Loan Processor Interview Questions

This question reveals what kinds of experience he/she is bringing to the table. Someone who has experience as a loan processor has managed a multitude of loan products and understands how each program works. You want to find a candidate who has previous knowledge of each loan product you offer clients. They are seasoned professionals with sales and customer service experience. What to look for in an answer:

• Experience processing a variety of loans
• Experience verifying application information
• Superior customer service skills

You want a candidate who knows what to look for when qualifying the borrower for a mortgage. They should also know that the property itself has to meet specific VA regulations and standards before the mortgage is approved. A candidate with knowledge of these steps is a great asset to your company. What to look for in an answer:

• Experience with the VA loan process
• Knowledge of VA regulations and standards
• Helps service members qualify for a mortgage

This is an important question as it ensures the loan processor candidate can make an adequate judgment based on a client’s credit score. Someone who has experience processing home mortgage loans knows the minimum credit score required for each mortgage loan program. You want a candidate who has enough experience to tell you the exact credit scores as outlined in loan regulations. The candidate should answer the question correctly without hesitation. They should also know about alternative measures to get qualified, such as paying a higher down payment. What to look for in an answer:

• Experience approving or denying mortgages
• Knowledge of qualification requirements for mortgages
• Experience presenting mortgage products to consumers

This question is important to ask as it reveals whether or not the candidate can evaluate the borrower’s current financial status and determine if debt consolidation loans are the right choice. Someone who has experience with debt consolidation loans also understands how the loans work and the circumstances in which they are warranted.They must possess exemplary customer service skills and help the borrower make a well-informed choice about the product. What to look for in an answer:

• Experience with debt consolidation loans
• Knowledge of the loan products
• Can clearly explain why these loans are helpful

Someone who has experience with auto loans understands how to help customers qualify for a new or used car. You want a candidate who understands the best practices for approving auto loans while providing the best option for your customers. They must know how to process auto loans and understand the preliminary eligibility requirements for the loans. The candidate will work well with your sales staff and credit managers if they understand what is expected of them prior to getting hired. What to look for in an answer:

• Experience processing auto loans
• Knowledge of minimum requirements to qualify for an auto loan
• Experience presenting auto loan products to consumers

An experienced loan processor will know that a good credit score is a prerequisite for securing most loans. This question can help hiring managers identify candidates who understand the ethics and guidelines of the profession and the internal protocols of their company. A skilled loan processor candidate’s answer will reflect their adherence to the rules and regulations for providing loans to prevent foul play. The candidate’s answer should emphasize:

• Professionalism
• In-depth knowledge of the procedures for giving clients loans
• Integrity