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Loan Modification Jobs (NOW HIRING)

aldridgepite

MOTIONS Processor

Albuquerque, NM · On-site

Purpose Preparation, Processing and Filing Motions, Orders, Notice of Hearing, Adequate Protection Orders, Response to Motions to Sell, Motions to Approve Loan Modification/Deferrals/Partial Claims ...

aldridgepite

MOTIONS Processor

Albuquerque, NM · On-site

Purpose Preparation, Processing and Filing Motions, Orders, Notice of Hearing, Adequate Protection Orders, Response to Motions to Sell, Motions to Approve Loan Modification/Deferrals/Partial Claims ...

aldridgepite

MOTIONS Processor

Atlanta, GA · On-site

Purpose Preparation, Processing and Filing Motions, Orders, Notice of Hearing, Adequate Protection Orders, Response to Motions to Sell, Motions to Approve Loan Modification/Deferrals/Partial Claims ...

7 17 Credit Union

Be Seen First

Consumer Loan Processor

Warren, OH · On-site

$18.78 - $24.73/hr

This includes, but is not limited to, helpdesks, miscellaneous lending reports processing or funding indirect loans, balancing internal draft accounts and GLs, completing loan modification agreements ...

7 17 Credit Union

Consumer Loan Processor

Streetsboro, OH · On-site

$17.75 - $22.25/hr

This includes, but is not limited to, helpdesks, miscellaneous lending reports processing or funding indirect loans, balancing internal draft accounts and GLs, completing loan modification agreements ...

7 17 Credit Union

Be Seen First

Consumer Loan Processor

Streetsboro, OH · On-site

$18.78 - $24.73/hr

This includes, but is not limited to, helpdesks, miscellaneous lending reports processing or funding indirect loans, balancing internal draft accounts and GLs, completing loan modification agreements ...

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Loan Modification information

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$30

How much do loan modification jobs pay per hour?

As of Jun 29, 2026, the average hourly pay for loan modification in the United States is $21.30, according to ZipRecruiter salary data. Most workers in this role earn between $18.03 and $24.04 per hour, depending on experience, location, and employer.

What are the key skills and qualifications needed to thrive as a Loan Modification Specialist, and why are they important?

To thrive as a Loan Modification Specialist, you need a thorough understanding of mortgage products, lending regulations, and financial analysis, typically supported by experience in banking or real estate finance. Familiarity with loan servicing software, mortgage processing systems, and compliance tools is essential. Strong communication, negotiation skills, and attention to detail help build rapport with borrowers and ensure accurate documentation. These skills are crucial for effectively guiding clients through the loan modification process and achieving mutually beneficial solutions.

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

A 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 commissions or fees, depending on the lender and specific compensation structure.

What is a loan modification?

A loan modification is a change made to the terms of an existing loan by a lender, usually to help a borrower who is struggling to make payments. This process can involve reducing the interest rate, extending the length of the loan, or changing the type of loan. The goal is to make the monthly payments more affordable for the borrower while allowing the lender to avoid foreclosure. Loan modifications are common in cases of financial hardship and are often used for mortgages.

What are some common challenges faced by Loan Modification Specialists, and how can they be addressed?

Loan Modification Specialists often navigate complex borrower situations, tight regulatory requirements, and strict deadlines. A major challenge is balancing the needs of distressed borrowers with lender policies while ensuring compliance with relevant laws. Developing strong communication skills, staying updated on industry regulations, and leveraging internal resources or team expertise can help overcome these challenges. Building rapport with borrowers and collaborating closely with underwriters and legal teams also streamlines the process and leads to better outcomes.

What job makes $10,000 a month without a degree?

In the field of loan modification, experienced professionals such as loan officers or mortgage brokers can earn $10,000 or more per month through commissions and bonuses, often requiring strong sales skills and industry knowledge rather than a formal degree. Success in these roles depends on experience, networking, and understanding of financial products, with some earning high incomes through commissions and performance-based pay structures.

What is the difference between Loan Modification vs Loan Processor?

