Services provided to Mortgage Broking clients include:
- Conduct of an initial nil cost appointment
- Establishing if proposed borrowing falls within the provisions of the NCCP legislation
- Providing information on how the legislation impacts on the client
- Explaining how commission income is paid by lenders to AMP for this service
- Detailed review of a client’s completed Confidential Fact Find document
- Performing a Responsible Lending assessment
- Calculating the need for either Lenders Mortgage Insurance (LMI) or a Reduced Equity Fee (REF)
- Provide a thorough briefing of LMI/REF, the different policies and costs, timing delays and non-transferability.
- Explaining the differences between LMI and REF
- Verifying the stated income of a client by examination of various proof documents including, but not limited to, pay slips, PAYG summaries, taxation returns, ATO assessment notices, bank records
- Assisting with lender / product selection and qualification
- Preparing loan comparison summaries
- Reviewing loan comparison summaries
- Loan product selection
- Conducting appraisal test to ensure that the loan product is not unsuitable
- Calculation and provision of estimated loan costs including LMI / REF
- Calculation and provision of other borrowing costs
- Compliance with the chosen lender’s responsible lending guidelines
- Completing lender’s loan application documentation
- Collection of all necessary supporting documentation
- Review of supporting documentation to ensure compliance with lender’s policy
- Provision of anticipated time frame from submission to conditional approval and subsequent formal approval
- Preparation of formal loan recommendation to support loan application
- Lodgement of application via lender’s preferred method
- Liaise with client’s real estate agent, builder, solicitor, conveyancer and accountant (as applicable)
- Provide feedback to client on progression of loan application through the various stages of submission, conditional approval, valuation, formal approval
- Arranging for deposit bond (if applicable)
- Checking of loan offer document to ensure correctness