Affordable Mortgage Lending Center Guide III
PUBLISHED BY:Federal Deposit Insurance Corporation550 17th Street, NW, Washington, DC 20429877-ASK FDIC (877-275-3342)The Federal Deposit Insurance Corporation (FDIC) does not endorse the programs described in this publication orany particular approach to their use. The overviews and program information included in this Guide are designedto illustrate the broad range of options available to financial institutions. Each institution is responsible for assessingwhether the resources presented here are appropriate for the bank to pursue given factors such as the institution’sexisting mortgage, Community Reinvestment Act, or community development strategies, as well as business focus,financial condition, and market.When citing this publication, please use the following:Affordable Mortgage Lending Guide, Part III: Federal Home Loan Banks (Washington, DC: Federal DepositInsurance Corporation, 2017), https://fdic.gov/mortgagelending.
AFFORDABLE MORTGAGELENDING GUIDEA Resource for Community BankersPart Ill: Federal Home Loan BanksFDII
TABLE OF CONTENTSAbout This Publication.1Federal Home Loan Bank System .5Overview: Doing Business with the Federal Home Loan Banks .5Affordable Housing and Community Investment Programs.9Overview.9Affordable Housing Competitive Funding Program. 11Homeownership Set-Aside Program . 15Homeownership Set-Aside Specialized Programs . 19Community Investment Program . 25Advances . 29Mortgage Partnership Finance Program (MPF ). 33MPF Overview. 33Credit Enhanced Products. 37MPF Original . 39MPF 125. 43MPF 35 . 45Non-Credit Enhanced Products . 47MPF Xtra. 49MPF Direct . 51MPF Government. 52MPF Government MBS . 53Mortgage Purchase Program (MPP) . 55Mortgage Purchase Program Overview . 55Programs beyond the Scope of this Guide. 57FDIC’s Community Affairs Program . 59Glossary & Terms . 61Appendix A: FHLB Summaries . 64
ABOUT THIS PUBLICATIONEconomic Inclusion and OpportunityMortgage lending is an important element of manycommunity banks’ business strategies. Communitybanks offer mortgage products and services designedto meet the particular needs of their communities,including rural areas and low- and moderate-income(LMI) borrowers. Offering affordable mortgage loansto a wide range of customers deepens bank-customerrelationships and provides an important pathway forborrowers to own their own homes and build wealth.At the Federal Deposit Insurance Corporation (FDIC),we recognize that mortgage lending is also an impor tant way for insured institutions to promote access andparticipation in the mainstream banking system. Broadparticipation in the products and services offered byinsured institutions promotes stability and confidencein the financial system, which is the core mission ofthe FDIC.Many banks, including community banks, seekopportunities to serve the particular mortgage creditneeds of their communities. The Affordable MortgageLending Guide, Part III: Federal Home Loan Banks1(Guide) provides information to help make communitybankers aware of a wide range of affordable mortgageproducts available from the Federal Home LoanBanks (FHLBs).Outreach and CommunicationTo determine how the FDIC could contribute to effortsby banks to offer prudently underwritten, affordable,and responsible mortgage credit for LMI households,FDIC met with community banks individually and insmall roundtables. Bankers provided valuable insightsinto the need for affordable mortgage credit in thecommunities they serve.Some bankers described how they have harnessedfederal programs, sometimes in combination withother financial mechanisms like Federal Home Loan1 FDIC Affordable Mortgage Lending GuideBank products and State Housing Finance Agency pro grams, to expand their capabilities and serve a broadercustomer base. Many bankers had relationships withneighborhood housing counseling organizations,which help provide financial education topotential customers.At the same time, some bankers noted that very smallbanks do not have specialized staffing or departmentsto offer complex mortgage products and feel thatthe risk and cost of origination is not worth takingwithout more resources or additional risk mitigation.Some bankers said that while they want to be involvedin mortgage lending, it is difficult to find the time toresearch potential products and programs, and that itis challenging to find and retain trained mortgage staff,especially in rural areas.While the majority of FDIC-supervised banks aremembers of an FHLB, some are not members