Division Title

Business Updates

Third Party Drawdown Requests

In an effort to help our members save time and be more efficient in their processes, the Federal Home Loan Bank of Des Moines (FHLB Des Moines) will honor third party wire transfer drawdown requests from your correspondent bank. Members must have the proper authorization on file in order to take advantage of this service. For more information, please contact the Wires Department at 800.544.3452, ext. 5414.


MPF User’s Conference

Join FHLB Des Moines at the Mortgage Partnership Finance (MPF) Users Conference, October 22 - 23, at the Embassy Suites Des Moines – On the River. Get in the game and discover ways to enhance your plan to keep your mortgage operation competitive in today’s challenging marketplace.

FHLB Des Moines will help you refine your strategies in areas such as:

• Best Execution
• Attracting and Retaining Customers
• Appraisal and Condo Underwriting
• Investor Reporting
• Delinquency Management
• Quality Control
• Sales of Servicing, USDA and Community Investment options

This two day conference starts at 12:30 p.m. on Wednesday, October 22 and includes an evening network reception. Sessions will end at 2:45 p.m. on Thursday, October 23. This year’s event features Pete Taglia, Vice President of FTN Financial Capital Assets Corporation, who will examine the current state of the mortgage industry and its implications for your mortgage lending business model. Additional speakers include experts from Genworth Mortgage Insurance, Sovereign Mortgage Services and Iowa Bankers Mortgage Corporation.

A pre-conference session covering the MPF Program structure will be held from 9:00 a.m. – 11:00 a.m. on Wednesday, October 22 for interested prospective Participating Financial Institutions (PFI’s) and PFI’s that would like a refresher course on the benefits of the MPF Program

Check the Bank’s website, www.fhlbdm.com, for more information or to register for the MPF User’s Conference. If you have questions, please contact Megan Feld at 800.544.3452, ext. 1159 or mfeld@fhlbdm.com.


Rural Homeownership Fund

A total of $1.0 million was awarded to 42 member financial institutions through the Bank’s Rural Homeownership Fund. The funds will be used to provide down payment, closing cost, counseling or rehabilitation assistance to households purchasing owner-occupied units in rural locations. Eligible households are at or below 80 percent of the area median income in rural communities.

Summary of 2008 Rural Homeownership Funds by state:

 

State	Number of Applications Submitted	Number of Applications Funded	Dollar Amount of Applications Submitted	Dollar Amount of Funded Subsidy for the State	% of Funded Subsidy
Iowa	42	12	$1,015,000	$285,000	29.0%
Minnesota	47	17	$1,105,000	$400,000	40.5%
Missouri	26	5	$630,000	$115,000	11.5%
North Dakota	4	4	$100,000	$100,000	9.5%
South Dakota	6	4	$150,000	$100,000	9.5%
Totals	125	42	$3,000,000	$1,000,000	100%

 

Useful Information & Resources