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November 12, 2020 | Q4 2020
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Webinar Recording Now Available!
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A Spotlight on eNote Processes for Federal Home Loan Bank Members
During this webinar, Vonda Renfrow, vice president/director collateral management, along with representatives from MERSCORP Holdings shared information about key eNote concepts, requirements for pledging eNotes as collateral to the FHLBanks and steps needed to be eligible to pledge your eNotes. They also provided information about MERS® System Membership requirements, including a type designed for Federal Home Loan Bank members.
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eNote Usage Continues to Climb
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In October, a record 66,575 eNotes were registered on the MERS® eRegistry, and from January through October 2020, 352,978 eNotes have been registered, a 269% year-over-year increase.
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Image source: October 2020 edition of the
eMortgage Insider from MERSCORP Holdings, Inc.
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Employee Feature: Janette Thede, Collateral Manager
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Janette Thede might have just stepped into her new role as Collateral Manager in August, but she has 34 years of valuable experience working at FHLB Des Moines in various positions. Get to know Janette more in our quarterly employee feature!
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Underwriting Assessment Matrix Updates
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As part of collateral verification, FHLB Des Moines reviews the underwriting for pledged loans. As of October 5, 2020, changes were made to the
Underwriting Assessment Matrix. We've outlined these changes in our Member News.
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Helpful Reminders for Collateral Pledging and Reporting
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If you submit a monthly loan listing file please verify you are using the NEW General File Format
In July, the General File Format for Loan Listing
was updated to include a new "Rate Index" column. This addition was made to capture the referenced index for adjustable-rate loans pledged to FHLB Des Moines. This column must be included for all members using the General File Format, even if adjustable rate loans are not pledged.
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New Getting Started Guide: Borrowing Base Certificates (BBC)
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We released new updates to the BBC in eAdvantage to improve functionality for our members. These new features include:
Navigate the new features of the BBC with our updated "Getting Started Guide."
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✔ REMINDER:
The Quarterly BBC Reporting Deadline is Friday, November 13.
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Supporting Members through COVID-19
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We have temporarily adjusted our
eligibility guidelines on pledged collateral to align with our member financial institutions who are implementing loan forbearance or loan modifications agreements for their borrowers, including the acceptance of agreements executed with electronic signatures.
Top Frequently Asked Question: For those offering
payment deferral to borrowers following the forbearance period, what documentation is required to maintain collateral eligibility?
Payment Deferral: Forborne funds collected at the end of the loan term, with no other change in terms.
Evidence of borrower acknowledgement and acceptance is required, and the agreement should be delivered to the Bank’s custodian where loan delivery is required. No signature of the borrower is required, provided there are no changes in the terms of the original note, however, payment deferral without borrower signature will result in lower valuation of impacted loan collateral.
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