Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

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

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.2, 2.2, 4.2

• Accesses and interprets appropriate textual information from a variety of sources to determine client's and lender's requirements
• Reviews written and numerical information, carefully checking for accuracy and readability

Writing

1.1, 2.1, 2.3, 3.2, 3.3, 4.1-4.3

• Prepares and structures documentation logically and concisely according to organisational formats and correct procedures and protocols
• Completes documentation using accurate terminology, grammar and spelling to ensure clarity and readability

Oral Communication

1.1, 3.2, 3.3, 4.1-4.3

• Uses language and concepts appropriate to audience and purpose to convey and clarify information
• Uses questioning and active listening in verbal exchanges to determine and confirm client loan requirements

Numeracy

1.1, 1.2, 2.2

• Uses mathematical equations to perform calculations and check accuracy of financial data relating to loans

Navigate the world of work

1.2, 2.2

• Recognises and follows explicit and implicit protocols, legislative and ethical requirements, and meets expectations associated with own role

Interact with others

4.1, 4.3

• Selects and uses the appropriate conventions and protocols when communicating in a range of familiar work contexts

Get the work done

1.1, 1.2, 2.1, 2.3, 3.1-3.3, 4.1, 4.2

• Plans a range of routine and non-routine tasks in accordance with stated goals and aims to achieve them efficiently and effectively
• Uses a formal decision-making process in undertaking evaluations against set criteria
• Uses the main features and functions of digital tools and systems to access information, manage files and communicate with others

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

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.