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Mortgage Loan Processor Interview
Questions

34 Questions and Answers by Rachelle Enns

Updated August 22nd, 2018 | Rachelle is a job search expert, career coach, and headhunter
who helps everyone from students to fortune executives find success in their career.
Question 1 of 34
What's your ideal company to work for?
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How to Answer
Tell the hiring manager what type of company culture you are looking for. Include your goals for advancement, environment, size of company and variety of opportunities.
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Top 30 Mortgage Loan Processor Interview Questions with Full Content
1.
What's your ideal company to work for?
Tell the hiring manager what type of company culture you are looking for. Include your goals for advancement, environment, size of company and variety of opportunities.

Rachelle's Answer
"My ideal company to work for is a medium sized company that offers a strong growth plan for dedicated employees. Ideally, I am seeking an organization that values their community and gives back. A positive culture is very important to me."
2.
Name for me four different types of mortgages and why a client would select each one.
Briefly display to the hiring manager that you understand the variances between 4 types of mortgages and why a client would find them appealing.

Rachelle's Answer
"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 feel the reason why a client would choose a Closed Mortgage would be for...."
3.
During the loan process, if someone is not doing their job right, what do you do?
Briefly talk to the hiring manager about how you handle underperforming co-workers. You can give an example if you'd like but be sure to keep the mood light and avoid any major negativity or personal bashing.

Rachelle's Answer
"If someone is not correctly doing their job, I will bring it to their attention and ask them if they need assistance in any way. Generally this will help the issue. Most people do not do their job right because they feel overwhelmed or they don't know how. By offering help, or training, I can usually eliminate this issue."
4.
What are the biggest challenges you face in processing?
Tell the hiring manager what you consistently find challenging, why you think that is, and what you are currently doing to change that.

Rachelle's Answer
"For me, the biggest challenge in processing is ensuring that I am able to collect the required verification on time. A lot of employers do not call back in a timely fashion which can make it tough when a loan application is left sitting. This year, I wrote a phone script that creates more urgency. I found that this script has increased the immediate call backs and has helped greatly."
5.
Where at in the processing do you usually run into delays, and what steps do you take to avoid them?
Tell the hiring manager about delay's that you come across in your current role and if there is a pattern or a common delay that seems to arise. How do you avoid these delays or resolve them?

Rachelle's Answer
"One delay in processing that I often come across is employment verification. Often times, employers are not readily available to give references and that can bog things down a bit. I try to avoid these by asking my client to open the conversation with their employer right away about the importance of timeliness."
6.
How reliable of a worker are you?
Being a reliable employee is an important quality. Be sure to tell the hiring manager about your punctuality, attendance, and willingness to go above and beyond when required.

Rachelle's Answer
"I am a very reliable worker. If you spoke with my current supervisor she would tell you that I have had zero unexcused absences in the past 3 years. I am always on time and will work overtime when required."
7.
Are you familiar with the Fannie Mae and Freddie Mac Selling Guides?
If you are very confident with your knowledge in Fannie Mae and Freddie Mac, you can answer like this: "I am very familiar and comfortable with both of these selling guides, and have referred to them regularly throughout my career as a mortgage loan processor."

If you are not confident with your knowledge in Fannie Mae and Freddie Mac, you can answer like this: "I have recently studied both of these selling guides and would consider myself at a beginner level of understanding at this point. I will certainly be dedicating my time further to better understand these selling guides."
Rachelle's Answer
"I am very familiar and comfortable with both of these selling guides, and have referred to them regularly throughout my career as a mortgage loan processor."
8.
What do you feel is your favorite thing about loan processing?
For the most part, the task you enjoy doing the most is also the task that you are the most skilled in. How you answer will give the hiring manager some insight into your top skill(s).

Rachelle's Answer
"My favorite thing about loan processing is digging deep with the client interviews to really find out their financial needs and resources. I enjoy getting to know my clients and helping them to discover things about their finances that perhaps they didn't know before."
9.
What have you done in the past year to make yourself a better Mortgage Loan Processor?
Do you take courses, workshops or seminars related to the industry? Tell the hiring manager how you ensure that you are always bettering yourself as a mortgage loan processor.

Rachelle's Answer
"This year, I became a member of the NAMP. I also take online courses every quarter to further my knowledge on more complicated mortgage related skills. If there is any education or training that you can recommend for me to take, I am happy to do so as well."
10.
How confident are you in making crucial decisions?
Have you been given a lot of autonomy in your current position? Tell the hiring manager about your ability and level of comfortability in making difficult and important decisions.

Rachelle's Answer
"In my current role I am given the ability to make crucial decisions very independently. I work very hard at ensuring I am knowledgable so that I can confidently make crucial decisions without second guessing myself."
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