, Credit cards and car loans. Some of the features relating to the implementation of complex loan structure are as follows:

1. Credit providers (banks, non-banks and credit unions)

2. Credit service providers (mortgage brokers and advisers)

3. Parties who acts as intermediaries (without being credit service providers and depends on the different business models)

4. Representatives (the different parties that act on behalf of the licensee and employees)

National Consumer Credit Protection Act 2009 deals with the following points that will be provided in a table as follows:

Topic	Person who will be engaged into the credit activity
Credit contracts	Person who is considered as a credit provider under the credit act The person who is liable to perform obligations and exercises the rights to provide effective credit providing contracts
Credit services	The person who provides credit services
Consumer leases	The person who is entitled to carry out the business of providing loans to the customers.
Mortgages	The person who is a mortgagee under mortgage

National Credit Code (NCC) informs about the consumer credit law which results under the national consumer credit regime by the National Consumer Credit Protection Act 2009 and is also included in the National Credit Code. This act applies credit on the contracts which has been entered after 1st July 2010 and its processes are as follows:

1. The lenders are considered as the providers of the business

2. Charge is being maintained to provide the credit (interest)

3. Credit is being provided for personal, domestic and investment purposes

Australian Securities and Investments Commission Act 2001 provides different objective powers to the company or an individual who is using the power are as follows:

1. Providing functions and powers to the business

2. Establishment of takeover panel and exercising functions as per the power that has been provided to the company (Hanlon and Taylor, 2015).

3. Ensuring the information is available and is considered to be practicable for the assess for the public concern

Australian Consumer Law has been scheduled to check the trade practices that have been applied to the Commonwealth and state and territory. This deals with the unfair contract terms under consumer contracts. In this context the different features of ACL are as follows:

1. Helps in enhancing and enforcing the measures that is available to ACCC and ASIC laws (Hanlon and Taylor, 2015).

2. It helps in recommending for the national unfair contract terms law and safety regulations systems

In this context it can be said that the Australian law will help in maintain the performances of the consumers and the business who has taken loan and on these terms works are being performed efficiently and as per the requirement.

2: Complex Features of a Client Situation and Needs

Commercial loans.

Commercial loans are different from residential mortgage loans in many ways. The most important difference is that, in order to take commercial loans commercial properties are collateralized. The type of properties that generates incomes is coined as commercial properties. However, the income generating residential properties from tenancy cannot be considered as commercial properties.

Chattel leases.

The term Chattel leases: are used for those mortgage products that not real properties, but are movable secured personal property with traditional mortgage loans. In chattel leases, the entity that finance the purchase of the property (known as lender) posses the ownership of the property that are transferred to them conditionally, rather than hold a lien against the property. As soon as the loan terms gets satisfied, the ownership gets retransferred to the borrower again.

These services are majorly used while financing mobile homes of which the land is not owned by the borrower. Therefore, traditional mortgage products are not used for purchasing such types of properties. Other examples may include:

1. Boats

2. Motor homes

3. Airplanes

4. Caravans

Native title rights.

As the name suggests, the Native Title Rights are special rights for Indigenous people that reserves their interests and claims in both the waters and the land of Aboriginal and Torres Strait Islander People. Under the Native Title Act 1991, it is possible for Aboriginal and Torres Strait Islander people to make a claim to the land under Australian Modern Law.

Indigenous people can exercise their Native Title Rights as mentioned in the Non-Indigenous law; if the following conditions are met:

1. The interests and rights as held by the traditional customs and laws are currently practiced by the indigenous people

2. The traditional laws and customs of the indigenous people are demonstrating a connection or relationship with the area or property as subject to the native title claim

3. The interests and rights of the indigenous people in the particular area or property are recognizable under the common law of Australia

Heritage Issues.

Heritage issues, in relation to mortgages are challenges or considerations that occur when lending options for heritage properties are investigated. Heritage listed Australian properties that are deemed to have cultural significant by authorized entities.

Heritage listed properties are divided into the following major classifications:

1. Local

2. State

3. Federal

Contaminated sites or properties near noxious industries

The properties near noxious industries or the contaminated site poses significant risk to the stakeholders (lenders). Sites with long lasting contaminants can potentially harm animal, humans, or environment health is considered to be contaminated. Industries that generates noxious or emit other harmful substances are termed as noxious industries.

In some instances, lenders can be held responsible for remediation to parties affected by contaminants or nearby noxious industries. Under the Contaminated Sites Act 2003, the lenders also can be held responsible (in specific circumstances) for remediation to affected parties due to contamination and noxious emissions by nearby noxious industries.  As a lien holder, lenders are considered as owners of properties that are under borrower's occupancy.

