Loan Processing Associate

Windsor Advantage•Chicago, IL

16h•$45,000 - $60,000•Hybrid

About The Position

The Loan Processing Associate facilitates the successful processing and administration of Small Business Administration (SBA) loans. The role manages loan applications, ensures compliance with SBA regulations, and provides customer service to clients throughout the loan process. It manages the loan application lifecycle from intake to closing, prepares loan packages for underwriting, coordinates loan closing and funding, and assists with servicing funded loans. The position also communicates with borrowers, lenders, financial intermediaries, Windsor management, third-party vendors, and SBA staff, and contributes to department process improvements. This is a hybrid role, with in-office work on Monday, Wednesday, and Thursday and remote work on Tuesday and Friday. The base salary range is $45,000–$60,000 annually, with a yearly target bonus based on individual performance.

Requirements

Bachelor's degree in finance, business administration, or a related field.
1–2 years of experience in administration, finance, or a similar industry.
Experience managing multiple tasks while providing a high level of customer service with minimal supervision.
Experience with loan processing and loan closings.
Knowledge of commercial loan products and/or basic accounting.
Ability to understand business processes within a bank.
Proficiency with computer systems related to lending activities, including Microsoft Word, Excel, and Outlook.
Excellent verbal and written communication skills.
Strong interpersonal skills to build relationships with borrowers and internal teams.
Strong analytical and problem-solving skills to identify and resolve loan processing issues.
Resourcefulness, strong organization, meticulous attention to detail, multitasking ability, and effective prioritization skills.

Nice To Haves

Experience with SBA rules and regulations.
Working knowledge of commercial credit principles and pertinent laws.

Responsibilities

Manage the loan application lifecycle from initial intake through final closing, including collecting and verifying borrower documentation, checking completeness, conducting due diligence, and coordinating with Loan Officers and Underwriters.
Ensure adherence to SBA regulations, program guidelines, bank policies, and applicable federal and state requirements throughout the loan process.
Distribute, collect, and review loan application processing checklists to obtain SBA Authorization and complete loan closing.
Use knowledge of SBA rules and regulations to develop solutions and thoughtful loan structures.
Maintain relationships and communicate with borrowers, financial intermediaries, lenders, Windsor management, and the SBA throughout the loan lifecycle.
Prepare comprehensive loan packages, including financial documents, business plans, and supporting materials, for underwriting review and approval.
Manage and facilitate loan closings, ensuring documents are signed, conditions are met, and funding is disbursed.
Assist with servicing funded loans, including collecting information for ongoing compliance.
Stay informed about SBA loan programs and industry trends, researching competitor offerings as needed.
Submit Form 4506-C to the IRS and complete tax verifications upon return.
Order and review necessary third-party reports and manage interactions with third-party vendors.
Work with lenders and borrowers on SBA screen-outs and communicate directly with SBA loan specialist staff.
Prepare and/or review SBA authorizations, depending on processing method, and coordinate with lender closing counsel.
Complete special projects as assigned.
Contribute to weekly department meetings to identify, discuss, solve, and implement process improvements.
Follow company policies and procedures and applicable regulations and laws.
Follow regulatory requirements related to BSA, AML, CIP, and OFAC to assist in identifying, detecting, and deterring money laundering and other unlawful activities.
Perform other duties as required.