Trainees Refresher Course

​Nepal Team Refresher Course

08/09/2022

​Nepal Team Refresher Course

This course aims to gauge your trainees' understanding of the topics discussed from Day 2 up to today.

​

Kindly be mindful of the time as we have a specified time per each item. Note that some questions have more than 1 correct answer.

​

Topics covered in this course are the following:

• ​Tools and Resources • Application Build • CP Email Template

• LVR • Loan Products • Opportunities​

• LMI • Loan Features • ApplyOnline • Workflow • Lender Page • ​Discharge

• Fees and Charges​ • Loan Purpose • Lender Pages

​Nepal Team Refresher Course

​RC 08.09.2022

Multiple Choice

What tool do we use to add our notes to the broker such as Assumptions, Missing Documents and Missing Information?

• Kanban

• Application Build

• Workflow Link

• LastPass

​WORKFLOW LINK

Multiple Choice

This tool reflects the loan structure, compliance notes, and the broker's additional instructions that will aid the CES in building the application.

• Kanban

• Application Build

• Workflow Link

• LastPass

​APPLICATION BUILD

Multiple Choice

What lender will require their customers to be a member first to avail of their services?

• Credit Union

• Banks

• White Label Loan

Multiple Select

The following are considered as industrial in zoning except?

• Boutique

• Ranch

• Factory

• Manufacturing Plant

Multiple Choice

What is the holding when the borrowers are owning a specified percentage of the property instead of as a whole.

• Time Share

• Tenants in Common

• Joint Tenants

• Sole Ownership

Multiple Choice

What is the maximum loan amount that the client can borrow if their current property is worth $5,000,000 and the existing loan linked to the property is $2,300,000

• $1,800,000

• $1,000,000

• $1,700,000

• $1,500,000

​Nepal Team Refresher Course

Get the 80% of the Property Value first:

Property Value ($5,000,000) x .80 = $4,000,000.

The maximum loan amount that the client can borrow is $4,000,000 less the current loan ($2,300,000) then the client has $1,700,000 available on his/her security.

​Nepal Team Refresher Course

Multiple Choice

The clients are still looking for a property to purchase. However, they have decided that their preferred loan amount is $1,300,000. They have been presented with 4 houses, each with a different value. What should be the value of the property to arrive at an LVR or 62.50%.

• $2,000,000

• $2,080,000

• $1,900,000

• $1,980,000

​Nepal Team Refresher Course

Formula:

Loan Amount / LVR = Property Value

$1,300,000/ .6250 = $2,080,000

​Nepal Team Refresher Course

Multiple Choice

The applicants are planning to purchase a property worth $500,000. They are looking to borrow $450,000. As they are low in cash, they prefer to capitalize the LMI worth $25,000. In total, how much would be their loan amount?

• $450,000

• $475,000

• $480,000

Multiple Choice

What discharge applies if clients want to release one of the three securities linked to the loan?

• Full Discharge

• Partial Dischage

• Substitution

Multiple Choice

How many registration fee apply for a refinance of a property?

• x2

• x3

• x4

• x1

Multiple Choice

Based on the Stamp Duty Calculator, how much is the Mortgage Registration Fee of properties in NSW?

• $154.20

• $200.00

• $308.40

Multiple Choice

We are externally refinancing a property in TAS from CBA to ANZ. How much should be the registration fee?

• $145.35

• $290.70

• $0

Multiple Choice

The clients are internally refinancing their loan with the same lender to extend their loan term to 30 years again. How much will be their registration fee if the property is located in SA?

• $0

• $179

• $358

​Nepal Team Refresher Course

If ​we are internally refinancing a loan for the purpose of changing some of the loan components such as loan term, repayment type, product, etc. then registration fee should be $0.

​

However, if we are internally refinancing a loan for the purpose of changing the ownership​ we need to request for x1 standard registration fee as there will be a change in the title details.

​Nepal Team Refresher Course

Multiple Choice

What fee should be paid if the client wants to refinance their property and must be paid to their current lender?

• Discharge Cost/Exit Cost

• Conveyancing Fee

• Property Inspection Fee

​Nepal Team Refresher Course

Discharge/Exit Cost is the fee the clients pay to their current lender when they refinance their loans.

​

This cost varies per lender and can be found in FLEX - Products Tab.​

​

​Nepal Team Refresher Course

Multiple Choice

This feature is a separate account linked to the loan that helps reduce the interest on the loan while maintaining instant access to their funds. It can be used as a normal account to be used for the client's purchases.

• Redraw

• Shortfall/Surplus Account

• Offset Account

Multiple Choice

How many direct debit accounts can be linked to a loan?

• 1

• 2

• 3

• As many as the client wants

​Nepal Team Refresher Course

Note that we can only link 1 direct debit to a loan.

​

For example: Client requested for 2 loan splits. We can set up 1 direct debit account for each split. However, a loan split cannot have 2 direct debit accounts.​

​

​Nepal Team Refresher Course

Multiple Choice

If the client is purchasing a property that is not yet existing and is in the pre-selling stage, what do we call that type of loan?