As per the Department of Conservation (DEC), the following land can be potentially: contaminated:

1. Chemical manufacturing

2. Fuel storage

3. Power stations

4. Agricultural use

5. Gasworks

6. Landfill sites

7. Mines

8. Large industrial facilities

3: Complex Nature of Securities to Be Taken

The implications of borrowing against leased premises

Leases on premises have various formats that can be designed as per the needs or requirements of the leaseholder parties. One of such leases format includes lease-to-own-format, in this format lessee has an option to purchase the leased property at the end of the lease term as per the prescribed lease contract terms. In such type of long-term lease contracts, it is possible that the lessee can borrow funds against the leased property, in a similar fashion that a property owner borrows against the ownership-equity in the property. However, due to high risk of lending, there are many limitations and restrictions. Borrowers (lessee) can also borrow funds against the money that has already been paid against holding the leased property or against the pre-estimated funds reserved to purchase the property at the end of lease term.

Multiple securities of differing kinds.

Securities are referred to as those financial instruments that can be traded (bought or sold) in financial markets for the purpose of investment or finance. Securities can be of many types, some of the common securities are:

1. Stocks

2. Bonds

   1. Corporate Bonds

   2. Government Bonds

   3. Municipal Bonds

3. Mutual Funds

4. Future Options

5. Stock Options

6. Rural land.

The major complexity involved with the loans for rural land is related with the its intended use, therefore, such properties are generally financed by specialist lenders of rural land transactions. The intended use of rural land is a major determiner of the type of loan. Restrictions and guidelines for lending on the rural property are as follows:

1. It is required to be primary residence

2. It should not be used for specialised investment or commercial income

3. Growing crops or raising livestock only for lifestyle or recreational purposes are allowed

4. Valuation is done on the basis of building and land, and no crops, livestock or machinery forms the basis.

Rural land can be leased as a standard property considering there is no farming taking place on such land. Use of rural land for recreational or lifestyle farming is referred as a hobby farm, but if used for commercial purposes then such actions are considered to be violation of loan terms. Since, it is very difficult to prove the intended use of rural land, hence, majority of lenders avoid offering loans on rural land.

Specialised securities (such as hotels).

Loans to properties like hotels are considered as specialised securities and characterised differently from other commercial properties.  Characteristics required to avail special securities are:

1. Clubs

2. Pubs

3. Motels

4. Available accommodation

5. Live music venues

6. Reporting requirements

7. Documentation requirements

Documentation specific to specialised loans may include:

1. Hotel management agreements

2. Restriction on incurring other debt obligations which is limited to 2 per cent of the overall loan amount

3. Hotel or business trademarks

4. Liquor licenses and other licenses are required to be obtained prior to loan disbursement.

5. Lenders lend up to 50% to 65% of the purchase value, the rest is margin money.

6. Cash management systems for borrowers to receive payments and deposit profits into an account, however, withdrawals are not allowed from such accounts.

4: Forms of Security to Be Taken For Complex Loan Structure

 The assignment of rental income to the lender.

Only specific loans structures allow assignment of rental income to a lender. As an owner of a lent property, lender may receive rental income, which is known as assignment of rental income. Various loan scenarios specifies that rental income must be documents for payments to the lender for the predefined period of time. During this period, the lender will be held for taxation responsibility as the receiver of income. Collection and management of the accounts may be the responsibility of either the borrower or the lender, as per the loan terms.

Joint and several personal or related company guarantees.

Where more than one party takes the responsibility for the repayment of the loan, then such loans are termed as joint and several personal or related company guarantees. It is important to note that these guarantees are not similar to co-signers. Joint loan is a case where multiple borrowers take the loan. In several personal borrowers, all the respective borrowers share common entitlement and responsibility towards the loan. Home loans, small business, etc generally have multiple personal borrowers. Company guarantees are typically related to corporate loans where a larger company appears as a guarantor of a smaller company or subsidiary of the company itself.

Multiple mortgages

Distinction should be made by the lenders based on the purpose of all mortgages before any further funds have been released for additional house purchases. Any property other than the borrower’s primary residence must be subjected to higher interest rates and stricter lending requirements. There are situations when borrowers purchases new home as primary residence and use their existing residence for other purposes. Lenders are required to collect adequate proof about property management information or leasing, substantial reserves of funds and equity, etc approving for a second primary residence.

Registered company charges.

