October 5, 2023
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 1st 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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