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Top 25 Mortgage Loan Processor Interview Questions
1. What's your ideal company to work for?
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Professional answers by:
Contributing Author
Rachelle Enns
Recruiter & Freelance Writer
 
Mortgage Loan Processor
January 23rd, 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.
Mortgage Loan Processor Interview Questions
2 of 25
During the loan process, if someone is not doing their job right, what do you do?
 
User Submitted Interview Answers
1.
I try to see how I can help the person, so there won't be negative impact to the customer.
 
2.
I will assist them to get them a better understanding to do the job correctly.
 
Question
3 of 25
Where at in the processing do you usually run into delays, and what steps do you take to avoid them?
 
User Submitted Interview Answers
1.
Borrower submitting documents. I usually let them know as soon as the application is needed what is needed and to return these documents as soon as possible.
 
2.
When we find unexpected debt or unseasoned waiting periods on a previously defaulted mortgage, unexpected debt from a spouse not previously disclosed, make sure we review all documents and verify with what the 1003 says, borrower not always disclose all pertinent information.
 
Question
4 of 25
Name for me four different types of mortgages and why a client would select each one.
 
User Submitted Interview Answers
1.
Conventional - standard mortgage that would fit most borrowers FHA - for borrowers that may be somewhat credit challenged but can afford a mortgage VA - veterans would select this type of mortgage Reverse mortgage - for the elderly looking to pull some equity from their home.
 
2.
FHA- For first time home buyers, VA- For registered veterans who get a discounted interest rate, Jumbo- for very high value properties, HARP- For upside down mortgages refinances.
 
Question
5 of 25
What are the biggest challenges you face in processing?
 
User Submitted Interview Answers
1.
The amount of workload and the deadlines involved.
 
2.
To deal with MIA clients.
 
Question
6 of 25
How reliable of a worker are you?
 
User Submitted Interview Answers
1.
I consider myself to be very reliable. I will stay until the job gets done and if needed I will come in early. Whatever is needed to get the loan closed.
 
2.
I am very relilable and have very high work ethics.
 
Question
7 of 25
Are you familiar with the Fannie Mae and Freddie Mac Selling Guides?
 
User Submitted Interview Answers
1.
Yes I know Fannie Mae and Freddie Mac guidelines. I have held many positions in the mortgage industry that include MLO, underwriter as well as processor, which required me to stay abreast of all guidelines.
 
2.
I feel to very clearly in public side and what all are the advantages of both processing in real life to explain in public.
 
Question
8 of 25
What do you feel is your favorite thing about loan processing?
 
User Submitted Interview Answers
1.
Been able to help your customers, borrowers, loan officer and real estate agents to maintain the business relationship.
 
2.
Preparing a complete and accurate loan file.
 
Question
9 of 25
How confident are you in making crucial decisions?
 
User Submitted Interview Answers
1.
Confident, I make crucial decisions daily. Sometimes you must take an educated risk from the knowledge you have gained on other situations. If there is a problem then you look at the decision made and the options and determine what the resolution should have been. I often read guidelines and talk through difficult scenarios and it can become clearer. If there is considerable discomfort it is good to research and get opinions.
 
2.
Very confident I would say.
 
Question
10 of 25
What have you done in the past year to make yourself a better Mortgage Loan Processor?
 
User Submitted Interview Answers
1.
Remain updated on guidelines, made changes to procedures to improve speed. Taking agency courses to sharpen knowledge. Volunteer for training projects which makes you think about processes and guidelines specifically.
 
2.
Take more responsibility on my hands and sometimes take some risks when is necessary.
 
Question
11 of 25
How do you determine your daily work priorities?
 
User Submitted Interview Answers
1.
Make a plan according to time constraints and deadlines. Be flexible and determine whether it's best to work the easiest tasks that are a priority to lighten the list or if a complicated issue should be priority due to the amount of time it may take to reach the result or the ability to get something moving and work smaller tasks in between. Try to determine where you can batch like things together for time savings rather than working on one item at a time. Don't devote too much time to email unless a necessity until end of day when timelines are met.
 
