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Loan Processing Assistant Jobs in Elgin, IL (NOW HIRING)

Belmont Bank & Trust Company

Loan Processor

Chicago, IL · On-site

$60K - $75K/yr

The successful candidate must have a strong understanding of loan processing, excellent ... Summary: The Loan Processor's primary responsibility is to assist loan officers with bringing ...

Belmont Bank & Trust Company

Loan Processor

Chicago, IL · On-site

$60K - $75K/yr

The successful candidate must have a strong understanding of loan processing, excellent ... Summary: The Loan Processor's primary responsibility is to assist loan officers with bringing ...

Alero Financial Credit Union

Loan Processor

Elgin, IL · On-site

$18.68 - $23.34/hr

Act as a vital link between members and Alero lending staff by processing new loans and subsequent ... Provide member service. * Assist with member telephone inquiries relating to their loan or general ...

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How much do loan processing assistant jobs pay per hour?

As of Sep 7, 2026, the average hourly pay for loan processing assistant in Elgin, IL is $19.09, according to ZipRecruiter salary data. Most workers in this role earn between $16.63 and $20.19 per hour, depending on experience, location, and employer.

What does a loan processing assistant do?

A Loan Processing Assistant supports loan officers and processors by handling administrative tasks throughout the loan application process. Their responsibilities typically include collecting and verifying borrower documents, entering data into loan management systems, and communicating with clients to ensure all required paperwork is complete. They help maintain accurate records, coordinate with various departments, and ensure that loan files meet compliance standards. Their work is essential for streamlining the loan approval process and enhancing customer experience.

What are the key skills and qualifications needed to thrive as a loan processing assistant?

To thrive as a Loan Processing Assistant, you need attention to detail, basic knowledge of loan documentation, and a high school diploma or equivalent. Familiarity with loan origination software, document management systems, and sometimes basic Excel skills is typically required. Strong organizational skills, clear communication, and the ability to multitask help you stand out in this position. These skills are crucial for ensuring accurate and efficient loan processing, minimizing errors, and providing a seamless customer experience.

What are some common challenges a loan processing assistant might face, and how can they be addressed?

Loan Processing Assistants often encounter challenges such as managing tight deadlines, handling a high volume of applications, and ensuring accuracy in documentation. Staying organized and prioritizing tasks are essential to ensuring that loan files are processed efficiently and without errors. Regular communication with loan officers, underwriters, and clients also helps prevent misunderstandings and delays. Utilizing checklists and digital tools can streamline the workflow and reduce the risk of missing important details.

What is the difference between Loan Processing Assistant vs Loan Underwriter?

AspectLoan Processing AssistantLoan Underwriter
CredentialsHigh school diploma or equivalent; some roles may prefer associate's degreeBachelor's degree in finance, economics, or related field; certifications like CU or Fannie Mae
Work EnvironmentOffice setting, supporting loan processing teamsOffice environment, analyzing loan applications for approval
Employer & Industry UsageMortgage lenders, banks, credit unionsMortgage lenders, banks, financial institutions
Common Search & ComparisonOften compared for entry-level roles in loan processingCompared for roles involving loan approval decisions

The main difference is that a Loan Processing Assistant supports the loan processing workflow by gathering documents and preparing files, while a Loan Underwriter evaluates the risk and makes approval decisions on loan applications. Both roles are essential in the mortgage industry but focus on different stages of the loan process.

How much do entry level loan processing assistants make?

Entry-level loan processing assistants typically earn between $30,000 and $40,000 annually, depending on location and employer. Starting salaries may also include benefits such as health insurance and paid time off, and the role often requires basic knowledge of loan documentation and processing software.

Is loan processing a hard job?

Loan processing is a detail-oriented role that requires strong organizational skills, attention to accuracy, and familiarity with financial documents and software. The job can be challenging during busy periods or when handling complex applications but generally involves routine tasks and clear procedures.

What are popular job titles related to Loan Processing Assistant jobs in Elgin, IL?

For Loan Processing Assistant jobs in Elgin, IL, the most frequently searched job titles are:

What job categories do people searching Loan Processing Assistant jobs in Elgin, IL look for?

The top searched job categories for Loan Processing Assistant jobs in Elgin, IL are:

What cities near Elgin, IL are hiring for Loan Processing Assistant jobs?

Cities near Elgin, IL with the most Loan Processing Assistant job openings:

