10 Interview Questions You Need to Ask Potential Loan Officers

As the mortgage industry continues to thrive and more loan applications and prospective homebuyers are filling up your pipelines, broker shops across the country continue to search for experienced loan officers to help keep up with the demand. Between hunting down candidates to interview and making sure they’re the best fit for your team, finding the best talent for your mortgage broker shop can be daunting. However, there are things you can do to help ensure you hire the best possible team members.

You’re most likely aware of the commonly asked interview questions such as “What is your biggest strength/weakness?” or “Why do you want this role?” While these are all good questions to ask, and can help you get to know the interviewee better, there are some more specific questions you should be sure to ask when specifically interviewing someone for a mortgage loan officer position.

The questions below will not only allow you to get a sense of the loan officer candidate’s experience and qualifications, but they will also help highlight their less tangible things that don’t appear on a resume, like work ethic and personality.

10 Questions to Ask Loan Officer Interviewees

1. Where did your interest in the mortgage industry stem from?

This will highlight the passion and experience your candidate has when it comes to the mortgage industry. Are they here just because they want a job, or is there something that draws them to this business?

2. What drew you to our mortgage company specifically?

This will give the candidate a chance to show whether or not they did their homework on your company. Are they interviewing at all of the local broker shops, or is there something that makes them specifically passionate about yours?

3. How familiar are you with compliance

The mortgage industry comes with an abundance of rules and regulations that vary by state and location. How do you go about maintaining your industry knowledge? Tell me about your experiences with client confidentiality.

Questions regarding compliance and confidentiality will give you a sense of how educated your candidate is on ethical lending practices and how much training they’ll need. If they aren’t too familiar with the rules and regulations, it’s important to make sure they are willing to put in the time to learn and fully understand them.

4. Can you tell us a bit about some of your successful sales or marketing and communication techniques?

Are you looking for someone who is social-media savvy? Provides exceptional service, even after closing? Keeps up with past clients? If your business focuses on a specific sales technique, it’s important to make sure the candidate can adapt and be open to fit in with your particular culture and expectations.

5. How would you let a client, family member or friend know if their loan application was denied?

The mortgage process doesn’t always end positively for potential homebuyers. It’s important to capture how your candidate might handle uncomfortable situations. Are they able to handle this in a way that leaves the client frustrated? Or, are they able to offer guidance on potential solutions and maintain a good relationship?

6. How would you describe the home loan process to a client?

The loan process is complicated. This question will not only show you how well the candidate understands the loan process, but it will also highlight their communication skills and how they would interact with a potential client.

7. How would you describe your personality traits, strengths and opportunities for improvement and how will they help you in this role?

Personality can make or break you in sales. You’ll get a sense of your candidate's personality based on your conversation, but this will also highlight what your candidate thinks of themselves and borrower relationships. As a potential loan officer representing your business, that person should have the qualities you want to put in front of clients. An outgoing person who values honesty and trust is likely to thrive in the role.

8. How do you plan to go about getting new business?

Does your candidate sit back and wait for business to come in? Do they take the market being slow as an excuse to relax? Or, are they proactive and creative when it comes to bringing in new business, regardless of the state of the market? It’s important to hire loan officers with a strong worth ethic and drive that will help grow your business.

9. What methods do you use to meet your professional or personal goals?

Goal setting is essential as a loan officer. Ensuring the loan officer is capable of setting professional goals and aligning to your business goals is essential to the success of your company.

10. Can you tell us about the biggest challenge you’ve faced – and how you overcame it?

It’s important to understand how your candidate handles setbacks and challenges in the industry. Not every loan goes through smoothly, so it’s important that they can handle any curveballs thrown at them.

When interviewing, keep in mind that even if someone is experienced, your loan officers can be trained on your broker shops’ sales strategy and industry regulations. In fact, many lenders offer dedicated training programs for new loan officers to do much of the leg work for you. However, you can’t necessarily train them to have a more outgoing personality or strong work ethic. Always consider your work culture when making a hiring decision. Best of luck in your interviewing endeavors!

Ready to start your new business as a mortgage broker and be in a position to hire loan officers?