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Mortgage business analyst Q & A
Give a basic overview on mortgage applications !
When you submit a loan request, your request will be evaluated based on your present
income and the age of the house to determine the final payment terms There are two
terms which are used for the calculation and analysis purposes:
· Front ratio which indicates all the mortgage payments (PITI) which includes your taxes, principal amount, insurance and condominium to your gross income.
· Back ratio on the other hand, indicates the ratio of the amount of your total mortgage payment, credit card payments, car payments plus any other loan payments you’re paying to your gross income.
Also, the thing to note is to sort out your credit report before applying. This way you can land a fair deal with the lender!
What are the basic requirements from a mortgage business analyst?
The business analyst in the mortgage industry should have the right mix of communication, technical and functional skills. He should be conversant with MS Office, VBA, SQL etc to corroborate his domain skills in mortgage industry. He should understand the basic concepts such as asset management, litigation processes and cash recovery etc.
Can you explain what the terms pre-qualification, pre-approval and final loan
approval stand for?
Pre-qualification is the evaluation of the total mortgage you can offer to the lender. It is
determined by your income-proof and your credit report. Then, when the information of
your employment and accounts are verified, it?
is called pre-approval. This is where your
chosen property is evaluated by the market value to determine your mortgage capacity.
After the lender finalized the deal on which all necessary documents and other formalities are approved, it is called final loan approval.