FDIC Updates Affordable Mortgage Lending Guide Information on State Housing Finance Agencies
July 27, 2017 / Source: FDIC
Financial Institution Letters
July 26, 2017
The FDIC has updated the Affordable Mortgage Lending Guide, Part II: State Housing Finance Agencies to reflect the most up-to-date information available about the mortgage programs offered through state housing finance agencies (HFAs).
Statement of Applicability to Institutions with Less Than $1 Billion in Assets: This Financial Institution Letter applies to all FDIC-insured institutions.
- The Affordable Mortgage Lending Guide, Part II: State Housing Finance Agencies is designed as a resource for community banks to gain an overview of a variety of products, compare different products, and identify next steps to expand or initiate a mortgage lending program.
- The publication describes state HFA products and programs that provide home purchase support, including down payment closing cost assistance, mortgage tax credit certificates, and homeownership education and counseling.
- Changes to the publication include:
- Updates to the State Housing Finance Agency Product Matrix (page 4);
- Addition of the Massachusetts Housing Partnership to the list of HFAs;
- Alternative private mortgage insurance options are now included on individual state sheets (see page 30 for general information about these options); and
- Updates to 40 of the 54 HFAs discussed in Part II (see Appendix A: State Summaries of HFA Products and Resources for a list of states with updates).
- These changes also have been made to the information available online at the FDIC's Affordable Mortgage Lending Center.
- The Affordable Mortgage Lending Guide also includes Part I: Federal Agencies and Government Sponsored Enterprises and Part III: Federal Home Loan Banks.
- To receive notices of updates to the Affordable Mortgage Lending Center, subscribe at https://service.govdelivery.com/accounts/USFDIC/subscriber/new
FDIC-Insured Institutions (Commercial and Savings)
Chief Executive Officer
Chief CRA Officer
Chief Lending Officer
Sandra Kerr, Senior Community Affairs Specialist, Division of Depositor and Consumer Protection, at skerr@FDIC.gov or (202) 898-7183
Lessie Evans, Chief, Community Affairs, Division of Depositor and Consumer Protection, at LesEvans@FDIC.gov or (202) 898-6997
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's website at https://www.fdic.gov/news/news/financial/2017/.
To receive FILs electronically, please visit https://www.fdic.gov/about/subscriptions/fil.html.
Paper copies may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).