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Financial Institution Letter
FDIC Updates Affordable Mortgage Lending Guide Information on Federal Agencies and Government Sponsored Enterprises
 
 
Citation:
FIL-84-2018
Agency:
Federal Deposit Insurance Corporation
Type:
Financial Institution Letter
Publish Date:
Dec 06, 2018
Keywords:
Source:
Attachment(s):
Citation:
FIL-84-2018
Agency:
Federal Deposit Insurance Corporation
Type:
Financial Institution Letter
Publish Date:
Dec 06, 2018
Keywords:
Source:
Attachment(s):
 

Summary

The FDIC has updated the Affordable Mortgage Lending Guide, Part I: Federal Agencies and Government Sponsored Enterprises to reflect the most up-to-date information available about the mortgage products offered through federal housing programs, Fannie Mae and Freddie Mac.

HIGHLIGHTS:

1. The Affordable Mortgage Lending Guide, Part I: Federal Agencies and Government Sponsored Enterprises is designed as a resource for community banks to gain an overview of a variety of products, compare different products, and identify next steps to expand or initiate a mortgage lending program.

2. The publication describes federal programs that support home purchase, refinance, manufactured housing, and some home improvement lending by banks. It covers programs that are targeted to a variety of communities and individuals including rural, Native American, low- and moderate-income, and veterans.

3. Updates to the publication include:
a. Revises the Program Matrix;
b. Updates the Quick Links to Federal Agencies and Government Sponsored Enterprises Programs & Products;
c. Removes FHA Refinance of Borrowers in Negative Equity Positions (Short Refinance);
d. Student loan debt is updated in FHA, Fannie Mae, and Freddie Mac programs;
e. Adds two new products: Fannie Mae MH Advantage and Freddie Mac HomeOne;
f. Adds Duty to Serve in Fannie Mae and Freddie Mac Overviews; and
g. Updates the following products:
- FHA Property Improvement Loan Insurance;
- FHA Manufactured Home Loan Insurance;
- FHA Streamline Refinance;
- FHA 203(k) Rehabilitation Mortgage Insurance;
- USDA Single Family Housing Guaranteed Loan Program;
- USDA Single Family Housing Direct Loans;
- Fannie Mae HomeReady™ Mortgage;
- Fannie Mae HomeStyle® Renovation Mortgage; and
- Freddie Mac Home Possible and removes Home Possible Advantage.

4. Changes can be found online at the FDIC's Affordable Mortgage Lending Center.

5. The Affordable Mortgage Lending Guide also includes Part II: State Housing Finance Agencies and Part III: Federal Home Loan Banks.

6. To receive notices of updates to the Affordable Mortgage Lending Center, subscribe at https://service.govdelivery.com/accounts/USFDIC/subscriber/new.

Financial Institution Letter


Federal Deposit Insurance Corporation

FDIC

 

Financial Institution Letters

 

FIL-84-2018

 

December 6, 2018

 

FDIC Updates Affordable Mortgage Lending Guide Information on Federal Agencies and Government Sponsored Enterprises

 

Summary:

The FDIC has updated the Affordable Mortgage Lending Guide, Part I: Federal Agencies and Government Sponsored Enterprises to reflect the most up-to-date information available about the mortgage products offered through federal housing programs, Fannie Mae and Freddie Mac.

 

Statement of Applicability to Institutions with Less Than $1 Billion in Assets:

This Financial Institution Letter applies to all FDIC-insured institutions.

 

Highlights:

  • The Affordable Mortgage Lending Guide, Part I: Federal Agencies and Government Sponsored Enterprises is designed as a resource for community banks to gain an overview of a variety of products, compare different products, and identify next steps to expand or initiate a mortgage lending program.
  • The publication describes federal programs that support home purchase, refinance, manufactured housing, and some home improvement lending by banks. It covers programs that are targeted to a variety of communities and individuals including rural, Native American, low- and moderate-income, and veterans.
  • Updates to the publication include:
    • Revises the Program Matrix;
    • Updates the Quick Links to Federal Agencies and Government Sponsored Enterprises Programs & Products;
    • Removes FHA Refinance of Borrowers in Negative Equity Positions (Short Refinance);
    • Student loan debt is updated in FHA, Fannie Mae, and Freddie Mac programs;
    • Adds two new products: Fannie Mae MH AdvantageTM and Freddie Mac HomeOneSM;
    • Adds Duty to Serve in Fannie Mae and Freddie Mac Overviews; and
    • Updates the following products:
      • FHA Property Improvement Loan Insurance;
      • FHA Manufactured Home Loan Insurance;
      • FHA Streamline Refinance;
      • FHA 203(k) Rehabilitation Mortgage Insurance;
      • USDA Single Family Housing Guaranteed Loan Program;
      • USDA Single Family Housing Direct Loans;
      • Fannie Mae HomeReady™ Mortgage;
      • Fannie Mae HomeStyle® Renovation Mortgage; and
      • Freddie Mac Home Possible and removes Home Possible Advantage.

 

Distribution:
FDIC-Insured Institutions (Commercial and Savings)

 

Suggested Routing:
Chief Executive Officer
Chief CRA Officer
Chief Lending Officer

 

Contact:
Sandra Kerr, Senior Community Affairs Specialist, Division of Depositor and Consumer Protection, at skerr@FDIC.gov or (202) 898-7183

Lessie Evans, Chief, Community Affairs, Division of Depositor and Consumer Protection, at LesEvans@FDIC.gov or (202) 898-6997 or email: mortgagelending@fdic.gov


Regulatory Change

 

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