Risk Management Intern
At Third Federal, named for five years in a row as “One of the Best Companies to Work For" in America by Fortune magazine, our mission is to help customers achieve the American dream of home ownership and financial security.
We have an available opening for a Risk Management Department Intern at our Corporate Campus at 7007 Broadway Ave. in Cleveland, OH 44105. Ideal candidates will have excellent verbal and written communication skills. In addition, strong analytical and problem-solving skills along with a foundation in Economics, Finance, Math, or other analytical discipline. The ideal candidate will be a self-starter and able to work independently but will also be proficient working collaboratively in a team setting.
This Internship is available to a rising junior or senior pursuing a 2 or 4-year college degree in Economics, Finance, Math, or other analytical discipline or related field. A GPA of 2.5 is required.
Job Role and Responsibilities:
- Serve as the primary researcher in the annual Fair Lending Matched Pair Testing and Analysis
- Conduct research on loan applications related to Matched Pair Testing or Pricing Analysis, including:
o Gaining working knowledge of the mortgage loan process including taking a loan application, components of a loan application and loan pricing, and mortgage loan underwriting
o Interact with members of the Third Federal Underwriting Department to understand decisions and resolve questions
o Summarize research results for the Compliance Department staff and management
o Prepare a weekly progress report
o Assist in drafting the Matched Pair and Pricing Analysis final reports
- Attend and lead Team discussions; share updates on progress made and issues confronted
- Develop an understanding of the Risk Management Department’s divisions, operations, processes, and systems
- Shadow Risk Management Associates to gain a better understanding of the various job roles of Risk Management professionals in a banking environment
· Other opportunities may include:
o Assisting with model validation activities
o Tracking natural disaster activity and the impact to the exposed loan portfolio
o Working with our appraisal team to assist in our appraisal follow-up process
o Additional opportunities within our Operational Risk and Audit teams where available
Qualifications:
- Rising junior or senior pursuing a 2-year or 4-year college degree in Economics, Finance, Math, or other analytical discipline
- Excellent and effective communication skills – Verbal & Written
- Excel and Word competency
· Ability to assume responsibility and independently manage projects
- Ability to quickly learn Underwriting Guidelines used to decision loans, including adjusting criteria as changes were made over time
- Comfortable with face to face interactions and inquiring into seasoned professional’s decision-making
- Excellent organization skills and the ability to keep detailed notes during analysis and for reporting purposes
- Concentration mindset and excellent attention to detail
· Ability to work in a team setting
· Strong analytical and problem-solving skills
Benefits:
· Be involved in the daily challenges and rewards within a department that manages all facets of risk in a highly regulated banking environment
· Be exposed to federal regulatory guidance and its implications in mortgage lending
· Assume the primary role in a Fair Lending “Matched Pair” Analysis and possibly a “Pricing” Analysis of mortgage lending
· Understand how a “Matched Pair” analysis of mortgage lending tests underwriting decisions in accordance with the Fair Housing Act and the Equal Credit Opportunity Act
· Have opportunities to lead so that you can increase your leadership skills and confidence
· Learn how your academic learning fits into an actual corporate setting
· Share your knowledge while learning where to strengthen your college curriculum
· Be actively coached so that you build skills effectively and accurately
· Interact with expert associates and develop communication methods that aid understanding of complicated issues
· Directly observe department management to understand how that role guides the workings of the department
· Provide exposure to a number of disciplines within the Risk Management team, in consideration of college major, background and aptitude
· Meet Third Federal Leadership and have an opportunity to share your thoughts
Third Federal is an Equal Opportunity and Affirmative Action Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, ethnicity, sex, national origin, gender identification or sexual orientation, disability, protected veteran status or any other classification protected under law.