Hello Job Aspirants,
In this article, we will share your important preparation tips for mortgage job interview. Whether you are appearing for US mortgage companies like Rocket Mortgage, Loan Depot, Citi Bank, Bank of America or you are preparing for offshore role, our mortgage job preparation tips will help you in better performance in your next interview. So fasten your seat belt now, we are going for ride now!!
How to prepare for Mortgage job interview process
Let us first understand what is mortgage.
By definition, mortgage is a loan which an individual will take to purchase or maintain a real estate property like home, land or commercial property. Mortgage is taken, keeping property as collateral and agreed upon interest rate. Borrower will pay back principal amount and interest payment monthly till the loan tenure ends.
Now, let’s understand, what are the different roles in mortgage industry?
Mortgage industry is all about giving home loan to a home buyer. So, before they give loan, there are set of processes need to be followed, to verify history, capability of property buyer, to do the required documentation and verifications, and finally to process the loan, and collect payment.
In this article, you will get a clear understanding of career options in mortgage industry
In order to have a career in mortgage industry, you need to have two main types of skills
- Strong financial knowledge
- Strong customer service experience
As, the mortgage industry is about financing the property loan, you need to have understanding of financial concepts, like investment finance, project financing and risk management. You need to be clear on the concepts of financial calculations involved in financing a loan, understanding credit score of individual based on his/her current financial position, previous finance history including loan default or payment default on credit card or any other financial instruments, his/her asset and liabilities check etc. All of this give you a complete picture, on whether a person is a good prospect or not, and based on that to decide on mortgage interest rate to be charged. These things will be clear, if you can go through basic financial books and learning material.
As, the mortgage industry is a service industry, where loan prospects are served and their requirement is fulfilled, you decorum/attire/communication play an important role in building relation with your prospect, and to help them get mortgage from your company. As you know, client servicing is an emotional exercise, you may be dealing with irate/angry/fussy/difficult clients, so you need to set up a right and positive mood of conversation with each one of them.
There will be target attached, regarding number and size of mortgage processed, and so it’s important also to filter the low hanging fruit first, and then proceed further. Your prospect filtration is important, and will help you in moving up in career ladder.
So, we have seen the basic of mortgage industry, what are the different roles and jobs in mortgage industry in US and abroad, what will be expected out of you, and how will you proceed ahead in your career. So, in your interview, when you are asked on why do you want to join mortgage industry, above points will help you in telling your interest and past work/education experience with job requirement in mortgage industry.
In this article, you can check the mortgage interview questions and important mortgage interview tips.
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Need guidance in mortgage interview preparation?
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