andsome that are do not take advantage of the productsand services provided by the FHLBs to supportaffordable mortgage lending.From these meetings, we concluded that communitybanks might benefit from a practical reference toolto learn about FHLB products so they can make aninformed decision about which products are the rightfit for their business plans and strategies to improvelending options for their communities. In addition,the experience of other lenders that have found waysto harness these resources can provide practicalSee Affordable Mortgage Lending Guide, Part I: Federal Agencies andGovernment Sponsored Enterprises (Washington, DC: Federal DepositInsurance Corporation, 2016), https://fdic.gov/mortgagelending for a com plete list of loan products. Also see Affordable Mortgage Lending Guide, Part II:State Housing Finance Agencies (Washington, DC: Federal Deposit InsuranceCorporation, 2016), https://fdic.gov/mortgagelending for a complete list ofprograms and products.1
examples that may be instructive to institutions consid ering these opportunities.Scope and CoverageThe Guide describes products from the FHLB System.The Guide focuses on liquidity access products, as wellas the affordable housing grant programs providedby the FHLBs, which can facilitate mortgage lendingby insured depository institutions. It covers programsthat are targeted to a wide variety of communities andindividuals including rural, Native American, low- andmoderate-income, and veterans.Suggestions for How to Use This GuideCommunity banks can use this Guide to gain anoverview of a wide variety of products, compare dif ferent products, and to help identify the next steps forparticipation with the FHLBs. Community banks canuse this Guide in conjunction with FDIC’s AffordableMortgage Lending Guide, Part I: Federal Agencies andGovernment Sponsored Enterprises and AffordableMortgage Lending Guide, Part II: State Housing FinanceAgencies to identify a set of options that best meet aninstitution’s needs.Each section provides an overview of the product, itspurpose, and identifies potential benefits and chal lenges for community banks. Information is providedon several products offered by the FHLBs includingthe variety of Affordable Housing Programs and theCommunity Investment Program. There is also a dis cussion about advances, the credit enhanced andnon-credit enhanced options provided through theMortgage Partnership Finance Program, as well asthe Mortgage Purchase Program offered by two ofthe FHLBs (Indianapolis and Cincinnati). In addition,for each FHLB, we provide a separate summary of theproducts and services provided at the end of the Guidein “FHLB Summaries” along with contact informationand web links.A quick review of a product’s overview will help youidentify whether it is suitable for a particular clientor population that you are trying to serve, such aslow- and moderate-income borrowers or other hard-to reach populations. The Guide provides the most recentinformation available. Realizing the need for accurateTIPS ON USING THE AFFORDABLEMORTGAGE LENDING GUIDE, PART III:FEDERAL HOME LOAN BANKS Review the individual FHLB summary foryour FHLB at the back of the publication todetermine which products are available. Review the “Contents” page for a list ofFHLB products and programs. Review the general information aboutproduct options and criteria. Review “Resources” to make sure youhave the most up-to-date information onproduct criteria. Select a product that best suits your needsand use the FHLB contact informationlocated in the FHLB Summaries section toget started.and timely information, the Guide includes a list ofweb links where you can find updates on each FHLB in“FHLB Summaries.”Banks discuss working with the FHLBsThis Guide contains discussions by community banksthat incorporate FHLB products and programs intotheir overall mortgage lending strategies. These discus sions illustrate how bankers have used these tools tomeet their business objectives. FHLBs’ HomeownershipSet-Aside Programs, Mortgage Partnership Finance Program, and Mortgage Purchase Programsare discussed.Supporting strong Community Reinvestment Act(CRA) performanceAffordable mortgage lending, including to low- andmoderate-income borrowers; to low- and moderateincome census tracts; and to serve people inunderserved rural communities, on tribal lands, andFDIC Affordable Mortgage Lending Guide 2
