Last updated on January 23rd, 2019 at 11:23 am

A mortgage loan officer talks to a young couple about an options for the mortgage.Whether you will work with consumer loans or with business loans, your job will require responsibility, and other personal traits. These will be tested in an interview.

It is a common misconception to think that you need to understand the entire process of loan application, evaluation and approval when applying for a job of a loan officer.

First of all, you’ll receive an extensive training once they hire you. And secondly, everything is computerized nowadays.

You won’t do any manual calculations. You’ll collect certain data from the loan applicant, enter them to the computer, and let the program to do the magic…

 

Human factor and interview questions

Of course, there are things which a computer can not evaluate, such as: the level of trustworthiness of the applicant, their real business intentions (when applying for a business loan), whether they are credible or not, etc.

Understanding the real role of a loan officer, it should not come to you as a surprise that the interview will consist mostly in personal and behavioral questions.

Technical questions are rare, and in most cases you won’t deal with them at all. What you may deal with quite often, however, especially when applying for a job with one of the big banks, is a personality test.

You can’t really prepare for the test in advance, however, and you should focus on things you can control. Challenges you can prepare for, mainly the interview questions, should be your primary focus. Let’s have a look at them!

 

Personal questions for loan officer interviews

  • Why loan officer (mortgage loan officer)? Try to focus on the value you can bring in this job-to both the bank and the customers. Say that you believe to have the right skills, such as communication skills, empathy, understanding for the needs and desires of other people, understanding for the financial terminology and banking business etc.
  • Why did you leave your last job? / Why do you want to leave your present job?
  • Why our bank (financial institution)? Tell them something nice, something they will enjoy listening to. For example, you can praise them for the selection of loans they offer, or low interest rates. Or perhaps for great customer service (which you also want to deliver), or their reputation, working environment, anything. They should feel that you honestly want to work for them, and not just for any bank.
  • What motivates you the most in this job?
  • Tell us something about your studies/previous working experience. Try to talk about relevant things: subjects you’ve had in school that will help you in the new job. Or any jobs you held in customer service, sales, or in finance. Tell them how your studies and professional career prepared you for a job of a loan officer. Show them that you believe in your skills, and they will start to believe in them.
  • What are your weaknesses?
  • Where do you see yourself in five years time? Most banks offer interesting career growth opportunities for loan officers, and for all other employees. Check their career’s website to see where this job can take you, in five or in ten years. Do not forget to say that you are in for a long run, that you like their bank and would be glad to stay and grow together with them.
  • Why should we hire you, and not one of the other applicants?

 

Behavioral questions for loan officer interviews

  • Describe a conflict you had with one of your colleagues in work.
  • Describe a situation when you reached a goal and tell us how you achieved it. Many banks employ a cogent system of monthly and yearly targets for loan officers and for other employees. The key is to show them that you are accustomed to setting goals and meeting them. Describe a situation (can be from work or even from school), tell them about your struggles and about your understanding of the importance of the goal, and about the milestones you set and steps you took to achieve it.
  • Describe a situation when you went above and beyond with your service (for the customer).
  • How would you deal with an angry customer? Many people will get angry after you reject their loan application. They may even shout on you, call you incompetent or even something worse. Ensure the hiring managers that you are ready to face complaints, and that you won’t change your decision about the loan just because someone isn’t happy about it. Customer is not always right. While you should try your best to stay courteous (in any situation), you can’t afford approving a loan of someone who doesn’t meet the requirements.
  • Describe a time when you struggled with motivation in job (it was repetitive, you did not enjoy your duties, there was no work to do, etc). How did you overcome the crisis?
  • Describe a situation when you were under pressure in work.
  • ….

 

Special Tip: If you want to get ready for your loan officer interview in less than three hours, have a look at our Interview Success Package. After reading multiple great answers to all difficult questions, you will know exactly what to say and do in every moment of your interview. Thank you!

 

Conclusion

Shake of hends as an illustration of a successful outcome of a job interview.

Just like any other entry level job in banking industry, loan officer belongs to popular job titles.

In most cases you will compete with five or more people for the job–and for this reason (and only for this one) we have to call this interview a difficult one.

The success (or failure) is not a question of luck though. Prepare for the questions, learn something your competitors won’t know, and ace your interview. We wish you good luck!

InterviewPenguin.com – Your best job interview coach since 2011.

 

May also interest you:

  • Body language in an interview – What do your gestures and movements say about you? Can we control our non-verbal communication?
  • Salary negotiation tips – Basic rules you should remember when negotiating a salary in your interview.
  • Credit Analyst interview questions – Most banks will provide excellent training to each new employee–including the credit analyst. But you will still have to convince them of your financial literacy and right attitude.
Matthew Chulaw

Matthew Chulaw

Matthew has been working in international recruitment since 2008. He helps job seekers from all walks of life to pursue their career goals, and to prepare for their interviews. He is the founder of InterviewPenguin.com website.
Matthew Chulaw

Latest posts by Matthew Chulaw (see all)