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Loan Processor Jobs in Elgin, IL (NOW HIRING)

Valley Bank

Lending Specialist

Chicago, IL · On-site

Ensure initial loan funding (if there is a draw at close) and ongoing life of loan activity (payments, draws, payoffs, etc.) are properly processed and booked with downstream stakeholders.

Key Mortgage Services

Loan Officer Assistant

Schaumburg, IL · On-site

$45K - $65K/yr

  • Medical

  • Dental

  • Retirement

  • PTO

Communicate with and support Loan Processors to obtain conditions * Assist clients and guide them through the mortgage pre-approval process * Reviewing supporting documents and information to ...

Key Mortgage Services

Loan Officer Assistant

Schaumburg, IL · On-site

$45K - $65K/yr

  • Medical

  • Dental

  • Retirement

  • PTO

Communicate with and support Loan Processors to obtain conditions * Assist clients and guide them through the mortgage pre-approval process * Reviewing supporting documents and information to ...

Key Mortgage Services

Loan Officer Assistant

Schaumburg, IL · On-site

$45K - $65K/yr

  • Medical

  • Dental

  • Retirement

  • PTO

Communicate with and support Loan Processors to obtain conditions * Assist clients and guide them through the mortgage pre-approval process * Reviewing supporting documents and information to ...

Servbank

Commercial Loan Administrator

Oswego, IL · On-site

$41K - $48K/yr

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

Servbank

Commercial Loan Administrator

Oswego, IL · On-site

$41K - $48K/yr

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

M/I Homes

Loan Specialist

Naperville, IL · On-site

$24.04 - $36.57/hr

  • Medical

  • Dental

  • Vision

  • Life

  • Retirement

  • PTO

Processes applicable documentation for FHA, VA and Conventional mortgage loan applications and prepares required packages for loan approval. Hourly Rate: $24.04 - $36.57 per hour. This position is ...

M/I Homes

Loan Specialist

Naperville, IL · On-site

$24.04 - $36.57/hr

  • Medical

  • Dental

  • Vision

  • Life

  • Retirement

  • PTO

Processes applicable documentation for FHA, VA and Conventional mortgage loan applications and prepares required packages for loan approval. Hourly Rate : $24.04 - $36.57 per hour. This position is ...

M/I Homes

Loan Specialist

Naperville, IL · On-site

$24.04 - $36.57/hr

  • Medical

  • Dental

  • Vision

  • Life

  • Retirement

  • PTO

Processes applicable documentation for FHA, VA and Conventional mortgage loan applications and prepares required packages for loan approval. Hourly Rate : $24.04 - $36.57 per hour. This position is ...

M/I Homes

Loan Specialist

Naperville, IL · On-site

$24.04 - $36.57/hr

  • Medical

  • Dental

  • Vision

  • Life

  • Retirement

  • PTO

Processes applicable documentation for FHA, VA and Conventional mortgage loan applications and prepares required packages for loan approval. Hourly Rate : $24.04 - $36.57 per hour. This position is ...

Dunmor

Loan Originator

Chicago, IL · On-site +1

Partner with internal teams such as Processing, Underwriting, and Valuations to ensure smooth and timely loan processing. * Act as a liaison between clients and operations to overcome challenges and ...

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All JobsLoan Processor JobsLoan Processor Jobs in Elgin, IL

Loan Processor information

See Elgin, IL salary details

$13

$21

$30

How much do loan processor jobs pay per hour?

As of Aug 16, 2026, the average hourly pay for loan processor in Elgin, IL is $21.06, according to ZipRecruiter salary data. Most workers in this role earn between $17.84 and $23.75 per hour, depending on experience, location, and employer.

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

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.

Can I work remotely as a loan processor?

Loan processors can often work remotely, especially with the increased use of digital document management and communication tools. Many companies offer remote or hybrid schedules, but some roles may require in-office presence for document verification or meetings. Availability depends on the employer's policies and the specific job requirements.

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 is a loan processor?

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.

More about Loan Processor jobs

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

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

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

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

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

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

Loan Processor jobs near you
Infographic showing various Loan Processor job openings in Elgin, IL as of August 2026, with employment types broken down into 94% Full Time, and 6% Part Time. Highlights an 100% In-person job distribution, with an average salary of $43,799 per year, or $21.1 per hour.

Lending Specialist

Valley Bank

Chicago, IL • On-site

Other

Posted 4 days ago

Valley Bank rating

7.3

Company rating: 7.3 out of 10

Based on 19 frontline employees who took The Breakroom Quiz

112th of 171 rated banks

Job description

Responsibilities include, but are not limited to:

  • Act as the liaison and primary point of contact with internal and external customers/stakeholders from approval to deal closing, as well as being point of contact for questions, requests, and inquiries during life of loan monitoring/servicing.
  • Manage deal flow pipeline with Relationship Managers and leading the interaction with internal downstream stakeholders to ensure timely closings.
  • Coordinate and review closing documentation (with counsel or internal doc prep) and information with relevant stakeholders for due diligence, application processing, insurance, operational feasibility, optimal execution mechanics, and regulatory requirements.
  • Assist with the execution and process flow of the transaction, including escalation of issues and designing solutions that ensure risks are covered through adequate controls and protections. Order necessary documents to complete the file and prepare supplemental documents when necessary.
  • Partner with relevant operations teams (closing and servicing departments) to ensure proper booking, accrual reconciliations, and daily cash positions.
  • Ensure initial loan funding (if there is a draw at close) and ongoing life of loan activity (payments, draws, payoffs, etc.) are properly processed and booked with downstream stakeholders.
  • Carefully review loan documents for closing to ensure accuracy; close loans when necessary.
  • Communicate with Lenders any issues that arise prior to closing.
Required Skills:
  • Excellent Interpersonal skills as well as verbal and written communication skills.
  • Confident in ability to enforce policies, procedures and processes when/if challenged.
    Strong PC skills using Microsoft office applications as well as Bank's core system and nCino software.
  • Highly proficient in all areas of customer service, organizational skills, data input, time management and handling multiple tasks simultaneously within a high volume, strict deadline work environment.
Required Experience:
  • High School Diploma or equivalent; up to 3 years Lending Assistant or Loan Processor experience.
Preferred Experience:
  • Knowledge of Commercial Real Estate and C&I loan documentation.

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