in disaster areas can be responsive ways for financialinstitutions to meet the credit needs of their communi ties. The products and programs featured in this Guide,whether they result in Home Mortgage Disclosure Act(HMDA) reportable loans or originations reported byanother lender, can help lenders reach their businessobjectives in their communities, as well as contribute totheir CRA performance.ConclusionIn many parts of the country, community banks play animportant role in meeting the demand for mortgagecredit. The products and programs outlined in theGuide can provide community bankers with additionalpathways to homeownership opportunities for creditworthy borrowers in their communities, particularlythose with affordability challenges. These products mayalso represent business opportunities for communitybanks looking for prudent, sustainable financial prod ucts to incorporate into their mortgage business line.While homeownership continues to be a goal for mostAmericans, many people struggle to gain access toaffordable homeownership opportunities that willenable them to build a stable future for their families.Community banks can and do play a valuable role inmeeting the demand for affordable mortgage credit,and we hope this Guide provides useful information toassist bankers in considering all the options to servetheir communities with prudently underwritten andaffordable mortgage products.3 FDIC Affordable Mortgage Lending Guide
Visit FDIC’s Affordable Mortgage Lending Center athttps://fdic.gov/mortgagelendingFDIC Affordable Mortgage Lending Guide 4
OVERVIEWFederal Home Loan Bank SystemOVERVIEWStructure and PurposeThe Federal Home Loan Banks (FHLBs) are a systemof regional member-owned corporations that pro vide lending institutions with a liquidity resource tofinance housing and economic development activities.Congress established the Federal Home Loan Banksystem in 1932 as a government sponsored enterpriseto support mortgage lending and related communityinvestment activity in the wake of the Great Depression.The FHLBs’ mission is to provide reliable liquidity toits member institutions to support housing financeand community investment. While the FHLBs’ missionreflects a public purpose, all FHLBs are privately capi talized and do not receive federal funding.The Federal Housing Finance Agency (FHFA) regulatesthe FHLBs. It is responsible for ensuring that the FHLBsoperate in a safe and sound manner, are adequatelycapitalized, are able to raise funds in the capital mar kets, and are held accountable to the FHLBs’ mission.The FHFA also establishes housing goals for the FHLBsthat measure the extent that FHLB programs are serv ing low- and very low-income families and familiesresiding in low-income areas. The FHFA conducts onsite annual examinations and off-site monitoring of theFHLBs and the Office of Finance.The FHLBs fund themselves primarily by issuing debtsecurities or consolidated obligations through the“system” of FHLBs in the capital markets through theOffice of Finance, which acts as the FHLBs’ agent.Although each FHLB is a separate corporate entity withits own management and board of directors, the FHLBsare jointly and severally liable for all consolidatedobligation debt. The federal government does notguarantee or insure these consolidated obligations.However, the FHLBs’ status as a governmentsponsored enterprise enables the FHLBs to raise5 FDIC Affordable Mortgage Lending Guidefunds at rates slightly above comparable obligationsissued by the U.S. Department of the Treasury.The FHLBs have thousands of members that includebanks, thrifts, credit unions, insurance companies, andcommunity development financial institutions. Of allinsured lending institutions in the country, membersrepresent approximately 80 percent of these institu tions. To become a member, a financial institution mustpurchase stock in proportion to its holdings of mort gages and mortgage securities and its assets.2Unlike the other government sponsored enterprises,Fannie Mae and Freddie Mac, FHLBs do not guaran tee or insure mortgage loans. Instead, FHLBs act asa “bank to banks” by providing long- and short-termloans known as “advances” to their members, as wellas specialized grants and loans aimed at increasingaffordable housing and economic development. Insome cases, FHLBs also provide secondary market out lets for members interested in selling mortgage loans.Programs and CoverageLocated in Atlanta, Boston, Chicago, Cincinnati, Dallas,Des Moines,3 Indianapolis, New York, Pittsburgh, SanFrancisco, and Topeka, the 11 Federal Home LoanBanks are each separate, government-chartered,member-owned corporations governed by a board ofdirectors ranging from 14 to 29 directors.Once an institution becomes a member, its required stock purchases increasewith its actual borrowings.2On May 31, 2015, the Federal Home Loan Bank of Seattle merged with theFederal Home Loan Bank of Des Moines. The institution is headquartered inDes Moines and maintains a Western office in Seattle, WA. Covering 13 statesand three U.S. Pacific territories, it is the largest FHLB in the system in terms ofmembership and geography.3
