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Top 30 Mortgage Loan Processor Interview Questions

Question 1 of 34
What's your ideal company to work for?
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Question 2 of 34
During the loan process, if someone is not doing their job right, what do you do?
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How to Answer
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.

Answer Example
"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."
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Question 3 of 34
Where at in the processing do you usually run into delays, and what steps do you take to avoid them?
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How to Answer
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?

Answer Example
"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."
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Question 4 of 34
Name for me four different types of mortgages and why a client would select each one.
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Briefly display to the hiring manager that you understand the variances between 4 types of mortgages and why a client would find them appealing.

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 feel the reason why a client would choose a Closed Mortgage would be for...."
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Question 5 of 34
What are the biggest challenges you face in processing?
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How to Answer
Tell the hiring manager what you consistently find challenging, why you think that is, and what you are currently doing to change that.

Answer Example
"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."
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Question 6 of 34
How reliable of a worker are you?
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Question 7 of 34
Are you familiar with the Fannie Mae and Freddie Mac Selling Guides?
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Question 8 of 34
What do you feel is your favorite thing about loan processing?
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Question 9 of 34
How confident are you in making crucial decisions?
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Question 10 of 34
What have you done in the past year to make yourself a better Mortgage Loan Processor?
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Question 11 of 34
How do you determine your daily work priorities?
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Question 12 of 34
What is your greatest strength?
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Question 13 of 34
Do you have experience using Desktop Originator?
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Question 14 of 34
Where do you see yourself in 5 years?
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Question 15 of 34
Why do you believe you are a good fit for our company culture?
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Question 16 of 34
What do you know about our company?
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Question 17 of 34
Which loan origination system software are you most familiar with?
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Question 18 of 34
Tell me about your education/training.
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Question 19 of 34
How do you react when a client receives an unfavorable mortgage decision that is outside of your control?
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Question 20 of 34
How familiar are you with Truth In Lending regulations? How closely do you follow this federal mandate?
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Question 21 of 34
How confident are you with calculating Loan-To-Value ratios?
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Question 22 of 34
On a scale of 1-10 with 10 being highest, how confident are you with your knowledge and skill in Loan Prospector (LP)?
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Question 23 of 34
How often are you given new business through referrals?
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Question 24 of 34
Do you enjoy talking to clients, and building relationships with them?
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Question 25 of 34
What skills do you feel are most essential in order to be a successful Mortgage Loan Processor?
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Question 26 of 34
What are your career goals as a Mortgage Loan Processor?
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Question 27 of 34
What is your greatest weakness? What are you doing to improve it?
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Question 28 of 34
Do you work well under pressure?
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Question 29 of 34
Do you feel you do a good job of juggling multiple tasks at one time on a consistent basis?
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Question 30 of 34
What lenders have you worked with? Which are you most familiar with?
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Question 31 of 34
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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Question 32 of 34
How confident are you with reviewing pay stubs to calculate income accurately? Walk me through your calculations.
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Question 33 of 34
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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Question 34 of 34
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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About Mortgage Loan Processor

August 18th, 2017

As a Loan Processor, you will work with the underwriters and the loan officer. A loan processor will analyze data and assist loan officers with loan approvals. They must be able to communicate efficiently to their loan officers and underwriters.

Key characteristics that a person interested in a Loan Processor position should have; organizational skills, communicational skills, data-entry, punctual, diligent, and have a strong desire for accuracy for anything they put their name on.

To succeed in an interview for a Loan Processor position, a successful candidate should theme their responses around having strong communicational skills, very punctual with their time, and ensures hundred percent accuracy on any document they process. Interviews will typically be formal. Expect most interviews to be one-on-one and one to two interviews before being hired.

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