News by "member announcements"

Business News Member Announcements LLPs Eligibility Criteria Changes The Bank is simplifying its criteria for acceptance of LPPs in lieu of traditional title work. LPPs are insurance products that reimburse lenders for losses realized from otherwise unknown superior liens. If an undiscovered superior lien on the property impairs the lender's ability to collect. Business News Member Announcements FHLB Des Moines to Gather LIBOR-Linked Collateral Information Beginning on January 1, 2020, members reporting loan collateral will be asked to complete a brief survey identifying LIBOR-linked collateral with maturities beyond December 31, 2021. Business News Member Announcements Changes to Retention Agreement (Deed Restriction) for Home Purchase Projects The Competitive Affordable Housing Program (AHP) and Down Payment Product grants will be releasing a new Retention Agreement (Deed Restriction) effective for use with closings as of January 1, 2020. Business News Member Announcements Retention Agreement Changes for AHP Owner-Occupied Rehabilitation Projects Effective January 1, 2020, the FHLB Des Moines member institution or project sponsor of a Competitive Affordable Housing Project (AHP) may cease requiring a Retention Agreement (Deed Restriction) on owner-occupied rehabilitation projects. Business News Member Announcements Reinstatement of Repayment Requirement for Competitive Affordable Housing Program and Down Payment Products FHLB Des Moines has established new procedures and updated forms for lien releases, repayment or subordination of liens. Finance News Member Announcements Q3 2019 Combined Financial Report The Third Quarter 2019 Combined Financial Report (CFR) for the FHLBanks has been published and filed with the Federal Housing Finance Agency. An electronic copy of the CFR can be obtained on the Office of Finance website. Letters from the CEO Member Announcements Housing Finance Reform and the FHLBank System In early September, the United States Department of the Treasury released its Housing Reform Plan. Business News Member Announcements Underwriting Assessment Matrix Changes As part of collateral verification, the Bank reviews the underwriting for pledged loans. Preferably, all loans are fully documented to market expectations. Via the Underwriting Assessment Matrix, we are able to provide lendable value to less than fully documented loans at an appropriate discount. Business News Member Announcements FHLBank System Regulator Provides LIBOR Transition Guidance The financial markets are preparing for the expected phase-out of the London Interbank Offered Rate (LIBOR) by the end of 2021. Business News Member Announcements FHLBanks Surpass $100 Billion in SOFR-linked Issuance The Office of Finance announced that the Federal Home Loan Bank System has issued over $100 billion in SOFR-linked securities since its first issuance in November of last year. Community News Member Announcements Joe Kesler Declared Re-elected to FHLB Des Moines Board of Directors The Federal Home Loan Bank of Des Moines (the Bank) is pleased to announce that Joe Kesler was recently re-elected as a director to the Bank's board. Mr. Kesler will serve as the Montana member director on the Bank's board for a four-year term commencing January 1, 2020. Finance News Member Announcements FHLB Des Moines Approves Second Quarter 2019 Dividend The FHLB Des Moines (the Bank) Board of Directors approved a second quarter 2019 dividend at an annualized rate of 5.75 percent on activity-based stock and 3.25 percent on membership stock, unchanged from the prior quarter.