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FDIC Updates Affordable Mortgage Lending Guide Information on Federal Agencies and Government Sponsored Enterprises

December 07, 2018 / Source: FDIC

Financial Institution Letters

FIL-84-2018
December 6, 2018

FDIC Updates Affordable Mortgage Lending Guide Information on Federal Agencies and Government Sponsored Enterprises

Printable Format:

FIL-84-2018 - PDF (PDF Help)

Summary:

The FDIC has updated the Affordable Mortgage Lending Guide, Part I: Federal Agencies and Government Sponsored Enterprises to reflect the most up-to-date information available about the mortgage products offered through federal housing programs, Fannie Mae and Freddie Mac.

Statement of Applicability to Institutions with Less Than $1 Billion in Assets: This Financial Institution Letter applies to all FDIC-insured institutions.

Highlights:

  • The Affordable Mortgage Lending Guide, Part I: Federal Agencies and Government Sponsored Enterprises 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 federal programs that support home purchase, refinance, manufactured housing, and some home improvement lending by banks. It covers programs that are targeted to a variety of communities and individuals including rural, Native American, low- and moderate-income, and veterans.
  • Updates to the publication include:
    • Revises the Program Matrix;
    • Updates the Quick Links to Federal Agencies and Government Sponsored Enterprises Programs & Products;
    • Removes FHA Refinance of Borrowers in Negative Equity Positions (Short Refinance);
    • Student loan debt is updated in FHA, Fannie Mae, and Freddie Mac programs;
    • Adds two new products: Fannie Mae MH AdvantageTM and Freddie Mac HomeOneSM;
    • Adds Duty to Serve in Fannie Mae and Freddie Mac Overviews; and
    • Updates the following products:
      • FHA Property Improvement Loan Insurance;
      • FHA Manufactured Home Loan Insurance;
      • FHA Streamline Refinance;
      • FHA 203(k) Rehabilitation Mortgage Insurance;
      • USDA Single Family Housing Guaranteed Loan Program;
      • USDA Single Family Housing Direct Loans;
      • Fannie Mae HomeReady™ Mortgage;
      • Fannie Mae HomeStyle® Renovation Mortgage; and
      • Freddie Mac Home Possible and removes Home Possible Advantage.
  • Changes can be found online at the FDIC's Affordable Mortgage Lending Center.
  • The Affordable Mortgage Lending Guide also includes Part II: State Housing Finance Agencies 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.

Distribution:

  • FDIC-Insured Institutions (Commercial and Savings)

Suggested Routing:

  • Chief Executive Officer
  • Chief CRA Officer
  • Chief Lending Officer

Contact:

  • 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 or email: mortgagelending@fdic.gov

Note:

FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's website at www.fdic.gov/news/news/financial/2018/.

To receive FILs electronically, please visit 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).