MockQuestions

Mortgage Loan Processor Mock Interview

34 Questions Created By

To help you prepare for your Mortgage Loan Processor interview, here are 34 interview questions and answer examples.

First Question

34 Mortgage Loan Processor Interview Questions

10 Interview Questions With Sample Answers

1.   Where at in the processing do you usually run into delays, and what steps do you take to avoid them?

How to Answer

This question will allow you to demonstrate your familiarity with the process, job knowledge, and proactive problems solving skills. If a client, department or co-worker caused you problems in the past, avoid bashing them, instead talk about how they were a problem, and you planned ahead to avoid this bottleneck.

Written by Rachelle Enns on March 19th, 2021

Answer Example

"Employment verifications often delay the process. To avoid the problem, I first tell the client to work with their employer to expect the inquiry and respond to the request. I will also try to get a specific name and number from the client so I can follow through. In addition, I start this process early so any delays won't effect our deadline."

Written by Rachelle Enns on March 19th, 2021

2.   On a scale of 1-10 with 10 being highest, how confident are you with your knowledge and skill in Desktop Underwriter (DU)?

How to Answer

The interviewer is looking for job-specific knowledge. Give an indicator of your level of familiarity, and if you aren't familiar, talk about other software and how you learned to use it. A willingness and ability to learn is almost as valuable as ready-made knowledge since tools and requirements change.

Written by Rachelle Enns on March 19th, 2021

Answer Example

"I haven't worked extensively with Desktop Underwriter, but am familiar with its functionality. I'd rate my knowledge a 3, overall. In my current position, we use XYZ, which has a similar interface. I learned XYZ very quickly. I am good at teaching myself new tools and researching gaps when I have a question. Because learning new tools is interesting to me, I became an XYZ superuser very quickly. I would appreciate the opportunity to learn Desktop Underwriter if I were hired for the position."

Written by Rachelle Enns on March 19th, 2021

3.   How confident are you with reviewing pay stubs to calculate income accurately? Walk me through your calculations.

How to Answer

The interviewer is seeking job-specific knowledge. This question also provides you with an opportunity to demonstrate a sound process that will give the interviewer a sightline into the way you manage this and other tasks. In your answer, reflect all the best practices that ensure your work is accurate and reliable. You can also discuss how often you do the task, your comfort level, and your accuracy rate, so you're responsive to the question.

Written by Rachelle Enns on March 19th, 2021

Answer Example

"I work with paystubs and make income calculations from them on a daily basis. I have a reliable process to ensure my calculations are accurate. When calculating an average income, I take the six-month income to determine the average gross earnings. I then total the gross earnings of all the pay stubs provided and divide the result by the number of pay stubs. The result is the average gross earnings per pay period. This is a task I am very comfortable with as I have been doing this for quite some time. I always check my calculations twice and cross-check my numbers against the paystubs to ensure 100% accuracy."

Written by Rachelle Enns on March 19th, 2021

4.   How confident are you in making crucial decisions?

How to Answer

In order to build a convincing answer, explain how you make a decision. By drawing on an example, you'll show and not just tell the interviewer how you approach crucial decisions. The interviewer will see your approach in action and be able to apply it to examples from his/her workplace.

Written by Rachelle Enns on March 19th, 2021

Answer Example

"I am a confident, but careful decision-maker. In my current role, I am responsible for compliance with a host of regulations and have to decide whether applications conform to those requirements. If they don't, I must stop the process. This type of decision can be difficult because the customer is anxious and time is of the essence. I make sure that my decision is as sound as possible, by either conferring with a coworker or my manager. Once I am confident, I have no problem making the call since I know I'm doing what's required and can defend my decision."

Written by Rachelle Enns on March 19th, 2021

5.   Why do you think you are the strongest candidate for the job? Explain what makes you different and/or more valuable than other Mortgage Loan Processors?

How to Answer

There are any number of qualities you can draw on to craft a persuasive answer, including level of experience, achievements, education, or career commitment. You can discuss cultural fit, if you're familiar with aspects of the company's culture. When you select the topic, play to your strengths, and then connect your potential contribution to what you know about the company's needs.

