January 3, 2022
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 the FHLBNY’s 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®, 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 January 2022 include:
- Clarifications relating to the cessation of the London Interbank Offered Rate (“LIBOR”), as the FHLBNY no longer offers member derivative transactions or advances indexed to LIBOR and will transition any legacy LIBOR-based transactions to the Secured Overnight Financing Rate using accepted industry standards (see page 31).
- Revised acceptance criteria for Loan Participations as eligible collateral to include that participation loans must be able to be liquidated in due course (see pages 39 & 41).
- Changes relating to securities collateral:
― Expanded eligibility criteria for acceptance for privately issued mortgage-backed securities to include those with a minimum rating of “any form of A” (see page 37); and
― Added max lendable values for insurance companies pledging U.S. Treasury Feline / Strip securities as collateral and for pledging of lower rated CMBS (see Summary of Max Lendable Values table pages 47).
- Additional conforming changes.
Changes to the Manual effective as of January 2022 were conforming in nature.
Additionally, the fee schedules for 2022 were updated in the Guide and Manual.
If you have any questions about the FHLBNY’s Guide or Manual, 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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