Feb 11, 2019 | Q1 2019

Collateral Quarterly

Reminders for Completing BBC by Friday, February 15th Deadline

COLLATERAL UPDATE

As part of the updated requirements for pledging Residential 1-4 Family 1st Mortgages (type codes 1101, 1102 and 1103), the Borrowing Base Certificate (BBC) has been redesigned to allow self-reporting of additional type codes for this requirement. As a reminder, full details regarding these new requirements can be found on our website.

MORE INFORMATION

Reminder: Certification of the BBC form acknowledges you have accurately reported the loans pledged to FHLB Des Moines. We understand with this recent change, members may have questions regarding the new requirement. Information can be found in the Member FAQ Guide. If you have additional questions, please contact the Collateral Department prior to submitting and certifying your BBC form.

Looking for the subtractions form (formerly provided to members with "no internal list")? Click on the green plus sign to expand the BBC form for subtractions.

ACCESS eADVANTAGE

Sue Schmitt Celebrates 35 Years with FHLB Des Moines

Senior Collateral Specialist

When Sue Schmitt, Senior Collateral Specialist, first started working at FHLB Des Moines she worked at the check processing center “before there were ATM cards!” 35 years later, Sue continues to be a core member of our daily operations and stands out as one of the most recognizable faces in the Collateral Department.

READ MORE

Changes to Eligibility Guidelines

Commercial Real Estate and Multi-Family Loans

COLLATERAL UPDATE

Payment Status criteria for Commercial Real Estate and Multi-Family loans will change to, not more than 30 days past due. This eligibility criteria is changing from, not more than 90 days past due. Payment Status criteria is defined in the General Eligibility Checklist and will be updated to reflect this change.

As a result, changes to the following loan collateral type will become effective with your pledged loans as of March 31, 2019. Information regarding the details of this change is available on our website.

Collateral Pledging - Best Practices

NOTES FROM THE FIELD

Members often ask us, "What are other FHLB Des Moines members up to?" When working at a member's location, our Collateral Review Analysts frequently come across effective strategies member have implemented in their collateral pledging processes. Below are two ideas they see as "best practices" for many members across our district:

1. Using eligibility checklists when boarding the loan

Members who use the eligibility checklists not only have fewer errors during a Member Collateral Verification (MCV) review, they also have a better understanding of the eligibility guidelines for different loan types.

2. Adding a "flag" to eligible loans in their servicing software

Although members use a variety of loan servicing software, most have the functionality to add a pledge code "flag" or other user-defined field to mark the loans eligible for pledging. Having a flag allows the user to query the servicing system for eligible loans. It also ensures loans are ready to be pledged quickly in the event an institution needs access to liquidity from FHLB Des Moines.

Member Collateral Verification Exit Survey

NOTES FROM THE FIELD

We are working every day to enhance your experience with the FHLB Des Moines Collateral Team. To support this effort, we have implemented a more streamlined survey process to gather feedback on the Member Collateral Verification (MCV). Following your next MCV, please make sure to complete and submit a 10 question survey to help us identify gaps in our approach to provide the best possible experience for our members.

Surveys are distributed via email from our member experience platform, Qualtrics at [email protected]. We will share results periodically.

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eNotes Update

WHAT WE ARE WORKING ON

MISMO^® Winter Summit

FHLB Des Moines, along with representatives from the FHLBank System attended the MISMO Winter Summit in January as an active participant in the eMortgage Community of Practice (CoP). The CoP develops specifications, document profiles and guidelines for implementing electronic mortgage documents.

Updated eNotes Video

Interested in learning more about eNotes? Watch this overview video created by the FHLBank System for our member institutions.

WATCH VIDEO

Federal Home Loan Bank of Des Moines

1-800-544-3452 - www.fhlbdm.com