Oral Assignment Audio: Certificate IV in Finance and Mortgage Broking
Preparation for Oral Assessment: To prepare for your oral assessment you are required to complete the following questions:
Problem 1: How do you assess the need to adjust your interpersonal style to effectively communicate with different types of clients? Provide two (2) examples (e.g. when you are dealing with a difficult client).
Problem 2: You have a new client, Jeff Smith, and have just made an appointment to meet with him.
Compose a professional email to send to Jeff, confirming the appointment, outlining the purpose and time of your first meeting. Your email should also name the document/s you have attached for him to read prior to this meeting. (For this assessment there is no need to attach the document/s.)
Problem 3: In Parts 3, 4, 5 and 6 of this assignment you will act as a broker and will be required to make an audio recording. Prepare a list of resources and equipment you will need for these oral tasks.
Problem 4: Aside from the resources and equipment identified in Part 2 Question 3 of this assignment:
A) What will you do to prepare for the delivery of the loan proposal in Part 4: Role play?
B) What communication techniques would you use to respond to any difficult questions?
Note: You can refer to the case study information in Part 4 to answer this question.
This question demonstrates your ability to plan ahead for your interaction with the customer.
Problem 5: In Part 5 of this oral assignment you will act as an Administrative Assistant and will be required to make an audio recording of two cold calls to prospective clients.
Visit the Australian Competition and Consumer Commission website and the 'Client prospecting Guidelines' available in the toolbox and answer the following questions:
A) Explain what you must and cannot do with telemarketing.
B) How would you prepare for the call using the guidelines mentioned above?
C) What would be some key points you would want to cover in your script?
Problem 6: There have been recent changes to the level of 'reasonable enquiries' required to assess a client's financial position making it necessary to obtain a number of additional documents to complete a more depth check of living expenses. Explain below how you would detail these changes to colleagues.
Oral response to questions - Make a 10 minute recording of yourself answering the following questions.
Answer the following questions:
Problem1: You are a broker who charges a fee for your service. You are meeting a new client, Stephanie Jones, for the first time at your office after an initial cold call.
The purpose of the meeting is to start to gather information about her existing financial situation, goals and needs.
To comply with organisation policy and legislative requirements and to ensure that Stephanie can make informed decisions moving forward, there are two documents you must provide to Stephanie.
(a) Name the two (2) documents you must provide to Stephanie.
(b) Explain the disclosures that are contained in the documents in your own words.
(c) Give one (1) example of how you would check with her that she understands these disclosures.
(d) Communicate to Stephanie your commercial relationship with the various product providers from which you will access loan product options for her.
(Disclosures should include, but are not limited to, the range and limitation of your services, complaint handling process and the way you are remunerated.)
Problem 2: Stephanie has acknowledged that she understands the two documents and disclosures. She then begins to tell you more about her current financial situation.
(a) Describe the communication skills you will use to:
- encourage Stephanie to express her needs and goals
- determine her current investment and assets position
- consider various home loan options for her.
(b) Explain where you will initially record all information provided by Stephanie.
Problem 3: This is Stephanie's first home purchase. She is very happy with all of your advice and has made a decision on which loan option she would like to take. She now asks 'what happens from here?'
Advise Stephanie on:
(a) The key documents you will require from her prior to submitting an application
- the steps that will occur from this meeting through to settlement and your role in those steps.
(b) How you will communicate with relevant parties to keep the loan approval process on track
(c) How you will communicate with her throughout the process and advice her of next steps when the lenders decision for an offer (approval) or a non offer (declined) loan is made.
Problem 4: After talking with friends, Stephanie expresses some resistance with committing and says she is a little worried that possible increases in interest rate will be too difficult for her to handle.
(a) Ask Stephanie three (3) questions to help you identify the reasons for her resistance and how you would document them.
(b) What processes would you use to research options for Stephanie and then present these options to effectively negotiate a commitment to proceed with the option you have recommended?
(c) Explain where you would document your research and discussions with Stephanie.
Problem 5: A final decision on Stephanie's loan application has been deferred by the credit approver due to property valuation coming in $15,000 lower than purchase price and taking LVR to just over 81%. The loan required is 80% of the purchase price and you are not sure Stephanie can come up with more cash contribution right at this time. You have spoken to the valuer, who will not change the value.
