Loan Processor

The Agency Recruiting; Centralia (IL); On-site; USD 40,000 - 55,000; Full time

Job summary

A community bank is seeking a detail-oriented Loan Processor to manage loan applications from origination to closing. The ideal candidate will ensure compliance with regulations and provide excellent customer service throughout the loan process. Responsibilities include reviewing applications, managing documentation, and coordinating with internal departments for a seamless experience. This role requires strong attention to detail, communication skills, and at least 1-2 years of experience in loan processing.

Qualifications

• Minimum of 1-2 years of experience in loan processing or a similar role.
• Strong communication skills, both written and verbal.
• Ability to multitask and prioritize in a fast-paced environment.

Responsibilities

• Review loan applications and documentation for completeness.
• Act as a primary contact for borrowers throughout the loan process.
• Ensure all loan files comply with federal and state regulations.
• Verify and compile information into the loan processing system.
• Work closely with loan officers and underwriters for smooth processing.
• Review loan documentation to identify errors before submission.

Skills

Attention to detail

Communication skills

Multitasking

Proficient in loan processing software

Knowledge of loan types and underwriting processes

Education

High school diploma or equivalent

Associate degree in finance or business

Tools

Loan processing software

Microsoft Office suite

Job description

Job Summary

Our community bank is looking for a detail-oriented, customer-focused Loan Processor to join our lending team. The Loan Processor will manage loan applications from origination through closing, ensuring accuracy, compliance, and timely processing. This role involves regular interaction with clients, underwriters, and other internal departments to ensure a smooth and positive experience for our clients.

Key Responsibilities

• Application Review & Processing: Review loan applications and documentation for completeness, accuracy, and adherence to underwriting standards. Collect and organize all required documents, ensuring all information is accurate and up-to-date.
• Customer Service: Act as a primary contact for borrowers, providing clear communication and updates throughout the loan process. Address borrower inquiries regarding application status, required documentation, and loan terms.
• Documentation Management: Verify, compile, and input loan application information into the bank’s loan processing system. Organize and maintain files, ensuring all documentation is accurately tracked and stored.
• Compliance: Ensure all loan files are compliant with federal and state regulations as well as the bank's internal policies. Keep up-to-date with changes in lending regulations and maintain adherence to industry standards.
• Coordination & Collaboration: Work closely with loan officers, underwriters, and closing agents to facilitate an efficient loan approval and closing process. Communicate regularly with all parties to ensure a seamless process from start to finish.
• Quality Control: Review loan documentation to identify any errors or discrepancies before submission to underwriting. Take necessary actions to correct and improve data quality and ensure the accuracy of all files.

Requirements

• Education & Experience: High school diploma or equivalent required; associate degree in finance, business, or related field preferred. Minimum of 1-2 years of experience in loan processing or a similar role within banking or financial services.
• Skills & Abilities:
  • Strong attention to detail with a commitment to accuracy.
  • Excellent communication skills, both written and verbal.
  • Ability to multitask and prioritize work in a fast-paced environment.
  • Proficient in using loan processing software and Microsoft Office suite.
  • Knowledge of loan types, underwriting processes, and relevant regulations is a plus.