Client interview project

ClientInformation.pdf

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This document is Client Information. It is part of the supporting resources for Assessment Task 2 of FNSFMB503.

Australian Training School Pty ltd trading as Southern Academy of Business and Technology

95 Bathurst Street Sydney NSW 2000 | Unit 1, 159 Queen St, Campbelltown | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E Version : 2.0 Last Updated : 07 May 2020 Next Update: 07 May 2021 Page 1 of 4

Morgan Mortgages Client information Mission To serve our clients

• Giving clients solutions • Keeping it simple • Providing expert home loan advice

To operate ethically for the benefit of society • Giving free information and resources on how to buy a home. • Giving our staff a fulfilling job with the opportunity for career advancement. • Promoting good practices and healthy competition within the mortgage industry.

Vision To be widely recognised as the leading specialist mortgage broker in our industry, with the most knowledgeable brokers in the industry.

Values Our core business values:

• Quality • Customer satisfaction • Professionalism • Ethical operation • Respect • Trust

Services Morgan Mortgages offers the following services to our clients:

• Residential property loans • Investment property loans • Commercial property loans • Commercial finance • Car loans • Personal loans • Insurance broking

Client service guarantee Morgan Mortgages aims to provide the best possible services for all clients. Clients with special needs will be treated with respect and consideration for their needs.

• Clients who have a visual impairment will be provided with documentation in large print. All documents will be clearly read out to ensure understanding.

• Clients for whom English is a second language will have all information clearly explained in simple English free of jargon. Where necessary, and interpreter will be organised to ensure client understanding.

• Clients with cultural differences to that of the broker will be treated with respect and tolerance. If clients feel that their cultural background is not being respected may lodge a complaint.

This document is Client Information. It is part of the supporting resources for Assessment Task 2 of FNSFMB503.

Australian Training School Pty ltd trading as Southern Academy of Business and Technology

Finance and mortgage broking process At Morgan Mortgages, we try to make the finance and mortgage broking process as simple as possible.

• It begins with a potential client booking an appointment to speak with one of our brokers. This is either organised by the client, who may contact Morgan Mortgages directly, of by one of our sales staff, who contact people who may be interested in our services. Booking an appointment should only take about 5 minutes.

• The client then has an interview with one of our brokers. The broker will inform the client about the services we offer and get to know the client’s finances and aspirations.

• The broker is obliged to give the client a complete disclosure of capacity before discussing any products. The disclosure may include, but is not restricted to:

o a statement indicating whether the finance broker is only accredited to deal with a restricted range of products

o any relationship the broker and their organisation have with products mentioned in the presentation or loan structures

o name and address of the finance broker

o the means of remuneration of the finance broker

o who is responsible for the finance broker's conduct

• The broker will then recommend the most appropriate loan products based on the client’s circumstances.

• When the preferred loan has been decided on, the next step is to fill out an application and submit it to the lender. The application will be independently assessed by the lender. If it is approved, a pre-approval is issued. If the lender declines the application, we work with the lender to correct the issues and contact additional lenders to discuss the client’s situation if needed.

• It is then up to the client to find the property. Clients should speak to their broker before signing the contract of sale, and they will arrange for a valuation to be performed on the selected property.

• Once the valuation has been completed, we request an unconditional approval from the lender. The loan documents will be generated and posted to the client. Our broker will meet with clients to ensure that they understand the documents and help with the signatures or any sections that the client is not totally sure about.

• We will then submit the documents to the lender.

• Once the lender has your documentation, they will arrange a settlement with your solicitor or conveyancer.

• The property settlement is completed as set out in the Contract of Sale

• With construction loans, Morgan Mortgages continues to support clients through the building stages until to completion.

This document is Client Information. It is part of the supporting resources for Assessment Task 2 of FNSFMB503.

Australian Training School Pty ltd trading as Southern Academy of Business and Technology

Privacy policy We understand that the details that clients provide us with are not only private and personal but that how we collect, use, hold, exchange and protect your information is important to them. It is important that our clients understand how we protect their privacy, as well as how, when and where we may use their personal information. We abide by and are bound by the Privacy Act and the Australian Privacy Principles (APPs) for the protection of personal information. What information do we collect? We collect personal information. For example, identity and contact details, marital status and financial information. We may also collect sensitive information for specific purposes. For example, information about a client’s health to enable the credit provider to assess an application they make for mortgage protection insurance and to calculate any premiums. If we need this type of information, we will ask for the client’s consent. How do we collect your personal information? We will always aim to collect your personal information directly from our clients. If, for some good reason, we are unable to do so, we may involve another organisation. For example, we may need to request a credit report from a credit reporting body when a client is applying or a credit facility. Before doing so, or prior to collecting the information we need, we will inform the client of the type of organisations we intend to disclose your personal information to. We may also collect your personal information through third parties who undertake the collection on our behalf. Why do we collect our client’s personal information? We collect, use, hold and exchange personal information so that we can:

• Submit applications for credit and provide information about related insurance products; • Identify and tell you via direct marketing communications about other products or services

offered by us or a third party that may interest you (unless you tell us not to) • Administer our customer relationships • For internal purposes, including for reporting and analytical purposes • Meet our legal and regulatory reporting obligations • Establish a customer marketing program • System development testing purposes • Any other purpose related to the above.

Why would we exchange a client’s information with another organisation? We want to provide our customers with the right products and services and, at times, we may partner with another organisation to support the products and services we offer (for example, insurance partners). In these situations, we will need to provide our partners with the personal information that a client has given us. Also, in certain circumstances we may be compelled by law to disclose clients’ personal information to various authorities. For instance, we may be required under the Anti-Money Laundering and Counter- Terrorism Financing Act to disclose details of financial transactions and we may also be compelled under tax laws to provide such information to regulators.

This document is Client Information. It is part of the supporting resources for Assessment Task 2 of FNSFMB503.

Australian Training School Pty ltd trading as Southern Academy of Business and Technology

Other organisations which we may exchange your personal information with may include:

• Credit providers • Credit reporting bodies • Government and law enforcement agencies • Mortgage insurers, brokers, originators and/or managers, financial consultants, accountants,

lawyers or real estate agents; • Those in connection with funding financial accommodation by means of an arrangement

involving securitisation This is to your benefit and helps us to provide the products and services that our clients expect from Morgan Mortgages. Before we disclose any personal information to any other organisation, we will take reasonable steps to ensure that: The organisation has the same commitment as us to the protection of your personal information; AND The client has consented to us doing so. By consent, we mean approval in writing, orally, or implied from their dealings with us. Access to, and correction of, personal information It is important for us, and for our clients, that the information we hold is accurate and up to date. In this, we rely on our clients to help us. We ask that they contact us whenever there are any changes to their personal information, so that we can update our records. How long do we keep information about our clients? By law, we are required to hold certain information about clients, even after they are no longer customer of Morgan Mortgages. We may also hold certain information about them if it is needed for a purpose which they are aware of or reasonably expect us to hold the information for. When clients’ information is no longer needed or required to be held by law, it will be destroyed or de-identified. How safe and secure is the information we hold about our clients? We take great care with the information we hold. Our aim is to ensure that any details are securely protected from misuse, interference and loss, and unauthorised access, modification or disclosure. We will take reasonable care to make sure that we keep all of our clients’ information in an accurate, complete and up to date manner. Clients can request further information about the way we manage the personal information that we hold by writing to: The Privacy Officer Morgan Mortgages LOCKED BAG 15 ROYAL EXCHANGE NSW 1225