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December 23, 2019 Changes to the Member Products Policy

At its meeting last week, FHLBank Topeka’s board of directors approved changes to its Member Products Policy. Details are available in the online Member Products and Services Guide and are effective immediately.

Appraisal Guideline Changes under Schedule of Eligible Collateral:  As appropriate within the Loans and Other Real-Estate Related Collateral categories, the specific dollar threshold for appraisals was removed. Different regulatory agencies have moved to different thresholds. As a result, we’ve made our requirements more flexible to accommodate our members and their specific regulator. We’ve also clarified the appraisal and evaluation eligibility language to make it clear that valuations cannot rely on the results of an Automated Valuation Model.

Government-guaranteed Streamline Refinance Mortgage Programs: Within the Loans section, we amended the eligibility language to make it clear that government-guaranteed streamline refinance mortgage programs eligible for sale to the Government National Mortgage Association (GNMA) can be pledged as held for sale single family mortgages.

Community Housing Program (CHP) and Community Development Program (CDP) Advances: The requirement that advances for approved CHP and CDP applications must be drawn within one year of the application approval date was removed due to a revision to the Community Support Program and Targeted Community Lending Plan (TCLP). The TCLP now requires that advances used to fund CHP- and CDP-eligible loans must be taken as follows:

  • For projects funding previously originated loans, advances must be taken within three months of the earliest loan origination date; or 
  • For projects funding loans to be originated following CHP or CDP approval, advances must be taken within three months following the  application approval date. 

Members may submit a copy of the project’s loan(s), and FHLBank will adjust the project expiration date to allow advances to be taken no later than three months from the earliest loan origination date.

If you have any questions about any of these changes, please contact Lance Liby, chief credit officer, or Tom Bliss, director of member credit analysis, at 785.233.0507.

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