Registered company charges are rights upon the property that security lenders have against the lending, these charge gets created prior to the funding of loans. The lender does not get a legal interest in the property due to such charge by way of possession or mortgage. Registered company charges are ideal for corporate financing as they provide flexibility for the company and security for the lender. The charge can be fixed over identified property or float over transient assets such as trading stock.

Second mortgages.

The second mortgages are basically mortgage liens, which are placed on those properties that have existing mortgages and are placed in a subordinate position to existing mortgage liens. The term subordination in the second mortgage determines that priority of payments is given to the first, primary or existing mortgage. In case of a default, the first mortgages are paid off first in full and with the remaining funds, the second mortgages are paid off. Due to subordination, the risk gets substantially inflated; therefore, second mortgages generally have higher rates of interest with shorter terms.

The involvement of unit or family trusts as either borrowers or guarantors.

Such involvements are complex loans that levy limitations upon borrowers. There are various rules to be followed by a trustee under a trust deed. Family Trusts are mainly established for ease of distribution of trust’s assets and taxation benefit. The terms in relation to disbursement of assets are either outlined in the trust deed or left up to a trustee.

There are three primary advantages to create a family trusts, which are:

1. Flexibility for future use of assets

2. Tax benefits

3. Protection of assets

Third Party Report

1. Review of Special or Complex Features for High Assets

High assets have various implications that may occur while implementing the complex loan structures and these may include:

1. Need for liquid funds

2. Risk analysis

3. Ratio requirements

4. Negative gearing impacts

5. Other factors depending on loan structures

It will be necessary that the lender assess all implications related to high asset ratios and take them under consideration during the structuring the loan and its implementation. The lender will be able to analyse the risk that it is taking on by offering the funds to the borrower.

2. The Implementation Plan

The implementation plan will be the code of conduct that provides best practice guidelines to the banking services providers as proposed by the Australian Bankers Association (ABA). The code gives small business and individual customers important rights such as:

1. Disclosure of charges or fees and other conditions

2. Changes to charges or fees and terms and conditions;

3. Disclosure of general information about banking services;

4. Privacy and confidentiality;

5. Statements of account;

6. Copies of documents;

The method used to confirm the plan with the client can be debriefing the client after the implementation of the plan and respond to their concerns, appropriately and promptly.

3. Implementation Actions Required by The Client

It is very necessary to ensure that proper explanation have been provided to the client about the actions that are required to be taken by them throughout the process of implementation phase of the loan. Also it is crucial to provide the client with the required assistance.

There is a big list of actions that are required to be taken by the client which are as follows:

1. Provide further relevant information

2. Arrangement of funds

3. Withdrawal of monies

4. Deposition of monies

5. Signing the agreements and contracts

6. Being prepared and ready for funds dispersal

7. Communication is the most important requirement

4. Implement the Actions, Using Timing and Priority

Critical implementation timing involves taking all the necessary actions for successful and timeliness implementation. Various organizations and departments are involved in implementing complex loan and have their respective timing schedules that need to be respected. It is very necessary that all timeline needs in relation to all the critical actions required for or by these different organizations and departments are included during the monitoring procedures are conducted.

Critical implementation priority planning involves different actions that are to be required to be taken are weighted against each other on the basis of importance. Therefore, it becomes very necessary that external and internal priorities are incorporated and considered in the monitoring plan that has been established.

5. Information Provided to Relevant Personnel.

Identification of personnel can be done by assessing:

1. Organization and departments to be involved

2. Requirements of Complex loan structure

3. Organizational procedures

Brief the personnel about the actions required to be taken:

1. Roles and responsibilities,

2. Reporting and documentation requirements, etc.

Internal documentation for the implementation of complex loan structures may include:

1. Client documentation and related files

2. Assessment of internal client

3. Implementation requirements plans

4. Reports in relation to data collected from the client

External documentation may include:

1. Client information forms and related reports

2. Loan applications and statutory declarations

3. Contracts and waivers

6. Implementation Actions by Other Professionals

During the overall complex loan structure implementation process, there is a range of actions that involve or depend on actions conducted by other professionals. It is very necessary that these actions are coordinated effectively, to remain ensured that the implementation is accurately completed within the required timeline. One such type of other professional can be property valuers that need to provide information about the true value of the property on the basis of which lender makes decisions about the amount that is required to be offered.

