1. Please explain us what do you know about our company?

This is a highly esteemed privately held company, looking for to invest in human resources to expand Mortgage Loan to families seeking the American Dream of Homeownership.

2. Tell me are you familiar with the Fannie Mae and Freddie Mac Selling Guides?

I am absolutely familiar and spent many years training new loan officers on products and guidelines. I have done recent brushing up via the Internet and would like to gain more from your current employees.

3. Explain me what is ILOC (Irrevocable Letter Of Credit)?

It is a letter of credit or a contractual agreement between financial institute (Bank) and the party to which the letter is handed. The ILOC letter cannot be cancelled under any circumstance and, guarantees the payment to the party. It requires the bank to pay against the drafts meeting all the terms of ILOC. It is valid upto the stated period of time. For example, if a small business wanted to contract with an overseas supplier for a specified item they would come to an agreement on the terms of the sale like quality standards and pricing, and ask their respective banks to open a letter of credit for the transaction. The buyer's bank would forward the letter of credit to the seller's bank, where the payment terms would be finalized and the shipment would be made.

4. Explain me how to review title and appraisal reports?

Title and appraisal documents should be reviewed for issues or inconsistencies upon receipt. Title liens and appraisal issues often take a considerable amount of time to resolve. The underwriting process is expedited when those things are identified and addressed early rather than left for discovery by the lender.

5. Explain me what is commercial bank?

Commercial bank is owned by the group of individuals or by a member of Federal Reserve System. The commercial bank offer services to individuals, they are primarily concerned with receiving deposits and lending to business. Such bank earns money by imposing interest on the loan borrowed by the borrower. The money that is deposited by the customer will be used by the bank to give business loan, auto loan, mortgages and home repair loans.

6. Tell me what is consumer bank?

Consumer bank is a new addition in the banking sector, such bank exist only in countries like U.S.A and Germany. This bank provides loans to their customer to buy T.V, Car, furniture etc. and give the option of easy payment through instalment.

7. Do you know what is debt-to-Income ratio?

The debt-to-income ratio is calculated by dividing a loan applicant's total debt payment by his gross income.

8. Please explain what is Line of credit?

Line of credit is an agreement or arrangement between the bank and a borrower, to provide a certain amount of loans on borrower's demand. The borrower can withdraw the amount at any moment of time and pay the interest only on the amount withdrawn. For example, if you have $5000 line of credit, you can withdraw the full amount or any amount less than $5000 (say $2000) and only pay the interest for the amount withdrawn (in this case $2000).

9. Explain me what have you done in the past year to make yourself a better Mortgage Loan Processor?

Loan originator, learn procedures, guidelines and policies from my previous employers.