Task 14 – Packaging the application to send to the lender
Packaging a home loan application is detailed and requires a mortgage broker to gather documents to prepare the lending submission in accordance with the lender’s requirements.
While it is important to know what documents you will need to gather, it is also important that you understand the information contained within the documents. For example, the frequency of income, if overtime is included.
Task 14: Question 1
(a) Explain what documents you would gather to in order to verify:
(i) a PAYG employee’s income
(ii) a self-employed person’s income
(iii) rental income for an existing investment property.
(b) Choose three (3) documents that you listed in part (i). Write one (1) question that you could ask the client to confirm you understand the information contained within each of the documents provided.
Task 14: Question 2
When submitting your client’s loan application, you also need to submit supporting documentation.
(a) Explain how you confirm that you have the correct supporting documents for your client’s loan requirements in accordance with the lender’s requirements. (e.g. If the loan application was for an investment property, think of what may be required as specific supporting documents)
(b) Explain how you check the supporting documentation for accuracy and also to ensure that the documents are in the right format and legible for the lender.
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