7. Monitoring Procedures and Methods

Monitoring procedures should be established for:

1. Making comparisons amongst the original time plans & priorities and the implementation actions that have been conducted

2. Collecting information to inform clients about the progress towards targets and goals that have been set

3. Identifying the actual or expected non-compliance with needed timelines

The monitoring methods that can be used in the process are:-

1. Critical Implementation Timing

2. Critical Implementation Priorities

8. Actions that May Need to Be Taken

The actions that may need to be taken for the implementation of the pan, and that you would need to fully brief a client about are as follows:

1. Providing appropriate working procedures

2. Planning

3. Taking necessary decisions

4. Caring of the plans that are being done

5. Responding to the process

9. Issue Instructions

When issuing instructions to external and internal personnel, it is very necessary for ensuring that all the relevant information has been included and that all the instructions are logical and clear. The instructions can be straightforward written instructions, which are usually in a written format that allows readers to complete a general procedure or process. Straightforward instructions may be:

1. Process instructions,

2. Assembly instructions,

3. Step by step instructions for completing a basic task

10. Joint Implementation

Joint implementation is a complex loan structure that occurs when multiple entities or organizations work together to conduct the implementation process. In a joint implementation process, it is required to ensure that:

1. All the needs of organization are known and met

2. Lodgment and timing needs for each and every organization is fulfilled

3. Documentation and Information is shared appropriately

4. Good professional relationships have been established and maintained

11. Fees and Charges

Fees and charges associated with the complex loan vary on the basis of specific loan product and the agreement parameters made with the client. Different associated charges and fees that may apply includes the following:

1. Settlement costs

2. Appraisal fees

3. Title fees

4. Loan establishment

5. Ongoing interest

6. Account fees

7. Origination fees

8. Yield spread fees

9. Processing fees

10. All charges

11. All costs

Some of the fees and charges will you need to obtain and process, according to the organizational and legislative requirements are:-

1. Home loan fees = $ 259.00,

2. Credit card fees = $ 130.00,

3. Overdrawn fee = $ 14.70 and

4. Currency conversion fee @ 2.98 %

12. Debriefing the Client: Post-Implementation

The definite implications that are dealt with the implementation of the factors majorly deals with: The various institutional factors that are analyzed during the credit period of study. This would be ascertained on the basis of the combination of factors like lodgment process, major dealings that are done with reference to the definite set of business prospects. When debriefing a client post implementation, there is a range of factors that should be discussed and these may include:

1. Loan structure

2. Follow-up actions required

3. Any client concerns

4. All documentation

13. Chattel Leases

The term “Chattel leases: are used for those mortgage products that not real properties, but are movable secured personal property with traditional mortgage loans. In chattel leases, the entity that finance the purchase of the property (known as lender) posses the ownership of the property that are transferred to them conditionally, rather than hold a lien against the property. As soon as the loan terms gets satisfied, the ownership gets retransferred to the borrower again.

These services are majorly used while financing mobile homes of which the land is not owned by the borrower. Therefore, traditional mortgage products are not used for purchasing such types of properties. Other examples may include:

1. Boats

2. Motor homes

3. Airplanes

4. Caravans

14. The Assignment of Rental Income to The Lender

Only specific loans structures allow assignment of rental income to a lender. As an owner of a lent property, lender may receive rental income, which is known as assignment of rental income. Various loan scenarios specify that rental income must be documents for payments to the lender for the predefined period of time. During this period, the lender will be held for taxation responsibility as the receiver of income. Collection and management of the accounts may be the responsibility of either the borrower or the lender, as per the loan terms

15. Key Features of The Legislation

The key features of the legislation relevant to the task completed, including state and territory legislation, charges and taxes are as follows:-

1. Compliance with all the relevant laws and rules

2. Honesty and fairness

3. Information

4. Quality products and services

5. Honor of guarantees and warrantees

6. Compliance of industry codes of practice

16. Time Management Tools and Techniques

There are various time management tools and techniques that are used in the implementation process, and these may include the following:

1. Planning Tools

2. Daily Planner

3. Smart Goals

4. Specific

5. Measurable

6. Attainable

7. Realistic

8. Timely

Written/Oral Questions and Research Task

1. Identification of Special or Complex Features of Client’s Situation

The client would need to work on the following features which incur:

1. Ensuring the information is available and is considered to be practicable for the assess for the public concern

2. To take control of the provisions that might be harmful for the consumer

2. Information Used to Prioritize Implementation Actions

Information used for implementation actions: In order to implement the actions certain information can be used. The client situation is important to have knowledge about to take activities effectively. The associated laws in Australia, background of the client and the background of problem need to be analyzed in this procedure.

3. Planning the Timing

It would need to be the duty of the consumer to effectively deal with the different necessary working procedures under which the person would be able to provide effective working criteria and deal with the necessary working procedures. In this case providing credit needs to be the first and foremost point for the company.

