Advancing Your Success: September
2007, Vol 38
Bank
News
Text
Only
$1 Million
Urban First-Time Homebuyer Funds
Available
Urban First-Time Homebuyer Funds can
be used for down payment, closing
cost, counseling or rehabilitation
assistance for eligible first-time
homebuyers that are purchasing
one-to-four family, owner-occupied
properties in urban locations. Applications are available on eAdvantage and will be accepted
until Friday, October 5, 2007. Please contact the Community
Investment Department, 800.544.3452,
ext. 1173, with questions.
Expanded Collateral
The Bank has received
regulatory approval to accept
certain construction loans as
eligible collateral. Eligible loans
will include non-speculative
(custom) construction loans secured
by one-to-four family residential
properties. More information will be
made available regarding collateral
maintenance levels, reporting
requirements and pledging
limitations once operational details
are finalized in the fourth quarter
of this year. For more information,
please contact Marc Johnson at
800.544.3452, ext. 1119 or
mjohnson@fhlbdm.com.
Borrowing
Base Certificates Revised
Certain Borrowing Base Certificates
have been revised to expand
eligibility criteria for pledged
collateral that may provide
increased borrowing capacity for
members.
-
The eligibility criterion based
upon combined loan-to-value
ratio has been increased from
90% to 100%. The combined
loan-to-value ratio is
calculated using the unpaid
principal balance of the first
lien plus the maximum committed
line for the home equity lines
of credit. This change is
reflected in:
-
Newly originated (less than six
months old) multifamily,
commercial and agricultural
mortgage loans without final
title work may be pledged as
eligible collateral pending
receipt of final title work.
Forms impacted are:
-
Multifamily
- Forms C-208 and
CL-208
-
Agricultural
- Forms C-205 and
CL-205
-
Commercial
- Forms C-206 and
CL-206
Members may now complete the new
and revised forms using the
Checklists corresponding to the
category of assets being
pledged. The Bank is requiring
members to use the revised forms
to submit September 30, 2007
information. Signed Borrowing
Base Certificates can be faxed
to the Bank, 515.699.1201, or an
image of the signed form may be
emailed to the Collateral
Department,
advancecollateral@fhlbdm.com. Please remember, FHLB Des Moines
collateral forms are frequently
updated and current forms should
be down loaded from the Bank’s
website
www.fhlbdm.com each quarter.
Please contact Marc Johnson,
800.544.3452, ext. 1119 or
mjohnson@fhlbdm.com, with
questions.
Standby
Purchase Agreements
FHLB Des
Moines can now issue Standby
Purchase Agreements for Variable Rate
Demand Obligations (VRDOs)
issued by Housing Finance Agencies
(HFA) within its district.
The VRDOs are required to maintain
at least a minimum long-term rating
of AA- or equivalent at all times
while the HFA must have a minimum
long-term rating of A- or equivalent
and a stable outlook as determined
by a Nationally Recognized
Statistical Rating Organization. For
more information, please contact
Steve Schuchmann at 800.544.3452,
ext. 1007 or
sschuchmann@fhlbdm.com.
