Fns40815 Finance And Mortgage Broking Assessment Answers
Questions
3. There are many laws that regulate the way businesses may provide service to a client. Why is this important and what is your responsibility?
Answers
1. There is a difference between a good and a great mortgage broker. A great mortgage broker engages his audience or crowd or customer by communicating on few very critical and significant needs and expectations of the customer like:
All these measures will help in meeting the expectation of the client and helping in retaining them.
2. There are many specific behavioural traits that needs to be taken care off in order to be satisfy the client at all times and to ensure an overall superb customer experience. Some of these are:
All this is measured in terms of the after sales customer experience, whether he refers the broker to anyone and whether the broker retains the customer served. This also helps broker in not only maintaining relations with the customers but at the same time with lenders too as he can contact a number of lenders at a time.
3. Many laws have been framed for guiding the way in which the businesses provide their services to the customers. These are important and critical from the customer’s point of view as they help the customers from not being cheated or misguided by the providers of the service. They also prove to be handy if the customer has some complaint against the service provider and he wants his grievances to be redressed (Bromwich & Scapens, 2016). These laws put the customer at the first place.
Our responsibility as a service provider is to keep the customer needs and priorities at the forefront and to provide the best of the services at the least possible rate without cheating them. This is governed by the business ethics.
4. There should be proper way and a guide in how to provide the best customer service to the customer as a mortgage broker. Few of the critical points in this regard are as follows:
All these measures act as a guide in providing the quality services to the client and retaining them.
5. Some recommendations on how to improve the service delivery to the customers is to know the root cause of the issue proposed, coming out with alternative solutions without deviating from the topic and giving the best course of action at the affordable rates. To improve the service delivery, the broker should have the knowledge of the market and should have well built contacts to built the confidence with the customer (Belton, 2017).
Besides above steps, the other ways include being available 24*7 for the urgent customer requirements, passing and sharing teh knowledge besides what has been asked to them so that it can add value to their funds and offering VIP or special services or discounts to them.
6. There are numerous ways in which a business can be made environmentally friendly and sustainable going forward in future. Some of these are:
Works Cited
Alexander, F. (2016). The Changing Face of Accountability. The Journal of Higher Education , 71 (4), 411-431.
Ashton, J., & Hudson, R. (2017). The price, quality and distribution of mortgage payment protection insurance: A hedonic pricing approach. The British Accounting Review , 242-255.
Belton, P. (2017). Competitive Strategy: Creating and Sustaining Superior Performance. London: Macat International ltd.
Bromwich, M., & Scapens, R. (2016). Management Accounting Research: 25 years on. Management Accounting Research , 31, 1-9.
Davis, P. (2017). Value Investing: Do Quant Strategies Measure Up? Financial Analysts Journal , 1-172.
Knechel, W., & Salterio, S. (2016). Auditing:Assurance and Risk (fourth ed.). New York: Routledge.
Visinescu, L., Jones, M., & Sidorova, A. (2017). Improving Decision Quality: The Role of Business Intelligence. Journal of Computer Information Systems , 57 (1), 58-66.
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