FDIC Updates Affordable Mortgage Lending Guide: Information on State Housing Finance Agencies
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
Distribution:
- FDIC-Insured Institutions (Commercial and Savings)
Suggested Routing:
- Chief Executive Officer
- Chief CRA Officer
- Chief Lending Officer
Email:
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).