Part 3: Oral response to questions
\nMake a 10 minute recording of yourself answering the following questions. Before you start make sure you have read the resources in your subject in KapLearn to Help you with your oral assessment by audio recording. Leave the second column blank so your assessor can record a summary of your oral response. You will need to rehearse your responses before the oral assessment, to ensure that your responses are within the maximum timeframe.
\n(Note: No volunteer is required when you complete these questions.)
\nQuestions Summary of oral response (assessor only)
\n1. You are a broker who charges a fee for your service. You are meeting a new client, Stephanie Jones, for the first time at your office after an initial cold call.
\nThe purpose of the meeting is to start to gather information about her existing financial situation, goals and needs.
\nTo comply with organisation policy and legislative requirements and to ensure that Stephanie can make informed decisions moving forward, there are two documents you must provide to Stephanie.
\n(a) Name the two (2) documents you must provide to Stephanie.
\n(b) Explain the disclosures that are contained in the documents in your own words.
\n(c) Give one (1) example of how you would check with her that she understands these disclosures.
\n(d) Communicate to Stephanie your commercial relationship with the various product providers from which you will access loan product options for her.
\n(Disclosures should include, but are not limited to, the range and limitation of your services, complaint handling process and the way you are remunerated.)
\n2. Stephanie has acknowledged that she understands the two documents and disclosures. She then begins to tell you more about her current financial situation.
\n(a) Describe the communication skills you will use to:
\n\u2022 encourage Stephanie to express her needs and goals
\n\u2022 determine her current investment and assets position
\n\u2022 consider various home loan options for her.
\n(b) Explain where you will initially record all information provided by Stephanie.
\n3. This is Stephanie\u2019s first home purchase. She is very happy with all of your advice and has made a decision on which loan option she would like to take. She now asks \u2018what happens from here?\u2019
\nAdvise Stephanie on:
\n(a) \u2022 the key documents you will require from her prior to submitting an application
\n\u2022 the steps that will occur from this meeting through to settlement and your role in those steps.
\n(b) how you will communicate with relevant parties to keep the loan approval process on track
\n(c) how you will communicate with her throughout the process and advise her of next steps when the lenders decision for an offer (approval) or a non offer (declined) loan is made.
\n4. After talking with friends, Stephanie expresses some resistance with committing and says she is a little worried that possible increases in interest rate will be too difficult for her to handle.
\n(a) Ask Stephanie three (3) questions to help you identify the reasons for her resistance and how you would document them.
\n(b) What processes would you use to research options for Stephanie and then present these options to effectively negotiate a commitment to proceed with the option you have recommended?
\n(c) Explain where you would document your research and discussions with Stephanie.
\n5. A final decision on Stephanie\u2019s loan application has been deferred by the credit approver due to property valuation coming in $15,000 lower than purchase price and taking LVR to just over 81%. The loan required is 80% of the purchase price and you are not sure Stephanie can come up with more cash contribution right at this time. You have spoken to the valuer, who will not change the value.
\n(a) Describe how you would approach the lender to try to get the loan approved. Assuming that all other aspects of the proposal are strong, what would be some key points of the applicant or the proposal that you would emphasise to the lender in a bid to get loan approved.
\nYou may make positive assumptions about the applicant, as considered appropriate.
\n(b) From your efforts the loan has now settled and you are required to obtain feedback from the client. Refer to the \u2018Feedback Policy\u2019 found under Organisation Policies and Procedures in the Toolbox.
\n\u2022 Explain the feedback policy process to Stephanie.
\n\u2022 Explain how her feedback would be actioned within the organisation.
\n\u2022 Provide two (2) other sources of feedback that could help in evaluating professional business development needs.
\n6. Several months have passed since Stephanie\u2019s loan was approved and settled. Your broker business has now grown substantially to the point you now employ four staff members in support roles to Help you and the two other brokers in meeting clients\u2019 demands and liaising with lenders and other parties. You need to restructure the business to improve teamwork and processes.
\nBriefly outline what you would do to initiate these improvements, taking into account:
\n(a) skills and knowledge of the staff member involved:
\n\u2022 how current allocation of duties could be improved
\n\u2022 how to effectively plan work to be completed and maintain a team environment, while considering constraints and available resources
\n(b) how data collection and storage could be better managed across the team while maintaining sustainability principles such as reducing paper documents
\n(c) identify and evaluate some professional development activities or tools that would improve knowledge and teamwork within the team.
\n7. The triple-bottom-line philosophy is key to the continuing prosperity of a business.
