Full-Time
Model Risk Analyst
FHLBank Chicago
501-1,000 employees
Wholesale lender funding affordable housing programs
Compensation Overview
$75.3k - $125.5k/yr
Chicago, IL, USA
Hybrid
Collaborative in-office model with remote days available as needed throughout the year.
Master's
 Finance & Banking (1) |
|---|
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- A graduate degree (MS, MA, or MBA) in a quantitative discipline such as Mathematics, Statistics, Financial Mathematics, or Econometrics is required.
- The candidate must have 0–3 years of modeling or model validation work experience.
- The candidate must demonstrate interest in risk management and model validation.
- The candidate must be detail-oriented and possess critical-thinking and communication skills.
- The candidate must be proficient in the Microsoft Office suite, including Excel, Word, Access, and PowerPoint.
- The candidate must have knowledge of statistics, including logistic regression, basic data analysis, and SQL, R, and Python.
- The candidate must have a basic understanding of fixed-income securities or mortgage products.
- Explain and present testing results to Model Risk Management, model owners, and other stakeholders.
- Work with risk analysts within Model Risk Management and perform ad hoc analysis to support model-related initiatives.
- Review model data sources, assumptions, and underlying theory for conceptual soundness.
- Perform sensitivity analysis and attribution analysis to determine the key financial risk factors or inputs impacting the model.
- Challenge current methods by considering modeling enhancements or different metrics to assess model effectiveness.
- Perform independent benchmarking, back testing, and other analysis for applicable models.
- Recommend ways to automate and improve the modeling process.
- Identify potential model weaknesses and provide constructive recommendations to model owners.
- Enhance credit and financial models by challenging current methods and proposing innovative enhancements to improve model effectiveness.
- Knowledge of stochastic processes or interest-rate model techniques is preferred.
- Experience using machine learning techniques utilizing regression and classification algorithms is preferred.
- Familiarity with Tableau and level of detail is preferred.
- CFA or FRM certification is a plus.
FHLBank Chicago is a wholesale lender owned by its member financial institutions (banks, credit unions, and insurers in Illinois and Wisconsin). It provides competitively priced funding to these members by accessing global debt markets and offering a range of funding products. Its Community Investment group focuses on financing affordable housing and economic development. Programs like the Affordable Housing Program (AHP) offer forgivable housing grants, and the Downpayment Plus (DPP) program provides down payment assistance to homebuyers. The bank differentiates itself as a member-owned cooperative with a clear focus on community development and housing finance, rather than serving retail consumers directly. Its goal is to supply stable, affordable funding to its members and support initiatives that boost affordable housing and community development.
Company Size
501-1,000
Company Stage
N/A
Total Funding
N/A
Headquarters
Chicago, Illinois
Founded
1932
Get referred to FHLBank Chicago
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Simplify's Take
What believers are saying
- Q2 2026 net income rose to $180 million, driven by advances growth.
- August 20, 2026 HCRP grants strengthened Milwaukee homebuyer pipelines through WHEDA.
- May 2026 AHP opened with $51 million, extending demand for member-originated housing projects.
What critics are saying
- FHFA's July 13, 2026 proposed rulemaking increases compliance volatility for FHLBanks.
- Earnings depend on member advances; Q2 2026 advances reached $71.1 billion.
- Congress and FHFA can rework the system, threatening FHLBank Chicago's business model.
What makes FHLBank Chicago unique
- Owned by Illinois and Wisconsin members, FHLBank Chicago offers low-cost cooperative funding.
- The redesigned 2025 Community Advance and MPF products simplify affordable-housing financing for members.
- Its 2026 housing programs pair advances, grants, and counseling across Illinois and Wisconsin.
