SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Effect and finalise mortgage loan cancellation instructions in a banking environment 
SAQA US ID UNIT STANDARD TITLE
7192  Effect and finalise mortgage loan cancellation instructions in a banking environment 
ORIGINATOR
SGB Banking and Micro Finance 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
BANKSETA - Banking Sector Education and Training Authority 
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 4  NQF Level 04  21 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
This unit standard is for people who are required to effect and finalise instructions to close a mortgage loan account. People credited with this unit standard are able to determine the amount required for cancellation, secure and obtain the payment and to reconcile and close the mortgage loan account. 

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
Open. 

UNIT STANDARD RANGE 
Cancellations originating from - transfer of mortgage loan to another financial institution; death of the title deed holder; settlement of the mortgage loan in full; where the property is sold; full expropriation of land and repossession. 

Specific Outcomes and Assessment Criteria: 

SPECIFIC OUTCOME 1 
Determine and issue cancellation figures 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. Instruction to issue a cancellation figure is obtained according to company specifications. 

ASSESSMENT CRITERION 2 
2. The authenticity of the instruction is verified according to company specific criteria. 
ASSESSMENT CRITERION RANGE 
Criteria include, but are not limited to client details; property description and liability e.g. bad debt, legal actions, insolvent estate, building commitments.
 

ASSESSMENT CRITERION 3 
3. Cancellation figure is calculated according to request and company specifications. 

ASSESSMENT CRITERION 4 
4. Interested parties are notified of the required cancellation figures according to company specific regulations. 
ASSESSMENT CRITERION RANGE 
Interested parties refer to clients, attorneys, internal departments, but are not limited to them.
 

ASSESSMENT CRITERION 5 
5. The issuing of cancellation figures is recorded according to company specifications. 
ASSESSMENT CRITERION RANGE 
Recording may be electronic- or paper-based e.g. registers.
 

SPECIFIC OUTCOME 2 
Secure and obtain settlement amount 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. An authorised consent is obtained according to company regulations. 

ASSESSMENT CRITERION 2 
2. Guarantee of payment is validated and secured in accordance with company regulations. 
ASSESSMENT CRITERION RANGE 
Guarantee to be in line with predetermined criteria that include, but are not limited to payment by recognised institution and undertaking of reimbursement of shortfalls.
 

ASSESSMENT CRITERION 3 
3. Payment is obtained according to guarantee specifications. 
ASSESSMENT CRITERION RANGE 
Specifications may include, but are not limited to cancellation of existing bonds over property and payment instructions.
 

ASSESSMENT CRITERION 4 
4. Lender's interest is protected and secured in accordance with company regulations. 
ASSESSMENT CRITERION RANGE 
Interest refers to prevention of interest claims, shortfalls and legal actions.
 

SPECIFIC OUTCOME 3 
Reconcile and close mortgage loan account 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. Transactions between cancellation figure issuing date and payment-received date are reconciled according to company specifications. 

ASSESSMENT CRITERION 2 
2. A nil balance is displayed on the loan account record. 
ASSESSMENT CRITERION RANGE 
Outstanding amount is either recovered, refunded or written off to ensure a nil balance.
 

ASSESSMENT CRITERION 3 
3. Record is prepared for safe custody according to company specific regulations. 

ASSESSMENT CRITERION 4 
4. A closed status is imposed on the account in accordance with company specifications. 


UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
Accreditation process (including moderation):
  • Anyone assessing a learner against this unit standard must be registered as an assessor with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this unit standard or assessing this unit standard must be accredited as a provider with the relevant ETQA.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines in the relevant qualification and the agreed ETQA procedures.

    Therefore anyone wishing to be assessed against this unit standard may apply to be assessed by any assessment agency, assessor or provider institution which is accredited by the relevant ETQA. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    Learners are able to:
  • Perform financial calculations e.g. compound interest and calculation of settlement amount
  • Interact effectively with parties concerned, and to resolve conflict where necessary
  • Conceptualise the implications and conditions of mortgage loan contractual obligations
  • Interpret request forms and explain the terminology used
  • Use technology and systems to ensure the effective flow of accurate information
  • Apply and realise the implications and requirements of applicable finance law per type of cancellation 


  • Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    The learner is able to identify and solve problems in determining and issuing cancellation figures and securing the settlement amount, ensuring mortgage loan accounts are only closed once full settlement had been obtained. 

    UNIT STANDARD CCFO WORKING 
    The learner is able to work effectively with others when determining cancellation figures and securing settlement amounts from internal departments, attorneys, clients and/or other institutions, ensuring the full settlement of the mortgage loan account. 

    UNIT STANDARD CCFO ORGANISING 
    The learner is able to organise and manage his/her activities responsibly and effectively, ensuring that the interest of the lender is protected through accurate and timeous issuing and obtainment of settlement amounts. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information when determining and issuing cancellation figures, ensuring cancellation of account is based on complete, accurate and valid information. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate both verbally and in writing when obtaining and validating instructions to issue a cancellation figure on a mortgage loan account. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to demonstrate an understanding of the relationship between internal departments, attorneys, clients and other institutions and the importance of networking to effectively effect and finalise mortgage loan cancellation instructions. 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    Legal requirements:

    Applicable Finance Law

    Terminology:

    Expropriation of Land
    In terms of expropriation legislation the State or other authorised institutions may expropriate property (in full or partial) and thereby acquire ownership of the property

    Assessment against unit standard:

    Assessment practices against this unit standard should meet the requirements of established assessment principles, such as validity, reliability and fairness. Assessment activities and tools, which are appropriate to the context in which learners are working, should be used. The assessment should ensure that all the specific outcomes, critical cross-field outcomes, and essential embedded knowledge are assessed. Learners are required to demonstrate that they can perform the specific outcomes with understanding and reflexivity and, where applicable, within all the situations and circumstances defined by the range statement(s). 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  20185   Further Education and Training Certificate: Banking  Level 4  NQF Level 04  Reregistered  2023-06-30  BANKSETA 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. Absa Learning & Development 
    2. Bidvest Bank 
    3. Chartall Business College 
    4. Cornerstone Performance Solutions (Pty) Ltd 
    5. Felix Risk Training Consultants 
    6. Firstrand Bank - Benmore 
    7. Nedbank Ltd 
    8. The Facilitation Workshop 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.