Course Title: Prepare loan applications on behalf of clients
Part B: Course Detail
Teaching Period: Term1 2024
Course Code: BAFI5250C
Course Title: Prepare loan applications on behalf of clients
Important Information:
Please note that this course may have compulsory in-person attendance requirements for some teaching activities.
To participate in any RMIT course in-person activities or assessment, you will need to comply with RMIT vaccination requirements which are applicable during the duration of the course. This RMIT requirement includes being vaccinated against COVID-19 or holding a valid medical exemption.
Please read this RMIT Enrolment Procedure as it has important information regarding COVID vaccination and your study at RMIT: https://policies.rmit.edu.au/document/view.php?id=209.
Please read the Student website for additional requirements of in-person attendance: https://www.rmit.edu.au/covid/coming-to-campus
Please check your Canvas course shell closer to when the course starts to see if this course requires mandatory in-person attendance. The delivery method of the course might have to change quickly in response to changes in the local state/national directive regarding in-person course attendance.
School: 525T Business & Enterprise
Campus: City Campus
Program: C5419 - Diploma of Finance and Mortgage Broking Management
Course Contact: Mandeep Chahil
Course Contact Phone: +61 3 9925 5980
Course Contact Email: mandeep.chahil@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Nominal Hours: 30
Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Pre-requisites and Co-requisites
Nil
Course Description
This unit describes the skills and knowledge required to prepare a client loan application to the specific requirements of a credit provider.
The unit applies to individuals who use analytical and organisational skills to complete administrative requirements and use interpersonal skills to work effectively with a range of clients and personnel.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSFMB411 Prepare loan applications on behalf of clients |
Element: |
1. Compile loan information |
Performance Criteria: |
1.1 Identify client goals, objectives and client confidentiality requirements 1.2 Obtain client's financial and personal information 1.3 Identify information required to support loan application according to codes of practice, legislative and regulatory requirements 1.4 Gather required documents and signatures for loan application 1.5 Advise client of loan preparation and presentation process |
Element: |
2. Prepare loan documentation |
Performance Criteria: |
2.1 Confirm loan requirements and check supporting documentation for accuracy and readability 2.2 Complete documentation that reflects client's financial situation and personal information according to lender requirements and guidelines 2.3 Review documents and confirm information with client 2.4 Complete document execution according to organisational procedures as required |
Element: |
3. Present documentation for assessment |
Performance Criteria: |
3.1 Submit documents to lender or approving officer according to client confidentiality requirements 3.2 Obtain decision of lender or approving officer and notify client of offer or non-offer of loan according to organisational policies and procedures 3.3 Gather additional information requested by lender to support loan application as required 3.4 Provide required information to client if loan application is non-offer |
Learning Outcomes
On successful completion of this course you will have developed and applied the skills and knowledge required to demonstrate competency in the above elements.
Details of Learning Activities
A range of learning activities are planned for this course including self-paced and collaborative classroom-based activities. The self-paced activities will be delivered thought various technology platforms and include your contribution to, reflective journals, quizzes, and interactive sessions. The collaborative classroom-based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment. There are 5 assessments for this course that need to be completed to be deemed competent.
Teaching Schedule
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Week
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Topic
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Assessment Remarks
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1
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Section 1 –Lender and Loan types
Activity Refer to pages 1-19 of the learner guide Get the students to discuss and to post on the discussion board on canvas what a non-regulated loan consists of and why it is not covered by the NCCP.
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2 |
Activity Read p.20-42 What the risks posed by commercial lending? Students to discuss on discussion board. |
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3 |
Section 2 – Loan Characteristics Read page 43-56
Activity Post on the discussion board the 3 main core products currently in the market and why are they core products in question |
Assessment Task 1 due this week |
| 4 |
General Lending Criteria Activity Regarding fees write on the discussion board the main fees you will need to explain to a client when it comes to regulated loan for home loan.
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5 |
Thought Process for Application and Assessment - Read page 65-74
Activity Research and post your findings on the discussion board on what are the main requirements needed for a small business loan. |
Students to consult their trainer around Assessment 2 |
| 6 |
Loan interview to settlement Read pages 75-84
Activity Use the fact finder/clients' needs review document and fill it with a simulated client. Discuss the issues you encountered with your assessor in tutorials. |
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7 |
Fees
Activity On the discussion board discuss the purpose product comparison report.
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Assessment 3 due |
| Mid Semester Break 29 March - 7 April | ||
| 8 |
Process applications for credit Read pages 102 -115
Reading and understanding financials On the discussion board discuss why application is not likely to be approved in the first place Activity Explain on the discussion board the benefits of PEXA. |
Assessment 4 Due |
9 |
Feedback and re-submissions
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Learning Resources
Prescribed Texts
References
Other Resources
Learning resources will be accessible via the Canvas learning management system.
Students will need to regularly access the appropriate content folders in Canvas and complete learning activities as advised by their teacher.
It is expected that students will need to complete some learning tasks in their own time.
Overview of Assessment
Assessment for this course is ongoing throughout the semester. Your knowledge and understanding of course content is assessed through participation in class exercises, oral/written presentations and through the application of learned skills and insights. Full assessment briefs will be provided and can be found on CANVAS.
Assessment Tasks
There are 4 assessments for this course that need to be completed to be deemed competent. 3 Case study scenarios and one role play.
Assessment Task 1 Case Study 1- Due in Week 3
Assessment Task 2 Case study 2 Due in Week 5
Assessment Task 3 Case study 3 Due in Week 7
Assessment Task 4 Role Play scenario Due week 8
You should:
- Ensure that you submit assessments on or before the due date
- Always retain a copy of your assessment tasks (hard copy and soft copy)
- When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on Canvas
- Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, John Calabro 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10
You should:
- Ensure that you submit assessments on or before the due date
- Always retain a copy of your assessment tasks (hard copy and soft copy)
When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work.
On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on Canvas
- Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, John Calabro 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10
Late Submission Procedures
You are required to submit assessment items and/or ensure performance-based assessment is completed by the due dates.
If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.
More Information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work
Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination.
More Information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration
Assessment Matrix
The assessment matrix that maps all the assessment is available in Canvas under 'Assignments'.
All assessments will utilise a competency-based model and will be deemed as either Satisfactory or Not Yet Satisfactory
Other Information
Adjustments to Assessment
In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website: https://www.rmit.edu.au/students/my-course/assessment-results/special-consideration-extensions
Marking Guide (Competency)
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
You will receive feedback on each assessment task that will inform you about your progress and how well you are performing, and you will achieve one of the following results:
Final results table
CA Competency Achieved
NYC Not Yet Competent
DNS Did Not Submit one or more assessment tasks
Other Resources
Learning resources will be accessible via the Canvas learning management system.
Students will need to regularly access the appropriate content folders in Canvas and complete learning activities as advised by their teacher.
It is expected that students will need to complete some learning tasks in their own time.
Course Overview: Access Course Overview