Financial Institution Letters

FDIC Updates Affordable Mortgage Lending Guide Information on State Housing Finance Agencies

Printable Format:

FIL-30-2017 - PDF (PDF Help)

Summary:

The FDIC has updated the Affordable Mortgage Lending Guide, Part II: State Housing Finance Agencies to reflect the most up-to-date information available about the mortgage programs offered through state housing finance agencies (HFAs).

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 II: State Housing Finance Agencies 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 state HFA products and programs that provide home purchase support, including down payment closing cost assistance, mortgage tax credit certificates, and homeownership education and counseling.
• Changes to the publication include:
  • Updates to the State Housing Finance Agency Product Matrix (page 4);
  • Addition of the Massachusetts Housing Partnership to the list of HFAs;
  • Alternative private mortgage insurance options are now included on individual state sheets (see page 30 for general information about these options); and
  • Updates to 40 of the 54 HFAs discussed in Part II (see Appendix A: State Summaries of HFA Products and Resources for a list of states with updates).
• These changes also have been made to the information available online at the FDIC's Affordable Mortgage Lending Center.
• The Affordable Mortgage Lending Guide also includes Part I: Federal Agencies and Government Sponsored Enterprises and Part III: Federal Home Loan Banks.
• To receive notices of updates to the Affordable Mortgage Lending Center, subscribe at https://service.govdelivery.com/accounts/USFDIC/subscriber/new