I have an interview coming up....at a mortgage company?
Asked by duchessdreams
Collections representative position. I have no experience in the mortgage industry but i have customer service exp. What do I need to know as preparation for the interview? They said they would train and even cross-train to be loan officer or processor. I guess I need to be "in the know" of all the latest happenings of the mortgage industry and economy, eh? give me some specifics. Thanks!

Best Answer:
I come from a strong banking and finance background and was also a loan office. I interviewed many people for positions within my office. Usually they will ask you specific questions to try to identify how you will act in a certain situtation. Even if you are straight out of high school, this interviewing technique is helpful. An example of what you might be asked is: Think of a situation where you worked on a project with one or two other people and had a difficult time completing it. Can you tell me what the project was, what delayed the project and how you overcame the problem. Most people will try to generalize it. To sucessfully navigate the question, do think of specific situations that really happened. Don't say "In that situation, I would normally do ..." Focus on your customer service skills. Mention that you like to follow up with your customers if possible. After your interview, write a short handwritten thank you note and mail it the same day. You will be surprised, that is one of the best ways to get a job! *********************************************************************************************** Several years ago, I ran across a gentleman who paid off a credit card with hundreds of tiny payments over the course of several months. Each payment to his card was just a few dollars. It caused his credit card company fits of frustration. At the time I found it was quite funny, working in the financial industry myself. Now, I am a casualty of the downturn in the housing market and am currently looking for work. I have a line on a job, but it will take 30-60 days for me to come around financially once I start this position. I have been taking on side jobs, but I am short to make my house payment and would appreciate any assistance you could offer. If anyone has an extra $1 or two, I would appreciate any and all donations to my house payment this month. If you are willing to send a dollar, please send it directly to: Countrywide Home Loans (Please reference Home Loan # 116011085 on the check) Attn: Payment Processing P.O.Box 650070 Dallas, Texas 75265-0070 Thank you

I did and was very successful as a mortgage broker when times were good, 2000 to 2005. In the housing market today it is a tough business to be in, especially for a "rookie". Most companies pay commission only, some of the larger lenders will pay a salary plus. If you are interviewing with a small company this is where you will get the best training, but if commission only is offered I would not do it. Why? People have to believe you know your loan programs. You will be awhile before you are able to know and understand requirements of each loan and that of lenders you can use to provide the loan(s). It is important you be able to look at "credit reports", gaining knowledge and understand how they effect loans. Debt-to-Income ratios and how they factor into the loan equation. I was told in 2000 when I started it takes up to 12 loans "closed" to begin to understand the whole process. The biggest item is when do you "lock" a rate. This changes a couple of times in a day at times. Good Luck. Stay positive.
Answered by Bruce T