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Top 30 Mortgage Loan Processor Interview Questions

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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"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."
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.
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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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"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."
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?
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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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"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...."
Briefly display to the hiring manager that you understand the variances between 4 types of mortgages and why a client would find them appealing.
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Question 5 of 34
What are the biggest challenges you face in processing?
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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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User-Submitted Interview Answers

Question 1 of 34
What's your ideal company to work for?
User-Submitted Answers
1.
Fast Paced, Detail Oriented.
2.
A company that is able to provide.
3.
Company with a good reputation as employer and well respected in the community.
4.
I want to contribute to the profitability of company that is an industry leader.
5.
My ideal company to work for would be one that is fast growing, fast paced and where there is room for learning and advancement.
6.
I would like to work at a company where everyone communicates all files.
7.
Small to Mid Size 10-500.
8.
Which am working I be-leave is good company.
9.
Commitment to Employees and Customers According to Finklestein, company culture is an important characteristic of a successful business. By company culture, Finklestein means a business' working environment, and he suggests successful businesses have an environment composed of workers who are suited to the jobs they do and policies designed to motivate them to continue working well. However, Champy also notes that successful businesses also have to take care of their customers, not only offering excellent customer service but also understanding their customers so well that they can anticipate and fulfill customers' needs. Attitude and Ethics To make their businesses successful, business owners need good attitudes. Without good attitudes, it is difficult to motivate people and far easier to anger them. According to Finklestein, a successful business often depends on the people you work with, and having a good attitude plays an important role in ensuring you are able to work well with others. In addition to staying positive, successful business owners also need to stay ethical. While it is easy to make unethical short-term decisions, they can hurt the integrity of the company in the long run, making it less successful. Training and Assessment To be successful, businesses need to commit resources and time to training their employees, as well any independent contractors with whom they work. According to Finklestein, the changing nature of business requires training that is not only continual but strongly rooted in the organization's business plan. For this to occur, companies must also implement frequent assessments of their trainings and operations. If an assessment uncovers a weak area, businesses need to address it through revising their methods.
10.
The goal of the company is to help their clients financially.
11.
One where all team members work together for the good of the customer which ultimately works for the good of the company.
12.
A company that treats it's employees fairly and with dignity.
13.
Incomplete information is the biggest task. Customer is not available and takes time to provide the information. Application rejection and follow up questions.
14.
A company that truly care about their employees.
15.
A company who can give you the opportunity to grow providing constant training on any new changes within company and market in general.
Question 2 of 34
During the loan process, if someone is not doing their job right, what do you do?
User-Submitted Answers
1.
Ask if there is something they don't understand and offer assistance or refer them to get additional training.
2.
I will nicely and a professional way point out the mistake and the correct way to proceed to work as a team and meet pour company's goals.
3.
If a person is unable to do right I will help him by teaching so that he can do right.
4.
If someone is not doing their job right I would try to let them know that a mistake was made and how to fix it. When you let the person fix their mistake nine times out of ten they stop making the mistake. If the person knows they are making it though and they do not care I would notify my manager for them to take further action.
5.
Offer to help and while helping suggest different ways to do the same task that would be more productive.
6.
Stop them an show them the proper way to do the job.
7.
Contact them and look for a solution.
8.
Call them out, if that doesn't work I'll go to their supervisor.
9.
Speak to a supervisor and advise them that the person is not in compliance.
10.
First is to determine what procedures they are using and make sure they have the latest one. Then walk them through the correct process.
11.
Ask if they need assistance in regards to processing their files.
12.
I will warn him not to be neglect.
13.
Would talk with that employee if it were my responsibility if not talk with supervisor.
14.
First of all we give him on r two month for depisite if he cant so we should be cancelled their loan process.
15.
Confront the person and find out the problem.
Question 3 of 34
Where at in the processing do you usually run into delays, and what steps do you take to avoid them?
User-Submitted Answers
1.
Get the documentation completed call in the appraisal follow up with the respective customer and make sure there is no missing documentation.
2.
Waiting for underwriting to sign off on appraisal while the clock is ticking on other time sensitive documents. To avoid these delays, I remain mindful of expiration dates and re-order documents ahead of time in order to remain current.
3.
Cases where I cannot obtain searches so I cant prepare documents.
4.
Processing getting document from customer, continues follow up.
5.
Delays are usually encountered at closing. To avoid delays at closing always send the good faith estimate to the loan officer the day before closing to go over with the customers to make sure they are in agreement with the final numbers.
6.
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.
7.
When the document are missing we ask for for lender but to avoid we check all the credit package or search full documents.
8.
In the process the main delay occurs after the initial underwrite when the underwriter request for additional documentation that was not provided. To avoid or reduce this issue I will review the loan and research the loan in the synopsis, once understanding the unique requirements for the loan I will request the documentation from the sales department to apply to the loan in preparation for underwriting.
9.
Obtaining all needed documents on time. Continue working with borrowers to obtain them. Set deadlines m.
10.
If there are liens on titles, something is wrong with the appraisal. To avoid this I work in a very timely fashion and address any issues as soon as possible before going to underwriting.
11.
Waiting on paperwork/reports, income statements, etc. Consistently be organized and follow up with borrowers.
12.
Employment issues or flood issues on the property.
13.
Verification of documents.
14.
Getting documents from third party vendors and customers, constant reminders.
15.
Delays occur when borrowers do not return correspondence and the best way to deal with this is to have a schedule of contact as well as advising all options as far as sending and receiving go.
Question 4 of 34
Name for me four different types of mortgages and why a client would select each one.
User-Submitted Answers
1.
Fixed= client pays off a fixed rate over a fixed time period regardless of changes in trends that may cause the loan payment to increase or decrease. FHA= 1st time buyers with low or no downpayment and lower credit scores. It is secured by Mortgage insurance that is included in the payment of the loan. VA= former military and is usually no money down. Interest Only=borrow has option to pay only the interest on this loan for a specified period of time. Adjustable (ARM)= a client who wants a lower rate up front and is willing to have the payments balloon at a later date. Someone who.
2.
Fha, va, conventional, construction loans. Customer's choose fha, va, conventional loans according to their financial need and construction loans are chosen by customer's that are building homes to meet their needs.
3.
Fixed rate mortgage and variable mortgage.
4.
A simple and fairly quick mortgage loan for a client would be a Conventional mortgage. The FHA mortgage requires additional documentation and The VA mortgage loans allow for veterans to have special privileges in purchasing a loan due to their sacrifice for defending our country and our alias.
5.
Fixed rate - no change in interest. Adjustable rate - lower interest rate for set period. Balloon - all funds due at a certain date. Interest only - lower payment for set period of time.
6.
HARP - clients who may be upside down on their home or have limited income. VA- veterans needing a mortgage. FHA - A customer with a high LTV needed mortgage insurance, or for reverse mortgages. Conventional - Customers with money to put down, proven income, looking for a low interest rate.
7.
FHA if there income qualifies them for lower down payment. Conventional VA
8.
Jumpo loan and consumer loan.
9.
FHA: for people with debt, credit issues, new to housing market VA: Loans for Veterans with no strict limits on eligibility Conventional: Most typical loan for people with outstanding credit or low debt-income ratios. Bought directly through Freddie Mac or Fannie Mae Jumbo: Same more or less as conventional just a bigger loan and you need better credit, high income, down payment of 20-30% (also USDA: rural area homes, sometimes better but often out of the way with crumbling infrastructure)
10.
Va, fha, conforming, wholesale.
11.
VA HUD Conventinal FHA
12.
Fixed Rate allows the interest rate to remain the same throughout the entire life of the loan. Adjustable Rate allows a client to purchase a more expensive home at a lower mortgage payment so long as interest rates do not rise. Interest-only allows the client to have a significantly lower monthly payment. Investor often choose this option. Then there is the Balloon Mortgage which are great for responsible borrowers with the intentions of selling the home before the due date of the balloon payment. Monthly payments are lower because the bulk of the loan is due at the end of the term.
13.
Fixed Rate Mortgage, Adjustable Rate Mortgage, Hybrid Mortgage, Secondary Mortgage.
14.
FHA, fannie mae, freddy mac & traditional.
15.
Fixed mortgage open mortgage closed mortgage concentional mortgage.
Question 5 of 34
What are the biggest challenges you face in processing?
User-Submitted Answers
1.
Trying to make everyone happy.
2.
Investor reporting and OCC Audits.
3.
Making certain that the sales staff have notated all I need to know.
4.
Recalling the past. I enjoyed the process.
5.
When I have to put liens on property and or levy a savings account o payroll check to a client.
6.
I finished 7 files in one day.
7.
Getting the customers to send documents in a timely manner.
8.
Being polite while dealing with someone being rude.
9.
Obtaining searches in a timely manner.
10.
Incomplete information is the biggest task. Customer is not available and takes time to provide the information. Application rejection and follow up questions.
11.
Getting paperwork on a timely basis.
12.
Dealing with a unsure loan officer.
13.
The biggest challenges I face in processing is receiving proper documentation on time.
14.
Clients that are not accessible. Don't cooperate to get the necessary documents in a timely manner. Sometimes the delays in underwriting, backed up files that delays the process and you're caught in the middle.
15.
Having all parties cooperate in achieving the goal.
Question 6 of 34
How reliable of a worker are you?
User-Submitted Answers
1.
Honest and dependable.
2.
I am dependable, dedicated and accountable to my employer.
