Legislative and Regulatory Frameworks in Mortgage Broking

Legislative and Regulatory Frameworks in Mortgage Broking

Instructions/Descriptions

Legislative and Regulatory Frameworks in Mortgage Broking

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Assessment Booklet

Please note: It is a requirement for students to make their submissions using this electronic assessment booklet. At the facilitator’s discretion any submissions made in another format may not be accepted. If you are completing the course via various computers, please save the one booklet on a USB so you can send the submission in using the one file

Getting Started

Please insert your NAME, DATE and the Manual Version Number on the first page of your Assessment Booklet.

Answering Assessment Questions

Each Assessment Booklet contains blank spaces for following assessment items:

• Short Answer Questions

When submitting Assessment Booklets for marking, please ensure that the entire booklet is completed.

Short Answer Questions

Using the space/s provided, please complete your answers making sure to:

• Please restrict your answers to no more than 300 words per question
• Please include any calculations that you used to reach your answer

Referencing Your Answers

Students undertaking the course must exhibit a range of skills in order to be confirmed as competent in their course. These skills include:

• Understanding a question.
• Possessing knowledge about the issue, which in some assessments includes locating information from references.
• Providing an answer, this shows personal understanding.

Please make sure that all assessments are documented in a way that exhibits your personal study and/or research. To that end would you please acknowledge all material and sources used in the presentation of your assessment whether they are books, articles, reports, Internet searches, or any other document or personal communication. For example, if:

• An idea is sourced; reference it e.g. (Bagra 2010).
• You are directly quoting, wrap it in quote marks e.g., “Tom Horner sat in a corner” (Peters 2007 page 7).
• You are quoting from the internet include quote marks and the web reference e.g., “ban on conflicted remuneration structures including commissions” <http://futureofadvice.treasury.gov.au/content/Content.aspx?doc=reforms.htm> accessed on the 28th of December 2012.

Please note that no more than 5% of direct quoting which is referenced is deemed to be acceptable and no amount of direct quoting without referencing is deemed acceptable. Any direct quoting should form only a small portion of any answer and the answer should demonstrate the student understands and can interpret the question and provide an appropriate answer.

Whilst this will require more work for you I hope you will understand that we are trying to maintain high standards and support your progression into further qualifications.

Document Naming Instructions:

Save this file to your computer and please use the following protocol when naming the file:

SUBMISSION this relates to the number of times the file has been submitted. For example, your first submission would be S1, with any re-submission the file name should be recorded S2.

Note: If you are submitting handwritten assessments all questions must be completed in blue or black pen. If assessments are received in pencil or with illegible handwriting, a resubmission will be required.

Note: It is your responsibility as a student to keep a copy of all assessment submissions. IIT do not take responsibility for the loss of any submissions.

Distance Education Students

Student Declaration

I understand that by completing this form I am bound by the following declaration.

To the best of my knowledge and belief, no part of this assignment for the above unit has been copied from any other student’s work or from any other source except where due acknowledgment is made in the text, or has been written for me by another person.

Name: Kiran Pandravada Date:26/09/2021

FBP: Chapter 3

International Institute of Technology © 6 VR240919

Short Answer Question 1

(a) Which sort of loans does the National Credit Code cover?

(b) What evidence would So Sweet as a holder of an Australian Credit License be required to prove the following?

• Maintaining Australian Credit License
• Authorisations with aggregator.
• Mortgage brokers must complete their Continuing Professional Development points 2 months before the professional body’s due date. Note: So Sweet keep training records.
• Audit loan documentation.

(c) What would you do to implement an audit of loan documentation for staff and authority holders?

(d) What statutory records does a financial services organisation need to maintain?

Short Answer Question 2

(a) How can a mortgage broker avoid perpetrating unconscionable conduct?

(b) What are the most common client complaints?

Short Answer Question 3

You as part of a team have been requested by So Sweet to produce a Credit Guide. Your role is to emulate the credit guide which is located on the elearning platform under supporting documents called “Student Credit Guide Assistance”.

You must use your own address and phone number as the office address and number and your date of birth as the Australian Credit Licence Number i.e. ddmmyy.

Include a footer to show where the document is stored electronically. The document should be named so that the content and author are easily identifiable.

Use the following Style Guide to prepare the Credit Guide

Style Guide

Fonts

Heading 1 Main headings – Calibri 16pt, Bold

Heading 2 Sub-headings – Calibri 11pt, Bold

Normal Normal text – Calibri 12 pt. at 1.15 spacing

Signature – Lucida Handwriting 16 pt.

Letters

• Date format – Write the date number in digits, the name of the month in words and the year in digits, for example 21st August 2009 not 21.8.2009
• When writing numbers in a paragraph or letter – From zero to nine, use words rather than digits and from 10 and above use the numbers themselves.
• Colour – Unless otherwise directed, do not use colour or highlighting.
• Numbers style is Arabic 1, 2, 3.
• Bullet Style as used in this document
• Spaces after full stops or other punctuation marks – Leave only one space.
• Letter Margins – must be 3.5 cm on both sides.
• Indents – Do not use indents and apply block formatting to all documents.
• Paragraph spacing – Set to add space before and after each paragraph.
• Text spacing – All text spaced at 1.15

Short Answer Question 4

(a) Briefly explain the most common types of frauds perpetrated in the mortgage industry?

(b) If a client perpetuates fraud, will the mortgage broker be liable?

