Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to prepare a client loan application to a relevant lender, and present and process the loan using appropriate channels. Assistance with loan settlement may also apply.
It applies to individuals who use analytical and organisational skills to complete administrative requirements and use interpersonal skills to work effectively with a range of clients and personnel.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Unit Sector
Finance/mortgage broking
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Compile necessary information |
1.1 Collect and complete appropriate and relevant lender forms and gather relevant signatures in appropriate format 1.2 Source information required to support loan application in accordance with National Credit Code, compliance requirements and security policies |
2. Prepare loan documentation |
2.1 Prepare documentation that accurately reflects client’s financial situation and personal information, and complies with lender requirements and guidelines 2.2 Confirm basic requirements of loan, including amount, term and interest rate, and check all documentation for accuracy and readability 2.3 Complete all relevant processes for proper execution of documentation efficiently and in an appropriate timeframe |
3. Present documentation for assessment |
3.1 Submit documentation to appropriate lender or approving officer in appropriate manner to protect client confidentiality 3.2 Notify client in timely manner of lender or approving officer's determination of offer or non-offer of loan 3.3 Provide clear, comprehensive and accurate information to client on their rights, obligations, responsibilities and manner in which to proceed if loan application is non-offer |
4. Maintain communication with relevant parties |
4.1 Maintain clear and open communication throughout loan preparation and presentation process with lender and client 4.2 Gather additional information requested by lender to support loan application in efficient and timely manner 4.3 Provide clear, comprehensive and accurate information to client on manner in which to proceed immediately following loan approval |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.1, 1.2, 2.2, 4.2 |
|
Writing |
1.1, 2.1, 2.3, 3.2, 3.3, 4.1-4.3 |
|
Oral Communication |
1.1, 3.2, 3.3, 4.1-4.3 |
|
Numeracy |
1.1, 1.2, 2.2 |
|
Navigate the world of work |
1.2, 2.2 |
|
Interact with others |
4.1, 4.3 |
|
Get the work done |
1.1, 1.2, 2.1, 2.3, 3.1-3.3, 4.1, 4.2 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSFMB401 Prepare loan application on behalf of finance or mortgage broking clients |
FNSFMB401A Prepare loan application on behalf of finance or mortgage broking clients |
Updated to meet Standards for Training Packages Minor rewording to clarify intent of performance criteria |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe