Update to the Member Products Guide & Correspondent Services Manual

April 20, 2018

The Federal Home Loan Bank of New York (FHLBNY) has updated its Member Products Guide (Guide) and the Correspondent Services Manual (Manual). The Guide and Manual detail the FHLBNY’s credit, collateral and correspondent services standards and can assist members in finding helpful information on the FHLBNY's Business Lines (e.g., requirements for advance borrowings, eligible collateral types, service fee schedules, etc.).

Both documents can be found by signing on to 1Linksm and clicking on the 'Manuals and Guides' tab. The Guide and Manual are updated as needed throughout the year.  

The changes to the Guide include:

  • Additional language relating to the principal operating banking subsidiary of Globally Systemically Important Bank (page 7);
  • Inclusion of Captive insurance company requirements (page 10);
  • Approval for institutions in Puerto Rico to use FHLBNY municipal letters of credit to collateralize public unit deposits (page 15);
  • Updates to prepayment methodology (pages 19-28);
    • ARC Advances
      • Updated ARC prepayment examples to reflect recent market levels (pages 21-27);
      • Condensed “ARC Prepayment with Replacement” section (pages 26-27);
    • Removed specific “Putable Prepayment with Replacement” section;
  • Included section covering “Fixed Advances with a Cap (Embedded Options Owned by the Member) ” (page 28);
  • New section added under Special Provisions entitled “LIBOR Transition (Impact on Credit Products)” regarding financial terms for Credit Products that may require modification due to the LIBOR transition (page 30-31);
  • Updates to the Max Lendable Value requirements (Residential 2nd Liens and CMBS) (page 46);
  • New section added under Collateral Guidelines entitled “Pledging Collateral Post Disaster” regarding allowances for delays in data reporting and completion of on-site collateral reviews due to a disaster (page 52);
  • Clarified fees related to Loan Review Analysis & On-Site Visits (page 58).

The Manual was reviewed and any changes contained within are considered conforming in nature.

Should you have any questions regarding the Guide or Manual, please contact your Calling Officer at (212) 441-6700 or the Member Services Desk at (212) 441-6600, option 1.


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