Loan Processing Assistant jobs near you

Loan Processing Associate I

Windsor Advantage

Chicago, IL • On-site

Full-time

Medical, Dental, Vision, Life, Retirement, PTO

Re-posted 16 days ago

Job description

About Us
Windsor Advantage, an affiliate of Capital Bank N.A., is one of the nation's leading Lender Service Providers (LSP). Windsor Advantage provides banks, credit unions and CDFIs with a comprehensive outsourced SBA 7(a) and USDA lending platform without the need to hire staff or incurring capital expenditures. Since 2010, Windsor has processed more than $4.5 billion in government guaranteed loans and currently services a portfolio for over 100 lenders nationwide.
With more than 150 years of cumulative SBA lending experience, cutting edge technology, rigid controls and consistent processes, Windsor is uniquely qualified to assist any size lender with implementing a thoughtful and profitable government guaranteed lending initiative.
Capital Bank N.A. is headquartered in Maryland and has been serving our communities since 1999. We stand as a publicly traded company (NASDAQ: CBNK) with over $3 billion in assets. We offer commercial and consumer banking services primarily to clients in Maryland, DC, and Northern Virginia, alongside two nation-wide lending brands; Capital Bank Home Loans and OpenSky, a credit card division that offers and services credit cards across all states.
Position PurposeThe Loan Processing Associate is responsible for providing quality customer service while processing loans through closing. The Loan Processing Associate will quarterback communication with clients, borrowers, government entities and other third parties (e.g., insurance agents, attorneys, CPA's etc.), exercising discretion and judgment. This position includes required participation in and contribution to weekly departmental and pipeline meetings.
Position Responsibilities
  • Manages the entire loan application lifecycle, from initial intake to final closing. This includes collecting and verifying borrower documentation, ensuring completeness, conducting due diligence tasks, and coordinating with Loan Officers and Underwriters.
  • Maintains meticulous attention to detail to ensure adherence to all SBA regulations, program guidelines, and bank policies throughout the loan process.
  • Distribute, collect, and review loan application processing checklist to obtain SBA Authorization and loan closing.
  • Exhibit in-depth understanding of SBA rules/regulations and develop an ability to utilize this knowledge to independently create unique solutions and thoughtful structures.
  • Acts as a liaison and manage critical relationships with borrowers, financial intermediaries, lenders, Windsor management and the SBA throughout the loan lifecycle using effective communication with a high attention to detail.
  • Prepares comprehensive loan packages with all necessary financial documents, business plans, and supporting
    materials for underwriting review and approval.
  • Manages and facilitates the loan closing process, ensuring all documents are signed, conditions are met, and
    funding is disbursed smoothly.
  • Assists with servicing of funded loans, such as collecting information for ongoing compliance.
  • Stay updated on current SBA loan programs and industry trends, researching competitor offerings as needed.
  • Submit 4506-C to the IRS and complete tax verifications upon return.
  • Order and review any necessary third-party reports as needed.
  • Effectively manage and interface with third party vendors.
  • Work with lender and borrower on SBA screen outs. Interface directly with SBA loan specialist staff.
  • Prepare and/or review SBA authorization once received, depending on processing method, and interface with lender's closing counsel.
  • Special Projects assigned as necessary.
  • Actively contribute to weekly department meetings to identify, discuss, solve, and implement department
    process improvements.
  • Adhere specifically to all company policies and procedures, Federal and State regulations, and laws.
  • Responsible for following regulatory requirements including those pertaining to the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Customer Identification Program (CIP), and OFAC to assist in the identification, detection and determent of money laundering or other unlawful activities.
  • Perform other duties as required.

Minimum Education & Experience
  • Bachelor's degree in finance, business administration, or a related field required
  • 1-2 years experience in a role within administration, finance, or a similar industry
  • Experience managing multiple tasks while delivering the highest levels of customer service with minimal supervision.
  • Experience with loan processing and loan closings.
  • Experience with SBA rules/regulations preferred.

Technical Knowledge and Skills
  • Knowledge of commercial loan products and/or basic accounting.
  • Must have ability to understand all business processes within the bank.
  • A working knowledge of commercial credit principles and pertinent laws is preferred.
  • Knowledge of computer systems as they relate to lending activities, including Microsoft Office Suite to include Word, Excel and Outlook is a must.
  • Must have excellent communication skills, both verbal and written
  • Excellent interpersonal skills to build strong relationships with borrowers and internal teams.
  • Must have strong analytical and problem-solving skills to identify and resolve any loan processing issues.
  • Must demonstrate resourcefulness, strong organization, and meticulous attention to detail, coupled with excellent multitasking abilities and effective prioritization skills

Compensation
  • Base Salary Range: $40,000 - $60,000 annually. Final determination of where you are at in the salary range is based on numerous factors such as geographical location, relevant experience, skill set, education, and ability to meet qualifications within the job description.
  • Additional Compensation: This role will include a yearly annual target bonus based on individual performance.

Working Arrangements
  • This is a hybrid role expected to work in office Monday, Wednesday, and Thursday. You will be able to work remotely on Tuesday and Friday.

Why Join Us?
  • Join a growing company with a culture that fosters an entrepreneurial spirit
  • Comprehensive benefits package including Medical, Dental, Vision, Company Paid Life Insurance, Disability Insurance, and more?
  • Company Contributions to your 401k - Regardless of your contribution
  • Employee Perks: Paid Parental Leave, Employee Recognition Program, Leadership Program, Tuition Reimbursement Program, Employee Bank Checking Account, and much more!
  • Generous Paid Time Off and Paid Holidays - Including Paid Charity Hours to support volunteer opportunities

Supporting Businesses. Helping People. Strengthening Communities.
Windsor Advantage LLC is an E-Verify, Affirmative Action and Equal Opportunity Employer.

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