3.
I am a team player and veryhelpfull.
4.
I do my best to always be on time or early and have a good attendance record.
5.
I am extremely reliable. I have never really called in, and whenever extra help is needed I am usually the first person to volunteer to help.
6.
I am very reliable and honest man and very hardworking.
7.
100% I take full responsibility and accountability for what I do.
8.
To happy is working to dedicated in my work plant..
9.
Consistent for 10.5 years and 13+ years in two careers.
10.
Very. I enjoy working hard and remain persistent.
11.
Small Community Bank in which I can perform my duties as a Loan Processing Duties.
12.
I am always at least 15 minutes early everyday and I am rarely sick. I prearrange all dates off and make sure all my work is under control if I have to be out.
13.
I'm very reliable. If we discuss goals each month I make every effort to meet the goal.
14.
There are two things you can depend on. One that a task will be taken care of to the highest quality of my knowledge and ability, two that a task will always be completed promptly.
15.
Very. I understand how important it is to be part of a team you can count on.
Question 7 of 34
Are you familiar with the Fannie Mae and Freddie Mac Selling Guides?
User-Submitted Answers
1.
Pretty well not an expert.
2.
I have heard of them but I do not have alot of background knowledge in their guildelines.
3.
I feel to very clearly in public side and what all are the advantages of both processing in real life to explain in public.
4.
Understand the lender guidelines and know they are priority in processing.
5.
I am absolutely familiar and spent many years training new loan officers on products and guidelines. I have done recent brushing up via the Internet and would like to gain more from your current employees.
6.
I processed sub prime loans. Therefore, I am not familiar with Fannie Mae or Freddie Mac Selling Guides.
7.
I know them pretty well. Loan's are created using the selling guides from start to finish.
8.
I am familiar with the Selling Guides and feel that no matter how well I know the guidelines the mortgage industry changes as fast as technology does, so to stay ahead I will always use my resources such as a synopoes to make sure that all loans are with in requirements.
9.
I am not but I catch on quickly.
10.
I feel like I have a lot to learn but I am currently in the process. Fannie Mae: owned by stockholders, typical loan Freddie mac: competitor of Fannie mae, also offers FHA and Conventional loans.
11.
Yes. I have certifications and training on all Fannie / Freddie Mac loans.
12.
I am somewhat familiar with it, but I love to learn more and I am a faster learner.
13.
I am aware there a certain guidelines lenders must stay within in order to be able to package and sell their loans to the secondary market.
14.
Need to review them again.
15.
I am familiar with Fannie Mae and Freddie Mac selling guides. The standard guidelines are pretty simple in helping a client obtain home ownership through these programs.
Question 8 of 34
What do you feel is your favorite thing about loan processing?
User-Submitted Answers
1.
The pace is constantly changing and I am continually learning.
2.
Variety of tasks, feeling of satisfaction I get when I can assist consumers in their home needs.
3.
Is to talk to client and build relationship them.
4.
Pitching the customer about the l oan offer.
5.
The ability to help customer navigate through tough financial questions.
6.
Each borrower is different so therefore I am always learning and keeps my job interesting.
7.
The feeling of being part of changing someones life for the better. I also like the fast pace environment of it as well.
8.
Working with the team to get our client the loan they need to continue or start their business.
9.
How do donkeys have baby.
10.
Getting to the end of the process and seeing the joy that the consumer has when it is all done.
11.
Putting the loan together ready to be seen by an underwriter, asking for documents to clients and also ordering the requirements such as appraisals, title commitments and verification of employments.
12.
The ever changing environment and staying busy.
13.
Loan processing is very useful in USA public.
14.
Helping people to obtain home ownership.
15.
Ability to be part of a team chaning lives. Adding detials to aid in this process.
Question 9 of 34
How confident are you in making crucial decisions?
User-Submitted Answers
1.
Very confident in making crucial decision. If I do not have the answer I am not afraid of requesting assistance.
2.
Very knowledgeable and comfortable.
3.
Extremely confident in making crucial decisions. I have learned to trust my gut instinct. I would rather stop knowing that I erred on the side of caution.
4.
Very confident once the ropes are learned. I been in both positions in processing and recent jobs.
5.
I'm very confident that I can make a decision when needed.
6.
I am extremely confident in my ability to control that which I am able to control and to ask for assistance when I feel like I need it.
7.
I'm very confident and I know when it's time to get someone else involved.
8.
Very confident I would say.
9.
Strive to know my limitations and when to seek assistance.
10.
My confidence is based on my knowledge of a situation.
11.
I have worked in customer service for some time and have also handled more escalated situations. For the most part, I feel confident that I can make a decision to do what is right and appropriate regardless of the situation.
12.
When the decision will effective the whole company overall.
13.
Very confident and know my limitations.