\n(a) Explain in your own words what the triple bottom philosophy is.
\n(b) Explain in your own words one (1) example of a new sustainability idea, activity or function you could introduce to your workplace.
\nExplain what your idea is, any additional equipment or facilities required and the outcome you hope to achieve.
\nAlso explain how you will obtain approval and communicate and promote your initiative to your team.
\nMake some suggestions on how you will encourage your team to implement the idea.
\nAssessor checklist \u2014 oral responses to questions
\nYour assessor will complete the checklist for your oral response to each question. Demonstrated or Not Yet Demonstrated
\n1 Demonstrates understanding of the duty of disclosure Not yet demonstrated
\n2 Describes how to ascertain a client\u2019s needs and determine their current financial position. Not yet demonstrated
\n3 Outlines the key documents required from a client during the loan application process Not yet demonstrated
\nDescribes the steps that occur in the loan process Not yet demonstrated
\n4 Demonstrates understanding of how to identify and address client concerns Not yet demonstrated
\nDemonstrates understanding of risks associated with various loan options Not yet demonstrated
\n5 Describes how a mortgage broker would approach a lender to get a loan approved. Not yet demonstrated
\n6 Outline how a mortgage broker can restructure their business to improve teamwork and processes. Not yet demonstrated
\n7 Recognises and implements sustainability principles and work practices. Not yet demonstrated
\nStudent resubmission response (if required by assessor):
\nAssessor feedback: Resubmission required?
\nNo
\nPart 4: Role play
\nYou will participate in a role play for a maximum of 10 minutes. The role play will be conducted by audio recording. You will need a volunteer to Help you in the role play.
\nFor your volunteer you need to select an appropriate person who is able to participate in the volunteer role criteria below. The volunteer needs to understand that this is part of your assessment. Provide a copy of the Volunteer Guide in your KapLearn subject to your volunteer so they understand what they need to do in your assessment.
\nYou will not be assessed on your acting ability. You will be assessed on the criteria listed below the task under assessor feedback.
\nWhen starting your role-play recording, ask your volunteer if they give permission to be included in the audio recording. The volunteer needs to agree verbally before the recording may continue.
\nSee the \u2018resources\u2019 in your subject in KapLearn to Help you in preparing for your role play.
\nRole play case study \u2014 Philip and Jennifer Brown
\nNote: This Philip and Jennifer Brown case study is also used in the written assignment as part of this course. It is recommended that you complete Tasks 1 and 2 of the Written assignment prior to undertaking the role play, as this will Help you in assessing the clients\u2019 needs and potential loan structure that you can use for this role play activity. Alternatively, in preparation for the role play, use the tools available to you (e.g. loan calculators, lenders and Genworth websites), to prepare your presentation to the clients.
\nBackground
\nPhilip and Jennifer Brown are a young couple about to buy their first home. They have been married for five years and during that time have rented an apartment while saving for their own home.
\nFollowing a personal referral from Glenn Brown (Philip\u2019s brother), you have already had a first meeting with Philip and Jennifer to discuss their objectives and needs. They admitted they have little time to do much research on lenders; have limited knowledge of the loan products available and basically are not sure what is right for them.
\nDuring (and subsequent) to your first meeting, Philip and Jennifer have provided the basic information documents \u2014 pay slips, tax returns, bank statements, property details for review\/verification. You have now undertaken your preliminary assessment and need to discuss and present to them the proposal covering the options and your recommendations. It is important to get the proposal moving quickly, as the agent has indicated other parties are interested in the property.
\nThey have been looking at properties for the past three months and have found a 10-year-old established apartment that has really caught their eye; although they have some concern over the kitchen, which requires a little work.
\nThey have not paid a deposit at this stage research paper writing help, but the real estate agent has provided some guidance on additional fees and charges.
\nFollowing is a summary of the details of the property they wish to purchase, the couple\u2019s financial and employment details, and the loan features they require.
\nThe property
\nAddress Unit 1, 92 Seaside Lane Edgartown (Your state)
\nPurchase price $490,000
\nDescription 2 bedroom, 2 bathroom, Strata Title apartment
\nAgent details Stephanie Jones
\nLandline 8123 1113
\nMobile 0412 880 088
\nThe couple
\nCurrent address Unit 12, 22 Wentworth Lane, Highville, (Your state)
\nPhilip and Jennifer have lived there since March 2012
\nHome phone 9123 2121
\nFunds position
\nPurchase price $490,000
\nClient\u2019s estimate of costs $25,000
\nTotal required $515,000
\nLoan $440,000 + LMI
\nClient\u2019s own contribution (includes proposed deposit of $50,000) $75,000
\nUse fees and charges applicable to your state. If the servicing calculator you are using requires a postcode, select one (1) that would represent a reasonable suburb\/location in your city or state.
