Loanworx
Mentoring Program
2
Overview
Rationale
Goals
Preferred Entry Requirements
Formal Qualifications
Course Structure
Proposed Intakes
The Enrolment Process and Requirements
Training Venue
Rationale
The idea of the Course was brought about by interested stakeholders in the Mortgage Industry who were keen to provide a forum for the new entrants to the industry which delivered better results – in summary delivered successful Mortgage Brokers to the Industry.
Goals
The goals of the Course are very specific and hope to deliver the following program:
that enables New Entrants to become SUCCESSFUL Mortgage Brokers
that captures all the features of an Aggregation Model
that encompasses all major Lender Accreditations
that facilitates both Peak Body Membership Associations that delivers value for money
that satisfies all ASIC requirements of Mentoring for entry into the
Mortgage Broking Industry
that delivers a learning pathway for the entrants to Diploma should the
participants decide to continue their education
A program that attracts younger entrants into the Mortgage Industry and
4
Preferred Entry Requirements
The idea of becoming a successful Mortgage Broker can seem on the surface somewhat easy but as we all know there are a lot of factors that contribute to enable a person to become that successful Mortgage Broker:
Preferred Entry Requirements are: 1. Must be 18 years of Age
2. Must be Australian Citizen or Permanent Australian Resident 3. Must be willing to undergo a Police Check
4. Must be a non-Bankrupt
5. Must have a commitment for a professional work ethic
6. Must be able to commit to lessons and dates over a 2 year period – Wednesday Mornings Weekly for the first 6 months and fortnightly for the remaining 18 months. Please note there are no classes or sessions in January or December
7. Must have good communication skills
8. Must have completed at a minimum Certificate IV in Mortgage Broking 9. Must make the commitment to Enrol in FNS50315 Diploma in Finance and
Mortgage Broking Management if the Mentee has not completed this qualification
10. Must demonstrate an understanding of the Role of the Mortgage Broker 11. Must demonstrate financial viability and commitment
12. Must attend an interview with the Mentor prior to commencement
Formal Qualifications
The student will complete the Diploma units through Skill Solutions, which is a Registered Training Organisation - Toid 22 185, this qualification is recognized in both Australia and New Zealand. Skill Solutions is also a preferred Vendor with the MFAA – the Mortgage and Finance Association of Australia and works closely with the FBAA – the Finance Brokers Association of Australia. Should the Mentee already have achieved their Diploma Qualification then there are no further formal qualifications required
This course will be delivered as per the Delivery and Learning Assessment Strategy from Skill Solutions. However, it will be specifically adjusted to accommodate the Aggregation Brand and will incorporate the Aggregators features, Software and Marketing Systems.
Title Diploma in Finance and Mortgage Broking Management
Code FNS50315
Section 1 Module 1
1 FNSINC401A Apply principles of professional practice to work in the financial services industry 2 FNSFMK505A Comply with financial services legislation and industry codes of practice 3
BSBOHS303B Contribute to WHS hazard identification, risk assessment and risk control
Section 2 Module 2
4 FNSINC402A Develop and maintain in-depth knowledge of products and services used by an organisation or sector
Section 3 Module 3
5 FNSFMB402 Identify client needs for broking services 6 FNSFMB403A Present broking options to client
7 FNSFMB401A Prepare loan application on behalf of finance or mortgage broking clients 8 FNSCRD301A Process applications for credit
Section 4 Module 4
9
FNSFMB501A Settle applications and loan arrangements in the finance and mortgage broking industry 10
FNSCUS501A Develop and nurture relationships with clients, other professionals and third party referrers
Section 5 Module 5
11 BSBRSK401A Identify risk and apply risk management processes
Section 6 Module 6
12 FNSFMB502 Identify and develop broking options for clients with complex needs 13 FNSFMB503 Present broking options to clients with complex needs
14 FNSFMB504 Implement complex loan structures
Section 7 Module 7
15 FNSPRM603 Grow the practice LEGEND
This colour shading Is for Certificate IV in Finance and Mortgage Broking which is a pre requisite for the mentoring course.
No colour shading Is for Diploma Upgrade in Finance and Mortgage Broking Management which is conducted through Skill Solutions with a 20% discount off the Recommended Price
Certificate IV in Finance and Mortgage Broking, as stated, is one of the Pre Requisites to attend the Loanworx Mentoring Course. The Course will also recommends the upgrade to Diploma of Finance and Mortgage Broking Management - FNS50315
through Skill Solutions at a 20% discount off the recommended Price. Pricing for the courses available
6
Course Structure
Transaction Costs involved in all transactions Transaction Terms
Transaction Options for the client The Appointment
House and Land Packages / Off the Plan
Start to Finish /Security Guarantees/ Not Enough Deposit Marketing - My Plan Understanding You and Marketing The Bottom Line with Credit - What is credit scoring?
Loan Structuring
Doing the Business and Getting the Business The Conveyancing Process
Other Loan Types
The Responsibilities of the Mentor
The Mentor will teach the Loanworx Group Mentoring Lessons (12) over the first 6 month period. This will be held on a Wednesday morning fortnightly and will commence at 9.15a.m. – 12.15a.m. These lessons will be held at Skill Solutions Office Suite 5.06 No: 7 Jeffcott Street West Melbourne Victoria 3003(Venue subject to change). After the first 6 months the Mentor will continue to mentor the mentee for a further 18 month period under the following terms and conditions
To hold fortnightly Continuous Professional Development (CPD) sessions or ensure the mentee completes MFAA 30 (CPD) hours or FBAA 20 (CPD) . These sessions are currently held on Wednesday Mornings and commence at 9.15a.m. – 12.15p.m. Suite 5.06 No: 7 Jeffcott Street West Melbourne
Victoria 3003.
To track the mentees CPD Points for the first 2 years
To allow the mentee practical office work sessions in hourly blocks within the 2 year period – which creates a work experience environment for the mentee. This work experience is ideally completed after the first 6 month period. . To review the mentees loan scenarios before loan submission for the mentees
first 10 loans or during the 2 year period if the Mentee requires this service (Some Mentees feel they only require 10 loans to be reviewed)
To facilitate 2 appointments within a 2 year time frame whereby the Mentee will observe your Mentor or another suitably qualified Mortgage Broker To offer ongoing support for any questions arisen by the mentee over the 2
year period
To track monthly the progress of the Mentee – This will be a Score Card used to track the success of the Mentees
8
Proposed Intakes
The Coursewill facilitate programs from individual Groups within the Loanworx group. It
is anticipated that there will be 2 intakes offered annually. Wednesday 9th March 2016
The Enrolment Process and Requirements
This process will be facilitated by Loanworx and in consultation with Skill Solutions. This process will be completed well before the course commencement date as this is a formal process and screening is required.
Training Venue
All training will be held at venues to be determined but venues which are conducive to education and training. The courses will be held at Suite 506/7 Jeffcott Street, West Melbourne 3003
During the Training
Neat casual dress is required
Please bring a pen, a notebook and highlighters.
Coffee and tea are provided throughout the day.
The hours of the course are from 9.15a.m. to 12.15 p.m. on Wednesday Mornings
Yes, the Course is a new concept and one that we believe with input from all Stakeholders will bring on the new entrants into the industry in a way which will ensure success, give benefit and be a sustainable model for the new entrants and the industry.