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Collateral Processor Jobs in Cleveland, OH (NOW HIRING)

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Collateral Processor information

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$8

$16

$25

How much do collateral processor jobs pay per hour?

As of Jul 17, 2026, the average hourly pay for collateral processor in Cleveland, OH is $16.24, according to ZipRecruiter salary data. Most workers in this role earn between $13.08 and $18.65 per hour, depending on experience, location, and employer.

What are Collateral Processors?

Collateral Processors are professionals in the banking or financial industry responsible for handling and managing collateral documents tied to loans, mortgages, or other secured transactions. Their duties include verifying documentation, ensuring compliance with regulations, and maintaining accurate records to protect the lender's interest. They often coordinate with loan officers, title companies, and borrowers to ensure all collateral requirements are met before and after loan closing. Collateral Processors play a key role in minimizing risk for financial institutions by ensuring collateral is properly documented and secured.

What jobs pay 500,000 a year in the US?

In the US, high-paying roles such as senior executives, investment bankers, specialized surgeons, and certain technology executives can earn $500,000 or more annually. These positions often require advanced degrees, extensive experience, and leadership responsibilities, and may include bonuses or stock options that significantly increase total compensation.

What jobs in the US pay 300,000 a year?

For a Collateral Processor, earning $300,000 annually is uncommon, as this role typically offers lower compensation. High-paying jobs in finance, executive management, or specialized medical fields are more likely to reach this level, often requiring advanced skills, certifications, and extensive experience. Most roles paying this salary are senior-level or highly specialized positions.

What are the key skills and qualifications needed to thrive as a Collateral Processor, and why are they important?

To thrive as a Collateral Processor, you need strong attention to detail, organizational skills, and a solid understanding of loan documentation and banking procedures, often supported by a high school diploma or equivalent. Familiarity with loan origination systems, document management software, and compliance tools is typically required. Excellent communication, problem-solving, and time management skills help you coordinate effectively with internal teams and clients. These competencies ensure accurate processing, regulatory compliance, and efficient workflow in financial institutions.

What is the difference between Collateral Processor vs Loan Processor?

AspectCollateral ProcessorLoan Processor
Primary RoleReviewing and verifying collateral documentation for loansProcessing loan applications and verifying borrower information
CertificationsTypically requires banking or finance certificationsOften requires similar certifications, such as loan processing or banking credentials
Work EnvironmentBanking institutions, mortgage companies, financial servicesBanks, mortgage lenders, credit unions
Common TasksAssessing collateral documents, ensuring complianceGathering documents, verifying borrower data, preparing loan files

While both roles operate within the financial industry, a Collateral Processor specializes in verifying collateral documentation for loans, whereas a Loan Processor handles the overall loan application process. Understanding these distinctions helps in choosing the right career path or job search focus.

What is the highest paying job in the mortgage industry?

In the mortgage industry, senior roles such as Mortgage Vice Presidents, Chief Underwriters, or Regional Managers tend to have the highest salaries. These positions often require extensive experience, leadership skills, and industry knowledge, and they can earn six-figure incomes depending on the company and location.

What are the typical challenges faced by a Collateral Processor, and how can they be addressed effectively?

Collateral Processors often work in fast-paced environments where attention to detail is critical due to frequent handling of sensitive financial documents. Common challenges include managing tight deadlines, ensuring data accuracy, and keeping up with regulatory changes. To overcome these, it's important to develop strong organizational skills, maintain clear communication with team members and other departments, and stay updated on industry compliance requirements. Utilizing workflow management tools and regularly reviewing procedures can also help minimize errors and streamline processes.

What jobs make $1,000,000 a year?

In the context of a collateral processor or related finance roles, earning $1,000,000 annually is uncommon and typically limited to high-level executive positions such as chief financial officers or investment bankers, or successful entrepreneurs. These roles often require extensive experience, advanced skills, and sometimes ownership stakes or bonuses tied to company performance.
What are popular job titles related to Collateral Processor jobs in Cleveland, OH? For Collateral Processor jobs in Cleveland, OH, the most frequently searched job titles are:
What job categories do people searching Collateral Processor jobs in Cleveland, OH look for? The top searched job categories for Collateral Processor jobs in Cleveland, OH are:
Collateral Processor jobs near you
Infographic showing various Collateral Processor job openings in Cleveland, OH as of July 2026, with employment types broken down into 92% Full Time, 7% Part Time, and 1% Contract. Highlights an 92% Physical, 3% Hybrid, and 5% Remote job distribution, with an average salary of $33,772 per year, or $16.2 per hour.
COMMERCIAL LOAN PROCESSOR/CLOSER

