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Revised
LTVs
FHLB Des Moines periodically reviews our collateral loan-to-values (LTVs) to ensure they are consistent with the current market environment. On August 8, 2016, the Bank implemented revised LTVs for most collateral categories.
Some LTV levels are being removed, and all LTVs will be rounded to whole numbers.
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Certification of the BBC forms is the final step in submission.
Make sure to click “certify” to ensure your BBCs are submitted by August 15. |
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Double Check Your HELOCs
For Home Equity Lines of Credit (HELOCs – type codes 1423 and 1424), if the revolving credit feature has been removed from a loan, such as a
voluntary term out option or an involuntary restriction due to credit deterioration, the loan cannot be reported as a HELOC. If the HELOC is termed out with required amortizing payments, the loan may be eligible as (1101) 1-4 Family First Mortgage or (1414) for 1-4 Family Home Equity.
We suggest reviewing the corresponding Eligibility Checklist to assure eligibility upon re-reporting.
In this manner, the loan may remain as eligible collateral, and may, in certain circumstances, receive higher advance equivalency.
Please contact the Collateral Department to determine if any of your HELOC loans, type codes 1423 or 1424, may fit the criteria of a whole loan, type codes 1101 or 1414.
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Looking to Pledge SBA Loans?
An SBA loan can be pledged as eligible loan collateral as long as it meets all criteria for the non-government guaranteed
type code under which the loan is pledged.
Keep the following in mind when determining eligibility.
FHLB Des Moines has summarized the various types and forms of SBA loans.
Please seek legal counsel before relying or otherwise rendering a financial decision based on this information.
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Original physical paper notes, modifications and extensions are required for loan collateral eligibility. Loans with scanned
or imaged copies of paper notes, lost or destroyed notes, or notes with facsimile signatures are not eligible. |
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Enhanced MCV Process
To ensure we see every member in a timely fashion and apply risk management more effectively and efficiently, we will be enhancing the Member Collateral
Verification (MCV) process.
Be on the lookout for more information coming out at the beginning of next quarter. |
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