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Contract Loan Processor Jobs in Rochester, MI (NOW HIRING)

UACJ Automotive Whitehall

Controller

Troy, MI · On-site

... and contracts including health, dental, life and disability. * Administer the company profit ... Interact with plan trustee on loan processing, distributions and recordkeeping. * Related work as ...

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All JobsContract Loan Processor JobsContract Loan Processor Jobs in Rochester, MI

Contract Loan Processor information

See Rochester, MI salary details

$12

$19

$28

How much do contract loan processor jobs pay per hour?

As of Jul 17, 2026, the average hourly pay for contract loan processor in Rochester, MI is $19.61, according to ZipRecruiter salary data. Most workers in this role earn between $16.59 and $22.12 per hour, depending on experience, location, and employer.

How much does a loan officer make on a $500,000 loan?

A contract loan processor or loan officer typically earns a commission or fee based on the loan amount, often around 0.5% to 1% of the loan value. For a $500,000 loan, this could translate to $2,500 to $5,000 in fees or commissions, depending on the company's compensation structure and the specific role involved.

Will MLO be replaced by AI?

A Mortgage Loan Originator (MLO) role involves client interaction, assessing financial information, and guiding borrowers through the loan process, which currently requires human judgment and communication skills. While AI tools can assist with data analysis and document processing, they are unlikely to fully replace MLOs in the near future due to the need for personalized service and complex decision-making. MLOs may increasingly use AI to improve efficiency but will continue to play a vital role in mortgage lending.

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 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 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 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 is a contract loan processor?

A contract loan processor is a professional responsible for reviewing and verifying loan applications, ensuring all required documentation is complete and accurate. They work within lending institutions to facilitate the approval process, often using loan processing software and adhering to regulatory guidelines. This role typically involves strong attention to detail and knowledge of loan programs and underwriting standards.

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.

What are the most commonly searched types of Loan Processor jobs in Rochester, MI? The most popular types of Loan Processor jobs in Rochester, MI are:
What are popular job titles related to Contract Loan Processor jobs in Rochester, MI? For Contract Loan Processor jobs in Rochester, MI, the most frequently searched job titles are:
What cities near Rochester, MI are hiring for Contract Loan Processor jobs? Cities near Rochester, MI with the most Contract Loan Processor job openings:
Contract Loan Processor jobs near you
Controller

Controller

UACJ AUTOMOTIVE WHITEHALL INDUSTRIES INC

Troy, MI • On-site

Other

Medical, Dental, Life, Retirement

Re-posted 18 days ago

UACJ Automotive Whitehall Industries rating

5.4

Company rating: 5.4 out of 10

Based on 17 frontline employees who took The Breakroom Quiz

Job description

Job Purpose: Plans, organizes, and directs all aspects of the financial and employee benefit departments including the development/administration of policies on finance, financial statements, cash management, accounting, tax, payroll, cash disbursements, computer systems, internal controls, budgets, audits, insurance, profit sharing and 401(k) plans, and employee benefits.

Qualifications:

  • Education and Experience: Bachelors Degree in Accounting plus 10 years experience with a manufacturing company.
  • Knowledge: Knowledge of employee benefit programs, development/administration of policies on finance, financial statements, cash management, accounting, tax, payroll, cash disbursements, computer systems, internal controls, budgets, audits, insurance, profit sharing and 401(k) plans

Essential Duties and Responsibilities of the Job:

  1. Primary duty is to manage the Accounting/Payroll department.
  2. Preparation, analysis and presentation of annual budget and monthly/annual financial statements
  3. Develop and maintain effective systems of general accounting and cost determination. Supervision and direction of accounting staff in areas of general ledger, accounts payable, accounts receivable. Payroll administration and related quarterly and annual filings with state, federal and other regulatory agencies.
  4. Interact with outside firm in the annual audit and preparation of annual financial package for company financial statements, tax filings, and employee benefit plan statements and tax filings.
  5. Responsible for cash management, including loan administration, cash forecasting, cash expenditures, capital expenditures, investment of excess cash and daily cash balances.
  6. Supervise the data processing area and assist the Systems Analyst in the planning and development of computer software and hardware needs, internal operations, and interaction with manufacturing, supervision and clerical staffs on computer needs and requirements.
  7. Negotiate, implement and administer annual liability, property and worker's compensation policies.
  8. Assist the Human Resource Department in negotiating, implementing and administering annual employee insurance policies and contracts including health, dental, life and disability.
  9. Administer the company profit sharing and 401(k) plan. Implement and maintain internal policies regarding these plans and communicate information to employees. Interact with plan trustee on loan processing, distributions and recordkeeping.
  10. Related work as required.

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