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Summer Associate Internship (Investor...

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Summer Associate Internship (Investor Reporting - Real Estate Lending)

Navy Federal Credit Union Vienna, VA (Onsite) Full-Time
Job Description

Investor reporting performs the additional servicing requirements of sold mortgage loans for the purchasers (investors) through the performance of 3 critical functions:

(1) Remittance
  1. Remit or move funds to cover investor drafts per servicing guidelines/agreement
  2. Segregate collected but unremitted borrower payments of principal, interest, and escrow in custodial accounts
  3. Record investor cash activity in Navy Federal records

(2) Reporting
  1. Report month-end loan balances per investor requirements (investor loan number, by investor loan pool, UPB, payment status, etc.)
  2. Report loan cash flow activity (payments, payoffs, payment reversals, etc.)
  3. Report loan information changes (rate, address, borrower, etc.)
  4. Analyze and research any reporting discrepancies and resolve reporting exceptions daily

(3) Reconciliation
  1. Reconcile custodial account balances of unremitted borrower cash flows to loan records
  2. Compare our loan records to parallel investor records monthly, identifying differences.
  3. Research variances identified in i) monthly reconciliations and ii) automated daily comparisons of our daily activity reporting to investor expected cash flows
  4. i) Maintain accuracy of investor records via online system access ii) Provide a detailed description of adjustments, iii) Communicate, within Real Estate Lending, to effect necessary adjustments in Navy Federal records, and iv) Report, to investors' satisfaction, the validity of certain variances.

Summer Associate will learn the following areas:
  • Mortgage industry specifically in the secondary market transactions
  • Various investors' compliance requirement and servicing guidelines as it pertains to the remittance, reporting, and reconciliation of all the mortgage sold loan portfolios
  • Behind the scenes of mortgage-backed securities

The Summer Associate will perform daily/monthly tasks related to the 3 critical functions while developing data analysis and critical-thinking skills and learn/assist with basic functions of investor reporting such as preparing daily/monthly reporting, remittance, and reconciliations, performing discrepancy analysis, processing transactions in Mortgage Servicing Platform (MSP) director 7 applications, working with our vendor, Black Knight and various GSE representatives, and participating process improvement/automation projects in the pipeline.

The Summer Associate Program is a 12-week internship program beginning in May 2024 and ending in August 2024. Students will work on impactful projects and meaningful work during their internship. To qualify for this position, applicants must be currently pursuing a degree from an accredited college or university and have an anticipated graduation date of December 2024 or later.

About Us

You have goals, dreams, hobbies, and things you're passionate about-what's important to you is important to us. We're looking for people who not only want to do meaningful, challenging work, keep their skills sharp and move ahead, but who also take time for the things that matter to them-friends, family, and passions. And we're looking for team members who are passionate about our mission-making a difference in military members' and their families' lives. Together, we can make it happen. Don't take our word for it:
  • Military Times 2022 Best for Vets Employers
  • WayUp Top 100 Internship Programs
  • Forbes® 2022 The Best Employers for New Grads
  • Fortune Best Workplaces for Women
  • Fortune 100 Best Companies to Work For®
  • Computerworld® Best Places to Work in IT
  • Ripplematch Campus Forward Award - Excellence in Early Career Hiring
  • Fortune Best Place to Work for Financial and Insurance Services

Equal Employment Opportunity: Navy Federal values, celebrates, and enacts diversity in the workplace. Navy Federal takes affirmative action to employ and advance in employment qualified individuals with disabilities, disabled veterans, Armed Forces service medal veterans, recently separated veterans, and other protected veterans. EOE/AA/M/F/Veteran/Disability EOE/AA/M/F/Veteran/Disability

Hybrid Workplace: Navy Federal Credit Union is a hybrid workplace, and details will be discussed during your interview process.

Disclaimers: Navy Federal reserves the right to fill this role at a higher/lower grade level based on business need. An assessment may be required to compete for this position. Job postings are subject to close early or extend out longer than the anticipated closing date at the hiring team's discretion based on qualified applicant volume. Navy Federal Credit Union assesses market data to establish salary ranges that enable us to remain competitive. You are paid within the salary range, based on your experience, location and market position.

Bank Secrecy Act: Remains cognizant of and adheres to Navy Federal policies and procedures, and regulations pertaining to the Bank Secrecy Act.

Recommended Skills

  • Business Process Improvement
  • Data Analysis
  • Mortgage Backed Securities
  • Balance Sheet
  • Mortgage Loans
  • Research

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