FHLBNY Bulletin No. 010

October 3, 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 'Manuals and Guides' tab. 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:

  • Collateral Guidelines Section (pg. 38–61)
    With this edition of the MPG, the Collateral Guidelines Section has been re-organized for greater clarity and ease of reference.
  • Qualifying Collateral for Non-Repurchase (Non-Repo) Advances (pg. 40-43)
    Open-end home equity loans (HELOC) are now approved as qualifying Other Real Estate Related collateral.
  • Ineligible Collateral (pg. 47-48)
    The section has been updated to reflect the following:

    • Second lien loans that are over 30 days delinquent (previously 60 days) are now considered ineligible.
    • LTV eligibility criteria for HELOC was added to the section.

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

Related Links

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