When you are interviewing for a position as a loan officer, it is important to remember that you will be required to make important decisions for both your employer and your clients. The following loan officer interview questions and answers are those most likely to be asked by your potential employer in order to gauge your abilities.
Can You Process Requests Objectively?
During your career as a loan officer, you will undoubtedly come across patrons who have heartbreaking stories behind their loan requests. Perhaps they are interested in adopting a child; maybe they need the money to keep their home. Whatever the reason, everyone will be subjected to the same credit requirements, and you will not be able to provide a loan to everyone who has a story. You should provide an empathetic yet truthful response to this question. “I understand that I must remain objective when processing loan requests. Although I can empathize with patrons who are experiencing financial hardships, I understand that I will need to keep the company’s best interests in mind.”
How Would You Handle an Irate Customer?
During your time as a loan officer, there will be customers who become very upset with your decisions. For instance, if a gentleman is unable to get financing for a new home for his family, he may become irate; it will be your responsibility to take ownership of the situation. “In the event that I am dealing with an irate customer, I will take the time to listen to the complaint very carefully and provide empathetic statements. If I cannot provide the exact resolution the customer wants, I will offer other products and services as well as financial advice that may help to calm the situation” is along the lines of what your potential employer wants to hear.
What Qualities Do You Possess that Will Help You Be Successful?
As a loan officer, there are many qualities that you will need to possess in order to enjoy any level of success. You will need to be able to pay attention to detail, multitask and communicate effectively. To that end, an answer like “I am detail-oriented, and this is important to my success because it helps to ensure that I will not make mistakes. Similarly, I am comfortable with a large workload and I can take on many clients at once. My ability to communicate effectively will help to ensure that clients understand the terms of loan agreements or the reasons why their loans were denied.
Explain Your Methods for Meeting Goals
Loan officers are often held to strict goals in regard to the number of loans they close per month. Your potential employer will want you to provide some information about the way is in which you intend to meet these goals. For instance, you may be told that you will need to close 20 loans per month. “I work very hard to meet goals and I have developed several methods for doing so. I pre-screen applicants to determine whether or not they have the credit necessary for a loan. This allows me to focus my attention on only those clients who may ultimately be approved” is a great way to start an answer, but you should elaborate further on additional methods.
Loan officers have jobs that can certainly be frustrating, but there is plenty of reward to be had, as well. Your interviewer will want to ensure that you will be successful in order to truly be an asset to the bank or financial institution.