Loan Application Role Play

Student’s name:

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Checklist of attachments:

☐ Skills Observed Checklist ☐ 3^rd Party Observer/Declarer Signoff and documentation

Please indicate style of course undertaken:

☐ Online ☐ Virtual Class

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CREDIT TRANSFER You may be able to claim credit transfer for a unit/s of competency that you have previously completed with AAMC Training or another RTO. If you have been awarded a record of result or statement of attainment for any of the units detailed below then please go to the Credit Transfer tab in your Learning Centre and follow the prompts. This assessment relates to the following units of competency: FNSFMB411 Prepare loan applications on behalf of clients FNSFMB412 Identify client needs and present broking options FNSINC412 Apply and maintain knowledge of financial products and services FNSCRD401 Assess credit applications (Certificate IV students only) FNSSAM411 Sell financial products and services (Certificate IV students only) Please refer to AAMC Training’s full Recognition Policy for further details.

Role Play instructions

Instructions for the Student

In this role play you are playing the part of a finance broker who has had a previous client refer Mary Li to you for financing. You will need to find a volunteer to play Mary Li and her part cannot be played by the Third Party Observer.

You are responding to Mary Li’s concerns and explaining privacy requirements after you have listened to her voice message (embedded here). If you are having trouble opening this file, to the Resources tab in your Learning Centre. You must play the audio message to Mary Li, your volunteer, and your Third Party Observer prior to commencing the role play so they understand the issues involved.

At this stage Mary Li is still a prospective client and may interact and seek clarification where necessary, this is not a one sided conversation so you may need to ask a leading question or two to ensure Mary is comfortable with what you’ve told her as you are working to gain commitment to move into the needs analysis stage. Please note: The needs analysis process itself is not being demonstrated in the role play.

It is expected this role play will take 5 – 10 minutes.

Providing evidence of your role play

If you are currently working either in the financial services industry you may demonstrate your role play in front of your Supervisor/Manager.
You must qualify your Observer by completing the Observer/Third Party Declarer Sign-off at the end of this role play. They must provide all of their professional details including the URL of their LinkedIn page.
Your qualified observer must also complete the Skills Observed Checklist
If you do not have access to a qualified Third Party Observer then you must video your role play and submit for our assessors to view and assess. In this case you do not need to video yourself listening to Mary Li’s message, but it would be beneficial for your volunteer to hear it so they can play their part.
We accept the following files: avi, flv, mp3, wmv and mp4.

ROLE PLAY SCENARIO

Listen to the audio voice message embedded here to reveal the information about Mary’s situation upon which the role play is based. Below is a little extra information but does not form the basis of the role play.

You are playing a finance broker that has had a previous client – Simran Deep – refer Mary Li to you. Simran is Mary Li’s work colleague and she knows that Mary wants to renovate her home in the future and has provided your details to Mary Li with whom you have played phone tag as you’ve missed each other’s calls. You have called Mary Li to make an appointment but had to leave a message and likewise Mary has called you back and had to leave a voice message for you in which she has explained her personal situation. You are now meeting face to face for the first time. Further along in instructions there is an audio file for you to listen to Mary’s message so you can mentally prepare how you will handle this culturally sensitive situation and allay Mary’s concerns.

The home at 10 Pine Street Bankstown will be inherited by Mary from her 100 year old great grandmother, Mrs Ping Li, who is very frail and lives in a nursing home in the same street. Mrs. Ping Li asked Mary to move into the property two years ago to be close and to look after the garden and house. Mary does not pay rent but pays all the utilities and building insurance for the home. Mary visits her great grandmother every morning to shower her and have breakfast together. Mary enjoys a close relationship with her great grandmother and understands the great pride Ping has towards her home which is a heritage listed property. The property is well kept but outdated and has only two bedrooms. Ping feels that the home is excellent as it is. Mary is greatly honoured that her great grandmother is entrusting her with the home whilst she is alive and leaving it to her as an inheritance after she passes away. Mary and Bob have been diligently saving to renovate the home after she inherits it. They both want to retain the $80,000 joint savingsfor the future renovation and extension. Mary Li and Bob Olsen are seeking an unsecured personal loan of $20,000 for their wedding.

PERFORMANCE CRITERIA FOR ASSESSMENT

Following are the aspects you will be assessed on:

You must use good interpersonal skills that will gain Mary Li and her fiancé as clients.
For the purpose of this assessment, the interpersonal skills being assessed are:

Showing empathy for Mary’s concerns
Adjusting your personal communication style in response to your client’s values, beliefs and cultural expectations
Demonstrating your understanding
Reinforcing your commitment to confidentiality especially in line with legislative requirements which you are to explain based on the Privacy Act

You are participating in a verbal exchange using active listening and questioning techniques with your prospective client.
You use language and concepts that are appropriate to your audience and the purpose of the conversation, e.g. no industry jargon or acronyms.
You demonstrate active listening skills whilst discussing Mary Li’s concerns.

