Loan Processor Interview Questions

joseph cole

Updated on April 26, 2023

Uncover a potential loan processor for your company by asking this smart assortment of loan processor interview questions in your next interview process.

Loan Processor Interview Questions

After a loan is originated, loan files have to receive a positive response from a loan processor. These individuals are responsible for sorting out all the paperwork.

They work with different kinds of loan types like consumer loans or mortgages. Look for the contenders who have experience related to your own company. You can even consider giving training on the job to the competent candidates.

For mortgage loan processors, a license is mandatory. Make sure you pick the one who can interview potential clients, and evaluate applications. The contender you hire should be able to give attention to detail and make a sound judgment.

Strong mathematical skills and good communication skills are also required for this profile as they work closely with loan officers, underwriters, and clients.

This sample of loan processor interview questions will help you assess the right skills of the candidate for this profile.

Operational and Situational questions

  • Describe an experience in which you verified information and accuracy of loan application.
  • How do you calculate income?
  • What documents or information would you ask for to start processing a loan?
  • Name the methods you would use to analyze credit.
  • How would you approach a demanding underwriter?

Role-specific questions

  • How do you keep attention to detail?
  • What valuable information do you get from credit reports/bank statements ?
  • Which loan origination system softwares are you most familiar with?
  • How many loan files you were processing at the same time in your previous job?
  • Explain the different types of mortgages.
  • What is RESPA?

Behavioral questions

  • Was there a time when you discover a fraud?
  • Describe a time when you took the initiative to complete loan processing faster.
  • Recall a time when you had to do the different task to meet a deadline.
  • Can you share the most challenging loan file you dealt with?
  • Recall a time when you faced an ethical dilemma at your job.
  • Can you provide an example of a time when you were able to demonstrate great listening skills?

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