Fns40815 Finance And Mortgage Broking Assessment Answers

Questions

1. List at least 5 points that are important to ensure communication delivers on customer needs, expectations and priorities.

2. It is important that staff should deliver an outstanding customer experience at all times. What are the specific behavioural competencies that this requires and how would this be measured?

3. There are many laws that regulate the way businesses may provide service to a client. Why is this important and what is your responsibility?

4. Write a guide regarding customer service that you would use, as a mortgage 'Av broker, to look after a customer.

• Identify and clarify customer needs and expectations

• Assess the urgency of the request

• Determine priorities for service delivery

5. Detail some clear recommendations on how to improve service delivery to prospective customers.

6. Name five things you can think of that may make your current or future business more environmentally sustainable (the business can be your own or the business you will, or would like to, be working for).

7. Employability Skills The topics below refer to the basic employability skills you need in order to carry out the duties of a finance broker. Not all the competencies listed below may directly relate to the topics within the course units so you need to think about each topic rather than look for answers in the course itself. You are required to complete a short statement on each employability skill below to demonstrate how you believe each employability skill will reflect on your employability. Az)

Answers

1. There is a difference between a good and a great mortgage broker. A great mortgage broker engages his audience or crowd or customer by communicating on few very critical and significant needs and expectations of the customer like:

i. A good mortgage broker should ask and be aware of all his questions to the customer like his personal assets, his liabilities, his source of income, the dependents, his home, if any, the quantum and purpose of the loan required, his future plans and what type of property he wishes to purchase(Alexander, 2016).

ii. He should ne aware and communicate to the customer the rates prevailing in the industry, the products lying in the industry, the area wise variance and few other in and outs of the industry such that the customer can belief and have a trust on the technical knowledge of the person.

iii. He should be able to close the business case in time and should let know the customer what will be his steps and priorities in dealing with the customer queries. He should also ask the customer about the credit rating.

iv. The broker should always be in touch and continuous communication with the client over phone, text or mail and sometimes face to face meetings.

v. He should make the customer feel homely and should give the right advice by letting know the optimum amount of loan he should opt for.

All these measures will help in meeting the expectation of the client and helping in retaining them.

2. There are many specific behavioural traits that needs to be taken care off in order to be satisfy the client at all times and to ensure an overall superb customer experience. Some of these are:

i. The staff should understand what is required by the customer, what is the repayment capacity of the customer and should not mislead or force the customer for a higher loan amount as the same can be against him and the broker may lose the customer.

ii. The staff or the broker should work in the comfort zone of the customer rather than imposing the self decision or thoughts rather than taking suggestions and opinion from the client himself(Davis, 2017).

iii. He should be well aware of the industry and a number of lenders offering at customer friendly rates. This is what shows how experienced and well versed the broker is in the industry.

iv. He should keep the customer engaged by regularly by asking the requirements and whether he is satisfied with the rates and other requirements being fulfilled.

v. Finally, besides the professional behaviour, a personal touch is also required to retain the customer and making an outstanding customer experience.

All this is measured in terms of the after sales customer experience, whether he refers the broker to anyone and whether the broker retains the customer served. This also helps broker in not only maintaining relations with the customers but at the same time with lenders too as he can contact a number of lenders at a time.

3. Many laws have been framed for guiding the way in which the businesses provide their services to the customers. These are important and critical from the customer’s point of view as they help the customers from not being cheated or misguided by the providers of the service. They also prove to be handy if the customer has some complaint against the service provider and he wants his grievances to be redressed (Bromwich & Scapens, 2016). These laws put the customer at the first place.

Our responsibility as a service provider is to keep the customer needs and priorities at the forefront and to provide the best of the services at the least possible rate without cheating them. This is governed by the business ethics.

