Assessment Task 2 of 2 ( Client interview project ) Instructions Carefully read the following: You are working as a Mortgage Broker at Morgan Mortgages, and you have been assigned an appointment with two new clients

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Assessment Task 2 of 2 ( Client interview project )

Instructions

Carefully read the following:

You are working as a Mortgage Broker at Morgan Mortgages, and you have been assigned an appointment with two new clients. They are a couple with one child in school. They have been living in Australia for five years and are fully naturalised Australians, but English is a second language for both of them. One of them has received some money in an inheritance and they have decided to purchase some land and build a house on it as an investment property. They have found a property nearby that they are interested in. The land is on the market for $200,000, and they have a quote to build the house for $250,000. They were going to go to their bank, but a friend recommended Morgan Mortgages could find them a better deal than at their bank. They have discussed the project over the telephone with one of Morgan Mortgages’ brokers, who completed a Fact Find and selected three construction loans that would be appropriate for Mrs and Mr Lee. The clients have a meeting with you to discuss the construction loan options. You are required to use your communication skills to ensure that the clients have a full understanding of the loans that you are presenting to them.

Complete the following activities:

 

2.1. Prepare for client interview.

Review the following Morgan Mortgages documents:

· Completed Fact Find

· Client Information

· Fees and Charges

· Client Options Report

· Agreement to Proceed Template

· Client Meeting Record Template

Use the internet to find information on the three construction loans included in the Client Options Report. You will need to be familiar with these, so you can explain them well to the clients. Review the lenders’ products, services and features, ensuring that they could suit the clients’ needs. Gather the relevant product information and any support material.

Research and calculate every aspect of each loan for the client, including the amount, the term, interest rate as well as the associated fees and charges. You may calculate the stamp duty for NSW, as this is given as the case study client’s address, or you may calculate it for the state where your RTO is situated, but you must make this clear in the document.

Organise all of the information clearly and concisely. It should be prepared in a manner that is appropriate to the clients’ needs and level of understanding.

 

2.2. Meet with clients (your assessor)

You are required to conduct an interview with the clients to explain the services that you can offer and to verify what the clients’ needs are.

It is important that you address the clients’ needs and objectives in a manner that is consistent with their level of understanding.

As English is not their first language, one of your first tasks will be to determine their level of English comprehension and determine whether an interpreter will be necessary.

Explain to the client Morgan Mortgages’ organisational guidelines for dealing with clients who have special needs as set out in Client Information.

During the meeting, you are required to demonstrate high level communication skills including:

· Speaking clearly and concisely so that you can be easily understood.

· Using non-verbal communication to assist with understanding

· Asking questions to identify required information

· Responding to questions as required

· Using active listening techniques to confirm the clients’ understanding of what you say.

Introduce yourself and clarify you background, credentials and role that you will be taking with them. Ensure that the disclosure of capacity that you make to the clients is consistent with Morgan Mortgages’ organisational guidelines.

Make it clear to the clients that you will declare any strategic or commercial relationships that you and your company may have with each product provider and the relevant codes of practice in regard to disclosure.

Make sure that you have their personal details correct. Do this by going through the Completed Fact Find with them. Make alterations if necessary.

Question them about the clients’ knowledge of mortgage brokering so you can give information at a level that they can understand.

During this stage of the meeting, you are also building rapport with the clients, communicating with them in a friendly, empathetic way.

The next part of the interview will involve you giving information to the clients.

Explain the finance and mortgage broking process to the clients, including the post-broking service that will be provided to them.

Guide the clients through the broking options that have been selected and discuss the impact of each option clearly and comprehensively. Your explanations should cover each option’s advantages, disadvantages, risks and financial implications.

Explain each suitable product option and its features to the clients in a clear and unambiguous way, using unambiguous language that avoids jargon.

Ask for confirmation from the clients that they understand each of the broking options that you present.

Explain the fees, charges and commissions that will be charged and confirm that the clients understand these. Tell the clients that, following the interview, you will send them information on all the relevant details of the loan that they select. This will include all of the fees that will be charged.

The client will have a concern that you should identify and respond to. You should be prepared to offer alternative options if requested.

When all of the clients’ concerns and issues have been resolved, obtain the clients’ agreement to proceed with their chosen loan.

Fill out an Agreement to Proceed Template and ask the clients to sign this.

 

2.3. Follow up documentation for organisation

Morgan Mortgages operating procedures require a detailed record of every client meeting be sent to the Branch Manager within one working day of the meeting.

 

Use the Client Meeting Record Template to document your meeting with the clients in the previous activity.

 

Save this document as Client Meeting Record.

 

2.4. Send an email to the Branch Manager (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachment.

 

Attach your Client Meeting Record to the email.

 

2.5. Follow up documentation for clients

Research and calculate every aspect of the loan that the client selected, including the amount, the term, interest rate as well as the associated fees and charges.

It is important that the cost of making any contract variations is made clear to the client.

You may calculate the stamp duty for NSW, as this is given as the case study client’s address, or you may calculate it for the state where your RTO is situated, but you must make this clear in the document.

 

2.6. Send an email to the clients (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachment and clearly state what a loan variation costs with their selected loan.

 

The email text should confirm the loan that will be applied for and clearly explain the next steps in applying for the loan. It should also define the post-broking services to be provided to the clients.

Attach your Loan Fees and Charges to the email

 

2.7. Follow up complaint.

In response to your previous email, the client will make a complaint to you about service that they have received at Morgan Mortgages.

Carry out the procedures as set out in the organisation’s Complaints Handling Policy and Procedures.