Loan Processor Test

A loan processor test assesses candidates on the key skills and competencies required to perform successfully in a loan processor position.

  • 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.

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  • 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get shortlisted for the next stage of the recruitment process, while those who did not meet the required level are withdrawn.

Picked Sample Report

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.

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).

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    Fully accredited

    All our Loan Processor tests are written by accredited psychologists and fully validated.

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    For all levels

    We offer Loan Processor tests for all levels so you can assess all roles within your organisation.

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    Analytics dashboard

    Our full array of candidate performance metrics will provide actionable data on each of your candidates.

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    Candidate comparison

    Simple, easy-to-use candidate comparison reports mean you don’t need to be a psychologist to interpret them.

“We used Picked as part of our Finance Graduate Scheme recruitment and it was just what we needed – really simple to send candidates the link to complete and clear to see how they all compared. And great value for money!”
Christina, HR Director, Cancer Research, UK
Christina, HR Director, Cancer Research, UK
Loan Processor Test expert

Written by a Loan Processor Test expert

Our team of assessment experts is made up of I/O psychologists and psychometricians who are dedicated to making all of our tests as reliable, valid and fair as possible. They strictly adhere to best practices in the industry and stay on top of the latest innovations to ensure job candidates’ unique profiles of characteristics, abilities and knowledge are being measured accurately while minimising bias. They leverage decades of research and advanced predictive analytics to build assessments that link to outcomes that matter, such as job performance, turnover, engagement, culture fit and more.

“Personality profiling allowed us to perform lookalike modelling of our most successful employees and use this as a blueprint for new hires.”
Nick, HR Operations, Airbus, Spain
Nick, HR Operations, Airbus, Spain

FAQs

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 Picked's loan processor test?

Picked 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.

“Focusing on data reduced the subjective decision making from our hiring process and allowed us to reduce bias and make better hiring decisions.”
Izzie, Head of HR, iZettle, Sweden
Izzie, Head of HR, iZettle, Sweden

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