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

Release: 1

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

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

communicate effectively with the client and other parties so that they understand the pre-settlement conditions and their involvement required

accurately complete loan settlement tasks so that disbursement of funds are within agreed timelines, as required by the organisation and the client

interpret and comply with relevant legislation, statutory requirements and organisational procedures.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

explain different pre-settlement conditions required by lenders including gaining consent of prior mortgagee if second mortgage security is being taken

describe different pre-settlement evidence required by lenders

explain different pre-settlement undertakings by the borrower, required by lenders:

sale and settlement of other property

repayment of other debts

provision of evidence of insurance

explain different documentation required by lender:

credit check authority signed

guarantees

loan contract

periodical payment authority

signed application form

explain the role of various parties involved in the settlement process

describe settlement issues that can occur

describe key features of current industry codes of practice, legislation and statutory requirements including:

National Credit Code

privacy legislation

credit legislation

outline the steps in the process of registering security documentation

explain relevant policies and procedures in regard to opening an account for funds to be disbursed.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the finance and mortgage broking field of work and include access to:

office equipment, technology, software and consumables

lending product information

relevant specialist software system and data.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe