Products and Solutions Guide - Federal Home Loan Bank of Boston
Products and Solutions Guide - Federal Home Loan Bank of Boston
Products and Solutions Guide - Federal Home Loan Bank of Boston
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Appendix A – Eligible Collateral <strong>and</strong> Collateral Valuation cont’d.Eligible Collateral <strong>and</strong> CollateralValuationEligible Collateral Valuation CommentsFully disbursed whole firstmortgages on residential,owner-occupied one- to four-familymanufactured housing propertyConventional – up to 80 percent <strong>of</strong>unpaid principal balanceThe maximum valuations are available to Category 1members that choose to provide loan-level data formanufactured housing loan collateral.(Actual valuation is based on the <strong>Bank</strong>’s risk analysis).For Category 1 members that choose not to provideloan-level data for conventional manufactured housingloans, the maximum valuation is 75 percent.Nontraditional – up to 75 percent <strong>of</strong>unpaid principal balanceSubprime – up to 75 percent <strong>of</strong>unpaid principal balanceNote: Nontraditional <strong>and</strong> subprimemortgage loans are defined inaccordance with Appendix C <strong>of</strong> thisguide. Eligible mortgage loans that donot meet these definitions areconsidered “conventional”Category 1 members may pledge nontraditional <strong>and</strong>subprime manufactured housing loans provided theyprovide the <strong>Bank</strong> with a loan level listing for all pledgednontraditional <strong>and</strong> subprime one- to four-family loans(site-built <strong>and</strong> manufactured housing loans).The maximum valuation for this collateral is 75 percent.(Actual valuation is based on the <strong>Bank</strong>’s risk analysis).For Category 2 <strong>and</strong> Category 3 members, the maximumvaluation is 75 percent for conventional manufactured housingloans, 65 percent for nontraditional loans, <strong>and</strong> 60percent for subprime loans.(Actual valuation is based on the <strong>Bank</strong>’s risk analysis).Borrowing capacity from eligible subprime loans for allmembers is limited to an amount no greater than the lesser<strong>of</strong>: (i) one-half the member’s total collateral borrowingcapacity; or (ii) two times the member’s most recentlyreported GAAP capital amount.Appendix AMain Telephone: 617-292-9600 • Customer Service: 1-800-358-9709 • Money Desk: 1-800-357-3452 • Relationship Managers, MPF, <strong>and</strong> Housing & Community Investment: 1-888-424-3863 50
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