The Perfect Mortgage Finance Resume

Demand has shifted within the mortgage industry – these days, refinancing gurus have fallen from grace and companies are eager for hires that possess more traditional management skills. When it comes to resumes, hiring managers are paying more attention to leadership experience and the project-management qualifications of potential employees. With mortgage rates expected to stay low throughout this year there's also a need for qualified professionals in areas like distressed mortgage and within the financial corporations that are continuing to be affected by regulatory changes, say experts.

When preparing your resume, take the industry shifts into account and make sure your resume speaks to the newly cautious industry outlook. "You really want to come across as kind of a worrier and [show that] not everything is going to be wonderful and rosy down the road," says Leanne Lachman, an executive-in-residence at the Paul Milstein Center for Real Estate at Columbia University, who adds that employers are now looking for mortgage professionals that understand risk management no matter what their role is in the organization.

Here are additional ways to perfect your mortgage resume:

Use Reverse-Chronological Format

It seems like obvious advice, but it is especially important with a mortgage resume today. A resume that does not follow a reverse-chronological format can be seen as a way to avoid disclosing past experience in an industry that's known for high turnover. With so many candidates vying for each open position, keep the standard format, says Tom Geraci, a Chicago-based executive recruiter, who sees more than 300 resumes each day. "If your resume is one lump of data, it would be hard to dissect what separates you from the pack," he says. "We as recruiters like to see an easy-to-follow chronological resume."

Highlight Position-Specific Skills

Since there are so many different positions in the mortgage industry it's important to hone in on exactly what it is you're best at instead of casting too wide a net, says Alesia Benedict, CEO of Getinterviews.com. For example, list sales and specific loan origination achievements if you're looking for a mortgage broker position. Or include areas of expertise like quality control and risk management, which are in demand for mortgage bankers, according to a spokesperson for PennyMac, a California-based mortgage firm. Specific terms can also help when resumes are being scanned electronically for keywords. To get your resume to the top of the pile, include keywords from similar job postings. For instance, when applying for a loan officer position, listing your Certified Mortgage Banker designation may help your resume get noticed.

Demonstrate Career Progression

If you've moved up through the ranks, it's essential to convey this in your resume. Be sure to include all of your roles under the company heading—especially if you've gone from loan officer to vice president in your four years at the firm. Additionally, when describing your roles, list accomplishments rather than pure descriptions, says Benedict.

Provide Telling Details

It's easy to get caught up in generic statements when talking about your previous roles. Instead, spend time thinking of short but to-the-point explanations that can help set you apart from the competition. "When we are looking to hire mortgage loan officers, we want to know what a potential employee's responsibility is for building a file -- what your day-to-day activities are," says Geraci. "In mortgage recruiting, we want to know more than 'you build relationships in the market.'"

Find Transferable Skills

If you're looking to switch into the mortgage industry, creating a resume that highlights important transferable skills is key, says Geraci. He looks for consumer credit or sales experience when recruiting employees to the mortgage division of a bank.

Convey Knowledge About Risk

After the financial crisis, many firms want to know that potential employees have learned their lesson. "If you were working for a developer, it's going to be hard to convince people that you are cautious enough. Or that you didn't have too-optimistic assumptions if you were an acquisitions person," says Lachman. Use bullet points to demonstrate how you've incorporated risk management strategies into your previous positions. Or if you've attended recent training sessions that discuss risk management and the importance of underlying assumptions, be sure to add it under the education section of your resume.

Rewrite Often

There's not one perfect resume that can help you apply to every mortgage job. Instead, better your chances by tailoring your resume to specific opportunities like broker or underwriter opportunities. "There is not one resume for every career discipline within the mortgage industry," says Timothy Howard, president of Howard Masters Group, a Tustin, Calif. recruiting firm for the mortgage banking industry. Look to highlight specific experiences that reference requirements listed in each job description. Loan officers may want to stress stellar communications skills, while mortgage bankers should point out their quantitative skills.

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Mid-market mortgage firms are doing a lot of the hiring these days and are eager to take advantage of the industry's recent restructuring. Use your resume to show that you understand how these companies can stay relevant and emerge as key industry players. Keep in mind that while your resume can only help you at the beginning of your search, it's essential to take the time to come up with one that stands out.

Write to Alina Dizik at editor@fins.com