Build the responsible lending assessment file for a consumer loan
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- From the application, the bank statements, payslips and credit report, build the assessment file: the inquiries made about the consumer’s financial situation, requirements and objectives, the verification steps taken against each figure, the serviceability calculation using the consumer’s declared expenses where higher than any benchmark, and the record of the not-unsuitable assessment ready to give the consumer on request.
- What the lawyer must review
- The lawyer or compliance reviewer checks the inquiries and verification are reasonable for this consumer and loan, that the serviceability inputs follow the lender’s policy and the law, and that the assessment conclusion is supported, before the loan is approved or the file is relied on in a dispute.
- Written for / version
- US
Open a jurisdiction version of this task to see which instruments apply: US
Who does what
| Role | What they do |
|---|---|
| Assistance | From the application, the bank statements, payslips and credit report, build the assessment file: the inquiries made about the consumer’s financial situation, requirements and objectives, the verification steps taken against each figure, the serviceability calculation using the consumer’s declared expenses where higher than any benchmark, and the record of the not-unsuitable assessment ready to give the consumer on request. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Check each serviceability input against a verifying document, not the application alone.
- Use the consumer’s declared living expenses where they exceed any benchmark figure.
- Confirm the assessment can be given to the consumer in writing if requested.
Forms and precedents for this task
| Form or precedent | Kind | AI use | Summary |
|---|---|---|---|
| Responsible lending assessment file | Form | AI use Yellow | File index for the inquiries and the unsuitability assessment a licensee must make before entering or increasing a credit contract. |
Signed-in accounts can read the full text of each one. All precedents.
Sources
- ASIC — Responsible lending · 2026-10-18
- Piper Alderman — Westpac responsible lending case · 2026-10-18
These are suggested working checks. Confirm the required checking with the responsible lawyer before work starts; the checking approach does not establish permission to use AI.