\nAssets
\nCapital Bank savings account (joint) $78,000
\nCapital Bank cheque account (joint) $1,600
\nHolden Commodore SS 2007 (Philip) $25,000
\nKia Cerato Sport 2015 (Jennifer) $9,000
\nSuperannuation \u2014 Capital Bank (Philip) $28,000
\nSuperannuation \u2014 Capital Bank (Jennifer) $62,000
\nHousehold effects (insured value) $40,000
\nLiabilities
\nCapital Bank personal loan (Philip) $5,600 (repayments $180 p.m.)
\nCapital Bank Visa card (Philip) $200 (limit $4,000)
\nCapital Bank Visa card (Jennifer) $1,600 (limit $5,000)
\nPayments have always been met on time and any prior loans repaid in terms of contracts. The minimum monthly commitment on each of the credit cards should be calculated at 3% of the credit limit.
\nLiving expenses
\nAnnual expenditure for living expenses \u2014 $33,000.
\nEmployment and income
\nPhilip (date of birth 21\/2\/87)
\nPosition Team Leader (full time)
\nEmployer ACE Pty Ltd, 101 City Rd, Westside (Your state)
\nPhone 9800 1111
\nIncome (gross) $58,000 p.a. monthly gross income: $4,833
\nEmployer contact Dwayne Johnson, HR Manager
\nLength of service Since October 2005
\nDriver\u2019s licence 8855KL
\nEmail philipb@ace.com.au
\nJennifer (date of birth 8\/10\/88)
\nPosition Accountant (full time)
\nEmployer Tech City, 804 High Street, City East (Your state)
\nPhone 9910 2033
\nIncome (gross) $95,000 p.a. monthly gross income: $7,917
\nEmployer contact Bruce Wayne, HR Manager
\nLength of service Since March 2006
\nDriver\u2019s licence 17016C
\nEmail jbrown@techcity.com.au
\nSolicitor\u2019s details
\nJones and Co
\n22 High Street, City East (Your state)
\nPhone: 82811382
\nEmail: jonesandco.net.au
\nThe solicitor has quoted a fee of $1,500 for the conveyance.
\nThe loan requirements
\n\u2022 30-year term
\n\u2022 premium option home loan features
\n\u2022 variable interest rate (for this case use 4.5% p.a.)
\n\u2022 LMI to be capitalised
\n\u2022 proposed settlement date \u2014 six weeks from exchange of contracts
\n\u2022 ability to make additional payments from time to time without penalty
\n\u2022 fortnightly repayment option
\n\u2022 redraw facility
\n\u2022 funds access via card.
\nNote: Loan application fee is waived under Special Offer.
\nOther information
\n\u2022 They have advised that the Real Estate Agent has indicated they need to make a formal offer within the next 10 days, however they are reluctant to do so until they obtain an approval.
\n\u2022 Jennifer has asked if there are any professional package benefits available because she is an accountant. However she did confirm she has not maintained her continuing professional development.
\n\u2022 Jennifer previously owned and lived in an apartment with her two older sisters when they attended university but they sold this before she married \u2014 they did not make a lot from the sale.
\n\u2022 The couple do not plan to have children within the next five years.
\n\u2022 However, they do have plans to take a major overseas trip within five years.
\n\u2022 Philip is hoping for a promotion within the next 12 months upon possible retirement of a long-term employee where he works.
\n\u2022 They have also expressed a concern about the possibility of interest rates increasing.
\nTask
\nYou are required to complete this \u2018role play\u2019 as part of the oral assessment\u2019, which should take a maximum of 10 minutes. You may find use of the Fact Find document, Appendix 1, from the Written assignment will be helpful.
\nTo set the scene for this role play:
\n\u2022 You are required to present your analysis and recommendations to your client (your volunteer) covering any concerns they may have.
\n\u2022 Due to the need to get an approval so contracts can be signed, an appointment has been made but unfortunately one of them (this will depend on which role your volunteer plays \u2014 Philip or Jennifer) cannot be present as he\/she has had to go interstate urgently to visit a sick brother.
\n\u2022 Your clients do not wish to delay this meeting as they are keen to hear what you have to present \u2014 information can be passed to the other over the phone, when needed.
