FINANCE AND MORTGAGE BROKING - ASSESSMENT TASKS

EXERCISE 1 -

Scenario

A potential first home buyer phones and asks you to explain the various loan options available to them and the benefits and disadvantages of each one.  They make mention of "no-frills loans", professional packages, lines of credit and honeymoon rates, so you must cover these 4 in your answer as a minimum.

Task

Write a "script" to be used in response to this enquiry that clearly explains the various loan options available and the benefits and disadvantages of each one.

 -  You do not need to improvise further comments from your first home buyer

-  You should incorporate at least one selling message into the script

-  Keep your script to 450 words maximum.  

We encourage you to type your script, however you may handwrite on the back of this sheet if you do not have access to a computer/typewriter.

NOTE: Assume for the purpose of this assessment task that you will focus on answering the specific question, rather than following a prospect sheet or checklist.  You do not need to include any conversation from the customer, just your own.

EXERCISE 2 - Task 

Assume you are now a mortgage broker and you are either working as an independent contractor, or are self-employed or about to open a franchise. Assume you have two other staff members working with you. Their roles are your choice.

Using the template we have provided as a guide, prepare a basic business/marketing plan outline for your business, for the next 12 months, incorporating the following activities:

- Developing professional relationships

- Networking

- Prospecting for clients

- Marketing ideas

- Client retention

Guidelines - 

1. You must type your marketing/business plan i.e., construct it as a document on your PC and save either as a doc or pdf file.  A minimum of 4 typed pages is expected.  

2. You will not need to provide any budgeting estimates for the purpose of this Exercise but you are welcome to do so 

3. You will not be judged on your typing or word processing ability

4. The marketing plan template we have provided is for guidance only - you do not need to provide information for all of the points outlined unless you feel they are relevant and you do not need to follow the template we have provided if you already have your own business plan document or template to follow

5. You will not be judged on your skill as a marketing expert but on your evidence of understanding of the points below

6. If you still feel unsure where to start with your business/marketing plan, then you should Google this to get a feel for what different plans can incorporate.  We want to know what strategies you would use in order to succeed as a broker.

Points you must cover - 

• How do you envisage being able to apply your knowledge, skills and understanding to enable clients' needs and expectations to be met and how will you incorporate the functions associated with the provision of a quality, professional practice to those customers.
• How do you envisage you will develop, nurture and maintain professional relationships with clients, colleagues and other referrals in order to complete work tasks, further the reputation of the organisation or your company, as well as the profession generally, and improve long term relationships and sales.
• How do you envisage you will establish contact and then build rapport both in your own industry and within other finance industries incorporating sales and presentation skills as well displaying an industry-knowledge of regulations, disclosure and selling.
• How do you envisage identifying and contacting potential client prospects through use of networks, leads and research skills.

EXERCISE 3 -

Summary 

For this Exercise you are required to produce 10 new files. At the end of the task, you are required to create a zip file containing all 10 files. Creating a zip file forms part of your assessment process of this exercise.  This zip file should then be forwarded or uploaded for assessment.  Your Zip file should be named "[Your Name], Exercise 3".

Tip: if you do not already have Microsoft Office software you can obtain free trials on the internet.   Below is a suggested site at which you can trial the software for free (or buy it).  You may need to provide a credit card as security but as long as you cancel your trial before the 30 days has expired, there will be no charge.

TASK 

Activity 1 - Creating three different styles of file

Open each of the following Microsoft (or equivalent) programs:

1. Excel

2. Word

3. PowerPoint

Open/create a new file, i.e. a blank document in each of the programs. Type your name into the blank page and save this blank page in each of these programs with the filename "Exercise 3 Activity 1". Close each document and end the program. This will result in 3 new files, with 3 different file extensions.

Activity 2 - Creating a formatted business letter

Create a 1 page pretend business letter of three paragraphs, on a topic of your choice and format the letter as follows:

a) Use Times New Roman font size 12.

b) Insert/paste a copy of your logo (or a pretend logo if you don't have one) at the top of the page

c) Insert the date in the top right hand corner of the document below the logo

d) Justify the first paragraph

e) Left align the second paragraph

f) Centre the third paragraph

g) Make the line spacing for the first paragraph 1.5 lines

h) Make the line spacing for the second paragraph 2 lines ie. double spaced

i) Save the document as "Exercise 3 Activity 2" as the file name 

Activity 3 - Creating a spreadsheet

We want to summarise the petrol spent on 5 different cars using a spreadsheet.

• Open a new Microsoft Excel spreadsheet
• Leave the first column blank
• Across the top row create a column for each car called- Car1, Car2, Car3, etc.
• Add row columns titles according to Fortnight and a Monthly Total title
• Beneath each car, insert the fortnightly totals provided below
• Using the AUTOSUM tool, calculate the monthly total for each car
• Save your file, calling it "Exercise 3 Activity 3"

Car1: Fortnight 1 - $450, Fortnight 2 - $490

Car2: Fortnight 1 - $500, Fortnight 2 -$542

Car3: Fortnight 1 - $620, Fortnight 2 - $645

Car4: Fortnight 1 - $490, Fortnight 2 - $511

Car5: Fortnight 1 - $415, Fortnight 2 - $478

Activity 4 - Creating an email

Open your Email software and create a new email.  In the content invite someone you know to an information meeting. 