2.
I evaluate which loans have the most conditions already satisfied and process those 1st to get them to closing dept. Then I work on the new loans with getting the documents in as soon as possible so I can determine what conditions are still outstanding for the LO to satisfy. Then I tackle the more challenging files last because they may be more time consuming.
 
Question
12 of 25
What is your greatest strength?
 
User Submitted Interview Answers
1.
I've been told, am very diligent and detail oriented on top of the speed to process the loan and consistently follow up on loan needs.
 
2.
Meeting deadlines and coordination individuals to meet a common goal.
 
Question
13 of 25
Do you have experience using Desktop Originator?
 
User Submitted Interview Answers
1.
No, but I have experience in ensuring the file is documented to meet the requirements on the AUS
 
2.
Yes, I have used desktop processing sites for different lenders when I used to process.
 
Question
14 of 25
Where do you see yourself in 5 years?
 
User Submitted Interview Answers
1.
I have multiple goals to complete in five years. I plan on getting my own place being independent. Completing or finalizing college. Finally learning at least one additional language. These are just a few tasks I have listed for myself to complete before five years.
 
2.
I will differently have grown in this possession have gone 1 if not 2 levels up.
 
Question
15 of 25
Why do you believe you are a good fit for our company culture?
 
User Submitted Interview Answers
1.
Yes I feel I am because your company seems to be built on trust ad family values.
 
2.
Because not only I have the experience, but its a life/professional goal I set many years ago and also because I like it and I enjoyed doing this, of course there are times when you nned to take a mental break.
 
Question
16 of 25
What do you know about our company?
 
User Submitted Interview Answers
1.
Wells Fargo is a company built on trust. Their vision is to satisfy their customers financial needs and help them succeed financially.
 
2.
Co is built on a foundation of shared values; ie, trust, integrity, quality relationships and financial strength.
 
Question
17 of 25
Which loan origination system software are you most familiar with?
 
User Submitted Interview Answers
1.
Res ware magic doc encompass.
 
2.
I have mostly used Point.
 
Question
18 of 25
Tell me about your education/training.
 
User Submitted Interview Answers
1.
Mostly from previous processors and reading the guidelines and take the processing seminars when provided.
 
2.
I have a BA degree in Mktg...I have trained in-house with H&R Block Mortgage Corp as a loan processor. I trained with the underwriting department to meet sign-off authority on all conditions of a loan.
 
Question
19 of 25
How do you react when a client receives an unfavorable mortgage decision that is outside of your control?
 
User Submitted Interview Answers
1.
Show compassion and let them know what options we can do to be helpful.
 
Question
20 of 25
How familiar are you with Truth In Lending regulations? How closely do you follow this federal mandate?
 
User Submitted Interview Answers
1.
I just know the basic definition from my real estate national preparation guide.
 
Question
21 of 25
How confident are you with calculating Loan-To-Value ratios?
 
Question
22 of 25
On a scale of 1-10 with 10 being highest, how confident are you with your knowledge and skill in Loan Prospector (LP)?
 
Question
23 of 25
How often are you given new business through referrals?
 
User Submitted Interview Answers
1.
Because I will be punctual honest always carry myself with honor do my best to bring honor an give you satisfaction.
 
2.
Because I can handle stress and volume without loosing my mind, proving with actions I can be a great team player.
 
Question
24 of 25
Do you enjoy talking to clients, and building relationships with them?
 
User Submitted Interview Answers
1.
Yes I enjoy talking to clients and building relationships. I am a people person.
 
2.
Yes, when a relationship is built and they trust me it makes my job easier and also produces recurring business and referrals.
 
Question
25 of 25
What skills do you feel are most essential in order to be a successful Mortgage Loan Processor?
 
User Submitted Interview Answers
1.
Detail orientation, speed, been able to multitask and deal with constant interruptions.
 
2.
Excellent organizational skills and ability to shift priorities throughout the day. Also the loyalty to working whatever hours are necessary to ensure that loans get closed.
 
Contributing Author
Rachelle Enns
Recruiter & Freelance Writer
 
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