Loan Processing

☛ What do you believe are your key strengths?

☛ Tell us about the last time you had to negotiate with someone.

☛ What do you consider your most significant accomplishment?

☛ What is a typical career path in this job function?

☛ Time when you made a suggestion to improve the work.

☛ How have you changed in the last five years?

☛ What do you do if you disagree with a co-worker?

☛ How would your teacher or other Loan Processor describe you?

☛ Have you gone above and beyond the call of duty?

☛ How do you get a peer or colleague to accept one of your ideas?

☛ How do you keep track of things you need to do?

☛ What is more important to you: the money or the work as Loan Processor?

☛ What would you say are your strong points?

☛ Describe a situation in which you had to collect information.

☛ What would make you happy in a job?

☛ What do you think, would you be willing to travel for work?

☛ What negative thing would your last boss say about you?

When I have to put liens on property and or levy a savings account o payroll check to a client.

☛ 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?

☛ 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?

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.

☛ Do you feel you have strong opinions about others?

☛ How do you get the best out of people?

☛ What did you like/dislike about your last job?

☛ What do you like best about your school?

☛ If starting over again, what job or field would you enter?

☛ What two or three accomplishments have given you the most satisfaction?

☛ What was your biggest failure?

Cheque discounting service is offered only by few banks. For instance, if you have a cheque of $3000 outstation and the cheque will take 7 seven days for clearance, then bank will offer you a service for early payment. The bank can make an early payment, but they will pay only for certain percentage of the actual amount, here they will pay you $2000 but they will charge interest on it and the remaining $1000 will be paid, once the outstation cheques get clear.

☛ Did you feel you progressed satisfactorily in your last job?

☛ What are your expectations regarding promotions and salary increases?

☛ What are your long-term goals or career plans?

☛ Do you prefer to work in a small, medium or large company?

☛ What was the most stressful situation you have faced?

Be relaxed. Don't overstress yourself. A comfortable mind shall generate a good outcome.

Avoid negative comments about past employers. Don't spend a lot of time on these Banking Loan Processor interview questions.

☛ Are you planning to continue your studies?

☛ How would you describe your work style?

☛ What have you learned from mistakes on the job?

☛ Describe a situation where you had to plan or organise something.

☛ What is more important to you: the money or the work?

Focus on positive achievements and views.

Give an example that relates to the type of position applied for. Make sure the experience is relevant.

The repayment of the loan by instalment to cover principal amount with interest is known as ‘Amortization'.

For certain loan, there is a provision for the borrower to change the interest rate from fixed to variable and vice versa is referred as Convertibility Clause.

There are two different types of ‘Fixed Deposits'

Special Term Deposits: In this type of ‘Fixed Deposits', the earned interest on the deposit is added to the principal amount and compounded quarterly. This amount is accumulated and repaid with the principal amount on maturity of the deposit.

Ordinary Term Deposits: In this type of ‘Fixed Deposits', the earned credit is credited to the investor's account, once in a quarter. In some cases, interest may be credited on a monthly basis.

The earned interest on fixed deposits is non-taxable. You can also take a loan against your fixed deposit.

Don't waste time making repeated phone calls only to find that the verification has to be submitted in writing or is available instantly via an automated system. Ask the borrower upfront. You may find that they already have a PIN or direct contact to expedite the process.

‘Endorsing cheque' ensures that the cheque get deposited into your account only. It minimizes the risk of theft. Normally, in endorsing cheque, the cashier will ask you to sign at the back of the cheque. The signature should match the payee.

I am extremely reliable. I have never really called in, and whenever extra help is needed I am usually the first person to volunteer to help.

In ‘Bill Purchase' the loan will be created for the full value of the draft and the interest will be recovered when the actual payment comes. For example, a ‘Sight draft' is presented for which the loan is created for 100% of the draft value. The money is received after 7 days, and then the interest will be recovered for 7 days along with the principal amount.

Funding delays can kill your referral business. Don't assume that all is well during the rescission period. Confirm with the lender that all prior to funding request have been met and that they have the correct wiring instructions for the title company.