• Purchase

• Construction

• Refinance

• Off The Plan

Multiple Choice

This is a type of refinance where in the client is moving from one lender to another.

• Internal Refinance

• External Refinance

• Partial Refinance

Multiple Choice

The clients recently purchased a Vacant Land and they are in talks with a third party contractor to build their dream home. They want to borrow funds as they do not have enough cash to fund the build. What type of loan is applicable?

• Construction Loan

• Purchase Loan

• Refinance Loan

• Equity Extraction for Renovation

Multiple Choice

What is the Maximum Term of a Bridging Loan?

• 1

• 2

• 3

• 4

Multiple Choice

This is a document submitted to the lender containing an overview of the whole deal like the loan details, borrowers' details, direct debit or offset instructions, information about the client's income, etc.

• IDs

• File Cover Notes

• Payslips

• Credit Proposal

​Nepal Team Refresher Course

File Cover Notes is a document submitted to the lender that serves as ​

​a summary of the whole deal. It gives the lender an overview of the loan being applied for by the clients.

​​

​Nepal Team Refresher Course

Multiple Choice

This is a system we use during data entry wherein we can generate the Credit Proposal once all the tabs have been filled out.

• FLEX - Applications

• FLEX - Opportunities

• ApplyOnline (AOL)

​Nepal Team Refresher Course

FLEX - Opportunities is the system we use to generate the Credit Proposal. The details on the CP-PCA are based on the information noted on every tab in FLEX Opportunities.

​Nepal Team Refresher Course

Multiple Choice

This is a system that we use to generate the lender pages and used to submit the application to the lender.

• FLEX - Applications

• FLEX - Opportunities

• ApplyOnline (AOL)

​Nepal Team Refresher Course

AOL is the system we use to generate the lender pages and is also used to submit the application to the lender.

Details from AOL were captured from FLEX-Applications Tab.​

​Nepal Team Refresher Course

Multiple Choice

This instruction means that the lender pages will be sent using the electronic signature feature in AOL.

• Docusign

• Email manual template

• e-Sign

• Electronic Signature (via Nitro/Adobe)

Multiple Choice

We are always going to retain these two documents in the CP Email Template for Smartmove.

• True

• False

Multiple Choice

We are going to retain these sections (Considered Product Comparison & Pricing, Other Consideration, Credit Cards) if the broker has instructed us to combine the Comparison Report with the CP Email Template.

• Yes

• No

Multiple Choice

This is the section we retain in the CP Email Template if the lender page instruction is via Docusign.

• Yes

• No

​Nepal Team Refresher Course

We retain the Docusign section in the CP Email Template ​if the lender page instruction is via Docusign.

​Nepal Team Refresher Course

Multiple Choice

If the lender page has a Pen sign in AOL and the lender page instruction is via e-Sign, then we will no longer attach the document in the CP Email Template.

• Yes

• No

Multiple Choice

This is the tool we use to verify if the client's income is enough for the deal that he/she is applying for.

• Application Build

• Supporting Documents

• Servicing Calculator

Multiple Choice

When entering the balance of a Savings Account, do we use the Available or the Current balance?

• Available Balance

• Current Balance

​Nepal Team Refresher Course

Available balance is the amount actually allowed to be withdrawn or used, while current balance includes amounts that may be on hold or still uncollected such as uncleared check.

​Nepal Team Refresher Course

Multiple Choice

The standard Settlement Date computation is how many weeks from today's date?

• 3 weeks from today's date

• 4 weeks from today's date

• 5 weeks from today's date

• 6 weeks from today's date

​Nepal Team Refresher Course

If the broker did not specifically mention the Settlement Date on the App Build, and there's no "Date of Completion" noted on the Contract of Sale, standard approach is to indicate a Settlement Date 6 weeks from today's date.​

​Nepal Team Refresher Course

Multiple Choice

When should we tick "Taking Residence" in Opportunities?

• If the clients are refinancing an OO Property

• If the clients are purchasing a secondary OO Property / Vacation home

• If the clients are purchasing an OO Property

• If the clients are extracting equity for an OO Property

​Nepal Team Refresher Course

We should tick "Taking Residence" if the scenario is Purchase of an Owner-Occupied Property. This doesn't include Purchase of OO Properties as a Secondary Home / Vacation Home.

​Nepal Team Refresher Course

Multiple Choice

In choosing the Selected Product, we should just use the exact product on the Product Comparison report even if it does not match the loan details.

• True

• False

​Nepal Team Refresher Course

We only use the Product Comparison Report as a guide when choosing the selected product. We should still make sure that the product description we have selected matches the details of the loan the clients are applying for.​

​

For example: Tailored Home Loan Choice Package $250k - $750k Owner Occupied P&I​

​

When selecting a product, we check if the loan amount is within the $​250K - $750K range.

We should also check if the Loan Purpose is Owner Occupied.

​

Then, double check if the Re​payment Type is Principle and Interest.

​Nepal Team Refresher Course

Poll

Are there any more questions? :)

• Yes

• No

• All good

• I want to go home