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Mortgage Loan Processor Interview
Questions

34 Questions and Answers by
| 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

How reliable of a worker are you?

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Mortgage Loan Processor Interview Questions

  1. 1.

    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. One way to enhance your answer and distinguish your candidacy from others is also to think about reliability broadly. Explain how you're a reliable coworker or team member. An example is always helpful.

      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. I am also a reliable coworker. I am always available to help my colleagues if they need help, and I have a real belief in the power of teamwork. Recently, a coworker who was assigned a high-priority assignment had a family emergency and could not complete it. I was happy to jump in and cover the project until she could return to work. This is the kind of environment I want to work in. I want to know that I'll get support if I need it, and I'm always willing to pay it forward."

      Anonymous Answer

      "Being reliable is an important quality of an employee. I'm punctual, have a great or exceptional attendance record, and am willing to go above and beyond when necessary."

      Rachelle's Answer

      Fantastic! It sounds like you are a person who can be relied upon to deliver workplace expectations.

      Was this answer helpful? Yes or No
  2. 2.

    Which loan origination system software are you most familiar with?

      Although it's important to be responsive to the question and discuss the software you're most familiar with, you can also include any loan software you've used. You can discuss how you learn new software in the event that you aren't conversant with the software used by the company.

      Rachelle's Answer

      "I am familiar with a number of loan origination system software packages, but the one I know the best is X. I've used it for many years and am very familiar with its features. I've also used Z software and Y software. I am very interested in learning new technology and can pick it up quickly. For example, when Z was introduced in a prior workplace, I taught myself how to use it through online training and considered myself proficient within a week or two."

      Anonymous Answer

      "I have used many loan origination system softwares. Could you tell me which one(s) you use in this organization? I have used Encompass, Calyx, and Genesis, but I’m most familiar with Encompass because I use this on a daily basis."

      Rachelle's Answer

      Good! You do a nice job personalizing the Mock Questions example answer to work for you.

      Was this answer helpful? Yes or No
  3. 3.

    What's your ideal company to work for?

      When explaining your perfect company, you can include your goals for advancement, environment, size of company, and variety of opportunities. The hiring manager is seeking information about fit. He or she wants to know whether the company can satisfy your professional goals. Try to make the connection between what you are seeking and what the company can offer.

      Rachelle's Answer

      "My ideal company to work for is a medium-sized company that offers a strong growth plan for dedicated employees. The professional develop programs you offer employees is one of the main reasons I've applied. I would like to grow my career in a company, and the opportunities for growth you offer are ideal. I'd also like to work for an organization that values its community and gives back. I read about your community activities and that's the kind of thing that really excites me."

  4. 4.

    How confident are you in making crucial decisions?

      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.

      Rachelle's Answer

      "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."

  5. 5.

    What are the biggest challenges you face in processing?

      The kind of challenge you discuss is important to successfully answering this question. Discussing big challenges implies a big-picture perspective. It also gives you a chance to show how you apply complex problem-solving skills. The hiring manager is as interested in what you find challenging as he/she is in how you're able to overcome the challenge, so be sure to elaborate on your problem-solving processes.

      Rachelle's Answer

      "Successfully processing loan applications has many components and involves many people. It requires everyone to complete their responsibilities in a timely and accurate fashion to avoid delays and to ensure customers are not frustrated. Project managing this process is always a challenge. Making sure that all the details are attended to, all the information is accurate and timely, and everyone involved has the right information is a constant challenge, but one I enjoy. In my current position, I have developed systems and processes that make sure loans are processed timely and error-free."

  6. 6.

    How do you react when a client receives an unfavorable mortgage decision that is outside of your control?

      You can demonstrate tact, diplomacy, and good communication skills through your answer. An example is also an effective way to show your skills in action.

      Rachelle's Answer

      "Occasionally, I have had to deliver bad news to a client. These situations are never easy, but a combination of empathy, tact and information is often enough to manage through the conversation. In a recent example, I had to explain that the client's mortgage application was declined because of bad credit. I empathized, explained the situation as clearly as I could, and also left the client with the hope that he could reapply in the future. This client was very disappointed and tried to convince me to take a risk. I explained my role - that I had no independent power to reverse the decision - but gave him information about who he could contact."

  7. 7.

    What do you know about our company?

      Show the hiring manager that you have done your research. Thorough research demonstrates your interest in the company. It also demonstrates that you are marshaling your career with intentionality. Show that you're not only informed, but you see yourself as a fit in the organization.

      Rachelle's Answer

      "I've read through your website, followed you on social media, and spoken to many of your current employees. I am very familiar with your customer-first mission. My current employer also values the customer experience, so I would bring that perspective and those values to the position."

  8. 8.

    How often are you given new business through referrals?