\n\u2022 This oral presentation should focus on presenting your analysis of the couple\u2019s current position, loan prospects, Assessment of product options, as well as your recommendation, covering the following essential points:
\n\u2013 a summary of your understanding of the clients\u2019 needs (this could be an outline summary of their proposed loan structure)
\n\u2013 a summary of their current financial position (use information from the case study)
\n\u2013 your explanation of the product options evaluated that meet their needs (you should have researched at least two lenders) and details of the loan features; use the internet or if working in industry, internal software to do this
\n\u2013 the option you recommend and the reasons for the recommendation \u2014 including the loan amount, term and repayments, explain how the recommended product meets the clients\u2019 needs (refer to the case study) and explain why you are recommending this lender.
\n\u2013 invite questions from the client and respond accordingly.
\nThere are no rules regarding the format of your presentation, however it must be presented so that it is succinct and easily understood by clients. Please use the format that best suits you \u2014 this could include covering the detail you have prepared in a written proposal document.
\nThe role play requires the volunteer to ask at least three (3) questions \u2014 with suggested questions provided in Volunteer Guide. However, the volunteer can ask other \u2018unrehearsed\u2019 questions if they wish. Remember, you are not being judged on your acting ability. Your assessment is about how you communicate and interact with the customer. You may need to adjust your presentation of the proposal, depending on the time that the questions are asked. However; to manage time, you may ask the volunteer to keep their questions until you have finished presenting your recommendations.
\nThe assessment criteria you will be assessed on includes the following:
\n\u2022 appropriate introduction and building rapport
\n\u2022 explore solutions that meet clients\u2019 goals and objectives
\n\u2022 present broker solution to clients\u2019 request
\n\u2022 explain relative fees and charges
\n\u2022 collaborate on risk identification
\n\u2022 response to questions, record customer feedback and actions taken.
\nAssessor checklist \u2014 role play
\nAssessor checklist completed after observing the audio recording of the role play Demonstrated or Not yet demonstrated
\n1 Uses appropriate introduction and builds rapport Not yet demonstrated
\n2 Explores solutions that meet clients\u2019 goals and objectives Not yet demonstrated
\n3 Presents appropriate broker solution to clients\u2019 request Not yet demonstrated
\n4 Explains relative fees and charges Not yet demonstrated
\n5 Collaborates on risk identification Not yet demonstrated
\n6 Responds to questions, records customer feedback and actions taken Not yet demonstrated
\nStudent resubmission response (if required by assessor):
\nAssessor feedback: Resubmission required?
\nNo
\nPart 5: Role play
\nYou will participate in a role play for a maximum of 5 minutes. The role play must be conducted by audio recording. You will need a volunteer to Help you in the role-play.
\nFor your volunteer you need to select an appropriate person who is able to participate in the volunteer role criteria below. The volunteer needs to understand that this is part of your assessment. Provide a copy of the Volunteer Guide in your KapLearn subject to your volunteer so they understand what they need to do in your assessment.
\nYou will not be assessed on your acting ability. You will be assessed on the criteria listed below the task under Assessor feedback.
\nWhen starting your role-play recording, ask your volunteer if they give permission to be included in the audio recording. The volunteer needs to agree verbally before the recording may continue.
\nTask
\nIn this role play, you will play the role of a mortgage broker\u2019s Helpant at YS Finance Sydney, a practice that has been established for 10 years and provides advice on business, home and investment loans.
\nYour manager at YS Finance has provided you with phone numbers of two prospective clients and has asked you to successfully undertake two cold calls.
\nThe purpose of this role play will be to call each prospect and scope whether these two prospective clients are interested in learning more about financial products and services, by speaking with one of YS Finance\u2019s credit representatives.
\nTo successfully complete this role play, you must refer to and follow the \u2018Client prospecting guidelines\u2019 located in the Toolbox.
\nCall 1:
\nIs to be made to a prospect named Susan Phillips and will lead to a positive outcome; with the prospect wishing to talk with Jim Kelly, a credit representative at YS Finance.
\nCall 2
\nIs to be made to a prospect named David Williams.
\nOn this occasion, you will not have a positive outcome with the prospect, and the call will not advance beyond seeking permission to continue with the call.
\nAfter completing these two (2) calls, you must record details from each call in the \u2018Prospect Register\u2019 below, as per instructions in the \u2018Client prospecting guidelines\u2019 in the toolbox, to build up organisational knowledge of prospecting client\u2019s characteristics.