COMMERCIAL LOAN PROCESSOR/CLOSER

7 17 Credit Union

Streetsboro, OH • On-site

Other

Posted 23 days ago

Job description

Commercial Loan Processor/Closer
Job Type: Full-time, salary, non-exempt
Location: Streetsboro, OH
Job Summary
The Commercial Loan Processor/Closer is responsible for processing and closing commercial loans, including real estate secured, non-real estate secured, and unsecured loans. This position works closely with members, loan officers, title companies, attorneys, and other third parties to support a smooth, accurate, and timely loan closing process while ensuring compliance with applicable regulations, policies, and procedures.
All job positions at 7 17 Credit Union may be assigned further duties with or without notice, verbally or in writing.
Essential Duties and Responsibilities
Loan Processing
  • Order and obtain third-party services and member information needed to close commercial loans, including appraisals, appraisal reviews, title work, surveys, flood certificates, insurance, condominium documentation, environmental reports, and other documentation required to clear conditions to close.
  • Ensure required information is complete and organized in the loan file, including the commercial application, approved credit memo, appraisal, flood certificate, title work, and environmental reports.
  • Follow the clear-to-close process to ensure commercial loans are closed timely and in accordance with the credit approval memorandum.
  • Review approvals, verify conditions are satisfied, obtain required information, and confirm data accuracy.
  • Keep all parties informed regarding file status, pending items, timelines, and outstanding requirements needed to close.
Loan Closing
  • Prepare loan documents using document preparation software or coordinate with outside counsel when attorney-prepared documents are required.
  • Ensure documents include appropriate signature blocks for business entities and that beneficial ownership information is properly completed.
  • Create full commercial loan packages, including notes, loan agreements, resolutions, guarantees, security agreements, mortgages, assignments of rents, errors and omissions, disbursement authorizations, agreements to provide insurance, and other required documents.
  • Review title commitments and settlement statements, resolve Schedule B exceptions, and confirm credit union fees are accurately listed.
  • Coordinate loan closings with title companies, borrowers, loan officers, and other involved parties.
  • Provide funding instructions to the Commercial Loan Administrator.
  • Ensure liens are perfected by verifying mortgages and assignments of rents are recorded, UCCs are filed, and titled collateral lists the credit union as lienholder.
  • Track and resolve post-closing exceptions.
Other Duties
  • Maintain pipeline tracking and exception logs.
  • Back up other Commercial Loan Operations positions as needed.
  • Assist with regulatory and external audits and exams.
  • Keep job processes and procedures current.
  • Stay current on regulatory changes to support compliance and respond to inquiries from auditors and regulatory agencies as necessary.
  • Perform all duties in compliance with Federal and State regulations, 7 17 Board policies, departmental procedures, and credit union procedures.
  • Physical, Mental, and Visual Demands
    The physical, mental, and visual demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
    Working Conditions
    The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
    About 7 17 Credit Union
    At 7 17 Credit Union, we are committed to serving our members with professionalism, accuracy, and care. We are looking for a detail-oriented commercial lending professional who is ready to support timely, compliant, and member-focused loan closings.
    Equal Opportunity Employer
    7 17 Credit Union is an Equal Opportunity Employer. We are committed to providing equal employment opportunities to all qualified applicants and employees and to maintaining a workplace free from discrimination and harassment.

Qualifications
Education
High school diploma or equivalent required.
Experience
  • At least 3 years of experience processing, underwriting, closing, or servicing commercial loans.
  • Strong experience with reports and documentation relevant to commercial lending, including business entity documentation, loan closings, lien perfection, and ongoing loan monitoring.
  • Thorough understanding of payment transactions, loan amortizations, new loan processing requirements, portfolio maintenance, and error recognition and correction.
  • Proficient knowledge of commercial loan structures, including loan participations, lien perfection, regulatory compliance, and document management.
  • Proficiency with Microsoft Excel and Word to prepare loan presentations, closing packets, and related documentation in a timely manner.
Required Knowledge, Skills, and Abilities
  • Excellent communication skills and the ability to work with others in a friendly, courteous, and efficient manner.
  • Customer service mindset, including teamwork, commitment, patience, enthusiasm, creativity, active listening, comprehension, initiative, cooperation, attention to detail, and resourcefulness.
  • Professionalism, including confidence, good judgment, appropriate demeanor and appearance, and the ability to interact effectively with employees and members.
  • Strong problem-solving, decision-making, time management, interpersonal communication, and organizational skills.
  • Ability to maintain extensive contact with applicants and members while conducting relationships in a professional manner that supports the credit union's service and marketing efforts.
  • Demonstrated accuracy, thoroughness, and attention to detail while working in a fast-paced environment.
Confidentiality Requirements
Must keep members' documents, financial information, transactions, and other credit union business in strictest confidence.
Travel Requirements
Occasional travel to vendors or business customers may be required.

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