Mortgage Quality Support Workshop eworkbook Version 1.9 June 2018

Transcription

1 Mortgage Quality Support Workshop eworkbook Version 1.9 June 2018 Name Course Trainer Week Commencing Mortgage Advice Process Process correct as at April

2 Interactive Index for this eworkbook Workshop Aims, Objectives & Content... 3 Session 1 The help available to advisers... 4 Session 2 How files are checked... 6 Session 3 Mortgage Advice Process part 1 Introduction & Establishing Needs... 9 Mortgage Advice Process Quiz Establishing Needs - Income Establishing Needs - Expenditure Establishing Needs Deposits & Gifted Deposits Establishing Needs Loans & Credit Cards Establishing Needs Certifying Documents Sam Schofield Case Study Exercise Fact Find Information required Section 4 Possible disadvantages Section 5 - Affordability Section 6 Confirmation of discussions regarding Protection Section 7 Keeping in touch Session 5 Mortgage Suitability Report Exercise Session 6 Debt Consolidation Session 7 Product Transfers & BTL APPENDIX Links to useful documents & weblinks Video Support & User Guides Session 4 Mortgage Advice Process part 2 Illustrations & Suitability Report Mortgage Suitability Report Section 1 - Summary of mortgage recommendation Section 2 Why recommendation is suitable Section 3 Alternatives Considered

3 Workshop Aims, Objectives & Content The aim of this workshop: To help Mortgage Advisers demonstrate their mortgage advice and avoid rework and advice issues. The workshop will cover: The business assurance case checking process The support available and help on how to access it How to apply the mortgage advice standards Why documents and personalisation are requested Hints and tips on sourcing The advice process for debt consolidation cases How to avoid key advice failings Recent advice guidance updates and how these helps you. 3

4 Session 1 The help available to advisers Hyperlinks & Downloads Intrinsic Extranet Mortgage Planning Sales Process - Restricted 4

5 Hyperlinks & Downloads Intrinsic Extranet Extranet Document Finder 5

6 Session 2 How files are checked 6

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9 Session 3 Mortgage Advice Process part 1 Introduction & Establishing Needs 9

10 Borrowing to buy your home Remortgaging your property Hyperlinks & Downloads Authority to Proceed Guide to our Mortgage & Protection Services Borrowing to invest in rental property 10

11 Hyperlinks & Downloads XPM Vulnerability Assessment Screenshots Privacy Notice 11

12 Mortgage Advice Process Quiz 1. Mr & Mrs Edmunds each have their own bank account into which their separate monthly salaries are paid into. They both transfer money into their only joint bank account from which their monthly bills and household expenses are paid from. What would you tell Mr & Mrs Edmunds you need from them in relation to their bank accounts to meet the intrinsic mortgage advice process? Hyperlinks & Downloads Mortgage Guidance Establishing Needs 2. Mrs Taylor is a self-employed web designer and has been for the last 3 years. What details of her income do you need her to provide you with to meet the Intrinsic mortgage advice process? 12

13 Mortgage Advice Process Quiz 3. Mr Kershaw is a first time buyer and has informed you that he has a deposit of 12,000 for his house purchase. What do you need to obtain from Mr Kershaw in relation to his deposit? 4. Mrs Patel is being gifted 7,000 from her parents as part of her deposit. This gift will be transferred by her parents directly to Mrs Patel s solicitor on completion. What must you tell Mrs Patel that you need from her & her parents in relation to this gift to meet the intrinsic mortgage advice process? 5. You can see from the bank statement of Mr& Mrs Peters they have a credit card that they use to purchase their monthly shopping, which they then pay off each month. What must you record about this credit card in the XPM or in the paper fact-find, to meet the intrinsic mortgage advice process? 13

14 Mortgage Advice Process Quiz 6. You are sourcing a remortgage for Mrs McNorris over an 18 year term with a 2 year fixed mortgage product. You are putting the sourcing list in to totals to pay order. Over how many years should, totals to pay be calculated, to meet the intrinsic mortgage advice process? 7. Mr Murphy is needing to have his mortgage arrangement fee added to his mortgage. What illustrations do you need to produce to meet the intrinsic mortgage advice process? 14