14.
I am not scared of decision making. Many times have I had to make a decision that was choosing between bad or worth.
15.
I am someone who works well independently and confident in making those hard decisions. I run my own business currently and am constantly aware that whatever I decide will backfire on me, but I am ready to take responsibility for it if it were to happen. I am also very aware there are certain things out of my control and have to ask for help. It happens all the time in real estate transactions, especially when I was first starting out because there were a lot of things I was unaware of that could happen. And when they did, I knew I had to ask someone for help. However, with clients, there are some things that can't be overcome. Like being laid off or deciding to walk away from a deal.
Question 10 of 34
What have you done in the past year to make yourself a better Mortgage Loan Processor?
User-Submitted Answers
1.
To study & resarch more information about the mortgage world ecomy.
2.
Nothing I have been in the education arena, which has taught me patience.
3.
Taken courses to understand how to read tax returns.
4.
Loan originator, learn procedures, guidelines and policies from my previous employers.
5.
Continue to read about the different banking guidelines.
6.
All one of mortgage process.
7.
Continued to build my customer service skills.
8.
I read the updates posted on FHA, USDA, VA, and Processing web sites for processing and Underwriting.
9.
I am new to this business, so I am reflecting on the past few years of studies in insurance and in technology to carry into this career.
10.
Understand the loan application thoroughly.
11.
Brushed up on guidelines and changes since the gov't took over.
12.
Communicating with Potential borrowers/current borrowers collecting loan documents to ensure a timely loan closing.
13.
Better understanding of the guidelines and procedures.
14.
I have continued successful customer care skills and coordinating with various department heads and leaders to coordinate functions in our company.
15.
Take more responsibility on my hands and sometimes take some risks when is necessary.
Question 11 of 34
How do you determine your daily work priorities?
User-Submitted Answers
1.
I look at my Que and work my most easiest priorities first or see if there is anything that is pressing time wise. That way the rest of my day I can stay ahead of my work and not fall behind.
2.
Always have a list, do the hardest tasks first, try to stick to a schedule.
3.
For the day to day tasks I will take care of those first. After that I base it off of deadlines.
4.
Task list, and closing deadlines.
5.
First I see if I've received any new paperwork. If I did I'd take care of that first.
6.
I use a check list, and block my time.
7.
Organized the evening prior, per time allocated, start with the first to close, then work backward.
8.
Depending on business needs for the week. What is closing, what docs am I waiting on and from who, customer (internal & external needs), boss needs!
9.
Work diligently with any task needed by Management.
10.
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.
11.
By reviewing my pipeline the day before and working my oldest accounts first. Also work the files that are closest to closing.
12.
My daily work priorities are determined based on pulling my pipeline and viewing the closing dates on a loan and reviewing the requests from my manager. Based on importance and deadlines I will begin my work.
13.
Most difficult or pressing task first.
14.
Pull up my agenda as well as my emails. I make a checklist and I get it done as well as work on urgent matters as they come.
15.
In order in which they are do.
Question 12 of 34
What is your greatest strength?
User-Submitted Answers
1.
Staying calm under stress.
2.
Very knowlegdable of my work and I help make customers feel at ease.
3.
Communication skills, team work, know my product.
4.
Communication and diligence are my Strengths.
5.
Committment. I am known for seeing every goal through, and exceeding it.
6.
Hard working attention to detail.
7.
Persistence. I like to see things be done and done right.
8.
Meeting deadlines and coordination individuals to meet a common goal.
9.
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.
10.
I always help others and support in need.
11.
My greatest strength is my heart, when you are whole heartedly driven you go further, try harder and care more. With this you not only build yourself up but you improve everything you are devoted to.
12.
Perfectionist. Always striving to do my best.
13.
Faced paced, hard worker.
14.
I am good at overcoming challenges and being consistently accurate. I like to push myself to go the extra mile and seize the initiative to improve in any work environment.
15.
Being able to carry out my task to the fullest.
Question 13 of 34
Do you have experience using Desktop Originator?
User-Submitted Answers
1.
I have experience using the LIS and Core system for mortgage loans.
2.
I do not but learn quickly.
3.
I do not, my experience is with Chase and they used their own company systems, yet I do catch on extremely quick.
4.
I do not. However, I am in the process of learning more about mortgage loans and love to learn about the process in general. I also can learn most programs quickly.
5.
Yes, I have used desktop processing sites for different lenders when I used to process.
6.
I do not have experience with any of the software. However, I am a quick learner and can pick up new software relatively easily.
7.
No, I do not. However, I am a very quick study and eager to loan all aspects of the business to better serve the clients.
8.
No, but I have experience in ensuring the file is documented to meet the requirements on the AUS
Question 14 of 34
Where do you see yourself in 5 years?
User-Submitted Answers
1.
