Loan Officer Interview Questions & Answers
Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses.
Interviewers look for candidates that demonstrate excellent skills such as:
- Interpersonal skills
- Attention to detail
- Initiative-taking skills
- Decision-making skills
In this blog, we discuss commonly asked interview questions during job interviews for loan officer positions. We also discuss the qualities that interviewers look for in successful candidates. In other words, we’re here to help you out!
Skills Interviewers Look For In Successful Candidates
Below we discuss the skills you can highlight in your answers to demonstrate that you’re qualified for the job.
Why interviewers are interested in your decision-making skills:
Loan officers must assess an applicant’s financial information and decide whether to award the applicant a loan.
Attention to detail
Why interviewers are interested in your attention to detail:
Each piece of information on an application can have a major effect on the profitability of a loan, so loan officers must pay attention to detail.
Why interviewers are interested in your initiative-taking skills:
Loan officers need to seek out new clients. They often act as salespeople, promoting their lending institution and contacting people and firms to determine their need for a loan.
Related: What Does a Mortgage Specialist Do?
Why interviewers are interested in your interpersonal skills:
Because loan officers work with people, they must be able to guide customers through the application process and answer their questions.
Loan Officer Job Interview Questions & Answers
During a job interview, the hiring manager wants to discuss several things. Think of your:
- Employment history
- Skills and abilities
- Job qualifications
- Educational background
- Career goals
Below you find a list of commonly asked interview questions.
Examples Of General Loan Officer Interview Questions
- Tell me about yourself.
- How would you describe yourself?
- Why do you want to work here?
- What interests you about this position?
- Walk me through your resume.
- What motivates you?
- Why are you leaving your current job?
- Describe your work ethic.
- What is your greatest strength?
- How does your experience qualify you for this job?
- What is your greatest weakness?
- Where do you see yourself in 5 years?
- Tell me about a challenging work situation and how you overcame it.
- What are your expectations for this position?
- What are your career goals?
- Why should we hire you?
- What did you like most about your last position?
- What did you like least about your last position?
- How do you handle stress?
- What is your greatest accomplishment?
Examples Of Specific Loan Officer Behavioral Interview Questions
- How do you explain the loan process to a new client?
- Tell me how you get new business at your current workplace (or in your previous position)?
- How do you assess an applicant’s financial information and decide whether to award them a loan?
- Give me an example of a work situation that demonstrates your sales skills.
- Tell me about the hardest sale you ever closed.
- How would you ensure that a client’s information is kept confidential?
- Tell me about a time you made a mistake. How did you handle it?
- What licenses do you have? Are there any licenses you want to obtain in the future?
- Describe a time you had to deal with an unsatisfied client. How did you fix the problem?
- How familiar are you with current lending laws and regulations?
- Tell me about the size of the portfolio you have at your current position.
- How do you organize the financial information of loan applicants?
- Give me an example of a time when your ethics were tested.
- Tell me how you explain different types of loans and credit options with terms of service to your clients.
- How do you build relationships and build your network?
- What methods do you use when deciding to grant an applicant a loan or not?
- Have you ever had a client get angry with you? Tell me how you resolved the issue.