Section 1: Industry knowledge
Task 1 — Key terms
Working in the finance industry requires you to have an understanding of the terminology used and the names of documentation that you will deal with.
Demonstrate your understanding of some of the common terms and document names by completing the following tables:
1. In your own words, complete the table below; define and explain loan transaction terminology and definitions of the following:
Lender
and borrower |
|
Lessor
and lessee |
|
Mortgagee
and mortgagor |
|
2. In your own words, complete the table below; define and explain the documentation used by lenders:
Credit
check signed authority |
|
Guarantee |
|
Loan
contract |
|
Periodical
payment authority |
|
Signed
application form |
|
3. In your own words, complete the table below; describe:
The
negotiation process |
|
Customer
Relationship Management (CRM) tool |
|
Certificate
of Currency |
|
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