This Guide covers the following FHLB productsand services:4also receive liquidity and lower-cost funding optionsthat would not otherwise be available to them.Affordable Housing Program (competitive): Gapfinancing for rental or homeownership projects devel oped in partnership with community sponsors anddistributed through a competitive process.FHLBs are required to set aside portions of their profitsto re-invest in the communities of their members in theform of grants and below market-rate loans throughAffordable Housing Programs (AHP). Each FHLB admin isters its own AHP programs designed to address localhousing needs and provide funding for community andeconomic development. Affordable Housing Programgrants are awarded through a competitive applica tion process for members working with communityorganizations and housing developers to create rentalor homeownership opportunities for lower-incomehouseholds.Affordable Housing Program (homeownershipset-aside): Non-competitive grants aimed at provid ing down payment, closing cost, and rehabilitationassistance to increase affordable homeownershipopportunities for member customers distributedthrough a non-competitive allocation or first-come,first-served process.Community Investment Program: Discounted advancecapital for community development lending.Advances: Short- and long-term credit products rang ing from overnight to 30-year funds and including arange of fixed and adjustable or floating rate structures,primarily offered to assist collateralized banks withportfolio mortgage lending.Mortgage Partnership Finance Program: Secondarymarket outlet offered to members of the FHLBs ofAtlanta, Boston, Chicago, Dallas, Des Moines, NewYork, Pittsburgh, San Francisco, and Topeka. The MPF Program includes conventional product offerings withcredit risk-sharing execution, as well as conventionaland government products with non-credit risk-sharingexecution options.Mortgage Purchase Program: Secondary market outletoffered to the members of the FHLBs of Cincinnati andIndianapolis. The Mortgage Purchase Program includesconventional and Federal Housing Administration(FHA) product offerings. Members retain creditrisk on all loans delivered through the MortgagePurchase Program.DOING BUSINESS WITH THE FEDERALHOME LOAN BANKSOpportunities and Costs of MembershipFHLBs offer a variety of products and programs to itsmembers to help them meet their affordable mortgagelending goals. These include grants, below market-rateloans, and discounted advances. Community banksThe Homeownership Set-Aside program is a non competitive program that offers grants for eligiblemember borrowers to fund down payment, closingcosts, counseling, or rehabilitation costs assistance inconnection with a household’s purchase or rehabilita tion of an owner-occupied home.The Community Investment Program (CIP) offersdiscounted advances priced below standard advanceofferings for qualified community development activi ties. These offerings can help members meet theirbusiness development and Community ReinvestmentAct (CRA) goals for community-oriented and affordablehousing lending.Through membership in the FHLB system, communitybanks also gain access to low-cost funding and liquid ity options typically unavailable to individual banks.The FHLB system provides its members with a varietyof funding options including long- and short-termadvances to help members manage their fundingneeds and provide mortgage-financing options inthe communities they serve. FHLB advances are typi cally priced at a small spread over U.S. Department ofTreasury obligations. The FHLBs also provide second ary market mortgage delivery options for membersto decrease interest rate, prepayment, and credit risk.They also provide a way for members to mitigate theirinterest rate risk through customizable advance termsfrom one day to 30 years.The FDIC encourages institutions to weigh the costs, benefits, and risks ofthese products and programs prior to participation.4FDIC Affordable Mortgage Lending Guide 6