If staying with the company a mortgage underwriter.
2.
Coaching and managing an operation processing center.
3.
I want to use my ability to lead, movitave, and sincerely assist others while earning a high salary. I believe very strongly in the power of the right leadership.
4.
“I am driven to be the best at what I do and I want to work somewhere where I’ll have opportunities to develop my skills, take on interesting projects, and work with people I can really learn from. Some of the most innovative thinkers in the industry work here and that’s a big reason why I would love to build a career here.” OR “My goal right now is to find a position at a company where I can grow and take on new challenges over time. Ultimately, I’d like to assume more management responsibilities and get involved in product strategy. But most importantly, I want to work for an organization where I can build a career.”
5.
Underwriting dept to Manager to Corporate Trainer.
6.
Still with regions. No plan to go anywhere outside the company.
7.
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.
8.
I will differently have grown in this possession have gone 1 if not 2 levels up.
9.
I see myself at a position with experience that will make me over six figures.
Question 15 of 34
Why do you believe you are a good fit for our company culture?
User-Submitted Answers
1.
Because the mission and values of your company are to assist people in anaging risks in their everyday lives and to recover from those unfortuate circumstances.
2.
I have worked for the company before and I enjoyed the culture and people that I worked with.
3.
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.
4.
As I work with honest and your company good will.
5.
Yes as a current employee.
6.
The company culture is a well diverse atmosphere that I believe I have a lot to offer to.
7.
Yes I feel I am because your company seems to be built on trust ad family values.
8.
Yes, we believe in the same thing. Value helping others.
9.
I feel that I acn apply my skills and abilities my previous experience and positions.
10.
I know all the rules of the origination.
11.
Take pride in my work and really care about people and the community.
12.
I have a proven track of grow with in a company, have a lot of knowledge under my belt that I can utilize in this position and will not need much hand holding to get me and running.
13.
Because I am a patient punctual and great interpersonal skills hardworking and delicates.
14.
Easy to get along with, hard working, results oriented.
15.
Wells Fargo is a great company that has a reputation for growth potential. I am looking to grow with a company like Wells Fargo who believe in their employees as well as their customers.
Question 16 of 34
What do you know about our company?
User-Submitted Answers
1.
Company is based out of salt lake city.
2.
Its a credit union that offer great mortgage programs with the lowest rates and closing cost.
3.
This is a highly esteemed privately held company, looking for to invest in human resources to expand Mortgage Loan to families seeking the American Dream of Homeownership.
4.
That Loan Depot has a goal of adding staff to total 15,000 end of 2015.
5.
26 years Multiple states Involvement with VA loan program via Camp Patriot o And many more including the symphony! o Habitat for Humanity Quick turn times, average 24-48 hours? Helping people is a highlight of the mission and vision Compliance Family environment.
6.
Co is built on a foundation of shared values; ie, trust, integrity, quality relationships and financial strength.
7.
PHH mortgage is a mortgage company that supports the little guy, this mortgage company believes in not only helping but building smaller companies to support the community.
8.
Your top wholesale lending company.
9.
Has been in the community for decades.
10.
I know you are large loan processor and from what I head you have a great loan processing team.
11.
Wells Fargo is a company built on trust. Their vision is to satisfy their customers financial needs and help them succeed financially.
12.
It's great to work for, lucrative, and always room for growth and more opportunity.
Question 17 of 34
Which loan origination system software are you most familiar with?
User-Submitted Answers
1.
Somewhat familiar with Loan Origination Software.
2.
Unfortunate have not used any at this point but looking forward to gaining experience.
3.
The loan origination system software I am most familiar with would be LIS as I had worked on it and installed new systems to the software for about two years.
4.
Closr is what Chase used.
5.
Res ware magic doc encompass.
6.
I have yet to become familiar with loan software.
7.
Compliance Ease /Loan Logics/ Salesforce/Yardi/LP/ DU
8.
I have mostly used Point.
9.
Fiserv desktop Microsoft word teller insight.
Question 18 of 34
Tell me about your education/training.
User-Submitted Answers
1.
Bachelors degree in commerce training from american sona.
2.
My work history is of 26 years provided me training and education which I apply everyday. I keep myself informed by enrolling into different web sites to keep myself informed of changes that may effect my role as Mortgage Loan Processor.
3.
I have a degree in Psychology with a minor in finance. I was trained by Bank of America for mortgage processing.
4.
AIG sponsored underwriting training, education to obtain mortgage license in Utah, continuing educiation.
5.
I went to Buena Vista University and majored in Accounting and Business Administration. I feel that it taught me that attention to detail is important because one number that is incorrect can affect the entire financial statement and cause a problem with the financial status of the business.
6.
Nmls federal and state licensing real estate training science communication bachelor.
7.
