- July 29, 2022
- Bulletin No: 2022-17
Effective October 1, 2022, the Bank will roll back the temporary accommodations implemented in response to the COVID-19 global pandemic.
Members will receive borrowing capacity for loans that satisfy the delinquency guidelines published in the Bank’s Member Products and Credit Policy (MPCP). Single-family residential loans more than 90 days delinquent and loans in all other loan categories that are more than 30 days delinquent will be ineligible as collateral on and after October 1, 2022.
Beginning October 1, 2022, the Bank will only accept as eligible collateral Held-for-Sale (HFS) loans that are originated within the guidelines established in the MPCP. The previously published extensions will no longer be applied.
Paycheck Protection Program Loans
The Bank is no longer onboarding members that desire to pledge as eligible collateral Paycheck Protection Program (PPP) loans that were made through the Small Business Administration (SBA). Members previously approved to pledge PPP loans will continue to receive collateral capacity on such loans.
For loans originated on and after October 1, 2022, the Bank will no longer accept appraisals completed under Fannie Mae’s Lender Letter (LL-2021-04). The Bank will continue accepting the appraisal documentation listed in the Loan Collateral Eligibility Requirements Guide to satisfy that requirement.
For more information or if you have questions regarding the information above, please contact Collateral Services at email@example.com or 800.541.0597, Option 2.
Executive Vice President and Chief Banking Operations Officer