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5 Credit Analyst Interview Questions and Answers

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Q:

When offering a mortgage loan, how did your company establish affordability for consumers?

A:

Look for a candidate who understands the predatory lending laws and avoids extending loans to consumers who cannot afford them. He or she won't violate federal statutes and cause your company to face a lawsuit for approving a large mortgage for a customer with a lower-than-average income. The consumer's income-to-debt ratio helps the credit analyst determine if the individual has too many existing debts and presents a risk to your firm. What to look for in an answer:

  • Knowledge of predatory lending laws
  • Experience calculating an income-to-debt ratio
  • Understands risk analysis practices that prevent unlawful mortgage approval to consumers

Example:

"I evaluated the consumer's income-to-debt ratio and compared their income to all monthly obligations, including the mortgage, to establish affordability for the mortgage home loan."

Q:

How did you create payment plans for consumers who were delinquent on their loan payments?

A:

Delinquencies lead to charge-offs if the consumer doesn't catch up on the payments. A credit analyst who understands how to create settlement offers helps your company collect the outstanding balance without an insurance claim. A keen eye for details and an understanding of all financial circumstances help the analyst find a solution that benefits the consumer and lowers common risks to your business when collecting overdue loan payments. This indicates that the candidate is a problem solver. What to look for in an answer:

  • Knowledge of debt settlement offers
  • Creative financial analysis skills and risk mitigation
  • Knowledge of how to lower financial risks and avoid insurance claims

Example:

"Using client records and financial data, I created settlement offers that were affordable for borrowers and that allowed us to collect the full balance without higher premium risks."

Q:

How do debt consolidation loans work, and do you recommend them to consumers?

A:

The loan product reduces the risk for your company if used correctly. A full analysis determines if the borrower has the earnings to cover the monthly payments. The product helps consumers pay off several debts at once and repair their credit. A candidate with experience and knowledge of the loans conducts thorough credit assessments before extending them to customers. The right plan mitigates risks for your company and the consumer. What to look for in an answer:

  • Experience establishing creditworthiness for consumers
  • Familiarity with debt consolidation loans without major risks
  • Risk management and high-quality customer service skills

Example:

"Consolidation loans help consumers place all debts into one loan product and pay a lower monthly payment. I'd approve borrowers with a steady income and a higher-than-average credit rating."

Q:

Are you familiar with all documents needed to process a personal loan?

A:

Look for someone who understands proper lending protocol and who will collect all necessary information from the consumer. Borrowers must provide proof of their identity and where they live. The analyst needs information about the individual's employment to verify that he or she is employed and the exact value of the person's income for the last three months. The information determines if the borrower has the salary to pay off the loan. What to look for in an answer:

  • Experience with extending personal loans to consumers
  • Knowledge of proper lending protocol
  • Familiarity with lending laws for personal loan contracts

Example:

"Borrowers need a driver's license, proof of their current residence, at least three months' worth of bank statements or their last three pay stubs and a completed loan application to start the loan process."

Q:

How did you utilize confidential borrower information and keep it safe in your office?

A:

The candidate should be someone who will keep all confidential information protected from outsiders and understand the legal ramifications if a borrower's data is stolen from the firm's servers. The applicant must know about risk assessments in terms of information systems and how to enter an individual's data without risk to the consumer or your business. They must understand how to manage paper documents that are used to collect data and keep the information safer. What to look for in an answer:

  • Experience with confidential information or data
  • Knowledge of identity theft safety protocol
  • Follows company policies for protecting borrower data

Example:

"Working for a financial institution, I entered personal customer data into our server on a secured page and shredded paper documents per our information safety policy."

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