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Part Time Loan Processor Jobs in Chicago, IL (NOW HIRING)

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Part Time Loan Processor information

See Chicago, IL salary details

$14

$21

$31

How much do part time loan processor jobs pay per hour?

As of Jul 27, 2026, the average hourly pay for part time loan processor in Chicago, IL is $21.96, according to ZipRecruiter salary data. Most workers in this role earn between $18.61 and $24.76 per hour, depending on experience, location, and employer.

Is it hard to become a loan processor?

Becoming a part-time loan processor typically requires good organizational skills, attention to detail, and basic knowledge of financial documents. Many positions do not require extensive experience, but familiarity with loan processing software and some understanding of lending procedures can be helpful. Training is often provided on the job, making it accessible for entry-level candidates.

What is the difference between Part Time Loan Processor vs Full Time Loan Processor?

AspectPart Time Loan ProcessorFull Time Loan Processor
Work HoursLess than 30 hours/week30+ hours/week
CredentialsTypically same certifications as full-timeSame certifications as part-time
Work EnvironmentSame industry settings, flexible scheduleSame industry settings, full schedule
Job ResponsibilitiesProcessing loans, verifying documents, customer communicationSame responsibilities, more hours

Both part-time and full-time loan processors perform similar tasks, including processing loan applications and verifying documents. The main difference lies in work hours and schedule flexibility. Employers in the mortgage and lending industry often hire both roles, with responsibilities remaining consistent regardless of hours worked.

Can I work as a loan officer part-time?

Yes, loan officers can often work part-time, depending on the employer and the specific role. Part-time positions may require flexible hours and familiarity with loan processing software, but availability varies by company and location.

What does a Part Time Loan Processor do?

A Part Time Loan Processor is responsible for assisting in the preparation, review, and processing of loan applications for banks or lending institutions. They verify applicant information, gather required documents, and ensure all paperwork is accurate and compliant with regulations. Working part-time, they coordinate with applicants, loan officers, and underwriters to move loans through the approval process efficiently. Their role helps ensure timely funding and a smooth customer experience.

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

A loan processor's compensation is typically based on a percentage of the loan amount or a fixed fee, often ranging from 0.5% to 1% of the loan. For a $500,000 loan, this could translate to $2,500 to $5,000 in fees or commissions, depending on the employer and specific arrangements. Loan officers or processors may also earn bonuses or commissions based on volume and performance.

What are some common challenges faced by part-time loan processors, and how can they effectively manage them?

Part-time loan processors often face the challenge of balancing workload and deadlines with reduced hours, which can make time management crucial. Additionally, staying up-to-date with documentation requirements and compliance regulations can be demanding when not working full time. Effective communication with loan officers, underwriters, and clients is key to ensuring files are processed accurately and on schedule. Utilizing organizational tools and clear task prioritization can help part-time processors keep pace and maintain high-quality work.

Will MLO be replaced by AI?

A mortgage loan originator (MLO) role involves personal interaction and assessment of borrower needs, which AI currently cannot fully replicate. While AI tools can assist with data analysis and document processing, the human element remains essential for customer service and complex decision-making in mortgage lending. Part-time loan processors may also use AI to streamline document review but still require human oversight.

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

To thrive as a Part Time Loan Processor, you need strong attention to detail, knowledge of loan documentation, and familiarity with lending regulations, often supported by a high school diploma or equivalent experience in finance or banking. Proficiency with loan origination systems (LOS), document management software, and Microsoft Office is typically required. Excellent organizational skills, time management, and effective communication are crucial soft skills in this role. These abilities ensure accurate processing, timely approvals, and positive client experiences in a deadline-driven environment.
What are the most commonly searched types of Loan Processor jobs in Chicago, IL? The most popular types of Loan Processor jobs in Chicago, IL are:
What are popular job titles related to Part Time Loan Processor jobs in Chicago, IL? For Part Time Loan Processor jobs in Chicago, IL, the most frequently searched job titles are:
What job categories do people searching Part Time Loan Processor jobs in Chicago, IL look for? The top searched job categories for Part Time Loan Processor jobs in Chicago, IL are:
What cities near Chicago, IL are hiring for Part Time Loan Processor jobs? Cities near Chicago, IL with the most Part Time Loan Processor job openings:
Part Time Loan Processor jobs near you
Infographic showing various Part Time Loan Processor job openings in Chicago, IL as of July 2026, with employment types broken down into 100% Part Time. Highlights an 58% In-person, 21% Hybrid, and 21% Remote job distribution, with an average salary of $45,680 per year, or $22 per hour.
Mortgage Direct Loan Officer

Mortgage Direct Loan Officer

Alliant Credit Union

Chicago, IL โ€ข Hybrid

$30K - $43K/yr

Full-time, Part-time

Posted 6 days ago

Job description

Responsible for the development of new mortgage business from both credit union members, noncredit union referral sources and various lead aggregators. Prospecting non-member borrowers and referral sources as well as prospecting to credit unions provided lead opportunities. Stay current with credit union products and mortgage guidelines. Use knowledge of credit union products and mortgage guidelines, as well as an overall knowledge of mortgage lending and current market conditions.

Essential Responsibilities

  • Development of new mortgage business through referral sources such as realtors and past clients.
  • Conduct outbound calling and selling to member leads and credit union provided non-member leads.
  • Develop sales and prospects and continually grow a diverse referral base. Identify and sell Alliantโ€™s mortgage strengths and niches.
  • Prospects and follows up with credit union provided leads; develops and consistently executes a goal-focused business plan.
  • Take accurate and complete first mortgage loan applications, collect initial documentation and forward to the processing unit.
  • Originate quality applications that meet Alliantโ€™s product guidelines.
  • Set proper borrower expectations and work with members and processing to facilitate a smooth and timely member experience.
  • Work with borrower and processing unit throughout the loan process to ensure member satisfaction and expectations are met.
  • Originate quality applications that meet product guidelines.

Education & Years of Experience

  • Minimum - 4 Year Bachelors Degree in Business, Finance, Economics or Related
  • Minimum - 3 Years Consumer direct loan officer or related

In Lieu of Education

  • 5 Years Consumer Direct Loan Officer

Compensation & Benefits:

Typical hiring range:โ€โ€โ€Ž โ€Ž $30,800.00 to $43,600.00โ€Ž Annually. Actual compensation will be determined using factors such as experience, skills & knowledge.

โ€ŽBenefits: Alliant provides a benefits package including health care, vision, dental, and 401k with employer match including:

  • Annual performance bonus
  • Work from home up to 3 days a week
  • Paid parental leave
  • Employee discount programs
  • Time off including paid personal and sick days
  • 11 paid holidays
  • Education reimbursement

*Note that eligibility and cost of benefits can vary depending on the number of regularly scheduled hours, and job status such as regular full-time, regular part-time, or temporary employment.

Adhere to and ensure compliance of all business transactions with policy and process of the Bank Secrecy Act. Ensures compliance with all applicable state and federal laws, company procedures and policies. Maintains integrity and ethics in all actions and conversations with or regarding credit union members and their accounts; complies with Privacy Act directives.

The responsibilities listed do not contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this position. Duties, responsibilities and activities may change at any time with or without notice.