(a) Describe how you would approach the lender to try to get the loan approved. Assuming that all other aspects of the proposal are strong, what would be some key points of the applicant or the proposal that you would emphasize to the lender in a bid to get loan approved.
You may make positive assumptions about the applicant, as considered appropriate.
(b) From your efforts the loan has now settled and you are required to obtain feedback from the client. Refer to the 'Feedback Policy' found under Organisation Policies and Procedures in the Toolbox.
Explain the feedback policy process to Stephanie.
Explain how her feedback would be actioned within the organisation.
Provide two (2) other sources of feedback that could help in evaluating professional business development needs.
Problem 6: Several months have passed since Stephanie's loan was approved and settled. Your broker business has now grown substantially to the point you now employ four staff members in support roles to assist you and the two other brokers in meeting clients' demands and liaising with lenders and other parties. You need to restructure the business to improve teamwork and processes.
Briefly outline what you would do to initiate these improvements, taking into account:
(a) Skills and knowledge of the staff member involved:
- How current allocation of duties could be improved.
- How to effectively plan work to be completed and maintain a team environment, while considering constraints and available resources.
(b) How data collection and storage could be better managed across the team while maintaining sustainability principles such as reducing paper documents
(c) Identify and evaluate some professional development activities or tools that would improve knowledge and teamwork within the team.
Problem 7: The triple-bottom-line philosophy is key to the continuing prosperity of a business.
(a) Explain in your own words what the triple bottom philosophy is.
(b) Explain in your own words one (1) example of a new sustainability idea, activity or function you could introduce to your workplace.
Explain what your idea is, any additional equipment or facilities required and the outcome you hope to achieve.
Also explain how you will obtain approval and communicate and promote your initiative to your team.
Make some suggestions on how you will encourage your team to implement the idea.
Role play - You will participate in a role play for a maximum of 10 minutes. The role play will be conducted by audio recording. You will need a volunteer to assist you in the role play.
For your volunteer you need to select an appropriate person who is able to participate in the volunteer role criteria below. The volunteer needs to understand that this is part of your assessment. Provide a copy of the Volunteer Guide in your KapLearn subject to your volunteer so they understand what they need to do in your assessment.
You will not be assessed on your acting ability. You will be assessed on the criteria listed below the task under assessor feedback.
When starting your role-play recording, ask your volunteer if they give permission to be included in the audio recording. The volunteer needs to agree verbally before the recording may continue.
See the 'resources' in your subject in KapLearn to assist you in preparing for your role play.
Role play case study - Philip and Jennifer Brown
Task - You are required to complete this 'role play' as part of the oral assessment', which should take a maximum of 10 minutes. You may find use of the Fact Find document, Appendix 1, from the written assignment will be helpful.
To set the scene for this role play:
You are required to present your analysis and recommendations to your client (your volunteer) covering any concerns they may have.
Due to the need to get an approval so contracts can be signed, an appointment has been made but unfortunately one of them (this will depend on which role your volunteer plays - Philip or Jennifer) cannot be present as he/she has had to go interstate urgently to visit a sick brother.
Your clients do not wish to delay this meeting as they are keen to hear what you have to present - information can be passed to the other over the phone, when needed.
This oral presentation should focus on presenting your analysis of the couple's current position, loan prospects, evaluation of product options, as well as your recommendation, covering the following essential points:
i) A summary of your understanding of the clients' needs (this could be an outline summary of their proposed loan structure)
ii) A summary of their current financial position (use information from the case study)
iii) Your explanation of the product options evaluated that meet their needs (you should have researched at least two lenders) and details of the loan features; use the internet or if working in industry, internal software to do this
iv) The option you recommend and the reasons for the recommendation - including the loan amount, term and repayments, explain how the recommended product meets the clients' needs (refer to the case study) and explain why you are recommending this lender.
v) Invite questions from the client and respond accordingly.
There are no rules regarding the format of your presentation, however it must be presented so that it is succinct and easily understood by clients. Please use the format that best suits you - this could include covering the detail you have prepared in a written proposal document.
The role play requires the volunteer to ask at least three (3) questions - with suggested questions provided in Volunteer Guide. However, the volunteer can ask other 'unrehearsed' questions if they wish. Remember, you are not being judged on your acting ability. Your assessment is about how you communicate and interact with the customer. You may need to adjust your presentation of the proposal, depending on the time that the questions are asked. However; to manage time, you may ask the volunteer to keep their questions until you have finished presenting your recommendations.