4. Explanation to The Client

Explanation to clients: The information needed to explain clients about the implementation of actions include the laws associated with the actions, division of the problems and related solutions and the possible future of the action taken.

5. Written Agreement

In order to make a written agreement, four basic components need to be considered such as an offer, the legal procedures and laws, the acceptance and the exchange procedure that is usually money. It is useful to develop a legal agreement with the client and every part needs to follow it.

6. Timing and Priority

Application of the timing and priority: In terms of regarding the loan procedure it is required to provide the advantage to the client to some extent. In terms of recovering the loan amount, the loan provider organization is required to provide a relaxation of time to the loan borrowers. On the other hand the priority of the client regarding the matter of the amount of money is required to consider by the organization.

7. Brief for Identified Individuals

Information regarding the matter of recovering the loan: In terms of ensuring the matter of recovering the loan, it is required to focus on the matter of the value of the mortgage of against the providing amount. On the other the originality of the documents is red to consider in terms of ensuring the matter of getting back of the invested amount.

8. Internal Documentation

Internal documents for complex loan structure: In Australia, certain documents are needed to implement complex loan structures. It involves manual or computerized application, disclosures, disclaimers, any existing loan documents, insurance information documents, receipts and written suggestions. All these documents can be useful to get a complex loan effectively.

9. The External Document

Requirement of the external documents:  In terms of operating the process of providing loan it is required to focus on the approach of the external documents. It can be added that and the documents regarding the government rules and regulations can be treated as the external documents.

10. Coordination

In order to operate the loan providing operations it is required to assess the matter of specifying the actions relating to the matter of maintaining the rules and the regulation of the business process. In terms of recovering the lending money, the management of the loan providing company can take actions in relation to the specific rules and regulation of the government

11. Time Management Techniques and Tools

Time management procedures: The time management is important in implementation procedure. One needs to focus on important activities and complete it first that followed by other activities. One needs to minimize any kind of interruption while working. A big task needs to be divided into parts and one need to set time for different parts to complete that contributes to total given time.

12. Monitoring Procedures

Importance of establishing the monitoring procedures: Effective monitoring procedures reveals the scope of strengthen the implementation in the action plan as well as the timing and priorities. Monitoring is an essential part to establish as it helps in comparing the effective implementations of the actions and legislations. Moreover, it helps in assessing time schedule in critical timing. 

13. Required Actions for The Implementation

The different actions that may need to be considered are as follows:

1. Providing appropriate working procedures

2. Planning

3. Taking necessary decisions

4. Caring of the plans that are being done

5. Responding to the process

14. Assistance to Client

It would need to be the duty of the leader to take control of the process and maintain it into its working procedures. This will help the employee to work without any problems and conduct effective working procedures.

15. Internal and External Personnel

The different types of external and internal loan structure are:

1. Conforming loan

2. Secured loan

3. Unsecured loan

4. Open ended loans

5. Close ended loans

6. Conventional loan

7. Conforming loan

16. Consultation and Monitoring with Other Professionals

It would need to be the duty of the individual to take control of the right maintenance structure that will help in monitoring of the processes and lead up effective working procedures.

17. Types of Documentation

The different types of documentation under lodgment are:

1. Requirements,

2. Architectural and

3. Technical

18. Types of Fees and Charges

Types of fees and charges will you need to obtain and process, according to the organizational and legislative requirements are:

1. Credit card fees $130.00,

2. home loan-$259.00,

3. overdrawn fee-$14.70 and

4. Currency conversion fee 2.98%

19. Post-Implementation Debrief

The definite implications that are dealt with the implementation of the factors majorly deals with: The various institutional factors that are analyzed during the credit period of study. This would be ascertained on the basis of the combination of factors like lodgment process, major dealings that are done with reference to the definite set of business prospects.

20. Client Concerns

Good communication can be one of the process in responding a client's concerns.  Listening to the customer's concern and responding according to the problem will be a helpful process in attaining the client with full attention

21. Documentation

1. Disclaimers - The concept of disclaimer represent the denial of certain aspects for example; responsibility.

2. Disclosures - Disclosure means the revelation of some secret or unknown fact. It may be said to be the action of declaration.

3. Insurance policies - Insurance policy is the contract between two entities, an insurer and the insured.

4. Prospectuses - Prospect is legally documented booklet which consists some kind of information.

5. Receipts - Receipt is the manifest list or document that is provided as the fact of received.

6. Written advice - Written advice is the verbal form of suggesting any concept.

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Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Finance and Mortgage Broking Assignment Help