Top 10 Questions to Ask a Loan Officer at a Job Interview
A lot of loan officers have worked in sales or banking before, which helps them do their jobs well. When looking for jobs as loan officers, it’s important to show that you are knowledgeable, have good people skills, and can adapt. Doing research on questions before an interview can help you get ready for the harder ones that hiring managers might ask. This article talks about some of the things that employers look for in people who want to be loan officers. We also look at 10 common questions asked of loan officers during interviews and give an example answer for each. Questions to Ask a Loan Officer
Employers look for certain qualities in people who want to be loan officers.
When you go in for a loan officer job interview, it’s important to know what the hiring manager wants. Sometimes, the job description tells you everything you need to know, but some employers might not include everything they want. You can get a job as a loan officer if you show that you have certain qualities in the right way. The following are:
- When loan officers look at numbers and other complicated information, they have to pay close attention to the details.
- Employers often look for potential loan officers who can do a lot of hard things at once.
- Empathy: Loan officers who are good at their jobs usually understand clients from a wide range of financial backgrounds and situations.
- Loan officers who are good at their jobs also know the state and federal laws and rules.
- Loan officers should be able to keep their cool under pressure and know how to deal with difficult customers and situations.
- Quick and clear thinking: These professionals can take in a lot of information and decide quickly what to do with it.
- Employers also want to make sure that people who want to work as loan officers can meet deadlines and decide what needs to be done first.
- Personal: It’s important for loan officers to seem likeable and personable to both new prospects and important clients.
- Employers also want loan officers who can respond quickly to situations and environments that change, which may mean that they need to be able to adapt to do well.
Sample interview questions and answers for a loan officer
Here are some questions you might be asked at a job interview for a loan officer position, along with tips on how to answer them:
In your last job, how many loans did you approve on average every week?
The interviewer wants to know how hard you work and how well you do it. You may already have this number on your resume, but employers want to know more about it so they can figure out how qualified you are. It’s also important to talk about how good your work is and how other professionals have noticed it.
Here’s what I mean: “I was in charge of 15–20 loans a week at my last job. Most of them were hard, so I usually had to do more research to make sure everything was right. Some of the applications I worked on had to be turned down, but my bosses always told me how thorough I was. During my performance reviews, management often told me how important it was to pay close attention to details.”
Tell me about the sale that was the hardest for you to make. What did you learn from what happened?
Employers ask this question to see how good a candidate is at negotiating when they are under pressure. They want to know if you are willing to work with difficult clients and can handle a challenge. You could tell the employer in your answer that you now know how to handle the situation.
Here’s what I mean: “When I first worked with an enterprise-level client, I was scared to work with numbers that were so hard to understand. But once I learned how to deal with my stress and focus on the tasks at hand, selling to the client became much easier. Now, when I have big clients, I only worry about what’s happening right in front of me and not about what could go wrong.”
How would you make sure that a client’s private information stays private?
A hiring manager will often ask a candidate about the privacy rules and regulations in the industry to see how well they know them. Since banks deal with personal information about their clients, it is very important to earn their trust. You might want to say in your job interview that you follow procedures and give examples of how you have done this with security.
Here’s what I mean: “I’ve always put the safety and privacy of my clients first. I always keep case files in a drawer that is locked at my desk, and I send and receive email through encrypted channels. My last job had a very secure network, so I also kept digital records there. But the only other person who could see it was my manager.”
How would you fit into the way we do sales in your first week?
Most companies have their own sales process, and the person in charge of hiring might want to know if you are willing to work with theirs. People who are flexible and willing to work with a new team are usually what they look for. Think about telling the interviewer how well you can adapt to new situations and how quickly you can do well in your new role.
Here’s what I mean: “On my first day, I would want to meet everyone on our team and ask them how it is to work here. I like to ask questions and take notes, so I’d try to see as many people as I could. I also want to write down a lot while training. Before the end of my first week, I hope to know everyone in the sales department.”
How do you tell people who asked for a loan that they didn’t get it?
It can be hard for a loan officer to say no to people who want to borrow money. When hiring someone, most people want to know if you can do this job well. In all loan situations, it’s important to show that you are both kind and practical. Think about making up a story that shows how you can use both skills at the same time.
Here’s what I mean: “It’s not easy because many people who need loans are in the middle of something big in their lives. I try to deal with rejections in person as much as possible. If I have to do it over the phone, I always give myself about 20 minutes so I can make the call personal. Still, I try not to give them false hope. When a newlywed couple asked me for a home loan, I had to say no, but I tried to be both kind and honest.”
How do you decide if an applicant is qualified?
One of your main jobs as a loan officer is to decide if a borrower can get a loan. A person in charge of hiring may want to know how you would do this for their office. Try to answer in a way that is clear and also open to other ideas. It’s important to fit into the culture of a new company no matter what you do. You might want to avoid talking about things you have trouble with and instead talk about how well you pay attention to details.
Here’s what I mean: “Before I meet with applicants, I’ve already done most of my work. I think a person’s first impression is very important, so I want to make sure that what is in their file matches what I see when I meet them. I keep a list of the main eligibility requirements and anything else that needs to be explained. After the first meeting, I make sure the information is right and tell my boss about anything that doesn’t seem right.”
Our business gives out different types of loans. How would you make sure that the loan you suggest to each customer is the best one for them?
This is a question that interviewers often ask to find out how much you know about the job. They want to know that you don’t need a lot of training to know what they sell and how to talk to customers about it. Try to show how much you know and how you would explain the different parts of different loans. Think about a time when you helped a customer choose between different kinds of loans.
Here’s what I mean: “I’ve sold a lot of different types of loans, so I know a lot about how they work in different ways. I feel like I’m good at talking to new customers who aren’t sure what they want. I try to describe each option once before I compare them. Even if the customer already knows what they want, I always try to explain all of their options just in case they don’t know something.”
How do you manage processing multiple requests?
A hiring manager might ask you this to see how well you can do more than one thing at once. Loan officers usually work with more than one client every day, so your boss might want to make sure you can handle more than one thing at once. Consider talking about how well you manage your time and stress to show that you know the challenges of multitasking but can deal with them as they come up.
Here’s an example: “I always make a list of things to do for each client so I can decide what’s most important. I usually put tasks in order of when I started them so I can make sure I meet deadlines. Of course, there are often other things that are more important, so I also use sticky notes to remind myself of tasks that need to be done right away. When I have a lot to do, taking five or ten minutes to gather my thoughts can also be very helpful.”
What do you do if you don’t have any meetings planned for the day with new prospects?
This question is asked by a hiring manager to find out how you stay productive when there are no meetings. Most of your time as a loan officer is spent meeting with new prospects, but you also have to do other things.
Here’s what I mean: “When I don’t have meetings, I usually work on administrative tasks that require my full attention. If I have a lot of meetings, it can be hard to look over complicated financial statements. When I’m done with my work, I often ask my boss if there’s anything else I can do to help. I also talk to my coworkers if my manager doesn’t give me anything to do.”
Why did you choose this bank instead of one of our other rivals?
People in charge of hiring want to know if you’re excited to work for their company. When they make you an offer, they also want to make sure you will stay with them for a long time. Before the interview, you might want to learn more about the company so you can talk about what you like about it. Try talking about a recent achievement or news story, like a press release or news article.
Here’s what I mean: “I wanted to work for this company, so I sent in an application. I just read an article about your new CFO, and I really liked the way he thought about things. I also think it’s great that you wanted someone from within the company to be the CFO. I’d like to work somewhere where my hard work is valued. It’s really important for me to know that I can get better at this job because it can be hard.”
