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Loan Processor Jobs in Addison, IL (NOW HIRING)

Work with the loan processor to provide any additional documentation as necessary and required by underwriting to clear conditions and close the loan. Job Requirements: * Must meet all NMLS ...

The Commercial Loan Administrator is responsible for managing and processing commercial loan projects. This role involves preparing and reviewing loan documentation, ensuring compliance with ...

The Commercial Loan Administrator is responsible for managing and processing commercial loan projects. This role involves preparing and reviewing loan documentation, ensuring compliance with ...

Production Processor

Elgin, IL · On-site

$22 - $24/hr

Pay Rate Low: 22 | Pay Rate High: 24 Our client sells high-quality microbial enzymes to different industries in the Americas, like food, dietary supplements, industrial, diagnostics, and regenerative ...

Ensure processes align with the bank's guidelines, risk appetite, policies, standards, and consumer laws and regulation requirements while providing sound judgment. * Strong Written Communication:

Ensure processes align with the bank's guidelines, risk appetite, policies, standards, and consumer laws and regulation requirements while providing sound judgment. * Strong Written Communication:

Ensure processes align with the bank's guidelines, risk appetite, policies, standards, and consumer laws and regulation requirements while providing sound judgment. * Strong Written Communication:

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Loan Processor information

See Addison, IL salary details

$13

$21

$30

How much do loan processor jobs pay per hour?

As of Jul 17, 2026, the average hourly pay for loan processor in Addison, IL is $21.34, according to ZipRecruiter salary data. Most workers in this role earn between $18.08 and $24.09 per hour, depending on experience, location, and employer.

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

To thrive as a Loan Processor, you need a solid understanding of loan origination, financial documentation review, and regulatory compliance, often supported by experience in banking or finance. Familiarity with loan processing software like Encompass, Calyx Point, and knowledge of relevant regulations such as RESPA and TILA are typically required. Attention to detail, strong organizational skills, and effective communication make someone stand out in this position. These skills and qualities are crucial to ensure accurate, timely loan approvals and maintain compliance, ultimately supporting customer satisfaction and organizational success.

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 1% to 2%, which would be $5,000 to $10,000 for a $500,000 loan. Compensation can also include a base salary and bonuses, depending on the employer and location. Skills in underwriting and customer service are important in this role.

How much do loan processors make?

Loan processors in the United States typically earn an average annual salary of around $45,000 to $55,000, with variations based on experience, location, and employer. In some regions, salaries can range from $40,000 to $65,000, and additional certifications or skills in loan software can influence pay.

What qualifications do you need to be a loan processor?

A loan processor typically needs a high school diploma or equivalent, with some employers preferring post-secondary education or relevant certifications. Strong organizational skills, attention to detail, and familiarity with loan processing software are important, and previous experience in banking or finance can be beneficial.

What are some common challenges faced by Loan Processors, and how can they be managed effectively?

Loan Processors often encounter challenges such as tight deadlines, managing large volumes of documentation, and coordinating with multiple parties like underwriters, loan officers, and clients. Staying organized and maintaining clear communication are key to handling these pressures. Many successful Loan Processors use checklists and digital tools to track document status and follow up regularly with all stakeholders, which helps ensure loans are processed efficiently and accurately.

What Does a Loan Processor Do?

A loan processor reviews loan applications before sending them to the underwriter for approval. As a loan processor, your responsibilities and duties include organizing required documents and verifying the accuracy and completeness of the loan application. You work as the intermediary between the loan officer and the underwriter, so you will not usually have direct contact with the customer. A good loan processor has excellent data and organizational skills, which are needed to succeed in this career.

What are loan processors?

Loan processors are financial professionals who review, verify, and organize loan applications before they are approved by underwriters. They collect necessary documentation from applicants, ensure all information is accurate, and communicate with borrowers and lenders throughout the process. Their primary goal is to make sure the loan file is complete and complies with lending regulations, helping to facilitate a smooth and timely loan approval.

What is the difference between Loan Processor vs Loan Underwriter?

AspectLoan ProcessorLoan Underwriter
Primary RolePrepares and reviews loan documents, gathers borrower informationAssesses loan risk and approves or declines loan applications
Required CredentialsHigh school diploma, some certifications preferredTypically requires mortgage or financial certifications
Work EnvironmentOffice setting, working closely with loan officers and applicantsOffice environment, analyzing financial data and risk
Industry UsageCommon in mortgage and banking sectorsIntegral to mortgage lending and financial institutions

While both roles are essential in the loan process, a Loan Processor focuses on preparing and verifying documents, whereas a Loan Underwriter evaluates the risk and makes approval decisions. Understanding these differences helps in choosing the right career path or job focus within the lending industry.

