Letter From the CEO
Recently, our first Letter from the CEO was distributed to all members. The letter, which will be distributed quarterly, features various Bank topics as well as those requested most by members. The first edition includes updates on our financial performance, community investment programs and large member borrowers and what they mean to the Bank. You can read the letter here (Opens in New Window). Feedback and topic suggestions can be sent to CEO@fhlbdm.com.
FDIC Affordable Mortgage Lending Guide
If mortgage lending is an important element of your community bank's business strategy, be sure to take advantage of the Affordable Mortgage Lending Guide published by the Federal Deposit Insurance Corporation (FDIC). The three-part series includes a feature of the Federal Home Loan Banks community investment and mortgage products. From comparing products to identifying which ones are best suited for you and your community, the Affordable Housing Mortgage Lending Guide will help you meet your business and Community Reinvestment Act (CRA) needs. Learn more.
Changes to MOVR advance
Beginning on April 1, 2017, the following changes went into effect for our Member Option Variable-rate Advance (MOVR):
An additional spread to incorporate the term structure will be applied to all new and existing MOVR advances at their scheduled reset points.
The maximum final maturity on new advances will be reduced from 30 years to seven years
The one month reset frequency will no longer be offered on new advances
A $10 billion volume cap per member will be implemented with the rate reflecting the premium above the cap. This cap will also be in effect for other option-embedded products such as the Member Option LIBOR Advance (MOLA).
For questions regarding existing MOVR advances or if you are interested in learning more about how this product can meet your business needs, please contact your Relationship Manager.
Expanded Eligibility Updates to our Municipal Bonds
We have recently expanded our municipal bond eligibility guidelines. Please connect with your Relationship Manager for additional information, and opt-in to our Collateral Quarterly newsletter for additional details forthcoming in our May issue. To access our LTV charts and requirements, click here.