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Lender Interview Assignment

career which interests me the most is Financial Services. A broad range of
different opportunities can be pursued with a degree in finance as well as great
avenues for advancement. I want to learn more about Mortgage and Loan, so I decided
to take interview one of the Financial Services Representative Jaldhi Shah. The
interview took place on Tuesday November 24th, 2017, in his office
at Brampton. Specifically, he is an investment consultant and Financial Service
Representative in TD bank. Seeing him in the capacity of a Financial Services
Representative, I realized that he has lots of responsibility and tasks to complete.
He also deals with events that happen inside or outside of the bank.

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Shah develops and maintains professional relationships with all borrowers and assesses
the financial needs of customers to provide options to meet those needs in
pursuit of specific services and also to answer all questions of borrower. Indeed,
he manages all collection data and designs with the help of appropriate methods
(Equifax method) and analyses portfolio growth, sales, service, credit history,
and expenses results for the portfolio. Without fail, he regularly finds new
customers through family, friends, facebook, and new professional contacts.
With the use of some professional sites such as LinkedIn, he develops professional
relationships with clients. He mentions that references are essential in the
financial industry, so we should do our best work and provide high-quality
service so as to get more customers through the clients. He stated some targets
and goals, and he regularly tries to achieve these goals.

Shah explained whole process of loan approval. First of all, for a mortgage
pre-approval, he considers supplemental documents such as borrower’s income,
three months bank statements for down payment, and the assets and liabilities,
also look at credit reports and determine how much of a mortgages borrower qualifies
for. Once a borrower has been pre-qualified, then he will be able to a submit borrowers’
application form. It usually takes 2-3 business days to respond the clients’
mortgage application. Additionally, an application will be approved in most
cases if the client has met all of these above requirements. Sometimes Mr. Shah
looks at his credit bureaus report or checks his own account histories, and may
find something negative that he was unaware of. For approving loan, He needs to
observe some legal documents of borrower such as application forms, valid IDs,
tax return for two years (T4 or T4A), recent employment details, and checks the
status of application online, sending all above documents duly verified to the
mortgage department for approval (or not). If the mortgage department approves a
client’s mortgage application, then Mr. Shah will be able to issue a
conditional mortgage commitment and other documents. The commitment will detail
all of the terms and conditions/data that the he requires for approving loan.
For instance, if you are buying a home, you typically only have 5-10 business days
to get your financing arrange in details and to send reminders for approval on
time. That’s why it is very important to meet with a broker before you make an
offer on house.

Shah receives all the required documentation at least 10 business days prior to
closing the mortgage. Borrowers can find a detailed list of standard
documentations in the bank’s library. He will issue a complete file
notification and has the right to check a client’s credit history to verify
employment closer to the closing date. Furthermore, borrower has met all of these
conditions for the mortgages approval then he will send mortgage instructions and
the mortgage’s funds directly to the lawyer. To Illustrate, if you are purchasing
a home, you will need to bring all your down payment information to your
lawyer, then your lawyer will have enough funds to pay for the house. If you
are refinancing then the lawyer will use the mortgages funds to pay off your
current mortgage and any other debts you might be consolidating to write cheques
for any equity you cashed out. On closing day, you must to go to your lawyer’s
office to sign new mortgage documents, provide proof of ID and /fire insurance,
and pay your lawyer for any closing cost.

Shah offered some details about advancing borrowed funds to the borrower. He
mentioned some different types of methods for advancing borrowed fund from the
banks such as drafts, overdraft, fixed loan and discounting bill of exchanges. These
are helpful for future contractual payment such as annuities, royalties and
government appropriations. He explained the process of borrowing funds; Initially,
to create a new account which is similar to a savings account. The account is set
up with an overdraft interest rate equal to the borrowing interest rate
indicated on the loan note, and also an automatic transfer is set up for a borrower’s
account into the loan account for the agreed upon payment amount. This transfer
is schedule monthly or weekly. Moreover, After the account is set up, a
transfer of the loan is made from the loan account to the borrower’s operating
account so that borrower can use the fund. In Some cases, the process of the
loan may be wired directly to a lawyer who may be using funds for the purchase
of a new home for the client. The Manager is also helpful during the all loan
approval process. Manager is usually ready to help him, when he needs help of
manager. Manager verify all documents before sending to mortgage department. Furthermore,
manager has the power to disburse loan. Mr. Shah avoids some major issues such
as borrowing too late, making weak pitches for borrowers, missing important
documents. These issues are negatively effect on business. Because of these
reasons, borrower become distracted so he avoids these types of issues.

Shah’s day is very busy in his work life, he has lots of work to do and
responsibilities to take care of. He always tries to achieve his goals and
targets and also seeks job satisfaction. According to Mr. Shah, residential
mortgages, car loans, personal loans and line of credit are most popular
because these types of products are useful in almost every person’s life. Mr.
Shah also talks about how he got trained for his position. He shared his experience,
he trained himself to read financial books or manuals and to obtain information
from seniors. He also learnt from his past experience which considerable to
make his life more efficient. He provides great sales service for borrowing
loan customers. It means monitoring and analysing customers satisfactions and
dissatisfactions. This builds long-term relationships with customers and
promote loyalty. Every month, he calls his client for their payments and provides
follow up contacts and effectively deal with borrowers complains and advise
them.  He keeps up to date with landing
products by proper filing all documents and regularly check market conditions
and then advice the borrower if market rate goes up or down. Mr. Shah is always
ready to help his clients.

In conclusion,
because of this assignment, I learned more about borrowing products; I also obtained
knowledge about lending institutions and how they work. These are very helpful information
to make my career more effective in this financial industry. According to me if
I set targets to succeed in financial industry, this whole achi

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