Update to the Member Products Guide & Correspondent Services Manual

The Federal Home Loan Bank of New York (“FHLBNY”) has updated its Member Products Guide (“Guide”) and the Correspondent Services Manual (“Manual”). The Guide and Manual detail the FHLBNY’s credit, collateral and correspondent services standards and can assist you in finding helpful information on the FHLBNY’s product and service matters (e.g., requirements for advance borrowings, eligible collateral types and service fee schedules).

Both documents can be found on 1Link® in the ‘Manuals and Guides’ section. These documents are updated as needed throughout the year.

Changes to the Guide effective as of October 2023 include:

Summary of Max Lendable Values table reflect recent margin adjustments as follows:
- Residential 1st lien loan maximum lendable values declined to 88% of market value for Insured Depository institutions (from 90%) and 76% of market value for Insurance Companies and Non-Depository CDFIs (from 82%).
- Multifamily 1^st lien loan maximum lendable values declined to 77% of market value for Insurance Companies (from 80%) and 74% of market value for Non-Depository CDFIs (from 75%).
- For Insurance Companies:
  - U.S. Treasury Notes maximum lendable value declined to 95% of market value (from 96%).
  - U.S. Treasury Bonds maximum lendable value declined to 85% of market value (from 88%).
  - U.S. Feline/U.S. Treasury Strips maximum lendable value declined to 81% of market value (from 85%).
  - Agency Notes, Bonds maximum lendable value declined to 91% of market value (from 93%).
  - Agency CMO, Pools, and Guaranteed CRTs maximum lendable value declined to 92% of market value (from 93%) (all-inclusive on page 43).

The Manual was reviewed, and any changes contained within are considered conforming in nature. In addition, both documents have been updated with a new look.

If you have any questions about the FHLBNY’s Guide or Manual, please contact your Relationship Manager at (212) 441-6700, or the Member Services Desk at 1-800-546-5101 (option 1).

Thank you for your support.

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This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the Risk Factors set forth in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC, as well as regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update publicly any forward-looking statements for any reason.