Loan Processor qualifications to look for
Loan processors are the gatekeepers of originated loans. These professionals sort out all the paperwork and enhance the probability that the loan will be approved.
Loan processors work with a variety of loan types such as mortgages or consumer loans. That’s why it’s important to look for candidates with experience related to your field, or coachable hires who will pick up the industry quickly.
Note that a license is mandatory for mortgage loan processors ✅
The best A loan processors are detectives when it comes to deciding if a loan should be approved.
It’s their job to interview potential clients and evaluate applications, looking for red flags, omissions or inconsistencies.
Keep an eye out for candidates who have:
- Sound judgment
- Attention to detail
- Math and communication skills
- Time-management skills
Top tip: Hire candidates willing to grow by making sure their personal career goals align with your company's mission.
Problem-solving interview questions
- How do you calculate income-to-debt ratios?
- How do you analyze credit?
- How do you handle the stress when the phone is ringing and you are trying to process applications? What do you do to ensure excellent customer service?
- How would you approach a demanding loan officer/underwriter who takes up a lot of time?
- What documents do you need to begin processing a loan?
Role-specific interview questions
- How has your education/training helped you understand your position?
- How important is attention to detail? What are your steps to ensure you don’t miss important information?
- What software are you comfortable using for your position?
- What’s the purpose of bank statements/credit reports/etc.?
- What are the different types of mortgages you’ve handled?
- Explain RESPA to someone without a lending background.
- What’s the typical loan volume you processed in your previous job?
Behavioral interview questions
- Recall a time you discovered a fraud. What were your first steps to handle it?
- Describe a time you had to meet a tight deadline. How did you manage tasks?
- Tell me about the most challenging loan file you dealt with. What was the outcome?
- Have you developed a method to complete loan processing faster? If so, explain.
- Have you ever faced an ethical dilemma at your job? How did you deal with it?
- Have you ever helped a client with bad credit secure a loan? What was the process?