Elements and Performance Criteria

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.


making contact

needs analysis

interview

the overall loan process

assessment of loan and pre-approval

unconditional approval

exchange of contracts

letter of offer

settlement

follow-up service and information

complaints procedures

relevant industry standards and codes of conduct

regulators guidelines


educational qualifications

participation in related professional associations

responsibilities of the broker

broker commitment to service

roles played by intermediaries such as lenders


range of services provided

types of classes of mortgage products

organisational commitment to service

what to expect from broker

pricing and fee structures

printed company information such as history, mission statement and customer charter

relevant legal principles

the relationship between ethics and regulatory requirements such as good faith

relevant industry standards and codes of conduct


commissions from lenders

commissions paid to franchisees

loan establishment fees

loan value fees

trailing commissions


contact with customer relations officer

contacting the mortgage industry ombudsman

in-house procedures


savings

debt position

family income and/or support

business needs

age

marital status

investment history


details of the customers needs and objectives for income, security, liquidity and the time period they hope to hold the property for


return expectations

income expectations

beliefs about performance, security and fluctuations in income and/or capital

approach to investing (eg speculative, passive, active)

long term or short term goals

security


volatility of income and capital

market and sector risks (economic cycle, interest rates, property values, property management)

flexibility of product

access restrictions of product

specific product risk

borrowing risk/gearing

attitude to risk (eg conservative, moderate, or high)


risk

possible accrued debt

uncertainty about the product

price/interest resistance

timing issues

resistance to company or broker


relevant legal principles

Corporations Act

Australian Securities and Investments Commission (ASIC) Act

Privacy Amendments

UCCC

jurisdiction of various regulators

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment

To achieve competency in this unit, a person must be able to demonstrate:

the ability to communicate their knowledge of the finance and/or mortgage broking industries effectively with clients
good listening and analytical skills to assess client needs
ability to apply knowledge of investment opportunities, risk, company policies and relevant legislation so clients can make informed decisions

Evidence required for demonstration of consistent performance:
Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.

Delivery/assessment relationship to other units:
This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.
Evidence is most relevant when provided through an integrated activity which combines the elements of competency for the unit, or a cluster of units of competency.

Method of assessment:
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:
This unit may be assessed in the workplace or in a simulated work environment.

Resources required for assessment:
Assessment of this unit of competence requires access to a range of office equipment and technology and company and industry informational materials.