Assess mortgage risk

Assess whether the borrowers of a mortgage loan are likely to pay back the loans in a timely manner, and whether the property fixed in the mortgage is able to redeem the value of the loan. Assess all the risks involved for the lending party, and whether it would be beneficial to grant the loan or not.

assess loan risk
assess credit risk
assess homeowner’s loan risk

skill/competence

sector-specific

Assess mortgage risk is an essential skill of the following occupations:

Mortgage broker: Mortgage brokers handle mortgage loan applications from clients, collect loan documentation and search for new mortgage lending opportunities. They complete and close mortgage loan processes for their clients.
Mortgage loan underwriter: Mortgage loan underwriters ensure compliance with underwriter guidelines. They participate in the implementation of new underwriting guidelines. They also review closed and denied loans.

Assess mortgage risk is optional for these occupations. This means knowing this skill may be an asset for career advancement if you are in one of these occupations.

Property insurance underwriter: Property insurance underwriters assess and determine the risk and coverage of a client’s property insurance. They analyse and review underwriting policies according to legal regulations.
Financial risk analyst: Financial risk analysts correctly identify and review potential risk areas threatening the assets or capital of organisations. They specialise in either credit, market, operational or regulatory risk analysis. They use statistical analysis to evaluate risk, make recommendations to reduce and control risk and review documentation for legal compliance.
Loan officer: Loan officers assess and authorise the approval of loan applications for individuals and businesses. They ensure complete transactions between loan organisations, borrowers, and sellers. Loan officers are specialists in consumer, mortgage, or commercial lending.

References

1. Assess mortgage risk – ESCO