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Loan Processor Jobs in Worcester, MA (NOW HIRING)

BCU

Retail Mortgage Loan Officer

Marlborough, MA · On-site

$119K/yr

Establish strong working relationships with the operations team including processing, underwriting ... Ensure loan submissions are accurate, timely and profitable. * Maintain a working knowledge of ...

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Loan Processor information

See Worcester, MA salary details

$13

$21

$30

How much do loan processor jobs pay per hour?

As of Sep 5, 2026, the average hourly pay for loan processor in Worcester, MA is $21.26, according to ZipRecruiter salary data. Most workers in this role earn between $17.98 and $23.99 per hour, depending on experience, location, and employer.

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 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 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.

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 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.

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 specific arrangements depend on employer policies and the need for secure handling of sensitive financial information.

How much do entry level loan processors make?

Entry-level loan processors typically earn between $35,000 and $45,000 annually, depending on location and employer. Starting salaries may increase with relevant skills, certifications, and experience in loan processing software and financial regulations.
More about Loan Processor jobs

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Loan Processor jobs near you
Infographic showing various Loan Processor job openings in Worcester, MA as of August 2026, with employment types broken down into 78% Full Time, and 22% Part Time. Highlights an 78% In-person, 11% Hybrid, and 11% Remote job distribution, with an average salary of $44,212 per year, or $21.3 per hour.

Small Business Loan Workout Specialist

First Technology Federal Credit Union

Marlborough, MA • Hybrid

$59K - $71K/yr

Full-time

Medical, Dental, Vision, Retirement, PTO

Posted 24 days ago

Job description

Description

The Small Business Loan Workout Specialist is responsible for managing a portfolio of delinquent, criticized, classified, non-performing, and special asset small business loans. This role develops and executes workout and recovery strategies, conducts financial and collateral analysis, coordinates legal and recovery actions, and partners with internal and external stakeholders to maximize loan recovery while minimizing credit losses and ensuring regulatory compliance.

Here’s what you can expect from the job and what you need to be successful:  

What You'll Do: 

  • Manage a portfolio of criticized, classified, delinquent, non-performing, and SBA-guaranteed small business loans while maintaining appropriate risk ratings and portfolio monitoring practices.
  • Analyze borrower financial statements, tax returns, cash flow, collateral values, and repayment capacity to assess risk and develop effective workout strategies.
  • Negotiate and document loan modifications, restructures, extensions, payment arrangements, settlements, and forbearance agreements designed to maximize recovery and minimize loss exposure.
  • Coordinate repossessions, collateral liquidations, vehicle remarketing activities, asset recovery efforts, and vendor relationships associated with problem loan resolution.
  • Partner with legal counsel, trustees, collection agencies, and recovery specialists regarding bankruptcies, litigation, judgments, and collateral enforcement actions.
  • Prepare comprehensive credit memoranda, action plans, impairment analyses, and recovery recommendations for management review and approval.
  • Maintain complete, accurate, and audit-ready loan files while ensuring compliance with lending regulations, SBA requirements, credit union policies, and accounting guidance.
  • Support audits, examinations, regulatory reviews, and special projects by providing timely documentation, analysis, and subject matter expertise.

Essential Skills:

  • Bachelor’s degree in Finance, Accounting, Business Administration, or a related field, or equivalent combination of education and experience.
  • 2+ years of progressive experience in consumer, small business, commercial lending, credit analysis, collections, loan workouts, or special assets management.
  • Demonstrated knowledge of loan structures, credit risk analysis, financial statement interpretation, and borrower cash flow analysis.
  • Strong negotiation, problem-solving, and decision-making skills with the ability to develop practical workout and recovery solutions.
  • Working knowledge of regulatory requirements, loan recovery processes, collateral liquidation practices, and SBA program requirements.
  • Excellent written and verbal communication skills with the ability to effectively collaborate with members, attorneys, vendors, and internal stakeholders.
  • Proficiency with spreadsheet applications, financial analysis tools, and loan servicing systems.
  • Strong organizational skills with the ability to manage multiple priorities, maintain detailed documentation, and work independently.

Location: Hillsboro, OR | Marlborough/Chelmsford, MA

Target Compensation: $59,000 - $71,000

Schedule: Monday – Friday | 8am-5pm (Hybrid)


Who We Are:
What makes First Tech different? Click here to learn more!
Every great journey begins with a bold idea—and ours is no different. First Tech and DCU were founded on the belief that financial solutions should put people first. That belief has fueled decades of innovation and service, rooted in the tech sector and expanding to support members from all walks of life.
Employees are eligible for:
• Traditional medical, dental, and vision coverage
• Generous 401(k) match
• Paid Time Off: You'll accrue up to 15 days in your first year. In addition, you'll receive 40 hours of sick time and 3 personal days, which refresh annually
• Paid federal holidays
• Special employee pricing on lending products such as mortgage, auto, and personal loans (eligibility subject to standard account requirements and underwriting criteria)
Employment Statements:
First Tech is an equal opportunity employer, and we value diversity, inclusion, and equity at our company. We evaluate qualified applicants without regard to race, color, religion, age, sex, sexual orientation, gender identity, national origin, disability, veteran status, and other legally protected characteristics.
If you're applying for a job and need a reasonable accommodation for any part of the employment process, please send an email to recruiters@firsttechfed.com and let us know the nature of your request and contact information. Please note that only those inquiries concerning a request for reasonable accommodation will be responded to from this email address.
First Tech is not currently offering Visa transfer/sponsorship for this position.

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