Top 25
Mortgage Loan Processor Interview Questions
1. What's your ideal company to work for?
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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 34
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.
 
3.
Speak to a supervisor and advise them that the person is not in compliance.
 
4.
Try to correct the issue as best as you can and get the file moving along.
 
5.
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.
 
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 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.
 
3.
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.
 
4.
Bankruptcy issues, obtain the paperwork for review, title lack of CO for changes to the property. Address with the title company and the borrowers attorney to clear and obtain.
 
5.
Cases where I cannot obtain searches so I cant prepare documents.
 
Question
4 of 34
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.
 
3.
Fix loan (wants to keep the house for a long time wants to have a monthly fix amount for payment), Adj loan (is not planning to keep the house for long term), balloon loan (want to pay lower monthly payments and pay a larder payoff, heloc (wants to draw funds as needed)
 
4.
Jumpo loan and consumer loan.
 
5.
Purchase - To own your own property, Refinance to take out some of the equity to refurbish the home or for college tuition., FHA - If you don't have much money for down payment, HARP - Modify your current payment.
 
Question
5 of 34
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.
 
3.
I would love to help every borrower find the right loan, but I know that that is not always possible.
 
4.
Collect all documents correctly and quick.
 
5.
Not getting the customers documents on time.
 
Question
6 of 34
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.
 
3.
To happy is working to dedicated in my work plant..
 
4.
I am very reliable and was awarded for being dependable.
 
5.
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 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.
 
3.
I am somewhat familiar with it, but I love to learn more and I am a faster learner.
 
4.
Yes I am but I review the automated Underwriting decision as a cross referece.
 
5.
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.
 
Question
8 of 34
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.
 
3.
Loan processing is very useful in USA public.
 
4.
Shopping around for a good deal for a customer and making them happy with what we offer.
 
5.
Helping the customer into a first home and the American dream as they say. Some will have challenges and I want to assist the purchaser.
 
Question
9 of 34
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.
 
3.
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.
 
4.
I am not scared of decision making. Many times have I had to make a decision that was choosing between bad or worth.
 
5.
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.
 
Question
10 of 34
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.
 
3.
All one of mortgage process.
 
4.
I have definitely improved how to communicate and be a go getter.
 
5.
I have been working on LMCU mortgage courses to learn more about the loan process, ethics, and law. Likewise I have been researching about mortgage procedures on my own time.
 
Question
11 of 34
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.
 
3.
I start with files that are deemed urgent then follow a flow chart that I have made up and keep track of the night before. A to do list.
 
4.
Based on the urgency of the file depending on Lock, upcoming increase in mortgage payment...
 
5.
Rate locks, New purchase, closing dates.
 
Question
12 of 34
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.
 
3.
I am extremely organized. Detail oriented.
 
4.
Team player by my actions I will back up those in need, offer help and guidance, work hard to accomplish the entire task at hand versus just my part. I am very conscientious and want to do the right thing overall for the customer rather than letting something suffer because of politics. Loyal, dedicated, decisive, curious.
 
5.
Hard working attention to detail.
 
Question
13 of 34
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.
 
3.
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.
 
4.
I do not but learn quickly.
 
5.
I do not have experience with any of the software. However, I am a quick learner and can pick up new software relatively easily.
 
Question
14 of 34
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.
 
3.
Underwriting dept to Manager to Corporate Trainer.
 
4.
Still with regions. No plan to go anywhere outside the company.
 
5.
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.
 
Question
15 of 34
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.
 
3.
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.
 
4.
I have worked for the company before and I enjoyed the culture and people that I worked with.
 
5.
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.
 
Question
16 of 34
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.
 
3.
That Loan Depot has a goal of adding staff to total 15,000 end of 2015.
 
4.
Its a credit union that offer great mortgage programs with the lowest rates and closing cost.
 
5.
I know you are large loan processor and from what I head you have a great loan processing team.
 
Question
17 of 34
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.
 
3.
Unfortunate have not used any at this point but looking forward to gaining experience.
 
4.
I have yet to become familiar with loan software.
 
5.
Fiserv desktop Microsoft word teller insight.
 
Question
18 of 34
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.
 
3.
I have attended over 2 years of college course work as well as attended Champion School of Real Estate for MLO training. I have extensive training in FNMA and Freddie Mac guidelines as well as RESPA and TILA
 
4.
BA in business management. 2001-2008 loan processor.
 
5.
I have an associates degree in computer science, and over 20 years of mortgage banking experience.
 
Question
19 of 34
How do you react when a client receives an unfavorable mortgage decision that is outside of your control?
 
