HLB Bulletin No. 009

January 25, 2012

RE: Member Products Guide

The Federal Home Loan Bank of New York (HLB) has updated its Member Products Guide (the Guide).

The Guide details the HLB’s credit and collateral standards and can assist you in finding helpful information on matters such as the requirements for advance borrowings, eligible collateral types, and service fee schedules.

The Guide can be found by signing on to 1Link, our internet banking system and clicking on the “Tools" link on the upper right-hand side of the screen. The Guide is updated as needed throughout the year. The newly published version of the Guide reflects changes to HLB products and services.

Below are brief descriptions of the more substantive changes to the Member Services Guide:

  • Express Prohibition of Loans Containing Mandatory Arbitration Clauses (pg 43):
    Clarified that the prohibition applies to those residential mortgage loans originated on or after October 1, 2004. Further qualified eligibility to allow those residential mortgage loans where corporate policy prohibits enforcement of mandatory arbitration clauses. This change was made to better align with current practices.
  • Collateral Eligibility Requirement Changes (pg 46):
    Clarified eligibility relating to classified and criticized assets. Only classified assets are ineligible as qualifying collateral. This change was made to better align the Bank’s eligibility criteria to the associated asset risk.
  • 2012 Fees (pgs. 62-65):
    Collateral Services Fees: The Bank has consolidated two categories of mortgage file vault submissions on its fee schedule. Closed End Home Equity Loans will now be covered under the Residential Mortgage Loan category. The fee will be $10.00 per loan.

    Credit and Correspondent Services Fees: No changes to Credit and Correspondent Services Fees.

Credit questions may be directed to Jim Bernard, VP, Credit and Correspondent Services at
(212) 441-6721. Collateral questions may be directed to Mike Volpe, VP, Collateral Operations at (201) 356-1081, or Bryan Gallagher, VP, Collateral Valuations at (201) 356-1148 or Cynthia Palladino, VP, Collateral Review at (201) 356-1209. You may also contact your Calling Officer or contact Paul Héroux, Head of Member Services directly at (212) 441-6808.

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