Loan Officer Interview Questions

Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. Loan officers use a process called underwriting to assess whether applicants qualify for loans. After collecting and verifying all the required financial documents, the loan officer evaluates this information to determine the applicant’s loan needs and ability to pay back the loan.

Some firms underwrite loans manually, calculating the applicant’s financial status by following a certain formula or set of guidelines. Other firms use underwriting software, which analyzes applications almost instantly. More often, firms use underwriting software to produce a recommendation, while relying on loan officers to consider any additional information to make a final decision.

Whether you're a job seeker preparing to be interviewed for the role of Loan Officer or an employer preparing to interview candidates for Loan Officer position, these Loan Officer interview questions will help you prepare yourself for the job interview session.

Loan Officer Interview Questions

Below are a list of some skill-based Loan Officer interview questions.

1. How experienced are you with reviewing and filing loans?
2. Have you worked with automated loan processing tools, such as Loan Prospector (LP) and Desktop Underwriter (DU)?
3. Can you describe your typical working day as a loan officer?
4. When reviewing a loan, what areas are you most concerned with, and which ones do you focus on?
5. Can you explain what this layering is and how to use it?
6. Have you ever recommended a different loan vehicle or finance package to a client who initially applied for a mortgage to purchase a new home?
7. Can you explain how you go about assessing the risk for a loan?
8. Can you tell me about a time when you went above and beyond to help a client obtain a loan?
9. What steps do you take to ensure the client has a positive experience with the loan application process?
10. Can you tell me about a time when you worked with a client whose risk assessment was high but to whom you were able to provide a loan anyway?
11. When issuing a loan, what resources do you use to make sure it complies with financial regulations?
12. How do you deal with a client whose loan has been rejected?
13. How do you go about ensuring the confidentiality of a client’s financial information?
14. How do you sell a client on a loan proposal they may not feel completely sure about?
15. How do you deal with an angry customer?
16. How do you begin the process of evaluating a proposal?
17. What aspects of your personality make you suitable to work with clients?
18. How would you describe your sales style?
19. What was the most difficult sale for a proposal you managed to close?
20. How do you explain the loan process to a new client?
21. On average, how many loans did you submit per month at your most recent loan officer job?
22. How many years of customer experience do you have?
23. What did you enjoy most about working as a loan officer at your most recent job?
24. What did you enjoy least about working as a loan officer at your most recent job?
25. What qualities make you a great loan officer?
26. What do you consider your biggest accomplishment as a loan officer to date?
27. What do you consider your biggest failure as a loan officer to date?
28. What skills do you have that would help you succeed at our company?
29. Describe your worst day as a loan officer. What did you learn from this experience?
30. Tell me about the most challenging loan file you've dealt with. What did you learn from this experience?
31. What are your best closing techniques?
32. What was your most rewarding experience working with a client as a loan officer?
33. What sets you apart from other loan officers?
34. What are your sales goals, and how do you plan to achieve them?
35. If I were to call your most recent employer, what would they say about you?
36. If you saw a co-worker doing something you knew was against procedure, what would you do?
37. Can you tell me about a typical day in your recent role as a loan officer?
38. What qualities do you think a loan officer needs to be successful?
39. Can you tell me about a time you had a conflict with a co-worker in the past? How did you address this situation?
40. What is more important, to meet your sales goals or to make your customers happy?
41. Describe a time when you exceeded expectations. Why do you think you were successful?
42. Can you tell me about a time you had to deal with a challenging customer? How did you approach them?
43. How would you bring in business when the market is dry?
44. How do you explain the loan process to a new client?
45. How do you notify a client that their loan application was denied?
46. Can you describe the hardest sale you’ve ever closed?
47. How would you ensure a client’s information is kept confidential?
48. Can you describe your method for determining the feasibility of granting an applicant a loan?
49. We offer several loan options for our customers. How can you make sure you suggest the best loan for each person based on their situation?
50. What are three skills you think a successful loan officer should have?

Loan Officer Interview Questions and Answers

Every interview is different and the questions may vary. However, there are lots of general questions that get asked at every interview.

Below are some common questions you'd expect during Loan Officer interviews. Click on each question to see how to answer them.

1. What is Your Greatest Strength?
2. Tell Me About Yourself
3. Why Do You Want To Leave Your Current Job?
4. What is Your Salary Expectation?
5. Do You Have Any Questions for Us?
6. What is Your Greatest Weakness?
7. Why Should We Hire You?
8. What Is Your Greatest Accomplishment?
9. Are You a Leader or a Follower?
10. Why Do You Want This Job?