\nDate Prospect name Date entered in \u2019Do not call\u2019 register if applicable Outcome or Comments Credit Representative allocated Date that the Credit Representative will need to contact the prospect
\n19\/6\/2020
\n2pm Susan Phillips
\n19\/6\/2020
\nHappy with everything and moving forward, she would like to book in a credit representative to book a meeting with her.
\nJim Kelly
\n29\/6\/2020 same time-2pm
\n20\/6\/2020
\nDavid Williams
\n20\/6\/2020
\nDo not call
\nNot interested in the products we are offering
\nn\/a
\nn\/a
\nNote: Under the NCCP, credit representatives are authorised to engage in specified credit activities on behalf of a credit licensee \u2014 for example, a mortgage broker.
\nAssessor checklist \u2014 role play
\nAssessor checklist completed after observing the audio recording of the role play Demonstrated or Not yet demonstrated
\n1 Used appropriate questioning and listening skills to determine prospective client\u2019s needs Not yet demonstrated
\n2 Successfully undertake cold calling, relationship building and prospecting for sales of financial products and services Not yet demonstrated
\n3 Used a range of communication and interpersonal skills to gather prospect\u2019s details Not yet demonstrated
\n4 Informed prospective client of role of advisers and organisation Not yet demonstrated
\n5 Established a sales response and recorded required information Not yet demonstrated
\nStudent resubmission response (if required by assessor):
\nAssessor feedback: Resubmission required?
\nNo
\nPart 6: Role play \u2014 Team work
\nYou will participate in a role play for a maximum of five (5) minutes. The role play will be conducted by audio recording. You will need a volunteer to Help you in the role play.
\nFor your volunteer, you need to select an appropriate person who is able to participate in the volunteer role criteria below. The volunteer needs to understand that this is part of your assessment. Provide a copy of the Volunteer Guide from your KapLearn subject room to your volunteer, so that they understand what they need to do in your assessment.
\nYou will not be assessed on your acting ability. You will be assessed on the criteria listed below under the student role.
\nWhen starting your role-play recording, ask your volunteer if they give permission to be included in the audio recording. The volunteer needs to agree verbally before the recording may continue.
\nTask:
\nYou are a mortgage broker who works at XY Mortgages.
\nYou currently have seven (7) clients who are at varying stages in the loan process:
\n\u2022 You have already submitted a loan application for three (3) of them.
\n\u2022 You are awaiting settlement for two (2) of them.
\n\u2022 You are at the stage of finalising the loan application for one (1) of them.
\n\u2022 You have recently been assigned one (1) of them by your manager. You have not yet contacted or met this one.
\nYou have another colleague in your team, who is also a mortgage broker. You both report to the same manager.
\nYour manager will normally assign clients who come into the practice, between you and your colleague; according to your workloads. However, your manager is currently on leave.
\nDuring your manager\u2019s absence, two new tasks have arisen:
\n\u2022 A new client has come to the practice and needs to be assigned to a broker.
\n\u2022 The CEO of the practice, has sent through a request to receive a completed summary report of your team\u2019s activities from the last financial year. This is due within three business days.
\nIn this role play, you are to conduct a team meeting with your colleague, in your manager\u2019s absence. Your volunteer will play the role of your colleague.
\nIn this team meeting you will need to do the following:
\n1. Discuss with your colleague the status of their loans and ascertain what stage each of their loans are at.
\n2. Discuss with your colleague how, over the next week, you will both manage these two (2) new tasks and come up with a plan of who will complete each task. Ensure that you encourage your colleague to participate in (and take responsibility for) these tasks with you.
\n3. Organise a meeting time, in the near future, where you and your colleague can discuss the progress made on these two tasks (note: you do not need to conduct this future meeting).
\nRemember, you are not being judged on your acting ability. You will be assessed on the criteria listed in the checklist below.
\nAssessor checklist \u2013 role play
\nAssessor checklist completed after observing the audio recording of the role play Demonstrated or
\nNot Yet Demonstrated
\n1 Actively encourage team members to participate in and take responsibility for team activities and communication processes Not yet demonstrated
\n2 Determine tasks to be done and identify relevant conditions to work autonomously or in team environment Not yet demonstrated
\n3 Plan work to manage resources, time and priorities Not yet demonstrated
\n4 Contribute to organisational planning process as required to achieve service improvement Not yet demonstrated
\nStudent resubmission response (if required by assessor):
\nAssessor feedback: Resubmission required?<\/p>\n","protected":false},"excerpt":{"rendered":"
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