Some college experience I plan on returning to obtain my degree and I prefer hands on training and familiar with several loan applications.
8.
I continue to update my courses with webinars, and continuing my undergrad studies continually.
9.
MBA in Business administration, Bachelors degree in Management. I have ongoing studies in technology regarding networks, and insurance licensures in life, health, property casualty. I have over 10.5 years of experience serving students with UNiversity of PHoenix, with emphasis on compliance, working at a fast pace and multi tasking, with consistent reporting to many databases in order to track students, numbers, and retain them.
10.
I went to school because I enjoy learning and wanted to be a better communicator in business. Because I took online courses, there was a great deal of teamwork, non-verbal communication to complete projects, and a great deal of research.
11.
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.
12.
I have an associates degree in computer science, and over 20 years of mortgage banking experience.
13.
Mostly from previous processors and reading the guidelines and take the processing seminars when provided.
14.
Began working in the legal field shortly after high school. Been there as a legal secretary/paralegal for 25 plus years. Very detail oriented and deadline driven. Currently working in the default mortgage side where my legal background serves me well.
15.
My education is primarily in computers and computer systems as I majored in I.T. In high school and my training as a BSG was from wells fargo shortly after high school.
Question 19 of 34
How do you react when a client receives an unfavorable mortgage decision that is outside of your control?
User-Submitted Answers
1.
Show compassion and let them know what options we can do to be helpful.
Question 20 of 34
How familiar are you with Truth In Lending regulations? How closely do you follow this federal mandate?
User-Submitted Answers
1.
I just know the basic definition from my real estate national preparation guide.
Question 21 of 34
How confident are you with calculating Loan-To-Value ratios?
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)?
Question 23 of 34
How often are you given new business through referrals?
User-Submitted Answers
1.
I may not be. It depends if I am a good fit for your companies culture and how you treat your employees.
2.
I have a strong work ethic, I am very organized and I am accountable for every step in my work.
3.
I am a team player, I take responsibility, and I am knowledgeable with fannie mae guidelines.
4.
I am goal oriented, dedicated and Personable. I am willing to learn and work well with others to obtain goals.
5.
The experience, drive, inner motivation to succeed in order to help others is not something that can be taught. I have a proven record of commitment.
6.
Because I have experience but have been a way from the industry for a shot time. This is good because you can mold me they way you like things done.
7.
Because servicing customers comes natural to me. Organizational skills and priortizing work is very normal for me. I am focused on my tasks and work extremely well within a team environment to accomplish all goals. I can be depended upon to carry my load and will always be honest and fair in all of my dealings.
8.
Because I can handle stress and volume without loosing my mind, proving with actions I can be a great team player.
9.
According to me I do up to mark what has been told and I take initiatives ..
10.
Already an employee. Know the values and work ethic required. Current position in default gIves me unique perspective. My legal background experience provides me the drive for meeting deadlines and assuring I have done all within my abilities to be certain I have done my best for the borrower.
11.
My candidacy brings the company knowledge of being an assistant to not only processing but an entire team. I have assisted the managers, processors, underwriters, closers and had time to create new loans and train to be a closer.
12.
Because I will be punctual honest always carry myself with honor do my best to bring honor an give you satisfaction.
13.
I have a background in research and working with people in confidential settings. Likewise, I have a strong interest in mortgages and underwriting. I feel like I would be a great candidate because of my desire to learn and excel in a fast paced setting.
14.
I am a great fit We have the same standards and morales. I believe in myself and I can help this company reached theri goral with my strong work ethics.
15.
I am certain that I can make an impact and bring benefit to the company and to myself.
Question 24 of 34
Do you enjoy talking to clients, and building relationships with them?
User-Submitted Answers
1.
Absolutely. No matter what positions I have held going forward, It has always involved building relationships with clients.
2.
I am very happy to have conversation with clients and I do speak with then when ever we have doubt.
3.
Yes. It is essential to growing a business.
4.
Yes through speaking with clients and building a relationship clients become more trusting and open to working with you when situations arise with the loan.
5.
Yes it is fun to get to know each customer and help them save money and purchase new homes.
6.
Yes, always enjoy working around the public and helping the community.
7.
Yes, when a relationship is built and they trust me it makes my job easier and also produces recurring business and referrals.
8.
Yes I enjoy talking to clients and building relationships. I am a people person.
Question 25 of 34
What skills do you feel are most essential in order to be a successful Mortgage Loan Processor?
User-Submitted Answers
1.
Detail-oriented, analytic, hard-working, self-motivated, passionate, dedicated, client service, time management, multi-tasking, decisive.
2.
Organization and communication.
3.
Knowing how to interpret credit, organizing files, knowing the correct documentation.
4.
Time Management, project management, communication, and a willingness to learn.
5.