Written by Rachelle Enns on March 19th, 2021

Answer Example

"My education, experience, and career achievements make me a strong candidate. I am very committed to reaching excellent results and can demonstrate that commitment through a career with many examples of success. I also know your company puts an emphasis on healthy teamwork which I've demonstrated in all my roles. I think I make a good fit in terms of skill and culture."

Written by Rachelle Enns on March 19th, 2021

6.   What skills do you feel are most essential in order to be a successful Mortgage Loan Processor?

How to Answer

While explaining which skills are most important to this role, be sure to explain your expertise in them. When describing these skills, make sure they all fall in your own skill set. So you can confidently tell the interviewer you possess these skills.

Written by Rachelle Enns on March 19th, 2021

Answer Example

"I feel that the most essential skills of a successful mortgage loan processor include organization, attention to detail, and accuracy. I put these skills into practice every day and without them, I wouldn't be productive or successful. My current role is high-volume. I am asked to process a large volume of loan applications. I learned a number of organizational techniques and systems for checks and balances to ensure that I not only process applications as quickly as possible but do so with a negligible error rate."

Written by Rachelle Enns on March 19th, 2021

7.   Do you enjoy talking to clients, and building relationships with them?

How to Answer

This question is best answered with an example that demonstrates your client relationship skills. You can build a persuasive answer by using the STAR format (situation, task, action and result). By placing the interviewer in a specific situation and explaining how you managed it, he/she will get a clear image of how you will manage relationships in the future.

Written by Rachelle Enns on March 19th, 2021

Answer Example

"Yes, helping clients is very satisfying and also helps hone my skills. I recently spoke to a couple whose application was delayed because they hadn't submitted the proper information. They were very worried and frustrated. I explained why we needed the information and was able to walk them through obtaining it. It gave me a sense of satisfaction to know that my skills helped them reach their goals."

Written by Rachelle Enns on March 19th, 2021

8.   Name for me four different types of mortgages and why a client would select each one.

How to Answer

The interviewer is seeking assurances that you have job-specific knowledge. Be sure to respond by naming and explaining each of the four. You may also want to draw on your work experience to show how you came to understand this aspect of the position.

Written by Rachelle Enns on March 19th, 2021

Answer Example

"The four types of mortgages that I am most familiar with are Closed Mortgages, Fixed Rate Mortgages, Variable Rate Mortgages, and Home Equity Lines of Credit. I've dealt with many clients who are tempted to opt for a closed mortgage because of the low-interest rates but often reconsider when they learn that they'll pay more for the mortgage in the long-run. Variable-rate mortgages are selected when interest rates are currently high, and there is optimism for rates to go lower. Fixed-rate mortgages are an excellent choice for most borrowers because you can lock in rates for the life of your mortgage and if rates do drop, you can always refinance down the road. Home equity lines of credit are slightly different in that the borrowers already have a mortgage and are seeking equity from their home, to finance things like home renovations."

Written by Rachelle Enns on March 19th, 2021

9.   Why do you believe you are a good fit for our company culture?

How to Answer

This question will give you the opportunity to not only detail the reasons why you are a cultural fit, but also demonstrate your knowledge of the company. This will leave a strong impression of commitment. When crafting your answer, try to make a connection between your contribution, the company's needs and mission.

Written by Rachelle Enns on March 19th, 2021

Answer Example

"I applied to your position after my research showed that your company believes in teamwork and invests in its employee's career growth. I believe you can make your best contribution if you take advantage of other's skills and strength. I currently work in a highly team-oriented atmosphere and will bring that orientation to the position. I would also like to growth my career at XYZ company. I'd like to gain more skills and contribute at a higher level. The company's emphasis on career development is perfectly suited to my long and short term goals."

Written by Rachelle Enns on March 19th, 2021

10.   Are you familiar with the Fannie Mae and Freddie Mac Selling Guides?

How to Answer

The interviewer is looking for job-specific knowledge. Give an indicator of your level of familiarity, discuss what you know about the products and give details that distinguish them. If you are unfamiliar with both, discuss the selling guides you have familiarity with, and explain that you're willing to learn.

Written by Rachelle Enns on March 19th, 2021

Answer Example

"I have not had the opportunity to use these selling guides. However, I regularly use similar guides. I can quickly become conversant with new ones and would appreciate the opportunity to learn."

Written by Rachelle Enns on March 19th, 2021