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1 Page 1 of 5 Title Demonstrate knowledge of the mortgage industry, lending principles, home loan products and apply the application process Level 4 Credits 5 Purpose People credited with this unit standard are able to: demonstrate knowledge of the mortgage industry in New Zealand; demonstrate knowledge of lending principles; demonstrate knowledge of home loan products and borrowers; and apply knowledge of the mortgage application process. Classification Financial Services > Mortgage Broking Available grade Achieved Explanatory notes 1 Assessment against this unit standard may be on job, off job in a simulated work environment, or a combination of these within the financial services industry context. 2 References Commerce Act 1986; Companies Act 1993; Consumer Guarantees Act 1993; Credit Contracts and Consumer Finance Act 2003; Electronic Transactions Act 2002; Fair Trading Act 1986; Financial Advisers Act 2008; Financial Reporting Act 1993; Financial Service Providers (Registration and Dispute Resolution) Act 2008; Financial Transactions Reporting Act 1996; Health and Safety in Employment Act 1992; Human Rights Act 1993; Income Tax Act 2007; KiwiSaver Act 2006; Land Transfer Act 1952; New Zealand Bill of Rights Act 1990; NZ IFRS (New Zealand Equivalent to International Financial Reporting Standards) available from Privacy Act 1993; Property Law Act 2007; Property (Relationships) Act 1976; Residential Tenancies Act 1986; Secret Commissions Act 1910;

2 Page 2 of 5 Securities Act 1978; Securities Markets Act 1988; Trustee Act 1956; Trustee Amendment Act 1988; industry codes of practice; and all subsequent amendments and replacements. 3 All activities must comply with any policies, procedures, and requirements of the organisations involved; the standards of relevant professional bodies including codes of ethics; and any relevant legislative and/or regulatory requirements. 4 This unit standard does not cover repackaging of residential property loan products for investment purposes. There are two unit standards which deal with investment; Unit 25648, Demonstrate understanding of investment concepts used by financial advisers and Unit 25649, Apply principles of investment advice. 5 Definitions Application form mortgage application form such as the New Zealand Mortgage Brokers Association form or other equivalent form, which includes but is not limited to the following elements key dates, borrower details, application summary, adviser contact details, personal and employment details of applicant, funding details, loan type and structure, bank account details, proposed monthly income and expenditure, statement of assets and liabilities, security, and client acknowledgement of Personal Disclosure Statement. Credit history record of how a person has borrowed and repaid debt. DSR Debt servicing ratio. Financial history incorporates variables such as a client's savings and repayment record and credit history. LAQC loss attributing qualifying company. LVR loan to value ratio. OCR official cash rate. Situation relevant to mortgage broking situation containing the elements of duty of care, contract, and negligence, where the facts may be provided for assessment purposes. UMI uncommitted monthly income. Outcomes and evidence requirements Outcome 1 Demonstrate knowledge of the mortgage industry in New Zealand. 1.1 Industry participant roles are explained in terms of their responsibilities in the mortgage industry. industry participants include but are not limited to aggregator, franchisor, licensor, mortgage manager, lender, solicitor, registered valuer, fire and general insurer, lender mortgage insurer, risk insurer, mortgage adviser, property manager, real estate agent, conveyancer, accountant.

3 Page 3 of Elements of duty of care, contract, and negligence are explained and applied to a situation relevant to mortgage broking. 1.3 Legislation is explained in terms of the elements relevant to mortgage broking. 1.4 Roles of the Reserve Bank, fiscal policy, and the OCR are described in terms of effects on mortgage broking. Outcome 2 Demonstrate knowledge of lending principles. 2.1 Purpose is explained in terms of mortgage lending and application to mortgage includes but is not limited to description of funds required, reason for loan requirement, validity of loan for lender. 2.2 Character is explained in terms of mortgage lending and application to mortgage includes but is not limited to financial history, employment history, residential history, personal attributes. 2.3 Servicing is explained in terms of mortgage lending and application to mortgage includes but is not limited to UMI, DSR, frequency and type of repayments, potential contingencies. 2.4 Security, types of security and property tenure are explained in terms of mortgage lending and application to mortgage explanation of security includes but is not limited to purpose, value, effects on value from external factors (e.g. zoning). types of security and property tenure include but are not limited to freehold, leasehold, Māori leasehold, strata, cross lease, company share, unit title. 2.5 Equity is explained in terms of mortgage lending and application to mortgage includes but is not limited to deposit, assets, net statement of position, LVR. Outcome 3 Demonstrate knowledge of home loan products and borrowers.

4 Page 4 of Home loan types are explained in terms of their repayment structure. includes but is not limited to table loan, reducing loan, interest only, line of credit, revolving credit, equity release. 3.2 Home loan terminology is explained in terms of benefits and limitations. includes but is not limited to fixed, floating, capped, loan term length, early repayment, bridging loan, construction loan, repayment holiday, loan insurance. 3.3 Legal entities of borrowers are explained in relation to home loan products. individual, Limited Liability Company, company with LAQC status, family trust, trading trust. 3.4 Borrower default guarantees are explained in terms of lender needs and responsibilities of guarantors. role of borrowers, role of guarantors, priority amount, cross guarantees. Outcome 4 Apply knowledge of the mortgage application process. 4.1 Mortgage application process is applied and documents are produced, in accordance with industry requirements. includes cover sheet and diary note, application form, authority and declaration, proof of income, proof of identity, finance date, settlement date, solicitor detail, Adviser Personal Disclosure Statement; may also include but is not limited to financial history, registered valuation, sale and purchase agreement, building contract, trust deed, certificate of incorporation, proof of residency, rental agreement. 4.2 Calculations are performed for the mortgage application process. includes but is not limited to LVR, DSR, UMI, statement of position, settlement position. This unit standard is expiring. Assessment against the standard must take place by the last date for assessment set out below.

5 Page 5 of 5 Status information and last date for assessment for superseded versions Process Version Date Last Date for Assessment Registration 1 12 February December 2017 Review 2 19 February December 2017 Consent and Moderation Requirements (CMR) reference 0003 This CMR can be accessed at Please note Providers must be granted consent to assess against standards (accredited) by NZQA, before they can report credits from assessment against unit standards or deliver courses of study leading to that assessment. Industry Training Organisations must be granted consent to assess against standards by NZQA before they can register credits from assessment against unit standards. Providers and Industry Training Organisations, which have been granted consent and which are assessing against unit standards must engage with the moderation system that applies to those standards. Requirements for consent to assess and an outline of the moderation system that applies to this standard are outlined in the Consent and Moderation Requirements (CMR). The CMR also includes useful information about special requirements for organisations wishing to develop education and training programmes, such as minimum qualifications for tutors and assessors, and special resource requirements.

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