      As a mortgage loan processor, your referral rate can tell the hiring manager a lot about your clients' level of satisfaction and your sales abilities. Talk about your referral rate if it's available. You could also discuss other types of customer feedback and what they value about your service.

      Rachelle's Answer

      "I have tracked my referrals for the past 3 years. On average, one in every 4 clients will refer someone to me. In our organization, the average is one in 9 so I am happy to say that my referral rate is much above average. My customers value my responsiveness and willingness to go the extra mile for them."

  9. 9.

    What is your greatest weakness? What are you doing to improve it?

      The interviewer wants to know if you're able to identify areas of improvement, take the initiative to improve, and perhaps overcome the challenge.

      Rachelle's Answer

      "I am often over-ambitious and take on too much. I've learned to focus, complete one project at a time, and complete it very well, instead of doing a lot of projects but completing them superficially. Recently, I had the opportunity to lead several projects which were all very interesting and offered a chance to develop new skills. I was tempted to take them all on, but instead, picked the most interesting one and let the others go. I got a better learning experience by concentrating on one project and the result was better as well."

  10. 10.

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

      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.

      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'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."

      Anonymous Answer

      "The four types of mortgages 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 the lower interest rate and the ability to save on interest. Ultimately, the goal would be to pay off the mortgage faster."

      Rachelle's Answer

      You do a great job finishing off this response! The more thoughts you can share with the interviewer, the more knowledgeable you'll come across in the interview.

      Was this answer helpful? Yes or No
  11. 11.

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

      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.

      Rachelle's Answer

      "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."

  12. 12.

    Where do you see yourself in 5 years?

      This question provides an opportunity to communicate a lot about yourself as a professional and will give the hiring manager an opportunity to envision your future with the company. Discuss your career goals, why you've chosen this career path, and how you'll get there. Explain how the company can help you fulfill these goals. Explain your career goals in the context of long-term fit with the company.

      Rachelle's Answer

      "In five years, I will have developed the leadership skills and experience to take on a more strategic role and have a greater impact on the company. I plan to take professional development courses, which I know your company offers, and prepare myself for new opportunities when they arise."

      Anonymous Answer

      "I want to move up, and I am impressed by the Junior Underwriter Training Program."

      Rachelle's Answer

      Great start! Try offering specifics for your interviewer. For instance, what does 'up' mean to you? What job title would you love to earn in the future? When it comes to the program you mentioned, what was your greatest takeaway, and how does this apply to your career growth?

      Was this answer helpful? Yes or No
  13. 13.

    What lenders have you worked with? Which are you most familiar with?

      The interviewer is looking for job-specific knowledge. Discuss what you know and give details that distinguish them. Also, be sure to ask the hiring manager whom they deal with the most. This can help you to build rapport and begin a discussion.

      Rachelle's Answer

      "I have worked with all of the major lenders and would say that I am most familiar with CitiMortgage, Chase Mortgage and Bank of America Home Loans. Of those three, Bank of America has been the easiest to work with, in my experience. Which lenders do you use the most in this firm?"

  14. 14.

    On a scale of 1-10 with 10 being highest, how confident are you with your knowledge and skill in Loan Prospector (LP)?

      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.

      Rachelle's Answer

      "I haven't worked extensively with Loan Prospector, 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."

  15. 15.

    What is your greatest strength?

      The interviewer is interested in whether your strengths align with the company's needs. He or she is seeking information about your fit and whether you can solve problems if hired. Think about which of your strengths correlate with the job and craft an answer that will connect with the company's needs.

      Rachelle's Answer

      "My greatest strength is to remain organized and attend to details, regardless of how busy I am. This strength allows me to handle a lot of cases without sacrificing accuracy. I've developed systems and strategies to help me maintain order."

  16. 16.

    What have you done in the past year to make yourself a better Mortgage Loan Processor?

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  17. 17.

    During the loan process, if someone is not doing their job right, what do you do?

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  18. 18.

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

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  19. 19.

    What do you feel is your favorite thing about loan processing?

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  20. 20.

    Do you have experience using Desktop Originator?

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  21. 21.

    How do you determine your daily work priorities?

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  22. 22.

    How well do you feel you know standard Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC) guidelines?

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  23. 23.

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

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  24. 24.

    How familiar are you with Truth In Lending regulations? How closely do you follow this federal mandate?

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  25. 25.

    How confident are you with calculating Loan-To-Value ratios?

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  26. 26.

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

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  27. 27.

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

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  28. 28.

    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?

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  29. 29.

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

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  30. 30.

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

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  31. 31.

    Do you feel you do a good job of juggling multiple tasks at one time on a consistent basis?

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  32. 32.

    Do you work well under pressure?

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  33. 33.

    What are your career goals as a Mortgage Loan Processor?

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  34. 34.

    Tell me about your education/training.

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