Loan Officer Test

When looking to fill a loan officer position, it's important to make sure that the candidate has the skills necessary to do the job. A loan officer skills test can help ensure that the candidate is a good fit for the position.

  • What is a loan officer skills test?

    The loan officer skills test can be used by employers and recruiters as a means of pre-screening interested applicants to assess their experience, knowledge and overall suitability for the role.

    Loan officers represent financial companies such as banks. They are responsible for analyzing and processing loan requests, managing loan portfolios and supporting their clients with all aspects of the loan process.

    The job is varied, and the skills test takes that into consideration as it probes candidates on everything from their numerical reasoning skills, to their understanding of basic loan practices and principles, as well as soft skills such as communication and accountability.

Jump to a section on this page:

  1. What is a loan officer skills test?
  2. What are the benefits of using the loan officer skills test for pre-screening?
  3. How our test measures loan officer skills
  4. Loan Officer Test FAQs

Identify the best candidates and hire faster

Our pre-employment tests let you drill down to the best candidates at the click of a button.

  • Find those candidates who will excel in the role.

    Select the assessments that match the skills or behaviours for the position. You can test for software or coding competency, soft skills like teamwork, or personality traits, to be sure those who pass have high potential.

  • Reduce costs and time.

    No more laborious sifting of resumes or cover letters. Pick your ideal assessment mix, invite your applicants to take them, see the results in your dashboard. Get to the interview stage fast.

  • Eliminate bias.

    All your candidates take the assessments on a level playing field. Only their results determine whether they get shortlisted.

  • What are the benefits of using the loan officer skills test for pre-screening?

    Pre-screening is designed to help you cut the time and energy you spend meeting candidates. Many employers will use the skills test before even reviewing resumes, so they have data to back up the decision making process. This can really help you differentiate between people in a situation where you have a lot of candidates with similar experience on paper.

    Reducing bias is another massive benefit of pre-screening. When employers make decisions based purely on resumes it can be easy to be swayed by where someone went to college or who they did work experience with. But when you use a skills test, you make a decision based on data and you give everyone the same chance of success.

    The loan officer skills test is multiple choice and timed — which allows you to see evidence of how each candidate performs under pressure. As well as questions focused on the day-to-day realities of being a loan officer, the test will also put each candidate’s problem solving, logical thinking, communication and accountability to the test.

    Those that perform well on the test indicate they have what it takes to at least move to the next round of the recruitment process.

    As well as loan officers, this skills test could help you recruit:

    • Loan officer assistant
    • Loan consultant
    • Mortgage specialist
    • Compliance officer

More Job Skills Tests

How our test measures loan officer skills

Test questions are designed to assess industry-specific technical skills, soft skills, aptitude and suitable personality dimensions. Our data-driven approach provides results that enable you to determine how suited is a candidate for the role.

Depending on the type of question, the format of the test may vary. Multiple-choice questions are used to measure aptitude, technical skills and soft skills, while agreement on a Likert scale assesses suitable personality dimensions. Skills tests ensure that candidates are being evaluated in a precise and impartial manner, their results demonstrating the true knowledge and potential of each test taker.

The characteristics required to be a loan officer were determined by looking at the skills and abilities listed in the US Department of Labor’s O*NET database, which collects data from professionals in various fields.

O*NET is the largest database of its kind, providing detailed information about occupations and the requirements for each role.

Our team of I/O psychologists and psychometrics worked closely with subject-matter experts to create an extensive question bank that can be used to test multiple candidates. We also conducted rigorous field testing with a representative sample of candidates to ensure that the questions were reliable and valid.

Test scores are averaged together to give an overall score. The average score is compared to other candidates' scores to ensure there is no bias toward certain candidates.

Our loan officer test is constantly updated and optimized to ensure the best experience and results.

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Validated

Predictor of job success

Picked provides evidence-based recommendations for tests to use for over 750 jobs. Our recommendation engine leverages data from the Occupational Information Network (O*NET) developed by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA).

  • Assessments

    A full suite of assessments

    Our platform comes with 12 tests across both foundation and advanced levels so they’re suitable for everyone. Including aptitude, behavioural and personality tests, you’ll have a full range of tests to help you find the candidates you’re seeking.

  • Analytics

    An array of candidate metrics

    For each of your candidates, you’ll be given a comprehensive report. Included will be all the metrics you need to build a detailed picture of each candidate and ensure you’re making the right hiring decisions.

“The platform is so simple to use. I had used competitor providers for over six years and will never go back. Fast, efficient and friendly!”
Greg Chambers, HR Business Partner, Littlefish Ltd
Greg Chambers, HR Business Partner, Littlefish Ltd

Loan Officer Test FAQs

What skills and abilities should a loan officer have?

On a practical level, loan officers need to have a proven understanding of financial practices and procedures, as well as strong administration and software skills.

The role is very customer-focused. So the ideal candidate would also be friendly, personable and efficient, and enjoy working with clients and as part of a wider team.

What other tests might be useful when recruiting a loan officer?

You could also use other financial skills or numerical reasoning tests, or if you want to learn more about the character and working style of the people interested in the role you could try a situational judgment test.

Can I see what the test is like?

Yes, of course. You can try the test for free by signing up for a free trial.

Are these tests available in my plan?

We have a range of plans available. The difference between the plans is the number of test attempts permitted, not the type of tests. All our plans include our full test suite comprising all tests and all levels.

“An unbeatable service, impressive platform and fantastic value for money.”
Laurence Fishman, Partner, NLPCA
Laurence Fishman, Partner, NLPCA

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