Unit of competency Outline

Date retreived
22/07/2026 6:28 PM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Settle applications and loan arrangements in the finance and mortgage broking industry

Settle applications and loan arrangements in the finance and mortgage broking industry

Unit of competency
National Code
FNSFMB501
State Code
AUR01
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081101 - Banking And Finance
Original Release Date
16/09/2015
Nominal Hours
15
Description
This unit describes the skills and knowledge required to settle applications and loan arrangements for debt finance and undertake final arrangements to secure and complete the lending transaction for a client applying for a mortgage or related finance.It applies to individuals who use organisational skills to accurately complete and coordinate tasks within agreed timelines and industry or organisational conditions.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Prepare for settlement
  • 1.1 Confirm all pre-settlement conditions of finance approval with clients
  • 1.2 Communicate with various parties involved in settlement process and confirm that documentation and other settlement issues are in order
  • 1.3 Check documents to ensure they are correctly executed, signed, witnessed and dated before sending to approving personnel
2. Register securities
  • 2.1 Check loan contract for conditions relating to taking of security
  • 2.2 Instruct party acting for lender to liaise with all parties to settlement and attend settlement
  • 2.3 Register and stamp securities in accordance with lender’s procedures and relevant legislation, and confirm all security actions taken
3. Arrange for disbursement of funds
  • 3.1 Arrange drawdown of funds by client, or solicitor acting for client
  • 3.2 Disburse funds in accordance with requirements of loan approval and instructions received from client
  • 3.3 Activate relevant client correspondence to advise client of disbursement of funds, date of settlement, manner of disbursement and other relevant details
No information
No information
Replaces
State Code National Code Title Type
D4105 FNSFMB501A Settle applications and loan arrangements in the finance and mortgage broking industry Unit of competency
Replaced By
State Code National Code Title Type
OCZ52 FNSFMB511 Implement credit contracts in preparation for settlement Unit of competency