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Contract Loan Processor Jobs in Chicago, IL (NOW HIRING)

Guild Mortgage

Loan Officer Assistant

Frankfort, IL

$36K - $60K/yr

Essential Functions Lead to Contract duties: * Acting as a primary point of contact for the ... Prepare and submit loan applications to processing, helping to resolve any subsequent file issues ...

Guild

Loan Officer Assistant

Frankfort, IL · On-site

$17.47 - $29.12/hr

Essential Functions Lead to Contract duties: * Acting as a primary point of contact for the ... Prepare and submit loan applications to processing, helping to resolve any subsequent file issues ...

POINT MORTGAGE CORPORATION

Closer

Chicago, IL · On-site

$20 - $25/hr

... purchase contract, and title policy. * Review and complete loan doc audit prior to release of ... Knowledge of Fannie Mae, Freddie Mac, FHA/VA loan process and standard guidelines, escrow/title ...

Truist

Processing Analyst I

Lake Forest, IL · On-site

$50K - $53K/yr

... loan 2. Resolve contract discrepancies by collaborating with the agent, AFCO Marketing and Sales ... As you advance through the hiring process, you will also learn more about the specific benefits ...

Truist

Processing Analyst I

Lake Forest, IL · On-site

$50K - $53K/yr

... loan 2. Resolve contract discrepancies by collaborating with the agent, AFCO Marketing and Sales ... As you advance through the hiring process, you will also learn more about the specific benefits ...

Truist Inc

Processing Analyst I

Lake Forest, IL · On-site

$50K - $53K/yr

Analyze loan documents and address processing requirements to accept new and endorsed PF agreements ... loan * Resolve contract discrepancies by collaborating with the agent, AFCO Marketing and Sales ...

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All JobsContract Loan Processor JobsContract Loan Processor Jobs in Chicago, IL

Contract Loan Processor information

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$14

$21

$31

How much do contract loan processor jobs pay per hour?

As of Aug 23, 2026, the average hourly pay for contract loan processor in Chicago, IL is $21.94, according to ZipRecruiter salary data. Most workers in this role earn between $18.56 and $24.76 per hour, depending on experience, location, and employer.

What does a contract loan processor do?

A Contract Loan Processor is a professional who temporarily works with mortgage lenders or brokers to process loan applications. They review and verify all documentation, such as income, credit reports, and property details, to ensure they meet lending requirements. Contract Loan Processors often work independently or through agencies, providing their services on a per-loan or short-term basis. Their main goal is to help facilitate smooth and timely loan approvals by coordinating between borrowers, lenders, and underwriters.

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

To thrive as a Contract Loan Processor, you need strong knowledge of mortgage loan products, compliance regulations, and experience with loan processing, typically supported by a high school diploma or equivalent. Familiarity with loan origination systems (LOS) like Encompass or Calyx, and understanding of automated underwriting systems (AUS), is crucial. Excellent organizational skills, attention to detail, and effective communication with clients and team members set top performers apart. These competencies ensure efficient, accurate loan processing while maintaining regulatory compliance and client satisfaction.

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

Contract Loan Processors often encounter challenges such as fluctuating loan volumes, tight deadlines, and frequent changes in lending regulations. Meeting these demands requires strong organizational skills and the ability to adapt quickly to new processes or software. Building effective communication with loan officers, underwriters, and clients is essential for resolving documentation issues promptly and ensuring smooth loan processing. Staying updated on industry guidelines and maintaining meticulous attention to detail can help mitigate errors and delays, ultimately leading to successful loan closures.

What is the difference between Contract Loan Processor vs Underwriter?

AspectContract Loan ProcessorUnderwriter
CredentialsTypically requires a high school diploma or equivalent; certifications like NMLS may be preferredOften requires mortgage or financial certifications; some roles need a license or specific underwriting training
Work EnvironmentOffice setting, processing loan documents, communicating with clients and lendersOffice setting, assessing risk, reviewing loan applications and supporting documents
Industry UsageCommonly employed in mortgage and lending companiesUsed across mortgage, banking, and financial institutions

The main difference is that Contract Loan Processors handle the initial processing and documentation of loans, while Underwriters evaluate the risk and approve or deny loan applications. Both roles are essential in the mortgage industry and often work closely together to ensure loan approval processes are efficient and compliant.

How do you become a contract loan processor?

To become a contract loan processor, you typically need a high school diploma or equivalent, along with experience in loan processing or related administrative roles. Familiarity with loan software and strong attention to detail are important, and some employers may prefer candidates with a certification in loan processing or mortgage underwriting.

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 flexible schedules and training in loan processing software.

What are the most commonly searched types of Loan Processor jobs in Chicago, IL?

