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Loan Processor Test
A loan processor test assesses candidates on the key skills and competencies required to perform successfully in a loan processor position.
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What is a loan processor test?
Being responsible for processing loans is an important job that requires attention to detail and strong numerical skills. A loan processor needs to have a range of skills and competencies to be successful, which is why a test can support recruiters during the pre-employment stages of hiring.
A loan processor test is a timed assessment that measures how well candidates fit the requirements and skills needed to be successful in the role. It measures a range of competencies such as numerical reasoning, attention to detail, cultural fit, personality traits and situational judgement - important skills needed to thrive in this position.
The test is becoming increasingly popular with companies and recruiters to source top talent for this position. Each candidate receives a test score which allows you to compare results with other applicants, making the shortlisting process more efficient and bias-free.
About the Loan Processor Test
A loan processor provides the bridge between customers who need to take out a loan and the lenders that want to offer them loans. During the loan process, they receive information from a loan officer and mortgage broker and ensure all necessary information has been included.
If you are considering hiring a loan processor, you might want to consider using a test to ensure they meet all the skill requirements needed to be successful.
Why should you use a loan processor test for recruiting?
Finding the most suitable candidates in your talent pool using traditional methods of recruitment such as CVs or applications can be challenging, particularly when applicants might have a seemingly similar level of experience that are difficult to distinguish.
A loan processor test can help solve this challenge by giving you the ability to assess your candidates using test data - making your decision making process data-driven and bias-free.
The results you receive will highlight the core competencies candidates have in each key skill area. Candidates who score within the top 50% of test scores typically get shortlisted for the next stage of the recruitment process, while those who did not meet the required level are withdrawn.
View a sample report
Results for the Loan Processor Test along with other assessments the candidate takes will be compiled to produce a candidate report.
The report is automatically generated and available both online and as a downloadable pdf so they can be shared with other team members and employees alike.
How our test assesses loan processor skills
Candidates will need to answer a range of questions that measure industry-specific technical skills where applicable (e.g. Microsoft Excel), soft skills (e.g. accountability), aptitude (e.g. numerical reasoning) and relevant personality dimensions (e.g. detail orientation). The results present a holistic view of how well suited each candidate is for the job at hand, using a data-driven approach.
The format varies by type of question, including multiple-choice for aptitude and technical skills, situational judgement for soft skills and agreement on a Likert scale for the personality dimensions. This approach ensures candidates are being assessed in an accurate and fair manner, and that results reflect the true underlying qualities of each candidate.
The characteristics, abilities and knowledge necessary to work in a loan processor role were identified using the US Department of Labor's comprehensive O*NET database. O*NET is the leading source of occupational information that is constantly updated by collecting data from employees in specific job roles.
During the development process, test questions were rigorously analysed to maximise reliability and validity in line with industry best practices. They were created by our team of I/O psychologists and psychometricians – who collaborated with subject-matter-experts – and field-tested with a representative sample of job applicants who have varying experience, just like you might find in a talent pool.
Each test is reviewed by a panel of individuals representing diverse backgrounds to check for any sensitivity, fairness, face validity and accessibility issues. This ensures each candidate has a fair chance of demonstrating their true level of expertise.
Our loan processor test is monitored to ensure it is up-to-date and optimised for performance.
Our test platform
Our platform offers an extensive library of hundreds of tests, giving you the flexibility to select and combine them in any way that suits your hiring needs. From understanding specific role requirements to assessing general cognitive abilities, our diverse library ensures you can tailor your assessment process precisely.
- Multi-format.
- Our test questions come in various formats, including multiple-choice, true and false, ranking and situational judgment, all ensuring comprehensive candidate assessment.
- Role-specific simulations.
- Experience real-world scenarios with our role-specific simulations, providing accurate insights into candidates' performance, readiness and fit for the position.
- Adaptive scoring.
- Our adaptive scoring system evaluates responses in real-time, by adjusting to the candidate's ability level, enhancing accuracy and reliability.
Curated by our
team of experts
Scientifically validated by psychometric specialists
- Our team of assessment experts is made up of I/O psychologists, psychometricians, and subject matter experts who work closely together to ensure each test is accurate and reliable.
- Our subject matter experts are rigorously vetted and typically have several years of experience working in their industries and hold advanced credentials.
Frequently asked questions
- Is a loan processor test difficult?
A loan processor test challenges applicants at an intermediate level of skill. The multiple-choice questions vary from easy to challenging, which helps separate top candidates and makes it easier to shortlist.
- What skills does a loan processor need?
When recruiting for a loan processor position you should consider hiring candidates with the following skills:
- Strong interpersonal skills.
- Strong attention to detail
- Numeracy and an understanding of finances
- Business acumen
- Expert knowledge of databases, word processors and spreadsheets.
- Proven customer service skills
- Product knowledge
- What is the cost for Neuroworx's loan processor test?
Neuroworx operates on a monthly or annual subscription basis. We have several plans to suit your hiring needs, which you can check out here. Alternatively, you can get in touch with us to discuss a custom plan.
- Can I get a free trial?
Yes, simply sign up (no credit card is required) and we'll give you unlimited access for 7 seven days. Create as many jobs and test as many candidates as you want; you won't be charged a penny.
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