AspectLoan ModificationLoan Processor
Primary RoleNegotiate and modify existing loan terms to assist borrowersEvaluate, process, and verify loan applications for approval
Required CredentialsKnowledge of loan programs, financial analysis, sometimes licensingKnowledge of lending policies, credit analysis, often licensing
Work EnvironmentOffice-based, financial institutions, borrower interactionOffice-based, financial institutions, document review
Industry UsageFinancial services, mortgage companiesMortgage lenders, banks

While both roles operate within the mortgage and lending industry, a Loan Modification specialist focuses on renegotiating existing loans to help borrowers avoid foreclosure, whereas a Loan Processor handles the initial application review and approval process. Understanding these differences helps borrowers and employers identify the right professional for their needs.

Is doing a loan modification a good idea?

A loan modification involves changing the terms of a borrower's existing loan to make payments more manageable, which can help prevent foreclosure and reduce monthly payments. Loan officers or mortgage specialists often assist with evaluating eligibility and negotiating terms, requiring knowledge of lending guidelines and financial analysis. Whether it is a good idea depends on individual financial circumstances and long-term goals.

Will MLO be replaced by AI?

Loan officers (MLOs) play a key role in guiding clients through the mortgage process, and while AI can automate tasks like data analysis and document processing, it is unlikely to fully replace loan officers. Human judgment, communication skills, and personalized service remain essential in loan modification and lending decisions. AI tools are more likely to serve as supplements to enhance efficiency rather than replace the profession entirely.
More about Loan Modification jobs
What cities are hiring for Loan Modification jobs? Cities with the most Loan Modification job openings:
What states have the most Loan Modification jobs? States with the most job openings for Loan Modification jobs include:
What job categories do people searching Loan Modification jobs look for? The top searched job categories for Loan Modification jobs are:
Loan Modification jobs near you
Infographic showing various Loan Modification job openings in the United States as of June 2026, with employment types broken down into 3% As Needed, 39% Full Time, 37% Part Time, 20% Contract, and 1% Nights. Highlights an 96% Physical, 2% Hybrid, and 2% Remote job distribution, with an average salary of $44,308 per year, or $21.3 per hour.

Senior Commercial Credit Loan Specialist

Ascend Bank

Wallingford, CT • On-site

$57K - $72K/yr

Full-time

Posted 27 days ago

Key responsibilities

  • Perform administrative support duties related to the processing, closing, post-closing, and maintenance of commercial loans, including complex loans such as SWAPS and Participations.

  • Review and prepare commercial loan closing documents and compliance data to ensure accuracy and completeness in accordance with loan approval terms and requirements.

  • Train and provide ongoing mentoring to Commercial Loan Administrators.

Job description

POSITION DESCRIPTION:

Responsible for all processes relating to providing administrative support to the Commercial Credit and Closing Department. Performs a variety of duties related to the processing, closing, post-closing, and maintenance of commercial loans, including the more complex loans such as SWAPS and Participations. Responsible for training and ongoing mentoring of Commercial Loan Administrators. Interaction with other departments such as Loan Servicing, Accounting, Credit, as well as outside Attorneys.

