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February 10, 2021

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 the Manual detail the FHLBNY’s credit, collateral and correspondent services standards and can assist you in finding helpful information on FHLBNY product and services matters (e.g. requirements for advance borrowings, eligible collateral types and service fee schedules).

Both documents can be found by signing on to 1Link®, the FHLBNY’s internet banking system, and clicking on the ‘Manuals and Guides’ tab. The Guide and Manual are updated as needed throughout the year.

Changes to the Guide effective as of 2/2021 include:

 

Updates to the language that define Large Member Borrowers and their corresponding credit limits, which replaces the section relating to “Members who are the principal operating banking subsidiary of Global Systemically Important Bank (page 8).

 

Clarification that the FHLBNY offers SOFR-Linked Advances (page 18).

 

Approval of Participation Certificates for Mortgage Loans Held in a Trust outlines specific requirements for pledging participation certificates for mortgage collateral held in a trust (page 41).

 

Confirmation that no Fee changes have been made for 2021 (Appendixes 1-3).

 

Remaining changes were conforming in nature.

Changes to the Manual effective as of 2/2021 include:

 

Updates to the accepted Signatures on the GAF (page 14).

 

Remaining changes were conforming in nature.

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

Thank you for your support.

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