What does a loan processor do?

A loan processor reviews and verifies loan applications, gathers necessary documentation, and ensures all information complies with lending guidelines. They coordinate with borrowers, underwriters, and lenders to facilitate the approval process and often use loan origination software. Attention to detail and knowledge of financial regulations are essential skills for this role.

Is it hard to become a loan processor?

Becoming a loan processor typically requires a high school diploma or equivalent, strong organizational skills, and attention to detail. Some employers prefer candidates with experience in banking or finance, and familiarity with loan processing software can be beneficial. The role often involves on-the-job training and may require passing a background check.
What are popular job titles related to Loan Processor jobs in Addison, IL? For Loan Processor jobs in Addison, IL, the most frequently searched job titles are:
What job categories do people searching Loan Processor jobs in Addison, IL look for? The top searched job categories for Loan Processor jobs in Addison, IL are:
What cities near Addison, IL are hiring for Loan Processor jobs? Cities near Addison, IL with the most Loan Processor job openings:
Loan Originator - East Region

Loan Originator - East Region

Wintrust

Lake Forest, IL

Full-time

Medical, Dental, Vision, Life, Retirement

Re-posted 3 days ago


Wintrust rating

8.0

Company rating: 8.0 out of 10

Based on 20 frontline employees who took The Breakroom Quiz

58th of 149 rated banks


Job description

Wintrust Mortgage was founded in 1981 to help customers achieve the American dream of homeownership and has since successfully navigated the ever-changing real estate market. As a full-service, federally chartered lender with offices located across the country, we're dedicated to providing customers with a wide range of mortgage products and have the capability to lend in all 50 states. To complement the basic conventional, FHA, and VA loan programs, we are uniquely positioned to meet the needs of the continually evolving market. Wintrust Mortgage is part of Wintrust, a financial services company with more than $66 billion in assets.

Why join us?

  • An award-winning culture! We are rated a Top Workplace by the Chicago Tribune (past 9 years) and Employee Recommended award by the Globe & Mail (past 6 years)

  • Comprehensive benefit package including medical, dental, vision, life, a 401k plan with a generous company match and tuition reimbursement to name a few

  • Family-friendly work hours

  • With 175+ community bank locations, we offer opportunities to grow and develop in your career

  • Promote from within culture

Why join this team?

  • We have a culture that encourages an entrepreneurial spirit

  • We offer multiple opportunities for development and upward mobility

  • You come to join focused, highly collaborative team at a great company

As the Loan Originator, primary responsibilities include:

  • Use interpersonal and communication skills to generate referral business, leads and relationships with individuals, existing clients, past clients and Real Estate professionals.

  • Participate in training for marketing, sales, and scenario techniques to effectively sell, package and close consumer mortgages.

  • Take thorough and complete loan applications; analyze and prequalify applicant information to determine viability of the client's desired loan program.

  • Pull and analyze credit and compare for accuracy with the borrower's statements.

  • Provide guidance and information relevant to the risks and benefits of each program the applicant is qualified for.

  • Effectively communicate the terms of each product and ensure all documents necessary are signed by the borrower.

  • Provide the loan package to the loan processor for review. Work with the loan processor to provide any additional documentation as necessary and required by underwriting to clear conditions and close the loan.

Job Requirements:

  • Must meet all NMLS requirements.

  • Must have superior interpersonal, organizational, communication (both written and oral), and telephone etiquette skills.

  • Must be a self starter, motivated, energetic, with excellent time-management skills.

  • Minimum of 3 years mortgage banking experience.

Benefits:

Medical Insurance Dental Vision Life insurance Accidental death and dismemberment Short-term and long term Disability Insurance Parental Leave Employee Assistance Program (EAP) Traditional and Roth 401(k) with company match Flexible Spending Account (FSA) Employee Stock Purchase Plan at 5% discount Critical Illness Insurance Accident Insurance Transportation and Commuting Benefits Banking Benefits Pet Insurance

Compensation:

The minimum estimatedhourly ratefor this role is $15.00, along with eligibility to earn monthly commissions. Actualpayrate may vary based on several factors, such as a candidate's location, qualifications, skills, and experience.

From our first day in business, Wintrust has been proud to serve a variety of unique communities and people from all walks of life. To build a company that reflects the communities we serve, we believe that fostering a unique and inclusive workplace where everyone feels valued and empowered to succeed will support our ongoing success. Wintrust Financial Corporation, including community banking and financial services subsidiaries, is an Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, age, national origin, disability, veteran status, genetic information, and other legally protected categories.


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