A loan is money granted to one party with the expectation of it being repaid. A loan processor is the person who gathers the required documentation for a loan application for loan submission. He or she is responsible in performing all the steps from the time a loan application is received to the time the loan is closed and placed on the books, including taking the application, conducting the credit investigation, evaluating the loan terms and other steps.
An interview is a two way communication process in which an interviewer asks questions from an interviewee. Given below are some common interview questions that come up again and again during interviews for the post of Loan Processor.
1. What are the skills required for this job?
Briefly state the qualities that are required for this job. As a Loan processor I must have proficiency in softwares such as Calyx Point Loan Origination Software, Adobe Acrobat Publishing Software, vLoanPort vForms Data Integration Software, Microsoft Office, and Microsoft Windows XP. For performing this job, I must be a team player who is supportive of loan policies.
2. What are the roles and responsibilities of a loan processor?
An interviewer asks this question to check your knowledge and awareness. Briefly state the duties of a loan processor. A loan processor has wide range of roles and responsibilities. He compiles and verifies application information for mortgage loans. He is responsible for executing daily operations related to mortgage loan processing, training and managing employees who are under him and reviewing residential and non residential loan applications. In addition a loan processor coordinates underwriting activities, audits loan applications and maintains records and files for processing mortgage loan application.
3. Why do you want to make a career as a loan processor?
This question gives you a chance to shine. Your answer will differentiate you from other candidates. You could talk about the wide scope of progress in this field. Just make a complete research of this field in advance. Tell about the range of opportunities which you are expecting from this job.
4. What do you think it takes to be successful in an organization like this?
You can reply this question by saying that I think presence of mind, analytical qualities, willingness to work, excellent communication, interpersonal skills, and team spirit are key characteristics required for this post. I carry all those attributes that will make me successful in my job.
These are some of the frequently asked interview questions. Do not forget to say “Thank You” to the person or people who interviewed you.