Banks and credit unions who are members of the Federal Home Loan Bank of Boston (FHLB Boston) can pledge Owner-Occupied 1-4 Family Residential Collateral through the bank’s listing service as opposed to using its Qualified Collateral Report (QCR).
This DNAapp facilitates the listing process by automatically identifying eligible loans and extracting the required data from DNA into a file that can be submitted to FHLB Boston. The FHLB Boston Res Loan Listing Extract DNAapp eliminates the time required to manually identify eligible loans and assemble the necessary data for each, enabling users to take advantage of the bank’s listing service more efficiently and accurately.
Using this DNAapp to list residential loan collateral with FHLB Boston is simpler, faster and more reliable than manually completing the QCR.
- Automated process saves time and reduces the opportunity for error
- Allows FHLB Boston to derive collateral discounts based on the unique characteristics of your portfolio, which may result in lower collateral discounts (haircuts) and additional borrowing capacity
- Easier to submit than a QCR, allowing you to update your borrowing capacity more frequently
- More stable borrowing capacity based on more accurate and reliable information
- Can streamline your mandatory annual FHLB Boston audit review
Inaccurate QCRs may overstate eligible collateral and values – use this DNAapp to increase accuracy and save time by listing your Owner-Occupied 1-4 Family Residential Collateral with FHLB Boston whenever you want to update your borrowing capacity.
Single file format for FHLB Boston that is used to allow customers to submit the required data for pledging residential collateral to FHLB Boston. This is the One-to Four Family Residential Mortgage Input File Format layout designed by the FHLB Boston.
The comma delimited Output file is placed in the parameter path which is indicated by the Output File Path. All output concerned with Borrower Name and Address is considered string data and be enclosed by double quotes (“ ”).
The selection criteria are that the loan must be in a major within the Major Account Type Code parameter, the minor account must be in the Minor Account Type Code parameter. If the Major Account Type Code parameter is null, all MTG, CNS and CML loans are examined. It is recommended that these values be provided by the requesting financial institution.
Parameter “Appraisal Type Code” contains the values of DNA Appraisal Type.
The accounts Status Code is fetched from “Current Acct Status Code” Parameter.
The Property Type Code parameter must be populated with the property type codes that the FHLB are looking for (Single Family residence, Planned Unit Developments (PUD), Two Family, Condominium, Three/Four Family Residence). The current balance must be greater than or equals to the value of “Minimum Balance to Qualify” Parameter. Also, the original balance must not be less than the current balance.
Account’s credit score will be provided only if falls in the range of 150-950.
Borrower Credit Quality – This field is calculated only if account’s credit score is not available or not in the range of 150-950.
Future dated rows will not be reported unless otherwise indicated in the file layout or within this document.
Per the FHLB of Boston, accounts in the following conditions are not included in the extract because they are not eligible to be pledged:
- Accounts with a term in excess of 40 years based on the contract date and the maturity date
- Accounts with a maturity date less than 3 months in the future
- Accounts having no valid credit score and borrower credit quality
- Accounts having rate type is variable and Life of Loan Cap is 0.00 or blank
Please refer to the User Guide for detailed specifications.