FHLBs do not guarantee or insure mortgages. Theysimply lend against collateral. Therefore, if a mortgagethat collateralizes an FHLB advance defaults, the FHLBwill look to the lender to either post additional collateral or reduce the advance outstanding. This meansthat lenders have to hold some capital buffer to coverthis risk.Each member must purchase a minimum investmentof stock in the FHLB in proportion to its borrowingsfrom the Federal Home Loan Bank, its holdings ofmortgages and mortgage securities, and its assets.Each FHLB has an established minimum investmentper member and the sum of all stock investments byall members must be sufficient to maintain the minimum capital requirements for each individual FHLB.Individual FHLBs may have their own requirements.Some FHLB profits from advances are returned tomembers in the form of stock dividends or AffordableHousing Program funded business development opportunities.Bank Eligibility and Application ProcessAll federally insured depository institutions are eligibleto apply for membership with their FHLB. Membershipapplications can be found on each of the individualFHLB websites, along with application requirements. Itis common for prospective members to have extensivediscussions about their applications with FHLB staff.Membership is geographically determined. Prospectivemembers may only apply to and become a memberof the FHLB region that represents the location oftheir headquarters or primary place of business, eventhough some institutions have multiple entities withlocations in more than one FHLB region.BostonNew YorkChicagoDes MoinesPittsburghIndianapolisSan FranciscoTopekaCincinnatiAtlantaDallas7 FDIC Affordable Mortgage Lending Guide
In addition to being a legal entity in sound financialstanding with a CRA rating of “satisfactory” or better,the prospective member must have the followingcharacteristics: Makes long-term home mortgage loans: Theinstitution either purchases or originates long-termhome mortgage loans. Long-term home mort gage loans are defined as home mortgage loanswith a maturity of five years or more. An institu tion may also qualify through a mortgage bankingoperation or by purchasing and holding mortgagebacked securities. 10-Percent Rule: The institution has at least 10percent of its total assets in residential mortgageloans. Community Financial Institutions (defined asFDIC-insured depository institutions with averagetotal assets over the preceding three-year periodof less than 1.108 billion, adjusted annually) areexempt from the 10-percent rule.In addition, the member must purchase a minimuminvestment of stock in the FHLB in proportion to itsborrowings from the Federal Home Loan Bank, itsholdings of mortgages and mortgage securities, andits assets. Each FHLB sets its own stock thresholds andstructure, and has an established minimum investmentper member and the sum of all stock investments by allmembers must be sufficient to maintain the minimumcapital requirements for each individual FHLB. Further,individual FHLBs may have their own requirements.FHLB stock may be held as a bank asset.System Requirements and Quality ControlSystem and quality control requirements vary by typeof service and by FHLB. For example, the FHLBankof Atlanta uses FHLBAccess , which is a web-basedsystem that provides members with online support forreports, statements, and other relevant information formonitoring account relationships with the FHLB.Community banks should check individual FHLB web sites for specific requirements (see Resources).TrainingEach FHLB offers training opportunities for members tolearn more about FHLB products and business-relatedopportunities. See individual FHLB summaries for train ing information offered.RESOURCESThe Council of Federal Home Loan Bankshttp://www.fhlbanks.comFederal Home Loan Banks Office of Financehttp://www.fhlb-of.comSupervisory role of FHFA over deralHomeLoanBanks/Federal Home Loan Bank of Atlantahttp://corp.fhlbatl.com/Federal Home Loan Bank of Bostonhttp://www.fhlbboston.com/Federal Home Loan Bank of Chicagohttp://www.fhlbc.comFederal Home Loan Bank of xFederal Home Loan Bank of Dallashttp://www.fhlb.com/Federal Home Loan Bank of Des Moineshttp://www.fhlbdm.com/Federal Home Loan Bank of Indianapolishttp://www.fhlbi.com/Federal Home Loan Bank of New Yorkhttp://www.fhlbny.com/Federal Home Loan Bank of Pittsburghhttp://www.fhlb-pgh.com/Federal Home Loan Bank of San Franciscohttp://www.fhlbsf.com/Federal Home Loan Bank of Topekahttp://www.fhlbtopeka.com/FDIC Affordable Mortgage Lending Guide 8