-  Use fictitious information to create the document requesting a meeting in about a week's time. 

-  If you have a logo please include this under your name/signature line. 

-  Insert a picture in the middle of your content

-  Save your file, calling it "Exercise 3 Activity 4" 

Activity 5 - Relaying what you are doing  

In Activity 2 above, you created a business document by following the instructions we gave you.  Your boss has just asked you the question "How did you  create this document".  Create a new document and describe to him by summarising, just how you created it and what formatting techniques you used.  Save this new document file, calling it "Exercise 3 Activity 5".

Activity 6 - Microsoft HELP and Templates

Open Microsoft Help.  Search for help on how to Create a Document using a Template.  Your task is then to create a simple pretend one page resumé using a resumé template that you choose.  When completed, save as 'Exercise 3 Activity 6".

Activity 7 - Formatting text in word processing

Create a new Word document and retype the text in the box below. Once the document is typed

-  centre and resize the heading

-  highlight the two paragraphs and reformat into two columns

-  increase the margins for the top and bottom using the ruler/drag method

-  increase the left and right margins using 'Page Setup'

-  save the document as "Exercise 3 Activity 7" 

Activity 8 - PowerPoint / Slide presentation

Open a PowerPoint or Slide program and create a four slide PowerPoint. Select your own style from the templates provided and include the following information:

1. A header slide

2. An opening statement for your PowerPoint

3. An information page

4. A closing page

The topic can be anything of your choice. To access PowerPoint in Windows, click on 'All Programs', click on 'Microsoft Office', click on 'Microsoft PowerPoint' and templates should be displayed for a new presentation.   When completed, save your PowerPoint file as 'Exercise 3 Activity 8'.

EXERCISE 4 - TASK 

Please answer the questions below.  You can either write or type your answers into a separate document.  Please name your document file with "Your Name" and "Exercise 4". 

You must provide an answer to each question.

In some cases we will give you a reference to the unit in which you will find the information you require.  In some cases you may need to rely on your understanding from what you have learned from the content, or undertake a search on the internet. 

The questions will also be used to assess your language and literacy skills. The assessor will check all your exercises and assignments to ensure - that they are accurate with correct grammar and punctuation

-  that they are appropriate to the target audience. 

-  that they show planning and organisational skills.

-  that they demonstrate your ability to search for products and service information and use problem solving approaches to identify customer needs and expectations. 

QUESTIONS -

1. List at least 5 points that are important to ensure communication delivers on customer needs, expectations and priorities.

2. It is important that staff should deliver an outstanding customer experience at all times. What are the specific behavioural competencies that this requires and how would this be measured?

 3. Using information provided in Unit 2, it is important that an organisation continually improves.  How might an organisation collect information to facilitate this?

4. There are many laws that regulate the way businesses may provide service to a client.  Why is this important and what is your responsibility?

 5. Write a short guide regarding customer service that you would use, as a mortgage broker, to look after a customer.  Your guide should not be more than 5 pages (approximately 2,500 words) and should include the following points:  

• Identify and clarify customer needs and expectations
• Assess the urgency of the request
• Determine priorities for service delivery
• Inform the customer of possible choices
• Assist in the selection of the preferred option
• Address what action you would take if you were unable to satisfy the customer need
• Seek appropriate assistance where appropriate
• Provide prompt service to customers
• Establish and maintain rapport with customers
• What action might be taken if there was a complaint
• Provide assistance should there be a specific need
• Propose cross-selling opportunities that may be apparent
• Seek customer feedback
• Review customer satisfaction
• Use feedback to improve customer service

6. Detail some clear recommendations on how to improve service delivery to prospective customers.

7. Using information in Unit 11, before a mortgage broker attempts to handle an objection they must first determine what kind of objection they are dealing with.  There are three common types of objections.  List the three objections and provide a brief explanation of each one.

8. Using information in Unit 12, there are four main personality types a mortgage broker may have to deal with.  List the four types and provide a brief description of each.

9. Using information in Unit 12, there is a five point plan to successfully establishing networking, list the five prescribed methods.

 10. Using information in Unit 4, list four different sectors of the financial services industry and describe how they interrelate.

 11. Name five things you can think of that may make your current or future business more environmentally sustainable (the business can be your own or the business you will, or would like to, be working for).

 12. List 10 documents required for an ACL application. You may need to refer to the Appendix 10. 

13. Visit four different bank's websites, list one loan product from each website, and list the key features of each of those products.

14. Using the steps provided in Unit 9 Practice Activity 1 'Calculating Borrowing Capacity', determine what this client can borrow, at an interest rate of 5%, qualifying rate of 7%,a loan period of 25 years, on salaries of Mr X $105,000 gross per annum and Mrs X $47,000 gross per annum, they have two children. They have credit cards of $10,000 limit and a personal loan of $25,000 at repayments of $600 per month.   (Tip: if you include your calculations we will try to understand whether your final result has been achieved correctly).

15. Employability Skills

The topics below refer to the basic employability skills you need in order to carry out the duties of a finance broker.  Not all the competencies listed below may directly relate to the topics within the course units so you need to think about each topic rather than look for answers in the course itself.  

You are required to complete a short statement on each point below that demonstrates how you believe each issue will reflect on your employability skills.

Attachment:- FINANCE AND MORTGAGE BROKING – ASSESSMENT.rar