4. There should be proper way and a guide in how to provide the best customer service to the customer as a mortgage broker. Few of the critical points in this regard are as follows:

i. Making customer feel comfortable and working in the customer’s comfort zone.

ii. Clear identification of the customer needs, priorities and his expectations w.r.t. the services required.

iii. Assessing the time period required to solve the request depending on the urgency.

iv. Determining what are the kinds of services that are required to be given to the customer and within what timeline.

v. Informing the customer about teh various alternatives available for the given set of queries and let the customer decide what he/she is comfortable with based on the expected outcomes. The broker should assist teh client by giving the positives and the negatives of the options.

vi. Always be ready with Plan B, in case the customer is not satidfied with the remedy as per Plan A.

vii. Also, if an expert advice is required from a profession of another area, the same needs to be consulted.

viii. Prompt and immediate service needs to be provided to the customer and a good rapport needs to be built up with the customer so that he can be retained for future services as well.

ix. The completion of a transaction or a service is not completed as soon as the service is rendered or a good is transferred. Post that, the after service support is also required to maintain the healthy relations with the client(Knechel & Salterio, 2016).

x. If any specific need arises during the course of the service, the same also needs to be taken care off and the broker should also be able to identify and propose cross selling opportunities, if any.

xi. Customer feedback is a must as it is the ultimate rating of te work done.

xii. Cross check if the customer is fully satisfied or something was still missing which can be corrected next time.

All these measures act as a guide in providing the quality services to the client and retaining them.

5. Some recommendations on how to improve the service delivery to the customers is to know the root cause of the issue proposed, coming out with alternative solutions without deviating from the topic and giving the best course of action at the affordable rates. To improve the service delivery, the broker should have the knowledge of the market and should have well built contacts to built the confidence with the customer (Belton, 2017).

Besides above steps, the other ways include being available 24*7 for the urgent customer requirements, passing and sharing teh knowledge besides what has been asked to them so that it can add value to their funds and offering VIP or special services or discounts to them.

6. There are numerous ways in which a business can be made environmentally friendly and sustainable going forward in future. Some of these are:

i. Disposing the wastes of the business particularly the stationary waste in a biodegradable way such that the reusable waste should be optimally utilised. The electronic wastes should be properly disposed as they are the ones which create toxic element in teh environment.

ii. The procurement of the goods and services should be made in such a way that it causes least possible damage and creates least packaging waste.

iii. Use of eco friendly envelopes or simply the emails to deliver the messages instead of using the non disposable envelope material(Visinescu, Jones, & Sidorova, 2017).

iv. Using the renewable source of energy primarily solar energy instead of artificial means of energy and powering off the electricity when not in use.

v. Printing using double sided documents instead of printing only a single side. This will help in preserving paper.

7. To hire the person as finance broker, the person should meet theminimum expectations and should meet some of the critical criterias or employability skills like

i. He should be able to communicate the ideas and options well to the customer otherwise there would be no point in providing the service. Communication is the essence of service delivery in broking business.

ii. The person should be able to adjust within the team and should be able to collaborate well and work well in team. This helps in taking help from the other colleagues in case of any issues.

iii. The person should be able to identify the issues and should be able to find out teh ideas to solve the issue well within the timeline.

iv. A successful mortgage broker is one who takes initiative and enterprise and is not afraid to take risks as these risks often turn out to be on the positive side(Ashton & Hudson, 2017).

v. Planning and organising is the key in completion of any task as without planning any problem seems to be big and the road ahead may not be clear and seem to be absurd.

vi. The person should be able to manage himself well and personal discipline is very important for success in any kind of business.

vii. Learning is in every stage of the work and one who is ambitious to learn everyday and desirous of having new experiences is the one who suits for the role.

viii. Technology is changing so rapidly that the person who is not updated with the same would be left behind in the race as compared to the competitors, so this aspect os also necessary.

Works Cited

Alexander, F. (2016). The Changing Face of Accountability. The Journal of Higher Education , 71 (4), 411-431.

Ashton, J., & Hudson, R. (2017). The price, quality and distribution of mortgage payment protection insurance: A hedonic pricing approach. The British Accounting Review , 242-255.

Belton, P. (2017). Competitive Strategy: Creating and Sustaining Superior Performance. London: Macat International ltd.

Bromwich, M., & Scapens, R. (2016). Management Accounting Research: 25 years on. Management Accounting Research , 31, 1-9.

Davis, P. (2017). Value Investing: Do Quant Strategies Measure Up? Financial Analysts Journal , 1-172.

Knechel, W., & Salterio, S. (2016). Auditing:Assurance and Risk (fourth ed.). New York: Routledge.

Visinescu, L., Jones, M., & Sidorova, A. (2017). Improving Decision Quality: The Role of Business Intelligence. Journal of Computer Information Systems , 57 (1), 58-66.

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