Top interview questions to expect

1. How did you maintain accuracy and attention to detail in underwriting complex loan applications?
2. What strategies did you use to prioritize and manage multiple loan applications and deadlines?
3. Give an example of a time when you had to assess a loan applicant’s creditworthiness.
4. What is your process for verifying an applicant’s employment and income information?
5. Describe a situation where you had to communicate with borrowers or other stakeholders about loan terms or conditions.
6. Give an example of how you handled a difficult or challenging loan application.
7. How do you stay updated on the latest regulations and changes in underwriting standards?

Check the latest questions for this role:

Answering interview questions with STAR structure

The STAR method is a structured way to answer behavioral interview questions. STAR stands for Situation, Task, Action, and Result. When answering a question using the STAR method, you should:

Situation: Briefly describe the situation or task you were faced with.
Task: Explain the specific task or goal you needed to accomplish.
Action: Describe the actions you took to complete the task or achieve the goal.
Result: Share the outcome or result of your actions.

By using the STAR method, you can provide clear and concise answers to behavioral interview questions that highlight your skills and accomplishments.

Sample answers to above interview questions

1. How did you maintain accuracy and attention to detail in underwriting complex loan applications?

Answer: In my previous role, I developed a rigorous underwriting process that included multiple layers of review and verification. For each loan application, I carefully reviewed the borrower’s credit history, income documentation, and property appraisal. I also conducted thorough interviews with the borrower and verified all information with third-party sources. By following this process, I was able to maintain a high level of accuracy and attention to detail, even when underwriting complex loan applications.

Why it’s strong: This answer uses the STAR method to provide a clear and concise explanation of how the candidate maintained accuracy and attention to detail in underwriting complex loan applications. The candidate describes the situation (underwriting complex loan applications), the task (conducting a rigorous review and verification process), the actions taken (carefully reviewing the borrower’s credit history, income documentation, and property appraisal, conducting thorough interviews with the borrower, and verifying all information with third-party sources), and the result (maintaining a high level of accuracy and attention to detail).

2. What strategies did you use to prioritize and manage multiple loan applications and deadlines?

Answer: To prioritize and manage multiple loan applications and deadlines, I used a combination of time management and organizational skills. I created a daily to-do list that included all of the tasks that I needed to complete each day. I also used a project management tool to track the progress of each loan application and ensure that I was meeting all deadlines. By using these strategies, I was able to successfully manage a high volume of loan applications and meet all deadlines.

Why it’s strong: This answer uses the STAR method to provide a clear and concise explanation of how the candidate prioritized and managed multiple loan applications and deadlines. The candidate describes the situation (managing a high volume of loan applications and deadlines), the task (creating a daily to-do list and using a project management tool), the actions taken (using time management and organizational skills to complete tasks and track progress), and the result (successfully managing a high volume of loan applications and meeting all deadlines).

3. Give an example of a time when you had to assess a loan applicant’s creditworthiness.

Answer: In my previous role, I had to assess the creditworthiness of a loan applicant who had a history of bankruptcy. To do this, I carefully reviewed the applicant’s credit report and spoke with the applicant about their financial situation. I also looked at the applicant’s employment history and income to determine their ability to repay the loan. Based on my assessment, I determined that the applicant was a good risk and approved the loan.

Why it’s strong: This answer uses the STAR method to provide a clear and concise explanation of how the candidate assessed a loan applicant’s creditworthiness. The candidate describes the situation (having to assess the creditworthiness of a loan applicant with a history of bankruptcy), the task (carefully reviewing the applicant’s credit report, speaking with the applicant about their financial situation, and looking at the applicant’s employment history and income), the actions taken (determining that the applicant was a good risk and approving the loan), and the result (the applicant successfully repaid the loan).

4. What is your process for verifying an applicant’s employment and income information?

Answer: My process for verifying an applicant’s employment and income information is as follows:

1. I contact the applicant’s employer to verify their employment status and salary.
2. I ask the applicant to provide pay stubs or other proof of income.
3. I compare the applicant’s income to the income requirements for the loan program.

If the applicant’s income is sufficient, I will approve the loan.

Why it’s strong: This answer provides a clear and concise explanation of the candidate’s process for verifying an applicant’s employment and income information. The candidate lists the steps involved in the process, which makes it easy for the interviewer to understand. The candidate also explains why each step is important, which shows that they have a good understanding of the loan underwriting process.

5. Describe a situation where you had to communicate with borrowers or other stakeholders about loan terms or conditions.

Answer: In my previous role, I had to communicate with a borrower who was having difficulty making their loan payments. I spoke with the borrower on the phone and explained the different options that were available to them. I also worked with the borrower to develop a payment plan that they could afford. As a result of my efforts, the borrower was able to avoid foreclosure and keep their home.

Why it’s strong: This answer uses the STAR method to provide a clear and concise explanation of how the candidate communicated with borrowers or other stakeholders about loan terms or conditions. The candidate describes the situation (a borrower having difficulty making their loan payments), the task (speaking with the borrower and explaining the different options that were available to them), the actions taken (working with the borrower to develop a payment plan that they could afford), and the result (the borrower was able to avoid foreclosure and keep their home).

6. Give an example of how you handled a difficult or challenging loan application.

Answer: In my previous role, I had to deal with a loan application that was very complex and involved a number of different parties. The applicant was a small business owner who was trying to purchase a new property. The loan application was challenging because the applicant had a number of different sources of income and the property was located in a different state. I was able to successfully process the loan application by working closely with the applicant and their attorney. I also used my knowledge of the loan underwriting process to find a solution that worked for all parties involved.

Why it’s strong: This answer uses the STAR method to provide a clear and concise explanation of how the candidate handled a difficult or challenging loan application. The candidate describes the situation (a complex loan application involving a small business owner and a property located in a different state), the task (working closely with the applicant and their attorney to find a solution that worked for all parties involved), the actions taken (using their knowledge of the loan underwriting process to find a solution), and the result (successfully processing the loan application).

7. How do you stay updated on the latest regulations and changes in underwriting standards?

Answer: I stay updated on the latest regulations and changes in underwriting standards by reading industry publications, attending conferences, and taking online courses. I also make it a point to network with other loan underwriters and share information about new regulations and changes. By staying up-to-date on the latest trends in the industry, I am better able to serve my clients and ensure that they are getting the best possible loan products.

Why it’s strong: This answer provides a clear and concise explanation of how the candidate stays updated on the latest regulations and changes in underwriting standards. The candidate lists the different ways that they stay updated, which shows that they are committed to continuing their education and staying current with the latest trends in the industry. The candidate also explains why it is important to stay updated on the latest regulations and changes, which shows that they have a good understanding of the loan underwriting process.