News by "member announcements"

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Now Accepting PPP Loans as Eligible Collateral Member Announcements Now Accepting PPP Loans as Eligible Collateral Beginning Tuesday, May 19, 2020, the Bank is now able to accept SBA Payment Protection Program (PPP) loans as collateral. CEO Newsletter 4/22/2020 Member Announcements CEO Newsletter 4/22/2020 Hello everyone! I'm excited to be connecting with you through my first ever Letter from the CEO. I'm Kris Williams and I'm thrilled to be your new President and CEO. I was very much looking forward to meeting as many of you as possible but with our current environment, I'll use this letter as a way Special Relief Funding Available for Members Member Announcements Special Relief Funding Available for Members In response to the coronavirus (COVID-19) pandemic, Federal Home Loan Bank of Des Moines has a special advance offering available for our members. These advances are intended to provide low cost, relief funding to help support the current needs of your customers who have been impacted by COVID-19. Collateral Reporting Change Effective July 1, 2020 Member Announcements Collateral Reporting Change Effective July 1, 2020 With the expected phase-out of LIBOR at the end of 2021, FHLB Des Moines has made a change to its collateral reporting process beginning July 1, 2020. Changes Announced to Down Payment Products Member Announcements Changes Announced to Down Payment Products In response to feedback from our members, FHLB Des Moines has implemented the following changes for our Home$tart and Native American Homeownership Initiative (NAHI) down payment products. COVID-19 Preparedness Member Announcements COVID-19 Preparedness At FHLB Des Moines, we are closely monitoring developments around coronavirus (COVID-19). Our priority remains the safety of our members and our employees. Expanded Advance Product Terms Member Announcements Expanded Advance Product Terms Effective Tuesday, March 10, 2020, FHLB Des Moines has extended final maturity terms for Forward Starting Fixed-Rate and Member Option Fixed-Rate advances. LLPs Eligibility Criteria Changes 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. FHLB Des Moines to Gather LIBOR-Linked Collateral Information 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. Changes to Retention Agreement (Deed Restriction) for Home Purchase Projects 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. Retention Agreement Changes for AHP Owner-Occupied Rehabilitation Projects 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. Reinstatement of Repayment Requirement for Competitive Affordable Housing Program and Down Payment Products 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.