If you have an interview coming up with the Federal Home Loan Bank of Chicago (FHLBank Chicago), going in prepared will be key to landing the job. As one of 11 regional Federal Home Loan Banks, FHLBank Chicago provides funding and services to member financial institutions to support housing finance and local investment.
In this article, we provide an overview of FHLBank Chicago and the roles they hire for, along with sample interview questions and suggested responses to help you have an outstanding interview
About the Federal Home Loan Bank of Chicago
FHLBank Chicago is a cooperative wholesale bank that is part of the Federal Home Loan Bank system Here are some key facts
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They provide reliable funding and partners with over 300 member institutions.
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Members include commercial banks, credit unions, insurance companies, and community development financial institutions.
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FHLBank Chicago has over $75 billion in assets.
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They offer advances, mortgage loans, and other programs to promote affordable housing and community investment.
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Headquartered in Chicago, IL with over 300 employees.
Roles They Hire For
Common positions at FHLBank Chicago include:
- Credit Analysis
- Underwriting
- Accounting and Finance
- Lending and Business Development
- Risk Management
- IT and Data Analytics
- Marketing and Communications
- Human Resources
- Legal and Compliance
They seek candidates with relevant education, experience and specialized expertise for each role. Strong analytical and communication skills are valued across all jobs.
Interview Formats
The interview process typically includes:
- A phone screening with HR
- 1-3 panel interviews with hiring managers and team members
- Potential technical assessments for skills like Excel
- Conversation with a senior leader
Interviews are largely behavioral-based, focused on past experiences, collaboration, analytical skills, and cultural fit.
Common FHLBank Chicago Interview Questions and Sample Responses
Here are some of the most frequently asked interview questions along with examples of strong answers:
Tell me about yourself.
Focus on your background and experience most relevant for this role. Share what motivates you professionally.
Sample Answer: “I’m an underwriting manager with over 7 years of experience in housing finance and risk assessment. In my current role, I lead a team of 6 underwriters analyzing multifamily property loans. I love the housing finance industry and helping expand access to affordable rental housing. FHLBank Chicago’s commitment to their community is what drew me to this opportunity.”
Why do you want to work here?
Show you’ve researched the company and are aligned with their mission and values. Share specific aspects of the culture and work that appeal to you.
Sample Answer: “I’m excited by FHLBank Chicago’s purpose of supporting housing in the communities you serve. Your collaborative culture and dedication to inclusion and diversity strongly resonate with me. I also love that you provide programs that enable member institutions to expand affordable housing – I’m passionate about service and making a difference in local communities.”
What is your greatest strength?
Choose a strength directly related to the role and provide a specific example of how you’ve successfully applied it.
Sample Answer: “My ability to quickly analyze complex financial data and risks is one of my greatest strengths. For example, when underwriting a large commercial real estate deal, I thoroughly stress test the assumptions in the models to identify potential issues. This allows our team to make sound risk management decisions, even on high-risk loans.”
What is your greatest weakness?
Be honest but pick something minor that won’t detract from your ability to excel in the role. Show self-awareness and how you work to improve.
Sample Answer: “Early in my career, I sometimes struggled with public speaking and presenting to our executive team. I’ve dramatically improved my skills through joining Toastmasters, seeking feedback, and volunteering for projects that involve presenting. I now feel very comfortable presenting, but do continue practicing to enhance my skills.”
Tell me about a challenge you faced and how you handled it.
Share a specific example that demonstrates skills like critical thinking, perseverance, and a positive attitude. Explain the lessons learned.
Sample Answer: “When the pandemic hit, we faced significant uncertainty about members’ needs. I spearheaded surveying our top members to understand their biggest concerns and forecast demand for our products over the next year. This allowed us to proactively tweak our offerings to better support members during a tough time.”
Where do you see yourself in 5 years?
Share goals that show you are committed to growing your skills and advancing your career at the company long-term. Make sure your 5 year aims align with the role/level you are applying for.
Sample Answer: “In 5 years, I hope to be an expert in housing finance and community lending programs. I aim to have progressed from an underwriter to lead underwriter, and potentially manage a team of other underwriters. I’m excited to grow my skills and leadership capabilities here at FHLBank Chicago.”
Why should we hire you?
Summarize your most relevant qualifications, passion and cultural fit for this role and company. Share what makes you uniquely suited versus other candidates.
Sample Answer: “With over 7 years specifically in affordable housing finance roles, I have very relevant experience for this underwriter position. I’m deeply passionate about FHLBank Chicago’s mission of supporting local communities. My strong risk analysis skills coupled with my collaborative approach make me a great fit for your team’s culture. I’d love to contribute my skills and experience to help FHLBank Chicago make an even bigger impact.”
Tips for Acing Your FHLBank Chicago Interview
With preparation and practice, you can master your FHLBank Chicago interview:
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Research the company, their mission and activities. Understand their role in housing finance.
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Prepare stories that demonstrate relevant skills and accomplishments for the role.
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Polish your responses to common interview questions. Practice aloud to refine your delivery.
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Prepare thoughtful questions that show your engagement and interest.
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Project confidence and maintain good eye contact. Convey your passion for their mission.
Best of luck with your FHLBank Chicago interview!
About Federal Home Loan Bank of Chicago
There are 11 district banks chartered by the U.S. government in 1932, and the Federal Home Loan Bank of Chicago is one of them. It is a $100 billion wholesale bank. S. Congress to support mortgage lending and community investment. Each FHLBank works as a separate entity and is run by a board of directors chosen by the member institutions. As a cooperative, we help member banks, credit unions, insurance companies, and community development financial institutions in Illinois and Wisconsin get the cash they need in a reliable way, while also paying attention to the specific needs of their businesses and communities.
We help our members manage their cash flow, fund mortgages on the secondary market, get third-party agreements, and reach their asset liability management goals through a variety of products and services. As part of our Community Investment and Affordable Housing programs, we also help our members build affordable housing and boost the economies of the places they work.
