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MORTGAGE FINANCEIndustry Unit StandardsProject deliverable Report 2.2ContentsUnit standards scope findingsUnit standards PowerPoint Presentation
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8. Guide a borrower through application for a mortgage loan ... for a building loan; SO4 Match a borrowers need with a specific mortgage finance solution ...

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MORTGAGE FINANCE

  • Industry Unit Standards
  • Project deliverable Report 2.2
  • Contents
  • Unit standards scope findings
  • Unit standards titlesand specific outcomes
  • Unit standards linked to a skills hierarchy for Mortgage Finance

Rachel Rozentals-Thresher

rrt@mweb.co.za

083-268-6607

9 July 2002

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Findings from original scope exercise

This table represents the knowledge and skills gaps identified in the original scope exercise. The scope details were reviewed and accepted by the banks prior to the drafting of the standards. The draft unit standard number meeting the identified gap is presented for easy reference. On the next page the unit standards are also arranged in a basic skills hierarchy which illustrates the relationship between the existing and the new draft unit standards.

Conveyancing and Registration

Product Options and Parameters

Client Service

General Mortgage Finance Knowledge and Understanding

Credit

Financial considerations/ implications relevant to Banking

  • Credit Assessment:
  • Assessment of affordability of loan
  • Analysis of supporting security
  • Suitability of property
  • Applicable unit standards US 3, 4, 7, 10, 11 & 12
  • Parties and their roles
  • Terms
  • Jargon
  • Process
  • Timing
  • Fees
  • Documents
  • Applicable unit standard US 5
  • This is specific to the Banks
  • Calculation of interest, repayments and repayment terms
  • Applicable unit standards US 7 & 9
  • Additional gaps identified during the drafting phase
  • Guide client through application US 8
  • Guide client regarding Mortgage Finance options US 7
  • Guide client regarding affordability US 9

Legal Considerations relevant in Banking

Buyer’s perspective

Bank’s perspective

Buyer’s perspective

Bank’s perspective

Buying and Selling Property

Building

Bonding

Repayment

Default

Repossession

Reselling and Refinancing

1,2

7

4

-

4,6

1,2

7

4

-

4,6

9

7

9

9

6

9

7

9

9

6

Only relevant to properties in possession

Only relevant to properties in possession

Only relevant to properties in possession

Only relevant to properties in possession

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Overall Skills Hierarchy in the Area of Mortgage Finance

Customer Service & Interaction

Sales

Credit Support

Administration

Standard Home Loan Sale US7240

Advise borrower re Mortgage Finance options US7

Credit assessment for Mortgage Finance US12

Rectify Records US7193

Cancellation US7192

Analysis of a personal banking position US7234 (generic – not specific to Mortgage Finance)

Authorise Payment US7190

Advise borrower re affordability US9

Assess property US11

Establish financial position US7231

Application of Knowledge and Skills

Generic Skills

Fundamental Skills

Fundamental Knowledge

Administer Payment US7189

Assess borrower US10

Guide client through the application process US8

POLICY AND PROCEDURE KNOWLEDGE APPLICABLE AT DIFFERENT STAGES IN THE PROCESS – SPECIFIC TO BANK OR FINANCIAL INSTITUTIONS

Provide info US7152

Capture US7150

Customer Service

Mortgage Bond as a form of Security for a loan US5

Evaluate impact of changes after Bond Registration

Sales Skills

Lending Policy

Financial Analysis

General Policy (specific to bank)

Ownership of Immovable Property US2

Security in Lending (general) US3

Bond Registration US5

Product & Service Knowledge (specific to bank of financier)

Property US1