  • Responsible for performing reviews of commercial loan closing documents, pre- and post-closing, to ensure accuracy and completeness in accordance with the loan approval terms, conditions and requirements.
  • Review compliance data for all approved loans to ensure accuracy and completeness to include but not limited to credit reports, flood determinations, EDR reports, appraisals, UCC filings, etc.
  • Complete assigned administrative duties related to due diligence items prior to loan approval in support of commercial lenders and credit analysts
  • Quality control of loan approvals to ensure conditions and covenants outlined within credit memos are appropriately defined and documented in closing documents
  • Assist with the collection and filing of annual financial statement requirements via emails generated by Sageworks to customers.
  • Monthly reconciliation and maintenance of commercial suspense general ledger for reporting to the accounting department.
  • Monitoring of Adverse Action applications including updating and recording of pertinent information to tracking logs and preparation of customer notifications.
  • Preparation of accurate commitment letters for approved commercial loans, gather all pre-closing conditions and other required checklist items including, but not limited to, CRA, beneficial ownership forms, CIP, flood determination, etc. Review and approve attorney-prepared commitment letters for accuracy of terms, dates, etc.
  • Direct and coordinate preparation of all commercial loan documents, including NCDC loans. Recognize the appropriate documents for each type of loan and obtain any missing/incomplete documents prior to closing.
  • Preparation of in-house loan closing documentation (typically small loans) including legal and supplemental Bank documents and calculation of all fees due (i.e., interest, escrow payoffs, etc.) and final funding amount.
  • Preparation of supplemental Bank documents for all attorney loan closings including compliance documentation, closing instructions and calculations of all fees due (i.e., interest, escrow, payoffs, etc.) and final funding amount.
  • Prepare, process, and monitor loan modification requests. Responsibilities include preparation of in-house modification documents, interaction with the attorney for attorney-prepared modifications, assure required compliance has been met, review of all documents prior to signing for accuracy and completeness. Additionally, upon execution of documents, ensure that appropriate fees are collected and that documents are complete and accurate. Prepare management reports as directed.
  • Funding of all commercial loans including the OFAC check of all parties, wire preparation, wire entry and funding notification.
  • Post-closing of all commercial loan files to include review of executed documents and compliance requirements to provide a complete and error free loan package to Loan Servicing for booking.
  • Review and confirm adequate and appropriate Hazard, Flood, Builders Risk and/or Liability Insurance is in force prior to closing.
  • Responsible for the process of ensuring that all loan files are retained up to Bank standards for completeness and neatness in Sageworks and Synergy.
  • Process Express Loan applications.
  • Prepare HMDA/CRA data for transmission into NContracts.
  • Assist with preparation of Impaired Loan analysis (order appraisals, research insurance and taxes).
  • Assist with identifying “shelf” loans on an annual basis.
  • Assist with providing all necessary documentation for audits and exams.
  • Key competencies include research, analytical and critical thinking skills, planning and organizing, information monitoring, strong communication skills, stress tolerance, attention to detail, accuracy, and confidentiality.
  • Able to work independently, with minimal supervision.
  • Complete all required compliance training.
  • Perform other duties as required.


DIGITAL LITERACY:

The ability to use data, information, and communication technologies to find, evaluate, create, and communicate information, requiring both cognitive and technical skills

  • Information, data, and content
  • Teaching, learning and self-development
  • Communication, collaboration, and participation
  • Digital identity, safety, and security
  • Technical proficiency with all bank products
  • Awareness and interest in new technology
  • Creation, innovation, and research

BASIC KNOWLEDGE & TRAINING REQUIRED FOR MAXIMUM PROFICIENCY: A concise understanding of commercial loan products and compliance requirements along with knowledge of commercial loan documentation, commercial loan servicing and/or related areas. Attention to detail is a critical component of this position. Computer proficiency in a Windows based environment and knowledge of MS Word, Excel, and Outlook. Excellent verbal and written communication skills are a must.

EXPERIENCE: Five to eight years of similar or related experience, with a minimum of three years’ experience in the review of commercial loan documentation, commercial servicing and related areas. Superior customer service skills are required. Legal/Paralegal experience desired.

EDUCATION: (1) A bachelor’s degree, or (2) achievement of formal certifications recognized in the industry as equivalent to a bachelor’s degree. A minimum of three years of experience in the review of commercial loan documentation, commercial servicing and related areas required.

MANAGERIAL RESPONSIBILITY: Has no supervisory/managerial responsibility but will serve as a mentor and resource for peers.

*Compensation: Compensation is based on our market pay structures. However, individual salaries are determined by a variety of factors including, but not limited to business considerations, local market conditions, and internal equity, as well as candidate qualifications, such as skills, education, and experience.

Ascend Bank is an equal opportunity employer and offers equal opportunity to all applicants for all positions without regard to race, color, religion, national origin, age, disability, and veteran status.

Applicants requiring reasonable accommodation in the application process should notify Human Resources.

Ascend Bank participates in E-Verify. EOE/AA/M/F/D/V