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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.
Job Interviews     Careers     Business    
Question 1 of 34
How reliable of a worker are you?
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How to Answer
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.
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Answer Examples
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.

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."
2.
Which loan origination system software are you most familiar with?
Be sure to include any and all loan software you have used and are comfortable in. You can then focus in on the ones that you are most familiar with. It is absolutely okay to ask the interviewer which loan origination system software is used in this role.

Rachelle's Answer
"I have used many loan origination system softwares. Could you tell me which one(s) you use in this organization? I have used X, Y and Z but am most familiar with X as I currently use it on a daily basis."
3.
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."
4.
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."
5.
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."
6.
How do you react when a client receives an unfavorable mortgage decision that is outside of your control?
Tell the hiring manager how you handle receiving and giving unfavorable news. Give a specific example if you can.

Rachelle's Answer
"This happened recently where an application that I worked very hard on was declined. I never enjoy giving bad news to a client but I always take it as an opportunity to coach them on what they can do to improve their chances of approval next time around. I try to turn the negative experience into a positive one and encourage them to try again down the road."
7.
What do you know about our company?
Why do you want to work for this company? Show the hiring manager that you have done your research. They want to know that you want 'this' job...not just any job.

Rachelle's Answer
"I have researched your organization a great deal and I also follow you on social media platforms. I see that you are customer first, concerned about the happiness of your clients and that you also perform a lot of charity work which is all very attractive."
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 also your sales abilities. Do you ask for, and track, your referrals?

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."
9.
What is your greatest weakness? What are you doing to improve it?
Be sure to keep your answer work-related and do not give an answer that would create a major red flag for the employer. Keep it important but light enough.

Rachelle's Answer
"One weakness I find coming up for me is within my Excel skills. I do not have strong skills in v-lookups and pivot tables. For this reason, I have enrolled in an Excel course that begins next week."
10.
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...."
11.
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."
12.
Where do you see yourself in 5 years?
When you answer this question be sure to include the needs of the company you are interviewing with. The hiring manager is looking for signs that you are planning to stay with their organization for the long term.

Rachelle's Answer
"I am looking for a long term fit in my next role. In 5 years, I would love to be here! Moving up in my role would be a bonus as well. Perhaps into a lower level supervisory role."
13.
What lenders have you worked with? Which are you most familiar with?
Tell the hiring manager whom you have worked with in the past, as far as lenders are concerned. Who are your favorites and who do you have the strongest relationship with? Also be sure to ask the hiring manager whom they deal with the most. This can help you to build rapport if you are familiar with their favorites.

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.
On a scale of 1-10 with 10 being highest, how confident are you with your knowledge and skill in Loan Prospector (LP)?
If you are very confident with your knowledge in LP, you can answer like this: "I have worked in LP nearly every day on the job for the past 8 years. I consider myself advanced in this tool but not an expert so I would rate myself at an 8."

If you are not confident with your knowledge in LP, you can answer like this: "I have not worked much within LP but I do understand the basics of the program. I am confident that I would pick this assessment tool up in no time. Because of this, I would rate myself at a 5."
Rachelle's Answer
"I have worked in LP nearly every day on the job for the past 8 years. I consider myself advanced in this tool but not an expert so I would rate myself at an 8."
15.
What is your greatest strength?
Think of a task or skill that you are consistently given positive feedback on. You can also back your answer by telling the hiring manager about a time when you received kudos from a supervisor or co-worker for this skill.

Rachelle's Answer
"My current supervisor consistently compliments me on my ability to do calculations off the cuff. I have very strong math skills and the ability to calculate quickly in my head. It's very helpful as a mortgage loan processor."
More Interview Q&As
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Suggested Career
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34 Mortgage Loan Processor Interview Questions
Win your next job by practicing from our question bank. We have thousands of questions and answers created by interview experts.
Interview Questions
  1. How reliable of a worker are you?
  2. Which loan origination system software are you most familiar with?
  3. What's your ideal company to work for?
  4. How confident are you in making crucial decisions?
  5. What are the biggest challenges you face in processing?
  6. How do you react when a client receives an unfavorable mortgage decision that is outside of your control?
  7. What do you know about our company?
  8. How often are you given new business through referrals?
  9. What is your greatest weakness? What are you doing to improve it?
  10. Name for me four different types of mortgages and why a client would select each one.
  11. Where at in the processing do you usually run into delays, and what steps do you take to avoid them?
  12. Where do you see yourself in 5 years?
  13. What lenders have you worked with? Which are you most familiar with?
  14. On a scale of 1-10 with 10 being highest, how confident are you with your knowledge and skill in Loan Prospector (LP)?
  15. What is your greatest strength?
  16. What have you done in the past year to make yourself a better Mortgage Loan Processor?
  17. During the loan process, if someone is not doing their job right, what do you do?
  18. Are you familiar with the Fannie Mae and Freddie Mac Selling Guides?
  19. What do you feel is your favorite thing about loan processing?
  20. Do you have experience using Desktop Originator?
  21. How do you determine your daily work priorities?
  22. How well do you feel you know standard Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC) guidelines?
  23. Why do you believe you are a good fit for our company culture?
  24. How familiar are you with Truth In Lending regulations? How closely do you follow this federal mandate?
  25. How confident are you with calculating Loan-To-Value ratios?
  26. Do you enjoy talking to clients, and building relationships with them?
  27. What skills do you feel are most essential in order to be a successful Mortgage Loan Processor?
  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?
  29. How confident are you with reviewing pay stubs to calculate income accurately? Walk me through your calculations.
  30. On a scale of 1-10 with 10 being highest, how confident are you with your knowledge and skill in Desktop Underwriter (DU)?
  31. Do you feel you do a good job of juggling multiple tasks at one time on a consistent basis?
  32. Do you work well under pressure?
  33. What are your career goals as a Mortgage Loan Processor?
  34. Tell me about your education/training.
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