Active listening skills involves the following and we expect to see some if not all of these techniques used:
Confirm your understanding of Mary Li’s situation based on her voice message by asking questions or paraphrasing what you’ve heard. You can do this by saying things like, “What I’m hearing is…” and “Sounds like you are saying… ”
Ask questions to clarify information if needed, like, “What do you mean when you say…?” “Is this what you mean…?”
Give your client your undivided attention and acknowledge what they are saying with small verbal comments like yes, and “uh huh.”
If it’s culturally appropriate, look at your client directly.
Watch their body language to gauge how they are feeling about what you are saying.
Ensure your posture is open and your body language and gestures show that you are engaged.
Nod occasionally (or if culturally appropriate shake your head in agreeance)

INSTRUCTIONS FOR THE VOLUNTEER (Mary Li)

You are the prospective client coming in for an initial interview after you have left a detailed voice message for the finance broker (Student).

Have the student play the voice message for you so you gain an understanding of your concerns and then commence the role play.

If you have any questions or feel something hasn’t been explained clearly enough, please ask for clarification or confirmation as the student is being assessed on their ability to respond to your needs and to gain commitment to move into the needs analysis stage. The needs analysis process itself is not being demonstrated in the role play.

Role Play – Skills Observed Checklist

For each performance criteria, tick 1, 2 or 3 which will show on which attempt the student demonstrated the skills. Students under testing conditions often forget points they already know, so this system just captures which attempt they demonstrated the skill on. We require this to be an honest and authentic reflection of their demonstration and in no way impacts their ultimate outcome of Satisfactory if they have demonstrated the skills within the three attempts.

If they are unable to demonstrate a particular performance criterion after the third attempt, please tick the relevant declaration in the Observer/Third Party Declarer sign-off section following and an assessor will follow up with them.

Please ensure you have fully completed the Observer/Third Party Declarer Sign-off which follows this table.

STUDENT’S NAME		DATE
Place a  in the corresponding column on which attempt the student has demonstrated the skill. Comments are only required on the 3^rd attempt to advise what prompting was provided to remind the student to address a particular criterion.
The student must play the audio voice message for the Observer AND the Volunteer playing Mary Li so everyone understands the basis of the role play.
No	Student demonstrated the following performance criteria	ATTEMPT	Comments for the 3^rd attempt only
1	2	3
1	Confirmed their understanding of Mary Li’s situation based on her voice message by asking questions or paraphrasing what they had heard, e.g. “What I understand…” and “Sounds like you need… “
2	Provided assurance to Mary that they respected her traditional Chinese culture in the following ways:
Paraphrased their understanding of Mary’s traditions and the importance of her cultural needs.
Affirmed their commitment to upholding her traditional culture.
3	Explained the requirements under the Privacy Act of who is authorised to receive her loan application information:
Explained that a Privacy form will be signed
Other lenders
Credit check reporting agency
4	Discussed their understanding of the loan requirements Mary and Bob have which is balanced against their savings by:
Correctly paraphrasing that Mary and Bob are wanting a joint loan
Acknowledged the savings is being kept for renovations on her future asset
Asked clarifying questions if necessary
5	Active listening skills and interpersonal skills involve the following and we expect to see all of these techniques used:
Showed empathy for Mary’s concerns
Adjusted their personal communication style in response to Mary’s values, beliefs and cultural expectations
Used non-verbal cues to show they were listening, e.g. nodding etc.
Gave Mary their undivided attention and acknowledged what she was saying with small verbal comments like yes, and “uh huh.”
Watched Mary’s body language to gauge how they are feeling about what they are saying and responded appropriately (if applicable).
Their posture remained open and their body language and gestures showed that they were engaged.
Used language and concepts of explanation that was appropriate to their colleague and the discussion.

Observer/Third Party Declarer Sign-off
Title	☐ Mr ☐ Mrs ☐ Ms ☐ Miss ☐ Other:
Name
Address
Suburb		Postcode
Phone (Mobile)		Phone (business)
Business name
Business email
LinkedIn profile URL
Student’s name
Student’s current role
Student’s previous financial industry role/s
Relationship to student
* SELECT ONE OF THE OPTIONS BELOW WHICH REFLECTS YOUR CURRENT JOB ROLE and/or EXPERIENCE:
Current job role/experience	Length of time in this position
☐ Insurance Broker
☐ Finance Broker
☐ Business Owner
☐ Accountant/Financial Planner
☐ Business Development Manager
☐ Branch Manager
☐ Lending Manager
☐ Other Professional – below
Other – Provide title and industry
DECLARATION: ☐ The information and comments provided above are true and correct and I believe the student has demonstrated the skills listed in the performance criteria. ☐ The information and comments provided above are true and correct and I do not believe the student has demonstrated all the skills listed in the performance criteria.
Third party declarer signature		Date
Resubmission required with an AAMC Training Trainer/Assessor	☐ Yes ☐ No
AAMC Training assessor has identified Third Party by LinkedIn/phone/email/other	☐ Yes – AAMC ADMIN ONLY