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FHLBank Atlanta announces collateral relief program, upcoming webinar

Due to the COVID-19 pandemic, Federal Home Loan Bank Atlanta (FHLBank Atlanta), announced a temporary collateral relief program covering several aspects of loan eligibility and reporting. Relief provisions are effective for loan collateral as of March 1, and apply to all loan portfolios with the exception of loans reported in the Residential Available for Sale program.

March 25 Webinar Rescheduled 
In light of the relief program, FHLBank is rescheduling its March 25 collateral reporting webinar to Friday, March 27, at 2 p.m. ET. The collateral relief program will be discussed in detail, and questions will be answered. Register for the webinar HERE.

Collateral Relief Program

LIBOR-linked Loan Collateral Reporting Postponed New requirements to report additional information on adjustable-rate loans linked to the London Interbank Offered Rate (LIBOR), originally effective March 31, will be postponed until September 30, 2020. Shareholders do not need to request approval to postpone LIBOR-linked collateral reporting.

Relief for Collateral Reporting
Shareholders can request a delay for their regular submissions of Qualifying Collateral Reports or loan listings for any portfolio beginning with the March 31 reporting cycle.

Loans with Forbearance Agreements 
FHLBank understands that shareholders may enter into forbearance agreements with their loan borrowers to allow them flexibility during the COVID-19 pandemic. Such loans will continue to be eligible collateral, assuming the loans continue to meet all other eligibility requirements detailed in the Bank’s Credit and Collateral Policy.

Shareholders must request approval to report loans under a forbearance agreement in conjunction with COVID-19.

Loan Modifications with Electronic Signatures 
The Bank will accept loans that have modifications executed via electronic signatures and loan modification documents that are wet signed and then scanned or imaged.

Postponement of Collateral Verification Reviews (CVRs)
Shareholders that are selected for a CVR in 2020 can request a postponement of the review. The Bank will work with each shareholder that requests a postponement on a case-by-case basis.

Read more here.

If your institution has been selected for a CVR in 2020 and you believe you will be unable to accommodate the review, please contact a collateral relationship specialist for assistance and call 1.800.536.9650 to request approval to participate in any of these relief provisions.

Written by
Cara Clark
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