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.


provision of evidence of insurance

lender's interest

obtaining copy of signed and stamped lease of property

obtaining copy of signed building contract

obtaining copy of approval to commence development or construction

confirming amount required to discharge other debts or registered encumbrances

consent of prior mortgagee if second mortgage security is being taken

obtaining evidence that any necessary independent legal or financial advice has been obtained

obtaining evidence that other undertakings by the borrower have been met (i.e. sale and settlement of other property or repayment of other debts)

checking that the original approval has not expired through passage of time (most approvals are only valid for three months, then subject to review)

ensuring contracts for the sale of land, including land transfer documents, have been properly executed to ensure the legal transfer of title and are in accordance with the original loan application

ensure borrowing parties have verified their identity to avoid fraud

check for existence of existing Registered Company Charges and obtain consent to subsequent charge where appropriate


those whose existing mortgages or company charges are to be discharged

solicitors or settlement agents arranging the transfer of land

other parties holding land titles required for registration of documents, including prior mortgagees

parties holding Caveats, Warrants, Memorials or other forms of encumbrance that are to be lifted and re-lodged, discharged or withdrawn


loan contract

periodical payment authority

guarantees

Credit Reference Association of Australia (CRAA) Authority signed

signed application form


confirm the amounts required by the various parties to the settlement, identify the sources of the funds required to achieve settlement, and confirm availability of the funds in time for the proposed settlement date

ensure arrangements have been made by one or more of the parties to the settlement to ensure that all existing encumbrances, Caveats, Registered Company Charges etc. will be discharged, satisfied or withdrawn at settlement

ensure that there are no arrears of rates or taxes from Local Authorities or Government Utilities that, if unpaid, remain as a first ranking charge over the title


Consumer Credit Code

Privacy Act

codes of practice

Chattels and Securities Act

Prudential

Financial Institutions (FI) Code

CRAA

Electronic Funds Transfer (EFT) Code of Conduct

Financial Transaction Reports Act

Cheques and Payment Orders Act


security over debtor assets or asset purchased through the loan

loan guarantor

deposit or additional equity in the purchase

change of term, amount financed, balloon or residual value initially stated in application

insurance over asset mortgaged or financed


at the lenders site or another site. Loans are settled by lending organisations such as banks, building societies, credit unions and mortgage managers/originators


relationship manager

credit manager

loans approval officer


property settlement

issuing a cheque to applicant

issuing a cheque to a third party

crediting an account

marking up a limit

drawdown could be for a new loan or a top-up of existing debt

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:

accurate completing of loan settlement tasks and disbursement of funds within agreed timelines as required by the organisation
ability to complete tasks in accordance with relevant legislation, statutory requirements and organisational procedures

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 at work, in a simulated work environment, or a combination of these.

Resources required for assessment:
Assessment of this unit of competence requires access to relevant workplace documentation, policies and procedures, computers and other branch or office equipment.