Financial Institution Letters
December 6, 2018
FDIC Updates Affordable Mortgage Lending Guide Information on Federal Agencies and Government Sponsored Enterprises
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.
- 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.
- Changes can be found online at the FDIC's Affordable Mortgage Lending Center.
- The Affordable Mortgage Lending Guide also includes Part II: State Housing Finance Agencies 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.
- FDIC-Insured Institutions (Commercial and Savings)
- Chief Executive Officer
- Chief CRA Officer
- Chief Lending Officer
- 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: firstname.lastname@example.org
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's website at www.fdic.gov/news/news/financial/2018/.
To receive FILs electronically, please visit www.fdic.gov/about/subscriptions/fil.html.
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).