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Benefits
Health Insurance
Dental Insurance
Vision Insurance
401(k) Retirement Plan
401(k) Company Match
Unlimited Paid Time Off
Paid Holidays
Hybrid Work Options
Company News
FHLBank Chicago and WHEDA recognize Housing Counseling grants supporting milwaukee-area homebuyers. August 20, 2026 at 14:16 PM EDT i This article is third-party content and does not represent the views of this site. Tamar Securities, LLC make no guarantees regarding its accuracy or completeness. Check presentation celebrates three housing counseling agencies helping Wisconsin families prepare for sustainable homeownership The Federal Home Loan Bank of Chicago (FHLBank Chicago) joined the Wisconsin Housing and Economic Development Authority (WHEDA) today in Milwaukee to recognize three of the 14 Wisconsin organizations receiving grants through the Community First(R) Housing Counseling Resource Program (HCRP): Acts Housing, Housing Resources Inc. and United Community Center. Representatives from FHLBank Chicago, WHEDA, Acts Housing, Housing Resources Inc. and United Community Center gather in Milwaukee for a check presentation recognizing grant funding through FHLBank Chicago's Community First(R) Housing Counseling Resource Program. The grants, funded by FHLBank Chicago and administered by WHEDA in Wisconsin, expand access to housing counseling services that prepare individuals and families for successful, sustainable homeownership and support FHLBank Chicago members with a pipeline of mortgage-ready applicants. The HCRP strengthens the capacity of HUD-certified housing counseling agencies across Illinois and Wisconsin. FHLBank Chicago funds the program through partnerships with WHEDA in Wisconsin and the Illinois Housing Development Authority (IHDA) in Illinois, helping agencies provide financial education, credit preparation, homebuyer education and individualized guidance for prospective and current homeowners. "Successful homeownership requires more than overcoming affordability barriers. It also requires preparation, trusted guidance and local organizations that can meet families where they are," said Katie Naftzger, SVP and Community Investment Officer at FHLBank Chicago. "Through HCRP and our partnerships with WHEDA and IHDA, we are proud to support agencies like Acts Housing, Housing Resources Inc. and United Community Center as they help more Wisconsin families take informed, confident steps toward homeownership." Since its launch in 2022, through year-end 2025, the HCRP has awarded $13 million to strengthen housing counseling across Illinois and Wisconsin. Supported agencies provided services to more than 105,000 households, with nearly 9,000 achieving homeownership. In 2025, the program supported 44 HUD-certified housing counseling agencies across the two states. "WHEDA brings deep expertise and relationships across Wisconsin, while housing counseling agencies provide trusted and personal guidance directly in the communities they serve," said Elmer Moore Jr., CEO and Executive Director of WHEDA. "These grants strengthen that network and help more Wisconsin families confidently navigate the path to successful homeownership." Acts Housing, Housing Resources Inc. and United Community Center will use the funding to strengthen housing counseling services for individuals and families in the Milwaukee area. "This funding strengthens our ability to provide individualized guidance that helps people prepare financially and navigate the homebuying process," said T.J. Cobb, VP Programs at Acts Housing. "That preparation can make a meaningful difference as families work toward successful homeownership." The impact of housing counseling is reflected in homebuyers like Sandra Smith, who received counseling through Acts Housing while preparing to purchase a home. Sandra also received a $10,000 Downpayment Plus(R)(DPP(R) grant from FHLBank Chicago through member Great Midwest Bank in Brookfield, Wisconsin, to help with down payment and closing costs. "Housing counseling helped me understand the process, prepare financially and feel confident about the decisions I was making," said Sandra. "Having that support made homeownership feel achievable." The HCRP is part of FHLBank Chicago's broader approach to expanding homeownership opportunities through its member-owned cooperative model. By strengthening housing counseling agencies and connecting prospective homebuyers with trusted guidance earlier in the process, the program helps create a stronger path from financial preparation to mortgage financing. Programs like DPP provide additional support along that path, helping eligible homebuyers with down payment and closing costs. About the Federal Home Loan Bank of Chicago FHLBank Chicago is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with a focus on providing solutions that support the housing and community development needs of members' customers. FHLBank Chicago is a self-capitalizing cooperative, owned by its Illinois and Wisconsin members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. To learn more about FHLBank Chicago, please visit fhlbc.com. Community First, Downpayment Plus and DPP are registered trademarks of the Federal Home Loan Bank of Chicago. Contacts. 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FHLBank Chicago reported net income of $180 million for Q2 2026, up from $151 million in Q2 2025. The increase was driven by higher net interest income from advances growth and lower funding costs, plus reduced noninterest expenses. Total assets rose to $163.2 billion from $141.2 billion at year-end 2025. Advances outstanding grew to $71.1 billion from $61.1 billion, driven by increased borrowing from depository institutions and insurance company members. The bank accrued $38 million to its Affordable Housing Programme funding pool as of 30 June 2026, representing its statutory 10% contribution. It also provided $16 million in voluntary community investment grants and subsidies during the first half of 2026.
Supporting community planning through partnership in Mendota. Published on Jul 20, 2026 Future housing development starts with understanding local needs. To advance that work, First State Bank partnered with FHLBank Chicago to assist with a housing stock survey in Mendota, Ill. as part of the Illinois Housing Development Authority's Community Revitalization Technical Assistance Program. This initiative helps communities assess conditions and create plans that promote long-term revitalization and housing stability. The survey documented Mendota's residential properties, providing critical data to inform the community's Housing Needs Assessment. These insights will guide development goals, including a proposed affordable housing project for seniors, and position the community to compete for future funding opportunities. Employees from First State Bank joined FHLBank Chicago staff for a day of service to complete the survey, working directly in the community to collect data that supports planning efforts. The collaboration reflected First State Bank's commitment to the communities it serves and its role as a local partner in development. Jen Schaefer from FHLBank Chicago's community investment team coordinated the effort, giving employees the chance to engage with residents and gain a deeper understanding of Mendota's housing needs. "The corporate citizenship event in Mendota was a wonderful day that allowed us to build relationships with a member on a personal level and see the needs of a community we are serving firsthand," said Schaefer. Through initiatives like this, First State Bank and FHLBank Chicago help communities lay the groundwork for future housing development and revitalization - reinforcing the power of partnerships in addressing housing needs across the district.