The most popular types of Loan Processor jobs in Chicago, IL are:

What are popular job titles related to Contract Loan Processor jobs in Chicago, IL?

For Contract Loan Processor jobs in Chicago, IL, the most frequently searched job titles are:

What job categories do people searching Contract Loan Processor jobs in Chicago, IL look for?

The top searched job categories for Contract Loan Processor jobs in Chicago, IL are:

What cities near Chicago, IL are hiring for Contract Loan Processor jobs?

Cities near Chicago, IL with the most Contract Loan Processor job openings:

Contract Loan Processor jobs near you
Infographic showing various Contract Loan Processor job openings in Chicago, IL as of August 2026, with employment types broken down into 1% As Needed, 82% Full Time, 13% Part Time, and 4% Contract. Highlights an 95% Physical, 2% Hybrid, and 3% Remote job distribution, with an average salary of $45,644 per year, or $21.9 per hour.

Commercial Loan Processor - To 70K - Roselle, IL - Job 3254

The Symicor Group

Roselle, IL

$70K/yr

Full-time

Re-posted 23 days ago

Job description

Commercial Loan Processor - To $70K - Roselle, IL - Job # 3254Who We AreThe Symicor Group is a boutique talent acquisition firm based in Lincolnshire, IL & Rockport, TX. Our nationally unique value proposition centers around providing the very best available banking and accounting talent. In fact, most of our recruiters are former bankers or accountants themselves!We know how to evaluate the very best banking and accounting talent available in the market. Whether you are a candidate seeking a new opportunity or a bank or company president trying to fill an essential position, The Symicor Group stands ready to deliver premium results for you.The PositionOur bank client is seeking to fill a Commercial Loan Processor role located in the Roselle, IL area. The position is responsible for the preparation, accuracy, and completeness of commercial loan packages, using the Bank's documentation system and procedures. The candidate will be processing and preparing commercial loan products, as assigned.The opportunity has a generous salary of up to $70K and a full benefits package. (This is not a remote position.)Commercial Loan Processor responsibilities include:
  • Processing commercial loan requests for both new and renewal loans using prescribed procedures and software.
  • Making an initial review of the loan approval (Profile), using information available on the loan processing software system and credit file, obtaining required information for underwriting, and preparing loan closing documents.
  • Preparing all necessary loan documents including Promissory Notes, Business Loan Agreements, Construction Loan Agreement, Disbursement Request and Authorization, Resolutions, and Loan Checklists using information from the loan application, profile, and title policy.
  • Confirming loan approval authority as defined by bank policy; review and obtain an understanding of the loan transaction from the Loan Profile.
  • Determining that initial underwriting documentation is present according to the approval document.
  • Reviewing credit files and determining additional documentation needs to support underwriting requirements, such as entity papers, credit reports, purchase contracts, lien searches, title work, appraisal or evaluation, environmental questionnaires, surveys, life insurance, and property liability insurance.
  • Ordering supporting documentation from approved vendors and working with loan officers or customers as needed.
  • Renewal loan processing includes entering the loan into loan software and working with the servicing loan officer to move the approved credit to close.
  • Communicating results of documentation review and any processing issues to the loan officer on a timely basis.
  • Balancing transactions and preparing all general ledger tickets and cashier's checks for disbursement.
  • Preparing wire forms, wire tickets, and authorizing wires for loan proceeds.
  • Processing loan files post-closing, including preparation and delivery of instruction letter and the closing packet to the title company if needed.
  • Assisting with additional loan operation roles, as requested or necessary.
Who Are You?You're someone who wants to influence your own development. You're looking for an opportunity where you can pursue your interests and your passion. Where a job title is not considered the final definition of who you are, but merely the starting point for your future.You also bring the following skills and experience:
  • High School Diploma or equivalent required; two (2) year degree or higher preferred.
  • Two or more years of experience in commercial loan document preparation and/or document processing.
  • Understanding of the required documentation for commercial term loans and lines of credit and the associated collateral documentation.
  • Ability to prioritize work on complex loan transactions to meet scheduled loan closing dates.
  • Knowledge of compliance requirements for commercial borrowers.
  • Knowledge of related state and federal lending and compliance laws and regulations, and other Bank lending policies.
  • Highly accurate data entry skills and a strong level of skill working with a variety of PC and internet applications, including LaserPro, Excel, Word, and PowerPoint, and the ability to navigate key industry-specific Internet sites.
  • Strong multi-tasking, time management, thoroughness, and accuracy skills required.
  • Solid communication and organizational skills with a focus on teamwork and cooperation.
  • A high level of confidentiality is required.
  • Ability to work under deadlines with frequent interruptions.
The next step is yours. Email us your current resume along with the position you are considering to:resumes@symicorgroup.com

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