FHLBNY Bulletin No. 017
April 27, 2015
Update to the Member Products Guide & Correspondent Services Manual
The Federal Home Loan Bank of New York has updated its Member Products Guide (Guide) and the Correspondent Services Manual (Manual). The Guide and the Manual detail the FHLBNY’s credit, collateral and correspondent services standards and can assist you in finding helpful information on FHLBNY's product and services matters (e.g.; requirements for advance borrowings, eligible collateral types, and service fee schedules, etc.)
Both documents can be found by signing on to 1Linksm, our internet banking system and clicking on the ‘Manuals and Guides’ tab. The Guide is updated as needed throughout the year. The newly published version of the Guide reflects changes to FHLBNY's products and services.
The more substantive changes to the Guide include: approval for Insurance Companies and Non-depository Community Development Financial Institutions (CDFIs) to pledge 1st lien mortgage collateral; clarification for Advance requests for CDFI’s; and temporary increase to Safekeeping Services fee “on-line” transaction discounts. Below are brief descriptions of the most significant changes:
- Max Lendable Value (pg. 44)
This section has been enhanced to specify the maximum lendable values assigned to pledged collateral from specific types of member institutions (Insured Depository Institutions, Insurance Companies, and CDFIs.)
- Advances to Non-depository Community Development Financial Institutions [CDFIs] (pg. 9-10)
This section has been added to the MPG in order to clarify the steps required when a CDFI Member requests an Advance from the FHLBNY.
- Correspondent Services Fees (MPG - pg. 60 / CSM - pg. 51)
Effective June 1, 2015, FHLB is implementing a temporary change to the Credit and Correspondent Services Fees as follows:
- Safekeeping Services:
Beginning on June 1st and running through December 31st, an additional discount of $5 per transaction will be applied to Purchases / Sales transactions initiated by Members using the 1LinkSKsm Self-Service feature. The per-transaction discount credit for these “on-line” transactions will be increased from $10 to $15. No other fees changes were made.
If you have any questions about the FHLBNY’s Credit, Collateral or Correspondent Services fees, please contact your Calling Officer at (212) 441-6700.