Question
20 of 34
How familiar are you with Truth In Lending regulations? How closely do you follow this federal mandate?
 
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 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.
 
3.
Your vision and my vision go hand and hand. I am passionate about my work and believe that being a team member with Wells Fargo we can achieve greatness together.
 
4.
Because I have proven that I am an asset as I learn and grow fast and I love to assist others around me if assistance is needed. I have high work ethics, and will do what I can to go above and beyond and make my employer look good.
 
5.
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.
 
Question
24 of 34
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.
 
3.
Yes. It is essential to growing a business.
 
4.
I am very happy to have conversation with clients and I do speak with then when ever we have doubt.
 
5.
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.
 
Question
25 of 34
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.
 
3.
Organizational skills, time management, communication.
 
4.
Organization, attention to detail, multitasking, working as a team, and being about to work in a face paced environment.
 
5.
Critical thinking, knowledge of verses lenders and products.
 
Question
26 of 34
What are your career goals as a Mortgage Loan Processor?
 
User Submitted Interview Answers
1.
My goal is to re-enter DE Underwriting.
 
2.
Career goal as a Mortgage Loan Processor would be to increase my social skills and professional manner.
 
3.
Get back into the mortgage industry through loan processing and then move up to loan originator and possibly broker.
 
4.
To become an successful underwriter.
 
5.
To be the #1 processor in the company and to become a lead or trainer.
 
Question
27 of 34
What is your greatest weakness? What are you doing to improve it?
 
User Submitted Interview Answers
1.
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.
 
2.
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.
 
3.
I over see the time that I have to shut down and call it a day.
 
4.
Confidence. Forcing myself to improve constantly.
 
5.
I tend to work without taking breaks. I am learning that I am at my best when I have proper balance.
 
Question
28 of 34
Do you work well under pressure?
 
User Submitted Interview Answers
1.
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.
 
2.
After 5 years and a few awards I will say with humbleness I do.
 
3.
Yes, most of my work has been completing tasks under pressure.
 
4.
Yes. Legal background prepared me well.
 
5.
Yes, I try to stay organized and also communication helps.
 
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 Interview Answers
1.
Juggling multiple tasks at one time consistently is something I personally do best.
 
2.
That I believe is my strongest skill.
 
3.
Absolutely, I process an average of 18-25 loans per month with an 80 percent closing rate.
 
4.
Yes. I already do this daily.
 
5.
I enjoy multi-tasking to the best of my ability and feel that organization is key to being able to multi-task.
 
Question
30 of 34
What lenders have you worked with? Which are you most familiar with?
 
User Submitted Interview Answers
1.
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.
 
2.
Happy to face in borrower side in every time.
 
3.
Bank of America, Wells Fargo, Lending Tree,
 
4.
Sallie Mae from the Educational industry.
 
5.
Wells Fargo, Wachovia, brokers, correspondence lenders and BBVA Compass.
 
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 Interview Answers
1.
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).
 
2.
3 ability to learn quickly.
 
3.
LP is loan processed I do not know what DO and DU are acronyms for.
 
4.
I work on every day so I can do.
 
5.
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.
 
Question
32 of 34
How confident are you with reviewing pay stubs to calculate income accurately? Walk me through your calculations.
 
User Submitted Interview Answers
1.
21 X 40 equal. Answer X 52 equal Answer divide 12
 
2.
Lets say confident when there is nothing out of the ordinary.
 
3.
Very confident. I have calculated income often as a underwriter as well as a loan processor and loan originator.
 
4.
Very comfortable. Have past experience doing such.
 
5.
Confident. I can see where deductions and percentages are deducted from annual income before tax and medical.
 
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 Interview Answers
1.
Because I have skills in other areas which shows im a go getter.
 
2.
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.
 
3.
I have been in the mortgage industry for over ten years. I am passionate about my work and I understand how important it is to get the file complete and in a timely manner.
 
4.
I have proven that I can start low, but learn and grow fast. I am loyal to my manager and the company I work with and don't move from job to job. I have management knowledge and experience, so my manager won't need to do much holding hand with me. I am a go getter and will figure things out on my own and not keep on going to my manager for every little thing, but I will certainly reach out for help if I am not able to do it on my own.
 
5.
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.
 
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?
 
Contributing Author
Rachelle Enns
Recruiter & Freelance Writer

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