MPF Servicing Portfolio Management Intern

At the Federal Home Loan Bank of Chicago, employees come first - that’s why we offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees.

• C ollaborative, in-office operating model
• Retirement program (401k and Pension)
• Medical, dental and vision insurance
• Lifestyle Spending Account
• Competitive PTO plan
• 11 paid holidays per year

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An internship with The Federal Home Loan Bank of Chicago is not like your average internship. We offer a dynamic, collaborative, team-centered environment that you may not find anywhere else. You will be engaged in projects that will provide you with real world, hands-on experience in the world of financial services. We are currently seeking a summer intern to work in our Mortgage Partnership Finance (MPF) department. Applicants should have an interest in learning more about mortgage operations.

Who are we, you ask?

We are a federally chartered corporation and one of 11 Federal Home Loan Banks (FHLBanks) that, with the Office of Finance, comprise the Federal Home Loan Bank System. The FHLBanks were chartered by Congress under the Federal Home Loan Bank Act of 1932 to improve the availability of funds to support home ownership. Each FHLBank is cooperatively owned by member financial institutions in its district and operated as a separate entity with its own management, employees, and board of directors. Our district consists of the states of Illinois and Wisconsin. We are regulated by the Federal Housing Finance Agency, an independent federal agency.

What you'll bring

• Applicants should be at least Junior status at an accredited four-year institution
• Should have a GPA of at least 3.0 and be in good academic standing
• Desired fields of study include Finance, Accounting, or other Business discipline
• Must be willing to work with each of the MPF operations teams to learn about the mortgage lifecycle and mortgage operations in general
• Skills with data for metrics and process improvement (e.g., Lean Six Sigma) are highly desirable

How You will Make an Impact

• Contribute to project-based initiatives that support mortgage servicing operations and portfolio management priorities.
• Assist with analyzing current processes and identifying opportunities to improve efficiency, accuracy, controls, and the overall operating model.
• Support the development, tracking, and reporting of operational metrics and portfolio information used to inform decisions and monitor performance.
• Gain exposure to loan accounting, investor reporting and remittance, servicer oversight, and default servicing support.
• Help document processes, procedures, business requirements, and project outcomes.
• Collaborate with MPF teams and other business partners on cross-functional projects and day-to-day operational needs.
• Prepare clear summaries, presentations, and other materials for team and stakeholder discussions.
• Explore opportunities to use AI, automation, and other technology to streamline processes, improve reporting, and support operational decision-making.

What You Will Gain

• Hands-on experience in mortgage servicing operations and portfolio oversight.
• Exposure to the mortgage lifecycle and the financial, operational, and regulatory considerations involved in servicing mortgage loans.
• Experience working on meaningful projects with measurable business impact.
• Opportunities to strengthen analytical, problem-solving, project management, and communication skills.
• Experience working in a fast-paced, team-oriented financial services environment.

The mission of the Federal Home Loan Bank of Chicago is to partner with our member shareholders in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment in the Bank, and support for community investment activities

Salary range

$38,800.00 - $58,100.00

The above represents the expected salary range for this job requisition.  Ultimately, in determining your pay, we may also consider your experience, and other job-related factors. In addition to the base salary, we offer a comprehensive benefits package which can be found here: https://hrportal.ehr.com/fhlbc