FHLBank Chicago releases 2025 Impact Report, highlighting expanded support for housing and community development across Illinois and Wisconsin. Published on Apr 28, 2026 The Federal Home Loan Bank of Chicago (FHLBank Chicago) today released its 2025 Impact Report, highlighting another year of meaningful support for member financial institutions and communities across Illinois and Wisconsin. As housing affordability challenges persisted and economic conditions remained dynamic, FHLBank Chicago continued to provide the liquidity, funding, and community investment programs its over 600 members rely on to drive local impact. Through human interest stories and data-driven insights, the report illustrates how FHLBank Chicago is Investing in Opportunities - delivering reliable funding, expanding access to affordable housing, supporting economic development, and strengthening its workforce and partnerships. In 2025, FHLBank Chicago funded $3.3 billion in discounted Community Advances and delivered $106 million in housing and economic development grants - supporting the creation or preservation of more than 14,800 housing units and over 14,700 jobs. "Housing affordability remains a pressing concern across our district, and our members continue to navigate a complex economic environment," said Michael Ericson, President and CEO of FHLBank Chicago. "In 2025, we remained a trusted partner - providing the liquidity, funding, and community investment resources needed to make a meaningful difference. This report reflects the strength of those partnerships and the impact we are achieving together." FHLBank Chicago continued to advance housing and community development through its core programs. In 2025, the Affordable Housing Program General Fund helped finance 37 housing projects, while the Downpayment Plus(R) Programs provided $43 million in assistance in partnership with 233 members to help more than 4,500 individuals and families achieve homeownership. Community First(R) grant programs also addressed housing and community development needs across the district, supporting paid internships and fellowships for affordable housing developers and expanding services for low- and moderate-income aspiring homebuyers at 44 housing counseling agencies. FHLBank Chicago also enhanced its community lending offerings in 2025 by launching a redesigned Community Advance product, streamlining access to discounted funding and expanding eligibility to better support housing and economic development projects. Beyond funding, FHLBank Chicago strengthened its role as a housing leader by convening partners across Illinois and Wisconsin, including a multi-year collaboration with the Urban Institute to address housing supply challenges and identify data-driven solutions. FHLBank Chicago also maintained its focus on operational excellence, investing in employee development and organizational capabilities to ensure continued responsiveness, innovation, and resilience for the benefit of its members. To view the full report and explore the stories behind the numbers, visit fhlbc.com/impact.
Kaba-Baal LLC and partners expand pathways for emerging affordable housing developers. Grantees. Forward Community Investments (FCI) mission of building strong communities starts by investing in the people who will shape them. Across Wisconsin, emerging developers, students, and community leaders are stepping forward with new ideas for affordable housing, and Forward Community Investments Inc is proud to support the pathways that help them succeed. Today, Forward Community Investments Inc is excited to celebrate Kaba Bah of Kaba-Baal LLC, recipient of the Federal Home Loan Bank of Chicago's Community First(R) Developer Program grants. Through this program, the Federal Home Loan Bank of Chicago awarded $5.9 million in funding across Illinois and Wisconsin, supporting more than 110 fellowships and internships at 28 organizations. These investments are designed to strengthen the pipeline of emerging real estate developers who are committed to expanding access to affordable housing and advancing community development throughout the region. One of those investments is a $241,000 grant awarded by FHLBank Chicago and delivered through Forward Community Investments to support Kaba-Baal LLC, a Madison-based development firm founded by Kaba Bah. His work centers on creating homeownership opportunities that strengthen neighborhood stability and help families build long-term security. With these funds from the Developer Program, Bah will create fellowships and internship opportunities that give emerging professionals hands-on experience in affordable housing development. Participants will gain practical exposure to project management, planning, and community engagement. By supporting these experiences, the program helps open doors for individuals who may not otherwise have access to careers in real estate development. It also strengthens the long-term capacity of the affordable housing field by cultivating a diverse and skilled generation of future leaders. FCI is proud to have served as the member sponsor for the grant application, partnering with organizations that are deeply committed to building stronger, more inclusive communities across Wisconsin. Partnering with organizations like the FHLBank Chicago and Kaba-Baal LLC, Forward Community Investments Inc is helping create opportunities that will shape the future of affordable housing. Interested in becoming an FCI Borrower?