You are required, as the broker to call your client, Wes/Wendy Evans (you/your volunteer may choose the name they prefer to use) and provide them with the outcome of their loan application. Wes/Wendy applied for an investment home loan which was submitted to XYZ bank. You have just received a phone call from XYZ Bank who explained that the loan application has not been approved in its current structure. Although XYZ was willing to accept the property offered as security, the Lender's Mortgage Insurance provider (separate to XYZ) would not accept due to its location at a loan to value ratio of 90% (LVR). You are required to call the client and advise them of the non-offer by the lender and the reason why. You are also required to offer a solution to the client to amend the structure of the application which may be more favourable to the lender. The client has some equity in their home. Although they were originally reluctant in your previous discussions, you suggest that Wes/Wendy should consider offering their property as additional security for the loan. This will bring the LVR down to 80%, removing the need for Lenders Mortgage Insurance and saving Wes/Wendy approximately $10,000. Call 1- Advise client of non-offer Call Wes/Wendy, briefly introduce the reason for your call, then do the following: Advise the reason for the non-offer on their loan application. Provide the solution that you think will make the application more favourable. The call concludes with Wes/Wendy asking you to contact their solicitor with an update on the status of the application. Call 2 Call solicitor with update Call your client's solicitor, Belinda/Bill Moore (your volunteer may choose name), introduce yourself, and do the following: Explain the reason for the non-offer by the lender Outline the additional actions agreed between you and the client as per Call 1. Call 3 - Advise approval and seek additional information from client Call the client Wes/Wendy Evans, and do the following: Advise that their loan has been approved as per the amended loan structure. Explain that the lender requires further information (a copy of Wes/Wendy's building insurance for both properties) and explain that this is a requirement that will be outlined in their credit contract. Call 4 - Advise solicitor of readiness to settle The loan has progressed, loan contracts have been signed and sent back to the lender. You have gained confirmation from the lender that all documents are now in order. Call Belinda/Bill Moore again (Wes/Wendy's solicitor), and do the following: advise that all parties are now ready to settle advise the solicitor that the lender will be in contact to make suitable arrangements for settlement. Page 14 of 22 The assessment criteria you will be assessed on is in the table below. It's important to develop a plan for your dialogues, but do not script them word-for-word, this is to be delivered naturally as you would in the workplace. You are required, as the broker to call your client, Wes/Wendy Evans (you/your volunteer may choose the name they prefer to use) and provide them with the outcome of their loan application. Wes/Wendy applied for an investment home loan which was submitted to XYZ bank. You have just received a phone call from XYZ Bank who explained that the loan application has not been approved in its current structure. Although XYZ was willing to accept the property offered as security, the Lender's Mortgage Insurance provider (separate to XYZ) would not accept due to its location at a loan to value ratio of 90% (LVR). You are required to call the client and advise them of the non-offer by the lender and the reason why. You are also required to offer a solution to the client to amend the structure of the application which may be more favourable to the lender. The client has some equity in their home. Although they were originally reluctant in your previous discussions, you suggest that Wes/Wendy should consider offering their property as additional security for the loan. This will bring the LVR down to 80%, removing the need for Lenders Mortgage Insurance and saving Wes/Wendy approximately $10,000. Call 1- Advise client of non-offer Call Wes/Wendy, briefly introduce the reason for your call, then do the following: Advise the reason for the non-offer on their loan application. Provide the solution that you think will make the application more favourable. The call concludes with Wes/Wendy asking you to contact their solicitor with an update on the status of the application. Call 2 Call solicitor with update Call your client's solicitor, Belinda/Bill Moore (your volunteer may choose name), introduce yourself, and do the following: Explain the reason for the non-offer by the lender Outline the additional actions agreed between you and the client as per Call 1. Call 3 - Advise approval and seek additional information from client Call the client Wes/Wendy Evans, and do the following: Advise that their loan has been approved as per the amended loan structure. Explain that the lender requires further information (a copy of Wes/Wendy's building insurance for both properties) and explain that this is a requirement that will be outlined in their credit contract. Call 4 - Advise solicitor of readiness to settle The loan has progressed, loan contracts have been signed and sent back to the lender. You have gained confirmation from the lender that all documents are now in order. Call Belinda/Bill Moore again (Wes/Wendy's solicitor), and do the following: advise that all parties are now ready to settle advise the solicitor that the lender will be in contact to make suitable arrangements for settlement. Page 14 of 22 The assessment criteria you will be assessed on is in the table below. It's important to develop a plan for your dialogues, but do not script them word-for-word, this is to be delivered naturally as you would in the workplace.