What are the responsibilities and job description for the Loan Processor position at Elite Acceptance Corp.?
Auto Finance Loan Processor
The Loan Processor plays a critical role in ensuring consumer loan applications are accurate, complete, compliant, and ready for funding. This position is responsible for reviewing documentation, validating borrower and vehicle information, and coordinating efficiently with dealers, borrowers, underwriters, and the funding team. The ideal candidate is detail-oriented, organized, and comfortable operating in a fast-paced, high-volume lending environment.
($1,500 signing bonus*)
Essential Duties & Responsibilities
- Review incoming loan applications for accuracy, completeness, and policy alignment.
- Collect, organize, and verify required documentation, including: Proof of income (W-2, pay stubs, or bank statements for self-employed borrowers), Proof of residence, Insurance verification, Vehicle documentation (contracts and compliance documentation).
- Validate borrower and employment information using approved third-party verification tools.
- Identify discrepancies, missing information, or potential risk indicators and request timely corrections.
- Communicate professionally and efficiently with dealers, borrowers, and internal teams to clear conditions.
- Prepare complete loan files for underwriting review and/or funding approval.
- Ensure all files comply with internal credit policy, regulatory requirements, and documentation standards.
- Maintain accurate loan records and adhere to document retention and audit requirements.
- Track loan status, prioritize workloads, and follow up on outstanding items to meet funding timelines.
- Support underwriting and funding teams with post-approval and post-funding conditions as needed.
Knowledge, Skills & Abilities
- Exceptional attention to detail and commitment to data accuracy.
- Strong organizational skills with the ability to manage multiple files simultaneously.
- Clear, professional written and verbal communication skills.
- Working knowledge of consumer lending, auto finance, or non-prime credit environments preferred.
- Familiarity with income analysis, bank statement review, and basic fraud indicators.
- Proficiency with loan origination systems (LOS), document management platforms, and Microsoft Office.
- Ability to follow established procedures while exercising sound judgment when issues arise.
Education & Experience
- High school diploma or equivalent required.
- 1–3 years of experience in loan processing, underwriting support, funding, or consumer finance preferred.
- Experience in auto finance, indirect lending, or non-prime lending is a plus.
Work Environment & Physical Requirements
- In-office only. Remote work is not offered.
- Prolonged periods of computer and telephone use.
- Ability to meet deadlines, productivity standards, and quality expectations in a deadline-driven setting.
Performance Metrics
- This position qualifies for monthly bonuses.
- Funding and processing turn-time
- Documentation accuracy and condition-clearing rates
- Compliance and audit results
- Quality of dealer and borrower communication
- Funded loan performance will be tracked over time
* $1,500 Signing Bonus is payable as follows: $500.00 after your first full month of employment, $500.00 after your second full month of employment, $500.00 after your third full month of employment. This bonus will be paid in addition to ordinary department bonuses and requires that the employee work no less than 80% of regularly scheduled hours. Hours worked at less than 80% of scheduled hours for any month will result in forfeiture of the signing bonus for that period.
Job Type: Full-time
Pay: $45,000.00 - $60,000.00 per year
Benefits:
- 401(k)
- 401(k) matching
- Dental insurance
- Flexible spending account
- Health insurance
- Health savings account
- Life insurance
- Paid time off
- Retirement plan
- Vision insurance
Experience:
- Auto Loan Processing: 2 years (Required)
Work Location: In person
Salary : $45,000 - $60,000