OVERVIEWAffordable Housing and Community Investment ProgramsOVERVIEWCongress created the AHP grant program inthe Financial Institutions Reform, Recovery andEnforcement Act of 1989. Each FHLB administerstheir own AHP programs, funded with 10 percentof the FHLB’s annual net income from the previousyear’s earnings. Designed to address local housingneeds, AHP programs provide funding for commu nity and economic development options in additionto homeownership and rental housing opportunities.Community Investment Programs are discountedadvances priced below standard FHLB offerings.Since this Guide focuses on homeownership, thefollowing programs are discussed:Affordable Housing Competitive Program: AffordableHousing Program grants are awarded through a com petitive application process to members working withhousing developers and/or community organizationsto create rental or homeownership opportunities forlower-income households.Homeownership Set-Aside Program: HomeownershipSet-Aside grant funds are awarded through a non competitive program that allocates grant funds tomembers to distribute to eligible homebuyers orhomeowners to fund down payment, closing costs,counseling, or rehabilitation costs assistance in connec tion with a household’s purchase or rehabilitation of anowner-occupied home on a first-come, first-served orspecific memberallotment basis.Community Investment Program: The CommunityInvestment Program (CIP) offers discounted advancespriced below standard advance offerings for quali fied community development activities. CIP fundshelp members make loans to enhance communityeconomic development activities for low- and moder ate-income families and neighborhoods.9 FDIC Affordable Mortgage Lending GuidePotential Benefits FHLB affordable housing and community invest ment programs may help members achieve theirCRA goals. FHLB affordable housing and community invest ment programs may help members enhance theircommunity outreach and lending to low- andmoderate-income borrowers. Some FHLBs offer services designed to com plement product offerings such as businessdevelopment, financial literacy curriculum, andCRA training. Check your FHLB summary to findapplicable services offered.Potential Challenges FHLB affordable housing and community invest ment programs funding may be limited and is oftenvery competitive.
RESOURCESPROGRAMS IN THIS SECTION:Atlanta Federal Home Loan Bank Affordable Housing e-housing-programs/Affordable Housing Competitive Program:Affordable Housing Program grants areawarded through a competitive applicationprocess to members working with housingdevelopers and/or community organizations tocreate rental or homeownership opportunitiesfor lower-income households.Boston Federal Home Loan Bank Affordable Housing ment/ahp/index.jspChicago Federal Home Loan Bank Affordable Housing pxHomeownership Set-Aside Program:Cincinnati Federal Home Loan Bank Affordable Housing nt/affordable-housing-program/Homeownership Set-Aside grant funds areawarded through a non-competitive programthat allocates grant funds to members todistribute to eligible homebuyers or homeowners to fund down payment, closing costs,counseling, or rehabilitation costs assistancein connection with a household’s purchase orrehabilitation of an owner-occupied home ona first-come, first-served or specific memberallotment basis.Dallas Federal Home Loan Bank Affordable Housing dable-HousingProgram.aspxDes Moines Federal Home Loan Bank Affordable Housing roducts/Indianapolis Federal Home Loan Bank Affordable Housing mmunities-and-housingNew York Federal Home Loan Bank Affordable Housing ograms/ahp/index.aspxCommunity Investment Program: TheCommunity Investment Program (CIP) offersdiscounted advances priced below standardadvance offerings for qualified communitydevelopment activities. CIP funds helpmembers make loans to enhance communityeconomic development activities for low- andmoderate-income families and neighborhoods.Pittsburgh Federal Home Loan Bank Affordable Housing ity/programs/firstfront-door.htmlSan Francisco Federal Home Loan Bank Affordable Housing aspxTopeka Federal Home Loan Bank Af
Mortgage Lending Guide, Part I: Federal Agencies and . Government Sponsored Enterprises and. Affordable Mortgage Lending Guide, Part II: State Housing Finance Agencies. to identify a set of options that best meet an institution's needs. Each section provides an overview of the product, its purpose, and identiies potential beneits and chal
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