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FDIC Announces a New Resource for Community Banks: Affordable Mortgage Lending Guide, Part I, and the Affordable Mortgage Lending Center

Consumer and Community Affairs
September 15, 2016

Summary:

The Affordable Mortgage Lending Guide, Part I (Guide), available today, organizes information about single-family mortgage products from federal agencies and government sponsored enterprises and provides technical assistance for community banks on affordable mortgage credit options. Institutions can use this Guide as a one-stop resource to gain an overview of a variety of program resources, compare different products, and understand Community Reinvestment Act implications. The Affordable Mortgage Lending Center provides a program matrix, program descriptions, data, and fact sheets from the FDIC and other federal resources. Quick Links for each housing product enable institutions to identify the next steps for program participation.

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, to compare different products, and to help identify the next steps for any bank seeking to expand or initiate mortgage lending. Order online at https://catalog.fdic.gov
  • The Affordable Mortgage Lending Center (Center) ( https://www.fdic.gov/mortgagelending ) provides easy access to all of the program information found in the Guide. Whether you choose to become a broker/agent, a correspondent selling to an aggregator, or become an approved seller-servicer, the Guide explains how these options work for each program.
  • The Guide describes federal programs for single-family housing that support home purchase, refinance, manu-factured housing, and some home improvement lending.
  • The Guide covers programs and products from the U.S. Department of Housing and Urban Development (HUD) and its Federal Housing Administration (FHA), the U.S. Department of Agriculture (USDA) rural housing programs, the U.S. Department of Veterans Affairs (VA), the U.S. Treasury Department's Community Development Financial Institutions Fund (CDFI Fund), and Fannie Mae and Freddie Mac, known as Government Sponsored Enterprises.
  • The Affordable Mortgage Lending Guide Part I: Federal Agencies and Government Sponsored Enterprises is available now. Part II: State Housing Finance Agencies; and Part III: Federal Home Loan Banks will be posted to the Affordable Mortgage Lending Center later in 2016. Sign up online to receive notices of Center updates at https://service.govdelivery.com/accounts/USFDIC/subscriber/new

Distribution:

  • FDIC-Insured Institutions (Commercial and Savings)

Suggested Routing:

  • Chief Executive Officer
  • Chief CRA Officer
  • Chief Lending Officer

Email:

mortgagelending@fdic.gov

Paper copies may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).

Attachment(s)

Last Updated: September 15, 2016