Accountant II
- Employer
- FHLBank Boston
- Location
- Boston, Massachusetts
- Salary
- competitive base with incentive plan and robust Total Rewards offering
- Posted
- Sep 09, 2024
- Closes
- Oct 09, 2024
- Specialty
- Accounting
- Level
- Mid-level
- Education Level
- 4 Year Degree
The Federal Home Loan Bank of Boston is a leading provider of wholesale funding for housing and community finance in New England serving more than 420 financial institutions across the region. The Federal Home Loan Bank of Boston is committed to making New England a better place to live and do business, and our employees are integral to our success. As a cooperative, we are owned by more than 420 banks, credit unions, insurance companies, and community development financial institutions that access tens of billions of dollars of our reliable, wholesale funding each year. Our funds are a vital resource that helps our members succeed, provide families with safe, decent affordable housing, and generate economic development that creates jobs in communities throughout our region.
Our highly skilled team of 200 is diverse, innovative, collaborative and passionate about the work we do. We seek other professionals excited to share their knowledge, talent and passion for our mission to join our team. We offer opportunities for career development, robust benefits and a work-life balance.
Position Summary
This position is primarily focused on the Bank’s Mortgage Partnership Finance (MPF) product offering. The Accountant II - MPF reports to the AVP/Financial Instruments Accounting Manager and supports the Bank to maintain accurate and reliable accounting records for MPF ChargeOff process, Advances and Derivatives and preparing accurate and timely reconciliations and reports. The Accountant II - MPF is responsible for the timely processing and accounting of the Bank's MPF Delinquent Loan population. The position will also have primary responsibilities for the preparation of ASC 815 hedge documentation and specific end-of-month advance reconciliations.
This role is ideally suited for someone with a few years of relevant work experience seeking a career path in Accounting.
This role will have a hybrid work schedule in our Boston office in accordance with the Bank’s Hybrid Work Program. More time will be encouraged in the office to support onboarding initially.
Specific Responsibilities
MPF Delinquent Loan ChargeOff Process:
- Maintain the accuracy and integrity of MPF Loan Loss Accounting system data ensuring that delinquent loans and REO are accurately accounted for and reflected in the books and records of the Bank.
- Prepare Database to General Ledger reconciliation to determine integrity of the data.
- Maintain and prepare all schedules and journal entries associated with the MPF Loan Modification program.
- Prepare all monthly/quarterly journal entries and reconciliations and ensure accurate accounting for all delinquent loans and the real estate owned (REO) portfolio. Coordinate with the FHLBank of Chicago to ensure proper reporting and tracking of REO activity and coordinate with the Bank’s Credit department in preparing all required reports related to REO activity.
- Prepare journal entries related to MPF loan losses and the allowance for loan losses. Coordinate with the Bank’s Credit department to ensure the allowance for loan losses accurately reflects anticipated losses in the MPF portfolio.
Other Duties:
• Daily preparation of ASC 815 hedge documentation
• Monthly preparation of advance principal and accrued interest reconciliations
• May be required to undertake other projects and assists as directed by the AVP/Financial Instruments Accounting Manager.
- Provide back-up to other staff members within the group during short periods of absence.
- Other duties, as assigned.
Education
- Bachelor’s degree in accounting or equivalent experience.
Experience
- 2-3 years relevant accounting experience (involved with the accounting of financial instruments such as mortgages, loans, bonds, derivatives, etc.) minimum is required.
Knowledge/Skills
- Must possess good organization and analytical skills; the ability to prioritize, meet deadlines and independently produce quality work products.
- Effective written and verbal communication skills.
- Daily use of office technology, at least intermediate-level proficiency with excel and general ledger software is necessary.
- Experience with Workday is attractive but not required.
The Federal Home Loan Bank of Boston is committed to building and sustaining a diverse workforce that reflects the communities that we serve. As an Equal Opportunity Employer, we strongly encourage applicants from every ethnicity, color, religion, gender, age, national origin, disability, veteran or parental status and sexual orientation.
Nothing in this job description restricts management's right to assign or reassign duties and responsibilities to this job at any time.
Applications are being accepted on the Careers page of our website: www.fhlbboston.com
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