Other than the very wealthy, most people need to take out a mortgage if they want to buy a home. So mortgage lending makes up a significant part of the financial sector. At a career talk on 20 January, two professionals from Pan Asian Mortgage Company Ltd discussed the world of mortgages with a group of students from Queen Elizabeth School, and also introduced them to some of the career opportunities in the industry.

“A mortgage is similar to pawning,” said Dick Ip, Assistant Vice President, Corporate Communications. In both cases, borrowers are taking out a loan against an asset. 

Apart from explaining how mortgages work, Ip also discussed some of the related financial concepts, such as negative equity and credit rating, that borrowers should be aware of before they take out a loan. Students also learned about the differences between mortgages and other types of loan.

Ip also explained some of the ways mortgage companies assess potential borrowers. When making lending decisions, financial companies do not just look at the documents submitted by the person who wants to take out a mortgage. They may also carry out investigations, including into social media, to gain a fuller picture of the applicant’s creditworthiness. Ip shared a case in which the company declined a mortgage application after going through the applicant’s social media accounts. The lifestyle and spending habits portrayed online cast doubt on his ability to repay the loan. 

Within the mortgage sector, there is a wide range of career paths available. Another Pan Asian Mortgage executive, Shirley Yeung, Vice President, Finance, explained the various functions of some of the departments in the company, such as treasury and financial control, business development, and risk management. She also explained to students about the academic and work experience requirements for some specific roles in the mortgage industry. 

Yeung also gave some more general advice on finding the best career fit. She suggested that students should consider their own personalities when planning their career paths. For example, those who are outgoing and proactive have the personality for a successful career in sales. Meanwhile, people who are naturally logical and thrifty could explore a career in finance.