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. Prepare for settlement

1.1 Confirm all pre-settlement conditions of finance approval with clients

1.2 Communicate with various parties involved in settlement process and confirm that documentation and other settlement issues are in order

1.3 Check documents to ensure they are correctly executed, signed, witnessed and dated before sending to approving personnel

2. Register securities

2.1 Check loan contract for conditions relating to taking of security

2.2 Instruct party acting for lender to liaise with all parties to settlement and attend settlement

2.3 Register and stamp securities in accordance with lender’s procedures and relevant legislation, and confirm all security actions taken

3. Arrange for disbursement of funds

3.1 Arrange drawdown of funds by client, or solicitor acting for client

3.2 Disburse funds in accordance with requirements of loan approval and instructions received from client

3.3 Activate relevant client correspondence to advise client of disbursement of funds, date of settlement, manner of disbursement and other relevant details

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.2, 1.3

• Analyses and conducts detailed review of complex textual documentation to determine accuracy and completeness of information

Writing

1.1, 1.2, 2.2, 2.3, 3.1, 3.3

• Prepares correspondence and completes records and forms using appropriate terminology , language and writing mechanics

Oral Communication

1.1, 1.2, 2.2, 3.1

• Provides clear and explicit information and instructions to others
• Uses active listening and questioning to confirm and clarify requirements

Numeracy

1.1, 3.1, 3.2

• Performs mathematical calculations to analyse and check financial and numerical information for accuracy and completeness

Navigate the world of work

1.3, 2.1, 2.3

• Recognises and follows organisational protocols and meets expectations
• Monitors adherence to legal and regulatory obligations

Interact with others

1.1, 1.2, 2.2, 3.1, 3.2

• Collaborates with others to achieve joint outcomes
• Selects and uses appropriate communication conventions and protocols to liaise with clients, lenders and other stakeholders
• Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others

Get the work done

1.1, 1.2, 1.3, 2.2, 2.3, 3.1, 3.2, 3.3

• Plans a range of routine and non-routine tasks and uses logical processes to achieve goals
• Uses digital technologies and systems to locate information, enter data and present information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSFMB501 Settle applications and loan arrangements in the finance and mortgage broking industry

FNSFMB501A Settle applications and loan arrangements in the finance and mortgage broking industry

Updated to meet Standards for Training Packages

Minor edits 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.