The assessment criteria you will be assessed on include the following:
a) Appropriate introduction and building rapport
b) Explore solutions that meet clients' goals and objectives
c) Present broker solution to clients' request
d) Explain relative fees and charges
e) Collaborate on risk identification
f) Response to questions, record customer feedback and actions taken.
Role play: You will participate in a role play for a maximum of 5 minutes. The role play must be conducted by audio recording. You will need a volunteer to assist you in the role-play.
For your volunteer you need to select an appropriate person who is able to participate in the volunteer role criteria below. The volunteer needs to understand that this is part of your assessment. Provide a copy of the Volunteer Guide in your KapLearn subject to your volunteer so they understand what they need to do in your assessment.
You will not be assessed on your acting ability. You will be assessed on the criteria listed below the task under Assessor feedback.
When starting your role-play recording, ask your volunteer if they give permission to be included in the audio recording. The volunteer needs to agree verbally before the recording may continue.
Task: In this role play, you will play the role of a mortgage broker's assistant at YS Finance Sydney, a practice that has been established for 10 years and provides advice on business, home and investment loans.
Your manager at YS Finance has provided you with phone numbers of two prospective clients and has asked you to successfully undertake two cold calls.
The purpose of this role play will be to call each prospect and scope whether these two prospective clients are interested in learning more about financial products and services, by speaking with one of YS Finance's credit representatives.
To successfully complete this role play, you must refer to and follow the 'Client prospecting guidelines' located in the Toolbox.
Call 1: Is to be made to a prospect named Susan Phillips and will lead to a positive outcome; with the prospect wishing to talk with Jim Kelly, a credit representative at YS Finance.
Call 2: Is to be made to a prospect named David Williams.
On this occasion, you will not have a positive outcome with the prospect, and the call will not advance beyond seeking permission to continue with the call.
After completing these two (2) calls, you must record details from each call in the 'Prospect Register' below, as per instructions in the 'Client prospecting guidelines' in the toolbox, to build up organizational knowledge of prospecting client's characteristics.
Role play - Team work - You will participate in a role play for a maximum of five (5) minutes. The role play will be conducted by audio recording. You will need a volunteer to assist you in the role play.
For your volunteer, you need to select an appropriate person who is able to participate in the volunteer role criteria below. The volunteer needs to understand that this is part of your assessment. Provide a copy of the Volunteer Guide from your KapLearn subject room to your volunteer, so that they understand what they need to do in your assessment.
You will not be assessed on your acting ability. You will be assessed on the criteria listed below under the student role.
When starting your role-play recording, ask your volunteer if they give permission to be included in the audio recording. The volunteer needs to agree verbally before the recording may continue.
Task: You are a mortgage broker who works at XY Mortgages.
You currently have seven (7) clients who are at varying stages in the loan process:
You have already submitted a loan application for three (3) of them.
You are awaiting settlement for two (2) of them.
You are at the stage of finalizing the loan application for one (1) of them.
You have recently been assigned one (1) of them by your manager. You have not yet contacted or met this one.
You have another colleague in your team, who is also a mortgage broker. You both report to the same manager.
Your manager will normally assign clients who come into the practice, between you and your colleague; according to your workloads. However, your manager is currently on leave.
During your manager's absence, two new tasks have arisen:
A new client has come to the practice and needs to be assigned to a broker.
The CEO of the practice, has sent through a request to receive a completed summary report of your team's activities from the last financial year. This is due within three business days.
In this role play, you are to conduct a team meeting with your colleague, in your manager's absence. Your volunteer will play the role of your colleague.
In this team meeting you will need to do the following:
1. Discuss with your colleague the status of their loans and ascertain what stage each of their loans is at.
2. Discuss with your colleague how, over the next week, you will both manage these two (2) new tasks and come up with a plan of who will complete each task. Ensure that you encourage your colleague to participate in (and take responsibility for) these tasks with you.
3. Organize a meeting time, in the near future, where you and your colleague can discuss the progress made on these two tasks (note: you do not need to conduct this future meeting).
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Attachment:- Finance and Mortgage Broking.rar