FNS50315 Diploma in Finance and Mortgage Broking
In order to be deemed competent, you will need to evidence the ability to:
- Develop detailed broking options designed to maximise the client’s outcomes and reach client objectives which incorporate elements from research and which address complex needs and issues
- Identify and describe key assumptions upon which the plan is based
- Provide a detailed analysis of research strategies and findings
- Test and make appropriate checks on a proposed plan for its integrity and compliance
- Assess the impacts of taxation, social security, economic and other government policies on client investment and financial requirements
- Interpret and comply with industry regulations and codes of practice
- Identify the roles of associated financial advisers and work effectively with them
Answer:
Introduction
The collection of the data that is required when establishing the complex lending requirement of the clients is undertaken by initially addressing the services that are provided by the organization. The various kinds of services that are offered by the organization is mentioned to the client so that the client can accordingly choose the service that they require in order to fulfil their need and desire.
In order to have an understanding of the requirement of the client, one needs to listen to the objectives and the queries of the client and accordingly ask questions to the clients with the help of simple questions that would be helpful for the client to understand (Krainer, & Laderman 2014). The questions are asked on a peaceful note so that the client feels comfortable and provides data that is true and authentic. This kind of technique is helpful in creating an environment with the help of which a good bonding among the client and the executive can be maintained.
The language that
is used in order to communicate with the client is simple and clear and the language used is the general language with the help of which any kind of cultural differences can be mitigated and the client has a sense of relief and satisfaction.
The interpersonal skill plays a vital role with the help of which personal and professional relationship can be maintained. It is essential to understand the emotional issues of the client and thereby understand what sort of questions and advices would be given to them in order to satisfy them and fulfil their desire (Dagher, & Sun 2016). The interpersonal skill even assists in creating a rapport so that the client feels free to share any personal and hidden information that the client feels not to share and thereby collecting data that is effective for giving out the authentic advice to the client. The communication skill and the level of professionalism aids in communicating the services that are offered and the demand of the client so that effective level of advises can be given. The client is even given an assurance that they would be in touch with the client during the entire course of the broking process and thereby all their issues can be answered and the lending requirements can be fulfilled.
The interaction that has taken place with the client needs to be recorded and documented with the help of which the data can be looked upon when required at any given course of time. A proper template is used during the initial interview in which a series of general questions is maintained and accordingly the answers are jotted down (Harrison, & Seiler 2015). The requirement of the client that are new are recorded in the end of the template so that fresh and new ideas can be obtained. In case of telephonic conversations, the conversation is recorded with the help of recording tools and thereby a process is generated for the vital incorporation of the desires of the clients. The documentation that is collected is undertaken by taking help of technological tools and excel spreadsheets and accordingly all the data are stored in a precise manner.
The structure of the loan and the suggestions that would be given to the client are provided according to the company process and guidelines so that a specific template and regulation is maintained for the recording and the documentation of the interview with the client and the recommendations given to the client (Bratt, & Immergluck 2015).
The research that is undertaken is based on the complex broking solution in accordance to the needs of the client. The features of the objectives of the client have been explained in a precise manner along with review and clarification of the same with the help of which the proper investment suggestions can be given to the client. The scenario of the client is ascertained in order to have an understanding of the needs of the client and have knowledge about the limitations and opportunities associated with the client and accordingly plan strategies with the help of which proper advises can be given. The loan structure of the client is given with the assistance of existing standards by considering the various external factors that can have an impact on the financial issues (Ambrose et al., 2016). The broker needs to go through the Tier One Adviser of the client in cases of financial advises given to the client by the financial adviser. The recommended loan structure are structured, assessed and measured with the help of which the options that are not suitable can be neglected in compliance with the relevant acts. The options that have been suggested are evaluated with the help of which objectives of the client can be attained. The information is shared and the solutions are understood so that quality service can be given.
The explanation and the recognition of the risk is understood with the help of which categorisation of risk is undertaken in order to ascertain the extent of risk. The extent of risk is understood by taking assistance of the risk assessment tools and thereby communicate the elements of valuation outcome of the client. The adverse valuation that have been recognised are addressed in order to have an understanding of the pertinent issues and mitigating the same. The risk probability with the loan structure of the client is even projected and thereby impact of the same can be understood. The identification of the risks and the suggestions of the company is undertaken in accordance to the government and the industrial requirements and ethical and the professional codes with the help of which the recommendations provided are true and fair and would be according to the industrial standard (Collins, & Urban 2015).
The loan option to the client is presented in such a manner such that all the aspects of the loan option can be provided. The benefits, disadvantages along with the financial implications are expressed to the client in so that they are well aware of the loan scenario and later on cannot complain about the same. The commission and the fee that is charged by the broker is given and is generally 2% of the overall loan and this amount is paid in the bank account. The lender scenario that have been represented is in line with the precise legislation, regulatory guidelines and the process of documentation with the help of which all the scenarios can be understood and thereby loan related recommendations can be given. The requirement of other consolations like accountants and solicitors have been taken into consideration along with the fees which they have to pay in order to understand the overall cost of undertaking the loan (Hanson et al., 2016). A written confirmation needs to be taken from the client in accordance to the fact that the client has understood the options given to them and all their issues and queries have been answered. The information in regards to the complaint resolution process is even given to the client so that they can undertake the same at any point of time during the tenure of the loan.
Prior to presenting the option of the loan to the client, it is essential to have knowledge about the concerns the client may raise and these issue can be understood by taking assistance of the research materials and the information that have been recorded from the client so that loan option can be given according to the expectations of the client. Alternative suggestions are even given maintained so that in circumstances if the client is unhappy with the recommendation given, the alternate recommendation can be given and thereby satisfying them. One has to be ready about the concern of the client and should therefore look to have contingencies as well. A boundary is created when dealing with the conflict scenario of the client so that the concerns can be rectified within the limited timeframe and mitigate the wastage of time (Cao, & Liu 2016). The agreement to the loan option is created according to the objective of the client and authority to proceed is given after the client is happy with the suggestion given in accordance to the undertaking of the loan.
Reference List
Ambrose, B. W., Conklin, J., & Yoshida, J. (2016). Credit rationing, income exaggeration, and adverse selection in the mortgage market. The Journal of Finance, 71(6), 2637-2686.
Bratt, R. G., & Immergluck, D. (2015). The mortgage crisis: Historical context and recent responses. Journal of Urban Affairs, 37(1), 32-37.
Cao, Q., & Liu, S. (2016). The impact of state foreclosure and bankruptcy laws on higher-risk lending: Evidence from FHA and Subprime mortgage originations. Journal of Real Estate Research, 38(4), 505-538.
Collins, J. M., & Urban, C. (2015). Mandatory mediation and the renegotiation of mortgage contracts. The Economic Journal, 125(589), 1734-1763.
Dagher, J., & Sun, Y. (2016). Borrower protection and the supply of credit: Evidence from foreclosure laws. Journal of Financial Economics, 121(1), 195-209.
Hanson, A., Hawley, Z., Martin, H., & Liu, B. (2016). Discrimination in mortgage lending: Evidence from a correspondence experiment. Journal of Urban Economics, 92, 48-65.
Harrison, D. M., & Seiler, M. J. (2015). The paradox of judicial foreclosure: collateral value uncertainty and mortgage rates. The Journal of Real Estate Finance and Economics, 50(3), 377-411.
Krainer, J., & Laderman, E. (2014). Mortgage loan securitization and relative loan performance. Journal of Financial Services Research, 45(1), 39-66.
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