Hiring Guide for Loan Processing Specialists in Chicago
A study from the Institute of Management Accountants reveals that 24% of finance professionals, including Loan Processors, intend to quit their jobs in the near future
Check out how you can save up to 70% vs traditional hiring costs with our TEAM BUILDER.
Download a custom remote staffing business case tailored to your hiring needs.
How are market leaders responding to the shortage of Loan Processors?
A study from the Institute of Management Accountants and Robert Half in October 2023 found that about 24% of accounting and finance professionals, including Loan Processors, are thinking about leaving their jobs in 2024. Even more pressing, 17% plan to leave within the next six months.
More budget might also go into training, and increased turnSo, how are market leaders tackling this issue?
Many US businesses are turning to outsourcing as a practical solution to these hiring challenges.over could affect service quality and operational efficiency.
If you’re considering this route, it’s important to pick a provider that not only conducts business ethically but also fosters a strong sense of company culture and community involvement.
Don’t underestimate the significance of data security. Review the security measures in place—ensure they provide strong endpoint security, hold ISO certifications, and maintain solid Business Continuity Plans (BCP). With these measures, you can be confident that your data and operations are well-protected.
When hiring a top-notch Loan Processor in Chicago, we’re seeking a qualified candidate with a comprehensive and versatile skill set:
- Loan processing: Responsible for managing loans from initial review to closing documents, serving both internal and external customers in a timely manner. Must coordinate with clients and efficiently analyze loan documents within the pipeline.
- Verification: Expertise in verifying applicants’ submission data and completing thorough assessments to comply with banking regulations. Bachelor’s degree in finance or related field from an accredited university preferred.
- Credit analysis: Knowledge in analyzing borrowers’ credit histories and financial statements.
- Application management: Experience in proceeding with new loan applications, including understanding various products while maintaining a flexible schedule.
- Documentation review: Skills in reviewing and updating credit files to ensure quality standards. Must communicate effectively, respond, and give feedback to all stakeholders.
- Tools & software: Proficiency in using programs such as Encompass, Calyx Point, Mortgage Builder, LendingPad, and BytePro.
A guide to interviewing Loan Processing Chicago Specialist: What to ask in a job interview
When interviewing Loan Processors for your Chicago business, it’s vital to measure their technical and soft skills in mortgage processing. Here are some essential questions you should ask:
- Can you walk me through how you verify a client’s credit and assess their ability to qualify?
- How would you explain different underwriting options to establish a good connection with potential customers?
- What documents do you need to fill out before starting the loan process?
- Which mortgage software systems have you used?
- Tell me about a challenging loan application and how you maintained quality service.
- How do you handle technical issues as a remote worker (e.g., security of your connection is compromised, unfamiliar technical problems like ray ID, power outage)?
Assesses flexibility and ability to handle challenges related to remote work
How much does outsourcing a Loan Processor for Chicago cost?
Hiring a Loan Processor for your Chicago business can vary in cost, depending on where they’re located, their level of experience, and their specific skill set.
When you’re bringing on Loan Processors locally in Chicago, whether part-time or full-time, it’s not just about the salary. You must also factor in extra expenses like health insurance, retirement benefits, and general office overheads, which can increase your total spend by at least 30%.
And let’s not overlook the costs of advertising the role on job platforms like Seek, Monster.com, or LinkedIn, or even working with recruitment firms like Hays, which could tack on up to another 20% of the first-year salary.
If you’re looking to potentially cut costs, think about outsourcing to countries like the Philippines, Colombia, or India. Tools like Cloudstaff’s Teambuilder can show you how much you could save by hiring an offshore Loan Processor in a few seconds.
Outsourcing doesn’t just help reduce overhead costs; it also smooths out the process of expanding your finance team and makes it more cost-effective, all while giving you access to a broad pool of global talent.
Steps to hiring remote Loan Processors with Cloudstaff
Here’s how Cloudstaff takes the hassle out of hiring remote Loan Processors for Chicago businesses.
Match
We use a database of 700,000 candidates and AI technology to find the right match for you.
Interview
We streamline the selection process to ensure you meet only the best candidates.
Offer
We handle all local employment paperwork, from offers to contracts.
Enable
On day one, your new hires have everything they need, including equipment and secure logins.
Induct
Our thorough legal induction ensures all new hires are compliant from the start.
Train
We provide access to training materials and to our learning platform, CS Academy, for ongoing talent development.
Manage
Our team supports productivity, staff relations, and growth, helping your workforce thrive.
Onboarding & training Loan Processors at Cloudstaff, your Employer of Record
Thinking about outsourcing Loan Processors? Navigating the remote staffing regulations can be tricky, but we’ve got you covered. We handle the complex areas like payroll, taxes, and legal compliance in places like the Philippines, Colombia, and India, freeing you up to focus on managing your remote team.
We also prioritize good cultural fit. We look for candidates who aren’t just fluent in English but also gel well with the Chicago business culture. Our detailed recruitment process evaluates their technical skills and how well they’ll integrate culturally.
When it comes to onboarding, Cloudstaff makes sure your remote Loan Processors blend smoothly with your Chicago team. We set clear goals, roll out comprehensive training and support them with a US-style management approach. Plus, our Client Growth Partners are always in touch, providing ongoing support as your team grows.
What makes Cloudstaff’s remote staffing solutions different from other outsourcing models?
Cloudstaff sets itself apart in the outsourcing industry with a unique approach to remote staffing.
Cloudstaff’s remote staffing solutions
Ethical outsourcing
- Committed to safety, employee growth, and a celebrated work culture
- Transparent pricing, and comprehensive benefits
- Robust Business Continuity Planning (BCP)
#1 Workplace
- Your trusted co-pilot to find the best talent
- Our recruitment experts offer access to over 700,000 skilled remote professionals worldwide, supported by our comprehensive Cloudstaff Academy
Operational brilliance
- Dedicated to your remarkable growth, our Client Growth Partners are always there for you whenever you need them
- We provide exceptional staff, mobilize teams, and manage performance to move your business forward
Enterprise-grade outsourcing
- Significant investment in advanced technology and platforms
- Unrivaled security features tailored for enterprise need
- Leading-edge in tech-enabled solutions with top-tier remote work technology and AI talent augmentation
- We have a Google-alum Chief AI Officer who is advancing our proprietary AI to enhance matching accuracy, ensure a private generative AI environment for secure staff usage, and develop specialized AI toolkits for various industries.
Other outsourcing models
Direct contracting
- Compliance issues due to legal concerns
Freelance hiring
- Tax obligations not met
- Lack of full-time commitment
Traditional outsourcing
- Ethical considerations
- Potential business risks
- Limited post-sales support
Establishing a local entity
- Initial investment requirement of approximately $250k
- Additional considerations for local equipment procurement
- Necessitates investment in local human resources and cultural integration
- Local bureaucratic hurdles
Keeping your top Loan Processors at your Chicago business is about more than recognizing their skills.
Build a people-first culture with awesome perks, growth opportunities, fun events, and support for work-life balance. This will make everyone feel valued and crucial to the team.
Check out how you can save up to 70% vs traditional hiring costs with our TEAM BUILDER.
Download a custom remote staffing business case tailored to your hiring needs.
Don’t let recruitment hurdles or budget limits hold you back.
Let us help you find the ideal staff to drive your business forward.