15 Establishing Needs - Income 15

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18 Establishing Needs - Expenditure Verify expenditure against last 3 months bank statements Financial Crime look for inconsistencies in bank statements, payslips etc. 18

19 Establishing Needs Deposits & Gifted Deposits 19

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21 Handouts & Hyperlinks Establishing Needs - Slides 22

22 Establishing Needs Loans & Credit Cards 23

23 Establishing Needs Certifying Documents Certifying documents Header Sheet - Extranet 24

24 Sam Schofield Case Study Exercise Case Study - Sam Schofield, a 44 year old pilot, who is moving home You have completed your first meeting and researched the deals currently available. You have not yet presented a recommendation to Sam. You have the following paperwork: You should assume: Fact Find information Online Banking - Bank Statements (x3) Payslips (x3) Sam has passed the electronic ID check You have appropriate ID verification evidence for the lender (paperwork not included in this pack) What issues have you noticed? - list each one. Issues related to Financial Crime? What issues have you noticed? - list each one. Issues related to Affordability? 25

25 Case Study - Sam Schofield, a 44 year old pilot, who is moving home What issues have you noticed? - list each one. Issues related to Plausibility? What issues have you noticed? - list each one. Issues related to Intrinsic Advice Process Fact Find March bank statement April bank statement May bank statement Wage slip March Wage slip April Wage slip May 26

26 Fact Find Information required 27

27 Handouts & Hyperlinks Adding Notes to XPM Screenshots 28

28 Session 4 Mortgage Advice Process part 2 Illustrations & Suitability Report Mortgage Preferences form 29

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31 Mortgage Suitability Report Mortgage Suitability Template Section 1 - Summary of mortgage recommendation 32

32 Section 2 Why recommendation is suitable 1. How much you borrowing and why? 2. Deposit amount & where sourced 3. Term why term recommended 4. Mortgage product & its term 5. Repayment or interest only 6. Other reasons important to the client 33

33 Section 3 Alternatives Considered Section 4 Possible disadvantages 34

34 Section 5 - Affordability Section 6 Confirmation of discussions regarding Protection 35

35 Section 7 Keeping in touch Mortgage Suitability Report Process - Slides 36

36 Session 5 Mortgage Suitability Report Exercise Click on the large thumbnail opposite to open the exercise 37

37 Session 6 Debt Consolidation Giving Advice Mortgage Guidance 38

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41 Session 7 Product Transfers & BTL No Material Change to term & amount borrowed - Shortened Process - No Fact Find if last Fact Find on Workbench / XPM* Documents to upload o Illustrations & sourcing list o Authority to proceed o Source of deposit (if applicable) o Product transfer mortgage suitability template o AML CDD requirements o Any other documentation required by the lender * If last fact find not on WB / XPM then complete a fact find on WB / XPM Material Change to term & amount borrowed Full process as per a residential mortgage 42

42 APPENDIX Links to useful documents & weblinks Mortgage Fact Find Optimised PDF Mortgage Planning Sales Process - Restricted Remortgaging your Property Borrowing to buy your new home Borrowing to invest in rental property Mortgage Advice Standards Authority to Proceed template Guide to our Mortgage & Protection Services Certifying documents Header Sheet - Extranet Mortgage Suitability Template 43

43 Links to useful documents & weblinks Intrinsic Extranet Extranet Document Finder The Mortgage Toolkit (extranet) The Mortgage Advice Process extranet Mortgage Guidance Establishing Needs Intrinsic Website Intrinsic Marketing Hub Residential Mortgage document checklist XPLAN Hub ID3 Global URU Electronic ID 44

44 Links to useful documents & weblinks Buy to Let Checklist Mortgage Preferences Mortgage Toolkit - Extranet Video Support & User Guides Building a Mortgage Suitability Report 45