Detail oriented, movitated intrinsically, positive attidude, abilty to communicate clearly and effectively with sales staff and lenders.
6.
Math, communication (written and verbal), ethics, organizational skills, setting and executing to achieve goals, proficiency in the application of the statistical and probability studies using the collected data and then concluding with a logical decision.
7.
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.
8.
Organization, attention to detail, multitasking, working as a team, and being about to work in a face paced environment.
9.
Detail orientation, speed, been able to multitask and deal with constant interruptions.
10.
Good grasping power, knowledge about subject tactical solving.
11.
Drive for excellence, persistence, crossing all t's and doting all i's.
12.
The essential skill for this position is communication, organization, basic computer knowledge such as word, excel, etc..
13.
Organization, timeliness, accuracy.
14.
Aggressivesness, diligency.
15.
Critical thinking, knowledge of verses lenders and products.
Question 26 of 34
What are your career goals as a Mortgage Loan Processor?
User-Submitted Answers
1.
I would like to become loan processing manager or underwriter.
2.
Advance in a management position.
3.
My goal is to re-enter DE Underwriting.
4.
To perform at a consistent, then exemplary level by the end of year one. By year two, to have earned recommendations from current accounts.
5.
I would like to outperform expectations, anticipate trends in the marketplace, and offer solutions to LO's and other co-workers by becoming a go-to person.
6.
To be the #1 processor in the company and to become a lead or trainer.
7.
To be a good underwriter.
8.
To enrich my skills and become a more valuable employee.
9.
Career goal as a Mortgage Loan Processor would be to increase my social skills and professional manner.
10.
To become an successful underwriter.
11.
Get back into the mortgage industry through loan processing and then move up to loan originator and possibly broker.
12.
To grow with the company and be able to buy my own home.
Question 27 of 34
What is your greatest weakness? What are you doing to improve it?
User-Submitted Answers
1.
I am not good at cold call sales.
2.
Sometimes I can over analyze information. I will be more conscious to stream line the thought process based on the clients/investors guidelines.
3.
Speaking my mind. I am reserved and tactful, and sometimes withhold my opinion when it may be used to serve a purpose. Speak to a situation, not an individual. When speaking to a scenario, one can tactfully express opinion.
4.
My greatest weakness is being a perfectionist and high expectations of myself. I am often an over-achiever meaning I get the work done even with sacrifice of self.
5.
I tend to work without taking breaks. I am learning that I am at my best when I have proper balance.
6.
Perfectionist. Unfortunately I sometimes become bogged down with details.
7.
Perfectionist. Unfortunately I sometimes become bogged down with details. I am aware of this tendency and striving to overcome it.
8.
Perfectionist. Unfortunately I sometimes become bogged down with details. I am aware of this tendency and striving to overcome it.
9.
My greatest weakness is taking on to many tasks for one work day, to improve this I have begun finishing all task at least an hour before the end of the day and saving any later tasks for the next day otherwise I probably would not leave work.
10.
Confidence. Forcing myself to improve constantly.
11.
I over see the time that I have to shut down and call it a day.
12.
Going back to school saving money for I can go back to school.
13.
My greatest weakness will have to be I can be too detailed oriented. I am a perfectionist and I am improving that by understanding that life happens but as long as I can figure out an alternative to the situation. All is ok.
14.
My greatest weakness is that sometimes I may be too overbearing and that can create inconsistencies. So when I can combine trust with consistency, people will come to me for help.
Question 28 of 34
Do you work well under pressure?
User-Submitted Answers
1.
Yes, I try to stay organized and also communication helps.
2.
Yes, I try to stay organized and also communication helps.
3.
"To tell you the truth, I think I work the same if there's pressure or if there's no pressure. I try and take out negative emotional factors and work hard regardless of down time or busy time. I always prioritize and organize my work, and from there, work efficiently. If the situation involved pressure due to a lack of time, then the only difference in my work would be the extra time I would need to put in to meet the deadline on time. Since I believe my normal work is great work, then I suppose I work well under pressure."
4.
After 5 years and a few awards I will say with humbleness I do.
5.
Yes. Legal background prepared me well.
6.
Pressure to me is not a concern due to the fact that when all task are ordered by length of time to complete and the amount of daily tasks, you avoid an over filled work load. If for some reason issues arise I always guarantee the task to be completed.
7.
Yes, most of my work has been completing tasks under pressure.
Question 29 of 34
Do you feel you do a good job of juggling multiple tasks at one time on a consistent basis?
User-Submitted Answers
1.
Absolutely, and I have the proof in a stack of awards from UOPX
2.
I enjoy multi-tasking to the best of my ability and feel that organization is key to being able to multi-task.
3.
Absolutely, I process an average of 18-25 loans per month with an 80 percent closing rate.
4.
That I believe is my strongest skill.
5.
