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Run: Mortgage Best Interests Duty Rationale Documentation

Use this Mortgage Best Interests Duty Rationale Documentation template to record the consumer’s needs, the options you compared, and why the selected loan wa...

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Submission Notice and Scope

Purpose of this documentation

Consumer consent to record recommendation details (required)

Confirm that the consumer has been informed that recommendation details may be retained for compliance, audit trail, and dispute resolution purposes.

Yes No N/A

PII and data minimization notice acknowledged (required)

Confirm that only necessary PII has been collected and that the record follows data minimization principles.

Yes No N/A

Submission date (required)

Consumer Objectives and Needs

Consumer's stated objectives (required)

Summarize the consumer's goals, such as repayment flexibility, fixed repayments, lower upfront costs, offset features, or refinancing needs.

Consumer's key needs and priorities (required)

Expected holding period for the loan

Relevant special circumstances

Include only circumstances relevant to the recommendation, such as planned sale, expected income changes, or repayment constraints.

Options Considered

Loan options considered (required)

Comparison criteria used (required)

Material trade-offs identified

Describe any trade-offs, limitations, or risks that were discussed with the consumer.

Selected Product Rationale

Selected product name (required)

Why this loan was recommended (required)

Explain the specific reasons this product best meets the consumer's stated objectives and needs.

Best interests summary (required)

Provide a concise summary of how the recommendation prioritizes the consumer's interests over other available options.

Known limitations or risks disclosed

Record any limitations, risks, or conditions that were disclosed to the consumer before recommendation.

Review, Attestation, and Audit Trail

Prepared by (required)

Reviewed by

Review date

Attestation (required)

I attest that this record accurately documents the rationale for the mortgage recommendation and the information captured is complete to the best of my knowledge.

Yes No N/A

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Email (required)

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