This profile for a Loan Officer interview includes a summary of what you should look for in applicants as well as a variety of good interview questions.
Former Community Manager at Workable specialized in employee experience, talent brands and our event series, Workable Ideas.
Interviewing at The Money Source provides an exciting opportunity to build a career at one of America’s largest privately-held mortgage companies. With over 500 employees and counting, The Money Source is a growing workplace for mortgage professionals.
Landing a role starts with effectively showcasing your skills and experience during the interview process. In this guide, we’ll overview common Money Source interview questions and provide sample responses to help you make a winning impression.
Overview of The Money Source’s Interview Process
The Money Source’s interview process typically involves
- Initial phone screening with HR
- 1-2 video interviews with hiring manager and team
- In-person interview at branch office
- Sample work scenario
- Reference and background checks
- Offer
The number of rounds varies by role. Some key things to expect are questions about your experience, mortgage industry knowledge, communication abilities, and culture fit.
Come prepared to discuss your background and qualifications confidently. Thoroughly researching the company is also key to show your interest and enthusiasm.
Most Frequently Asked Money Source Interview Questions and Answers
Let’s now look at examples of the most common Money Source interview questions along with proven strategies to ace your responses:
1. Why are you interested in working at The Money Source specifically?
This fundamental question assesses your passion for their mission. Be specific about what excites you.
Example: I’m highly interested in The Money Source because of your values around service, integrity, and community. The opportunity to make homeownership more accessible drives me. I’m particularly excited that you enable career development through TMS University. I look forward to joining the supportive, collaborative culture you’ve built.
2. What experience do you have in the mortgage industry?
This will likely come up in any role. Spotlight specialized skills from past mortgage experience.
Example: I have over seven years of experience originating and processing mortgages at a regional bank. I handled the full loan cycle from pre-qualification through closing. I’m proficient with Encompass and have extensive experience with conforming and government loans. I also continuously achieved loan volume growth and customer satisfaction targets at my previous role, which I’m eager to bring to The Money Source.
3. Why do you want to leave your current job?
Focus this answer on the positive reasons you’re pursuing The Money Source rather than negativity about past roles.
Example: I’ve enjoyed my time at my current company, but I’m now looking to take on new challenges and professional growth opportunities. The Money Source’s culture of mentorship and learning is very appealing to me, especially the TMS University training programs that enable internal mobility. I believe this next step will allow me to maximize my potential in new ways.
4. How do you stay up-to-date on mortgage industry trends and regulations?
Demonstrate passion for continuous learning about the evolving landscape.
Example: Staying current on industry trends and regulations is crucial, so I make it a priority. I regularly review bulletins from the CFPB, FHFA, and Fannie Mae to ensure I’m informed on guidance changes. I also attend webcasts hosted by industry associations like the MBA to get diverse insights. Reading relevant publications like National Mortgage News and Scotsman Guide are ingrained in my daily routine as well. These habits will enable me to provide expert guidance aligned with the latest mortgage environment.
5. Tell me about a time you provided excellent customer service.
Stories are powerful in interviews. Share an example highlighting your service mentality.
Example: As a loan officer, I once had a client who was concerned about not making their first mortgage payment on time during their home closing transition. I proactively contacted their real estate agent and coordinated an earlier closing date to provide more buffer. I then worked evenings the week before closing to ensure all documents were complete and submitted early. This exceptional service eliminated the client’s payment worries entirely and provided vital peace of mind during a stressful move.
6. How do you respond when working with a difficult client?
This tests your patience and composure under pressure. Focus your answer on empathy and problem-solving.
Example: When faced with a difficult client, I make a point to listen carefully to understand the root issues at hand. I ask clarifying questions to identify their concerns, then respond with empathy and active solutions. For example, if a client is upset about delayed closing documents, I apologize for the frustration and explain the circumstances while providing a clear timeline for resolution. My goal is to find workable solutions, follow through reliably, and rebuild trust through transparency.
