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

December 6, 2018

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.
  • 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.

Distribution:

  • FDIC-Insured Institutions (Commercial and Savings)

Suggested Routing:

  • Chief Executive Officer
  • Chief CRA Officer
  • Chief Lending Officer
Attachment(s)

Last Updated: December 6, 2018