Short Answer Question 5

One afternoon, Millicent asks if you would help with a client. She introduces you to Bob Butler who is one of Ying’s clients and then leaves. You invite Bob to sit down and ask him how you can help. Bob, who is 80 years old, launches into a tirade. You are able to move past his emotion and begin to determine whether there are genuine causes for what appears to be a pressing complaint.

Firstly, according to Bob, Ying has failed to return his phone calls for the past two weeks. This means that Bob has been experiencing great difficulty in obtaining a refund of the brokerage fee. Bob wants a refund because Ying failed to explain the terms and conditions of the prospective loan and because she refused to answer his questions. According to Bob, when his ‘solicitor friend’ read the fine print, the loan was of an ‘interest only’ nature.

Bob claims he specified that he was not interested in this kind of loan. He later found out that the other product Ying had recommended was out of date. Ying also refused to comment on the impact of an easement that appeared on the title of the property.

As an aside, Bob notes an administrative error in the invoice which he considers to be irrelevant because, in his words, he has “no interest in paying an incorrect invoice for an incorrect product rendered through inadequate service by an incompetent and inept broker”.

When Bob finishes venting, you explain that Ying was in a car accident and has been on sick leave for two and a half weeks. You immediately apologise for the firm’s oversight and failure to divert her phone calls, adding that you forwarded an email to Ying only this morning so that you can guarantee her ‘out of office’ reply is active. Bob, however, is old school and uses Australia Post or fax rather than email.

Believing you are making excuses for your colleague, Bob snaps back that he is “not interested in empty placations but rather workable solutions”. He stops, breathes and asks point blank, “Why am I always the mug that has to deal with idiots? What are you going to do to fix this mess?” Thankfully, at that moment, Bob’s mobile rings. He looks at the caller ID and tells you it is an important call; you offer to return in five minutes to continue the discussion.

You go straight to your office and access the ‘Credit Policies and Processes Manual’ which are available on the portal. You read the ‘Code of Conduct’ to determine what is expected of both you and Ying as financial advisers. You also search the document for two key words; ‘dispute’ and ‘complaint’.

The computer does not return any hits for either word. Given the time limit, you resign yourself to having to remember basic dispute resolution protocols from last week’s in-house training session. You analyse the situation as you know it and prepare yourself to continue dealing with the complaint.

(a)

1. Make a list of bullet points to summarise your understanding of Bob’s complaint and to remind you of the issues you need to discuss.

1. What are the procedural requirements you and Ying need to follow under the code of conduct that are relevant to this case?

iii. What are the key issues and how are you going to address them? Consider Ying’s actions, Bob’s expectations, Bob’s and Ying’s rights, basic dispute resolution procedures, and opportunities you can develop to enhance the quality of service your firm provides.

1. Put yourself in Bob’s shoes. How are you going to empathise with him?

1. Which follow-up questions will you ask Bob?

1. How will you explain the relevant dispute resolution schemes, services and governing statutes in plain English?

(b) When you return to the conference room, Bob demands you give him Ying’s contact number because his complaint is with her and not with you.

1. What is your response?

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1. Which details of Bob’s complaint would you be willing to share with Ying upon her return to the office and why?

(c) Write an email to Millicent to document how you handled this matter (take a screen shot of the email to fulfil this aspect ensuring you include the email address it is being sent from). Also identify ways that you believe the office’s processes and standards can be improved as a result of the issues Bob raised.

(d) How did you monitor Bob’s level of satisfaction during your conversation? What signs did you look for to determine whether Bob left a satisfied customer?

Legislative and Regulatory Frameworks in Mortgage Broking

RUBRIC Excellent Quality 95-100%   Introduction 45-41 points The context and relevance of the issue, as well as a clear description of the study aim, are presented. The history of searches is discussed. Literature Support 91-84  points The context and relevance of the issue, as well as a clear description of the study aim, are presented. The history of searches is discussed. Methodology 58-53 points With titles for each slide as well as bulleted sections to group relevant information as required, the content is well-organized. Excellent use of typeface, color, images, effects, and so on to improve readability and presenting content. The minimum length criterion of 10 slides/pages is reached. Average Score 50-85% 40-38 points More depth/information is required for the context and importance, otherwise the study detail will be unclear. There is no search history information supplied. 83-76  points There is a review of important theoretical literature, however there is limited integration of research into problem-related ideas. The review is just partly focused and arranged. There is research that both supports and opposes. A summary of the material given is provided. The conclusion may or may not include a biblical integration. 52-49  points The content is somewhat ordered, but there is no discernible organization. The use of typeface, color, graphics, effects, and so on may sometimes distract from the presenting substance. It is possible that the length criteria will not be reached. Poor Quality 0-45% 37-1 points The context and/or importance are lacking. There is no search history information supplied. 75-1 points There has been an examination of relevant theoretical literature, but still no research concerning problem-related concepts has been synthesized. The review is just somewhat focused and organized. The provided overview of content does not include any supporting or opposing research. The conclusion has no scriptural references. 48-1 points There is no logical or apparent organizational structure. There is no discernible logical sequence. The use of typeface, color, graphics, effects, and so on often detracts from the presenting substance. It is possible that the length criteria will not be reached. Legislative and Regulatory Frameworks in Mortgage Broking Place the Order Here: https://standardwriter.com/orders/ordernow / https://standardwriter.com/

Legislative and Regulatory Frameworks in Mortgage Broking

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