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Contract Loan Processing Jobs in Maine (NOW HIRING)

MaineHousing

Asset Manager I

Augusta, ME · On-site

$46K/yr

... PBCA contract held with Housing and Urban Development (HUD). The position is responsible for ... in processing ownership transfers that include a subsequent loan component. Other duties as ...

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Contract Loan Processing information

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How much do contract loan processing jobs pay per hour?

As of Sep 5, 2026, the average hourly pay for contract loan processing in Maine is $20.62, according to ZipRecruiter salary data. Most workers in this role earn between $17.45 and $23.27 per hour, depending on experience, location, and employer.

What is a contract loan processor?

Contract loan processors are professionals who handle the administrative and processing tasks involved in securing a loan, typically for a mortgage, on a contractual or freelance basis rather than as full-time employees. They review and verify loan documents, coordinate with lenders, and ensure that applications comply with industry and legal standards. By working on a contract basis, they provide flexibility to lenders or mortgage companies who may need extra support during busy periods or for specific projects.

What are the key skills and qualifications needed to thrive as a contract loan processor?

To thrive as a Contract Loan Processor, you need a solid understanding of mortgage lending processes, loan documentation, and compliance regulations, often supported by experience in financial services or a related certification. Familiarity with loan origination systems (LOS) like Encompass or Calyx, and proficiency in document management software, is typically required. Attention to detail, strong organizational skills, and effective communication are crucial soft skills for managing deadlines and collaborating with clients and lenders. These skills ensure accurate loan processing, compliance with regulatory standards, and efficient workflow in a highly deadline-driven environment.

What are some common challenges faced by contract loan processors, and how can they be managed effectively?

Contract loan processors often encounter challenges such as tight deadlines, fluctuating loan volumes, and the need to quickly adapt to different lenders' procedures. Managing these challenges involves maintaining strong organizational skills, effective communication with borrowers, loan officers, and underwriters, and staying updated on compliance regulations. Utilizing reliable loan processing software and establishing clear workflows can also help streamline tasks and reduce errors, making it easier to handle high workloads efficiently.

What is the difference between Contract Loan Processing vs Contract Underwriting?

AspectContract Loan ProcessingContract Underwriting
Primary RolePreparing and verifying loan documents, coordinating with applicants and lendersAssessing and approving loan applications based on risk analysis
Required CredentialsTypically requires a high school diploma or equivalent; certifications like Loan Processing Certification are commonRequires a mortgage or loan underwriting certification; often a background in finance or banking
Work EnvironmentOffice setting, often in banks, mortgage companies, or lending institutionsOffice-based, with detailed analysis and decision-making processes

Contract Loan Processing involves managing the documentation and coordination for loan approval, while Contract Underwriting focuses on evaluating and approving loan applications based on risk factors. Both roles are essential in the lending process but differ in responsibilities and skill requirements.

How much do entry level contract loan processors make?

Entry-level contract loan processors typically earn between $15 and $20 per hour, depending on location and employer. Starting salaries may also include benefits such as training and opportunities to develop skills in loan processing software and documentation management.

How to become a contract loan processor?

To become a contract loan processor, candidates typically need a high school diploma or equivalent, along with experience in loan processing or related administrative roles. Familiarity with loan software, attention to detail, and strong organizational skills are important; some employers may prefer candidates with a background in finance or banking. Certification is not mandatory but can enhance job prospects.

What are the most commonly searched types of Loan Processing jobs in Maine?

The most popular types of Loan Processing jobs in Maine are:

What are popular job titles related to Contract Loan Processing jobs in Maine?

For Contract Loan Processing jobs in Maine, the most frequently searched job titles are:

What job categories do people searching Contract Loan Processing jobs in Maine look for?

The top searched job categories for Contract Loan Processing jobs in Maine are:

What cities in Maine are hiring for Contract Loan Processing jobs?

Cities in Maine with the most Contract Loan Processing job openings:

Contract Loan Processing jobs near you

Residential Loan Servicing & Collection Specialist I

Saco & Biddeford Savings Institution

Saco, ME

Full-time

Re-posted 19 days ago

Job description

Description

The Residential Loan Servicing & Collection Specialist I is responsible for providing administrative and customer service support for residential mortgage and consumer loans throughout the life of the loan. This position assists borrowers with account inquiries, payment processing, escrow questions, and loan maintenance while ensuring compliance with company policies and federal regulations.


Essential Functions:

  • Provides professional, courteous and efficient service to all internal & external customers
  • Respond to borrower inquiries via phone, email, or mail regarding mortgage & consumer accounts
  • Process loan payments and update account information accurately
  • Assist customers with escrow, taxes, insurance, PMI and payment questions
  • Review and maintain loan servicing records and documentation
  • Review loan files for completeness, accuracy and proper lien perfection
  • Handle address changes, payoff requests, process paid-off loans, lien release process and account updates
  • Support delinquency monitoring and basic collections communication
  • Process construction loan disbursements
  • Research and resolve routine servicing issues or discrepancies
  • Ensure compliance with federal and state mortgage servicing regulations
  • Maintain confidentiality of customer financial information
  • Escalate complex issues to senior servicing specialists or management

Position Qualifications and Education Requirements:

  • High school diploma or equivalent required
  • Associate degree in business, finance, or related field preferred
  • 0-2 years of customer service, banking, mortgage, or financial services experience
  • Strong communication and problem-solving skills
  • Basic understanding of mortgage terminology preferred
  • Proficiency with Microsoft Office and data entry systems
  • Ability to manage multiple tasks in a fast-paced environment
  • Strong attention to detail and organizational skills
  • Is dependable and conforms to punctuality and attendance standards
  • Able to travel to all bank locations

Working Conditions:

  • Physical surroundings are generally pleasant and comfortable with protection from weather conditions but not necessarily from temperature changes.
  • Ability sit or stand with freedom of movement on a regular basis.
  • Extensive operation of computers and other office equipment requiring dexterity, coordination and frequent use of hands.
  • Some use of personal vehicle for business calls, site visits and other needed travel outside of the bank.
  • Able to travel to all bank locations.
  • Capacity to lift items weighing approximately thirty-five pounds.

Those holding this position must be capable of performing all duties and responsibilities, either unaided or with the assistance of a reasonable accommodation, as determined by management.


The Bank has reviewed this job description to ensure that essential functions and basic duties have been included. It is intended to provide guidelines for job expectations and the employee's ability to perform the position described. It is not intended to be construed as an exhaustive list of all functions, responsibilities, skills and abilities. Additional functions and requirements may be assigned by supervisors as deemed appropriate. This document does not represent a contract of employment, and the bank reserves the right to change this job description and/or assign tasks for the employee to perform, as the Bank may deem appropriate.

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