Identify compliance requirements Mortgage brokers face important compliance requirements, the foremost among them being the reasonable lending provisions of the NCCP Act.
Certificate IV in Finance andMortgage BrokingAssessment Task FNS40815Your details:Name: Address: Phone: Company name Email:
Your assessment taskYou are required to keep a copy of your assessment task for a period of 12 months. Submit your assessment to our Education Team via email@example.comPlagiarism StatementAll assessments must be your own work and not a result of plagiarism or collaboration with other students or workmates. AssessmentThe pass mark is 70% for each element. If you do not achieve this, you will receive feedback via your email address and be asked to resubmit your assessment for a second marking. Assignments will not be returned to you as they need to be retained for by us for verification and audit purposes.Task Assessments TargetMark Pass Mark ActualMark¬1 Identify and Interpret Compliance Requirements 27 18 2 Deliver and Monitor a Service to Customers 39 27 3 Contribute to OHS Hazard Identification & Risk Assessment 41 28 4 Manage Personal Work Priorities and Professional Development 24 16 5 Develop and Nurture Relationships with Clients, Other Professionals and Third Party Referrers 17 11 6 Promoting the Effective Use of Credit 15 10 7 Prepare a Loan Application on Behalf of Mortgage Broking Clients 64 44 8 Steps Taken by the Credit Provider 23 16 Total 250 170
Assessor’s Initials: ____________________ Assessment Date: ____________________ Introduction
Objective The objective of this Assessment Task is to demonstrate that you have the skills and knowledge required to conduct a client relationship and comply with statutory, industry and organization compliance requirements. Elements to be assessed To achieve this objective, you will need to demonstrate your ability to:
The assessment tasks in this assessment will allow you to demonstrate your knowledge and skills in relation to these elements. Assessment process Start by:1. Reading the Assessment Task.2. Type your answers to the assessment tasks into this template document (hand-written answers are not accepted)3. Submit your completed document by uploading it on the ‘Ready for Assessment’ area of http://www.CPDplus.comDon’t forget to keep a copy and retain it for 12 months. Need help? If you have any questions or would like to request a digital copy of this assessment task, please email the Mentor Support Team at firstname.lastname@example.org
Statement of Completion Upon successful completion of this assessment you will be awarded the Statement of Completion forFNS40811 Certificate 4 in Finance and Mortgage Broking.
Task 1: Identify and Interpret Compliance Requirements
1. Identify compliance requirements Mortgage brokers face important compliance requirements, the foremost among them being the reasonable lending provisions of the NCCP Act. The penalties for non-compliance include loss of license (for businesses) and removal from the industry (for individuals). If fraud is involved there may also be the criminal penalties of fines and / or imprisonment.Compliance requirements are not static. It is therefore important to stay up to date with them.Mortgage brokers also need to keep up-to-date with the actions of the regulatory authorities such as APRA and the Reserve Bank. Their actions may not amount to direct regulation, but through their effects on interest rates and bank lending these authorities can have a very direct impact on the business mortgage brokers are able to do.