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Mortgage Risk Manager Jobs in Chicago, IL (NOW HIRING)

Busey

Mortgage Loan Services Manager

Burr Ridge, IL

$75K - $115K/yr

Position Summary The Back-office Mortgage Loan Services Manager is responsible for management of ... risk mitigation and compliance. The Manager effectively oversees direct leaders and indirect ...

PNC Bank

Mortgage Loan Officer

Wheaton, IL · On-site

$37K/yr

Managing Risk - Assessing and effectively managing all of the risks associated with their business ... Mortgage Products., Sales Tasks And Activities, Scheduling Work and Activities, Selling. Work ...

Fifth Third Bank

Mortgage Loan Originator

Cary, IL · On-site

... the Bank's risk appetite, achieves results by consistently identifying, assessing, managing ... Maintain knowledge of Fifth Third Mortgage Company's policies and procedures. * Maintain knowledge ...

Fifth Third

Mortgage Loan Originator

Cary, IL · On-site

... the Bank's risk appetite, achieves results by consistently identifying, assessing, managing ... Maintain knowledge of Fifth Third Mortgage Company's policies and procedures. * Maintain knowledge ...

Fifth Third Bank

Mortgage Loan Originator

Wheaton, IL · On-site

... the Bank's risk appetite, achieves results by consistently identifying, assessing, managing ... Maintain knowledge of Fifth Third Mortgage Company's policies and procedures. * Maintain knowledge ...

Fifth Third

Mortgage Loan Originator.

Lincolnwood, IL · On-site

... the Bank's risk appetite, achieves results by consistently identifying, assessing, managing ... Maintain knowledge of Fifth Third Mortgage Company's policies and procedures. * Maintain knowledge ...

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Showing results 21-40

All JobsMortgage Risk JobsMortgage Risk Manager JobsMortgage Risk Manager Jobs in Chicago, IL

Mortgage Risk Manager information

See Chicago, IL salary details

$48.4K

$124.3K

$244.1K

How much do mortgage risk manager jobs pay per year?

As of Aug 7, 2026, the average yearly pay for mortgage risk manager in Chicago, IL is $124,344.00, according to ZipRecruiter salary data. Most workers in this role earn between $75,700.00 and $163,800.00 per year, depending on experience, location, and employer.

What are the key skills and qualifications needed to thrive as a mortgage risk manager?

To thrive as a Mortgage Risk Manager, you need a solid background in finance, risk assessment, and regulatory compliance, often supported by a degree in finance or a related field. Familiarity with risk modeling software, loan origination systems, and certifications such as FRM or CFA are commonly required. Analytical thinking, attention to detail, and strong communication help you excel at evaluating loan portfolios and collaborating with cross-functional teams. These skills ensure prudent risk management, regulatory adherence, and the financial stability of mortgage lending operations.

What are some common challenges faced by mortgage risk managers, and how can they be addressed?

Mortgage Risk Managers often encounter challenges such as assessing the creditworthiness of borrowers in a fluctuating market, keeping up with evolving regulatory requirements, and mitigating risks associated with loan defaults. To address these, professionals need to stay updated on industry regulations, leverage advanced data analytics tools, and work closely with underwriting and compliance teams. Proactive communication and ongoing training are also essential to navigate changes and ensure robust risk management practices.

What is the difference between Mortgage Risk Manager vs Mortgage Underwriter?

AspectMortgage Risk ManagerMortgage Underwriter
Primary RoleAssess and manage overall mortgage risk, develop risk policiesEvaluate individual loan applications for approval
Required CredentialsTypically requires risk management certifications, finance or related degreesOften requires mortgage licensing, underwriting certifications
Work EnvironmentCorporate offices, risk departments, financial institutionsLoan processing centers, banks, mortgage companies
Industry UsageUsed by lenders to mitigate risk at a strategic levelUsed by lenders to approve or deny individual loans

The Mortgage Risk Manager focuses on assessing and managing the overall risk profile of mortgage portfolios, developing policies to mitigate potential losses. In contrast, the Mortgage Underwriter evaluates individual loan applications to determine approval eligibility. While both roles require financial knowledge and relevant certifications, their scope and responsibilities differ significantly, with the Risk Manager working at a strategic level and the Underwriter at an operational level.

What does a mortgage risk manager do?

A Mortgage Risk Manager is responsible for identifying, assessing, and mitigating risks associated with mortgage lending within a financial institution. They analyze credit, market, and operational risks to ensure loans are compliant with regulations and company policies. Their role includes developing risk assessment models, monitoring loan portfolios, and implementing strategies to reduce potential losses. Additionally, they often collaborate with underwriters, compliance teams, and senior management to maintain the financial health of the mortgage business.
What are popular job titles related to Mortgage Risk Manager jobs in Chicago, IL? For Mortgage Risk Manager jobs in Chicago, IL, the most frequently searched job titles are:
What job categories do people searching Mortgage Risk Manager jobs in Chicago, IL look for? The top searched job categories for Mortgage Risk Manager jobs in Chicago, IL are:
What cities near Chicago, IL are hiring for Mortgage Risk Manager jobs? Cities near Chicago, IL with the most Mortgage Risk Manager job openings:
Mortgage Risk Manager jobs near you
Infographic showing various Mortgage Risk Manager job openings in Chicago, IL as of August 2026, with employment types broken down into 86% Full Time, 12% Part Time, and 2% Contract. Highlights an 87% Physical, 2% Hybrid, and 11% Remote job distribution, with an average salary of $124,344 per year, or $59.8 per hour.

Sr. Risk Analyst, Credit

Federal Home Loan Bank of Chicago

Chicago, IL • On-site

$110K - $115K/yr

Full-time

Medical, Dental, Vision, Retirement, PTO

Re-posted yesterday

Job description

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.
  • Collaborative, 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

Responsibilities
  • Operate and maintain credit risk models for mortgage loan portfolios
  • Lead the development and implementation of alternative credit risk strategies
  • Build algorithmic solutions and design strategies for model assumption setting and performance monitoring
  • Conduct scenario analysis and stress testing to assess portfolio risks under macroeconomic and climate risk scenarios
  • Research risk management frameworks to assess environmental and regulatory risk drivers on mortgage portfolios in accordance with regulatory requirements and industry best practices and report to senior management
  • Perform credit reviews for member institutions based on financial performance and credit worthiness
  • Collaborate with validators, auditors and regulators to improve model accuracy and ensure regulatory compliance
  • Optimize business processes through the use of data management and programing tools
  • Research, diagnoses and identify solutions to issues on data anomalies and portfolio performance and create dashboards for senior management and risk committees
  • Support business on MPF product design with business analytics

Position Requirements
  • Master's degree in Mathematics, Finance, Quantitative Finance or related field and 2 years of related experience, or, a Bachelor's degree in Mathematics, Finance, Quantitative Finance or related field and 4 years of related experience
  • Any amount of experience operating and maintaining credit risk models for mortgage loan portfolios
  • Any amount of experience building algorithmic solutions and design strategies for model assumption setting and performance monitoring
  • Any amount of experience conducting scenario analysis and stress testing to assess portfolio risks under macroeconomic and climate risk scenarios
  • Any amount of experience conducting business analysis using statistics methodology and tools of aggregated data from databases via SQL

Must live within normal commuting distance of worksite. Remote work allowed up to 50 days per year.
Salary range $110,150 to $115,000
Salary Range:
$90,400.00 - $150,700.00
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

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