Yes. I already do this daily.
6.
Juggling multiple tasks at one time consistently is something I personally do best.
7.
Yes. I do it all the time and have done so in the past with my past employers.
Question 30 of 34
What lenders have you worked with? Which are you most familiar with?
User-Submitted Answers
1.
Taylor Bean & Whitaker, Dime Mortgage.
2.
Wells Fargo, Wachovia, brokers, correspondence lenders and BBVA Compass.
3.
Sallie mae, freddie mac, fha.
4.
Happy to face in borrower side in every time.
5.
Chase, Huntington, PNC, and Private Clients.
6.
Sallie Mae from the Educational industry.
7.
Fannie/Freddie Wells Fargo BOA Chase Citi US Bank SunTrust WAMU Provident.
8.
Bank of America, Wells Fargo, Lending Tree,
9.
I am familiar working with a wide range of lenders but to specifically identify which ones would be a breach in my form contract with Wells Fargo Home Mortgage.
10.
Fannie, Freddie and Gennie.
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)?
User-Submitted Answers
1.
5 because I am knew to the company and I do not know their guidelines.
2.
LP is loan processed I do not know what DO and DU are acronyms for.
3.
I am a quick learner and although I have been away from the industry for a short time, I am confident that I will recall much of what I knew and what is new efficiently.
4.
I work on every day so I can do.
5.
3 ability to learn quickly.
6.
Currently I do not know the acronym for those three but can confidently say at least a four.
7.
There are two systems: one is Fannie Mae's DU (Desktop Underwriter — sometimes called Desktop Originator) and the other one is Freddie Mac's LP (Loan Prospector).
Question 32 of 34
How confident are you with reviewing pay stubs to calculate income accurately? Walk me through your calculations.
User-Submitted Answers
1.
Very confident, I pay close attention to detail and I was also an underwriter which allowed me to hone my skills even further.
2.
Very confident, I pay close attention to detail and I was also an underwriter which allowed me to hone my skills even further.
3.
Confident. I can see where deductions and percentages are deducted from annual income before tax and medical.
4.
Must be aware of OT, bonuses, deduction (e. G. Child support), and accurate 30 days.
5.
Very comfortable. Have past experience doing such.
6.
Lets say confident when there is nothing out of the ordinary.
7.
The review and calculation of the customer's income will always be calculated accurately as long as all documentation is accounted for.
8.
21 X 40 equal. Answer X 52 equal Answer divide 12
9.
Very, worked in payroll 25 years.
10.
Very confident. I have calculated income often as a underwriter as well as a loan processor and loan originator.
11.
I take the gross pay and multiply it by whatever to qualify them. If it's a biweekly check then we take two and add the gross pay together and that's your monthly income. Multiply that by 12 months and you get the annual income before taxes.
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?
User-Submitted Answers
1.
I have a lot of customer service experience where I had to be very precise and thorough. I am attending Davenport Univ for my MBA in finance. This position would help contribute to my education.
2.
Exception to detail and the ability to stay focused and on track.
3.
I have many years of experience, I am a great communicator, make people feel at ease.
4.
12 year of mortgage industry experience.
5.
Is I never want to stop learning and assisting the customer.
6.
I am the total package I have experience in frontend / backend processing and Underwriting. I have a clear understanding of processing and reporting.
7.
I led the once named MidWest division of over 400 employees for 5 years. I was consistently looked to as a lead and a go for answers. I was often the person with the highest amount of customer service time (phone conversation time) at the end of each quarter, and, the fruit of those quality conversations was realized with my number of enrollments and retained enrollments per quarter.
8.
I have a degree beyond business and experience in management. I have experience in the mortgage industry but am not stuck in my ways.
9.
Any career I choose is a natural flow of who I am which makes the task easier and enjoyable. That means that every obstacle is an opportunity for me to learn something new. Every challenge is an opportunity for me to strengthen my skills and abilities.
10.
I am willing to sacrifice time when needed, am not the typical 8 to 5 with an hour of lunch, I do what is necessary to get the job done even if that includes extra effort on every aspect.
11.
As I have good knowledge I can give my best of it.
12.
Again experience in legal background and with the default mortgage side. Already regions employee.
13.
Besides my background and training what makes me different from others is that when I learn the aspects of my job I don't stop. To fully understand the job you have you need to know how you get there and where you go. For example to be a top preforming underwriter you need to know at least some of what the processors and closers handle to know the impact of what it is you do. That is what I do, I always learn my role a little of others roles and try to take on their smaller tasks to alleviate some of the work load so as a team we can all be more proficient.
14.
Because I have skills in other areas which shows im a go getter.
15.
I have already begun learning and training. Likewise, I have been enrolled into the head teller series and have be commended a number of times as a teller for my dependability and accuracy.
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?

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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