Changes to Collateral Eligibility Requirements
posted on Friday, February 8, 2019 in Business News
The Federal Home Loan Bank of Des Moines systematically reviews existing collateral policies and practices to ensure we are adequately capturing the various risks associated with pledged collateral.
As a result, changes to the following loan collateral type will become effective with your pledged loans reporting as of March 31, 2019.
Eligibility changes to the following loan collateral type codes:
- 1109 Multi-Family First Mortgage Loans
- 1401 Multi-Family Second Mortgage Loans
- 1402 (and 1403) Commercial Real Estate First Mortgage Loans
- 1404 Commercial Real Estate Second Mortgage Loans
- 1470 Multi-Family First Mortgage Loans Retained Participations
- 1471 (and 1473) Commercial Real Estate First Mortgage Loans Retained Participations
- 1570 Multi-Family First Mortgage Loans Purchased Participations
- 1571 (and 1573) Commercial Real Estate First Mortgage Loans Purchased Participations
- Current: Not more than 90 days past due
- Change: Not more than 30 days past due
Borrowing Base Certificate (BBC)
- Current: Subtraction for “Loans greater than 90 days past due, on nonaccrual or in foreclosure”
- Change: Subtraction for “Loans greater than 30 days past due, on nonaccrual or in foreclosure”
Contact the Collateral Department with any questions or for further information.