Loan Processor Test

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

  • What is a loan processor test?

    A loan processor test assesses candidates on whether they have the skills needed to be successful in this type of role. Employers often use the test in the early stages of the recruitment process to identify which candidates in their applicant pool are proficient in the skills needed to be a loan processor. Those with the required skill set can be progressed to the later stages of the recruitment process, meaning that recruiters focus their efforts on the best and most suitable candidates for the roles they have to fill.

    The test is formed of timed multiple-choice and scenario-based questions. These questions evaluate candidates on the skills needed by loan processors that enable them to carry out their roles effectively in acting as the link between clients and lenders.

Jump to a section on this page:

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

    Loan processors work on behalf of lending institutions. Their role is to review loan applications from clients on behalf of the lender, checking the client's background and financial history against the criteria set out by the lending organization.

    Loan processors liaise with clients, obtaining additional information as required. Their role requires exceptional attention to detail, strong interpersonal skills, and the ability to manage their time effectively.

    Loan processors must have strong communication skills to work as the link between clients and specialists in the lending institution, such as underwriters. Their interpersonal skills also enable them to obtain the necessary detail from clients ensuring they have the correct documentation for a loan decision to be made.

    The loan processor test evaluates candidates on these core skills, enabling recruiters to determine which applicants are proficient in the skills needed to be an effective loan processor.

    Candidates who score highly on the test have the skills needed and progress to the following stages; those who attain low scores can be eliminated. Using the loan processor test in this way makes for an efficient and cost-effective recruitment process based on data-driven decision making.

    The skills needed to be a loan processor are shared by many other positions. This means that the loan processor test is helpful in the recruitment process for many different positions, such as:

More Job Skills Tests

How our test measures loan processor 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 processor 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 processor 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 Processor Test FAQs

What skills should I look for when hiring a loan processor?

Effective loan processors share a common set of skills. Skills include attention to detail when checking loan applications, communication and interpersonal skills in dealing with clients and internal stakeholders, and strong time management skills to meet deadlines. Evaluating candidates' proficiency in these skills is essential when recruiting for loan processors.

What software programs should a loan processor be familiar with?

The software programmes used by loan processors vary depending on the lending institution a loan processor works with. Examples of software programmes used by lenders include packages such as Lendstream. All loan processors must have strong IT literacy and be adaptable to using new software to effectively carry out their roles.

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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