Loan Inspector Interview Questions And Answers

Download Loan Inspector Interview Questions and Answers PDF

Enhance your Loan Inspector interview preparation with our set of 37 carefully chosen questions. These questions will test your expertise and readiness for any Loan Inspector interview scenario. Ideal for candidates of all levels, this collection is a must-have for your study plan. Secure the free PDF to access all 37 questions and guarantee your preparation for your Loan Inspector interview. This guide is crucial for enhancing your readiness and self-assurance.

37 Loan Inspector Questions and Answers:

Loan Inspector Job Interview Questions Table of Contents:

Loan Inspector Job Interview Questions and Answers

1 :: Tell me what is your ideal company to work for?

A niche mortgage company one that who's only operations are mortgage and even so, a company that has a focus on only certain types of loans to better serve clientele.

2 :: Tell us how confident are you in making crucial decisions?

I have worked in customer service for some time and have also handled more escalated situations. For the most part, I feel confident that I can make a decision to do what is right and appropriate regardless of the situation.

3 :: Tell us which loan origination system software are you most familiar with?

Unfortunate have not used any at this point but looking forward to gaining experience.

4 :: What are your career goals as Loan Inspector?

Get back into the mortgage industry through loan processing and then move up to loan originator and possibly broker.

5 :: Tell me why do you think you are the strongest candidate for the job? Explain what makes you different and/or more valuable than other Mortgage Loan Processors?

I am willing to sacrifice time when needed, am not the typical 8 to 5 with an hour of lunch, I do what is necessary to get the job done even if that includes extra effort on every aspect.

6 :: What experience do you have as Loan Inspector?

Speak about specifics that relate to the position you are applying for.
If you do not have specific experience, get as close as you can.

7 :: Explain what are the biggest challenges you face in processing?

I would love to help every borrower find the right loan, but I know that that is not always possible.

8 :: Tell us do you have experience using Desktop Originator?

I do not. However, I am in the process of learning more about mortgage loans and love to learn about the process in general. I also can learn most programs quickly.

9 :: Tell me during the loan process, if someone is not doing their job right, what do you do?

I will nicely and a professional way point out the mistake and the correct way to proceed to work as a team and meet pour company's goals.

10 :: Tell me why do you believe you are a good fit for our company culture?

Because not only I have the experience, but its a life/professional goal I set many years ago and also because I like it and I enjoyed doing this, of course there are times when you nned to take a mental break.

11 :: Do you work well under pressure as Loan Inspector?

Pressure to me is not a concern due to the fact that when all task are ordered by length of time to complete and the amount of daily tasks, you avoid an over filled work load. If for some reason issues arise I always guarantee the task to be completed.

12 :: Explain me how reliable of a worker are you?

I consider myself to be very reliable. I will stay until the job gets done and if needed I will come in early. Whatever is needed to get the loan closed.

13 :: Can you explain why did you leave your last job?

Stay positive regardless of the circumstances. Never refer to a major problem with management and never speak ill of supervisors, co-workers or the organization. If you do, you will be the one looking bad. Keep smiling and talk about leaving for a positive reason such as an opportunity, a chance to do something special or other forward-looking reasons.

14 :: Tell us do you enjoy talking to clients, and building relationships with them?

Yes, when a relationship is built and they trust me it makes my job easier and also produces recurring business and referrals.

15 :: Tell us how confident are you with reviewing pay stubs to calculate income accurately? Walk me through your calculations?

Very confident. I have calculated income often as a underwriter as well as a loan processor and loan originator.

16 :: Tell us how do you react when a client receives an unfavorable mortgage decision that is outside of your control?

Show compassion and let them know what options we can do to be helpful.

17 :: Explain me what do you feel is your favorite thing about loan processing?

Helping the customer into a first home and the American dream as they say. Some will have challenges and I want to assist the purchaser.

18 :: Explain me about your education/training?

I have a BA degree in Mktg...I have trained in-house with H&R Block Mortgage Corp as a loan processor. I trained with the underwriting department to meet sign-off authority on all conditions of a loan.

19 :: Explain me where at in the processing do you usually run into delays, and what steps do you take to avoid them?

When we find unexpected debt or unseasoned waiting periods on a previously defaulted mortgage, unexpected debt from a spouse not previously disclosed, make sure we review all documents and verify with what the 1003 says, borrower not always disclose all pertinent information.

20 :: Fresh Loan Inspector Job Interview Questions:

☛ Recall a time you discovered a fraud
☛ Describe a time you had to multi-task to meet a deadline
☛ Tell me about the most challenging loan file you dealt with
☛ Recall a time you took an initiative to complete loan processing faster
☛ Have you ever faced an ethical dilemma at your job?
☛ Have you ever helped a client with bad credit secure a loan?

21 :: Difficult Loan Inspector Job Interview Questions:

☛ How has your education/training prepared you for this job?
☛ How do you maintain attention to detail?
☛ What software do you use in this job?
☛ What useful information do you get from bank statements/credit reports/etc.?
☛ What are different types of mortgages?
☛ Explain RESPA
☛ What’s the highest number of loan files you were processing at the same time in your previous job?

22 :: Basic Loan Inspector Job Interview Questions:

How do you calculate income?
What methods would you use to analyze credit?
Imagine you have a busy day, with loan officers and clients calling constantly to inquire about the state of applications. How do you handle the stress? What do you do to ensure excellent customer service?
How would you approach a demanding loan officer/underwriter?
What documents would you ask for to begin processing a loan?

23 :: Tell us on a scale of 1-10 with 10 being highest, how confident are you with your knowledge and skill in Desktop Underwriter (DU)?

There are two systems: one is Fannie Mae's DU (Desktop Underwriter — sometimes called Desktop Originator) and the other one is Freddie Mac's LP (Loan Prospector).

24 :: Tell me how familiar are you with Truth In Lending regulations? How closely do you follow this federal mandate?

I just know the basic definition from my real estate national preparation guide.

25 :: What have you done in the past year to make yourself a better Mortgage Loan Processor?

I have been working on LMCU mortgage courses to learn more about the loan process, ethics, and law. Likewise I have been researching about mortgage procedures on my own time.