7. Tell me about a time you successfully explained a complex mortgage concept to a client.
Mortgage advisors at The Money Source need to be great teachers and communicators. Reflect on a time you succeeded at simplifying complex ideas.
Example: Recently, I had a first-time homebuyer who was struggling to grasp the differences between loan types. Rather than overwhelming them with technical terms, I broke down the pros and cons of conventional vs FHA loans into a simple comparison chart. Using clear language and analogies, I explained principles like mortgage insurance, credit requirements, and down payments. The client said my guidance gave them the ‘lightbulb moment’ they needed to confidently choose the right loan for their needs. Making complex ideas accessible is something I take pride in.
8. How do you stay motivated in a sales-focused mortgage role?
Drive and perseverance are crucial in the mortgage industry. Discuss what motivates you.
Example: I stay motivated by focusing on my ability to positively impact clients’ lives through homeownership. When I see their excitement at receiving approval or closing on their dream home, it reinforces the meaning behind my work. I also concentrate on milestones and celebrations along the way, not just end goals. Small wins maintain momentum even on tough days. Keeping this big-picture view of how I’m enhancing lives fuels my motivation and productivity.
9. Tell me about a time you missed a work deadline or quota. How did you handle it?
This assesses accountability and grace under pressure. Demonstrate maturity and problem-solving skills.
Example: Early in my career as a loan officer, I once missed a monthly application quota during an industry-wide slowdown in mortgage demand. Rather than make excuses, I took responsibility and had an honest discussion with my manager about the factors that contributed. We then devised an action plan to directly mitigate those issues going forward through expanded outreach and promotional events. The open dialogue and solution-focused approach strengthened my relationship with my manager long-term. I learned the importance of transparency in addressing setbacks.
10. Where do you see your mortgage career in 5 years?
This evaluates your longer-term aspirations and fit with their growth path. Align your ambitions with The Money Source’s vision.
Example: In 5 years, my goal is to be an expert mortgage advisor operating in leadership roles guiding newer loan officers. I hope to expand my lending knowledge across purchase, refinance, and even more niche products. With The Money Source’s investments in professional development through TMS University, I’m confident I can progress into management positions and make meaningful contributions to the company’s growth in the next 5 years. My experience and The Money Source’s mentorship is an ideal combination for mutual success.
Put Your Best Foot Forward
Stand out from the crowd by following these tips:
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Highlight Specialized Skills – Quantify achievements and expertise in mortgage lending, credit, regulations, or software systems.
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Do Your Research – Understand The Money Source’s history, values, leadership, and differentiators in the market.
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Prepare Stories – Write down examples from your experience that align to likely interview questions.
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Practice Interviewing – Rehearse your responses out loud to polish your delivery.
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Express Enthusiasm – Convey passion for the company and role through confidence and energy.
With preparation focused on these common Money Source interview questions, you’ll showcase the specialized experience and customer service mindset needed to excel in this impactful mortgage career path.
Loan Officer Interview Questions
Skilled Loan Officer candidates are not as scarce as you might think. The most important skill for this position is sales experience, not banking experience. To hire great new loan originators, hiring managers may consider forgoing banking experience in favor of sales skills. If they do that, they can open up the pipeline to qualified candidates across all industries.
So, if you want to hire mid-career or rainmaker loan officers, look for applications that say they have experience with mortgage lending. This may go by the terms “minimal mortgage”, “hard money”, or “minimum productions. ” Loan officers are often employed by commercial banks, mortgage companies, credit unions, and other financial institutions.
These open-ended and situational questions can be used to hire new loan originators. To get loan officers with more experience, ask them a few more questions about their sales and relationship-building skills. You might want to know how many real estate agents they work with or how well their team does in terms of sales, for example. For best results, tailor questions to the working environment they’ll be in and the skill level you need. In general, great candidates ask smart and relevant questions. They will also have done their research and will be somewhat familiar with your company.
