Federal Home Loan Bank of Des Moines Delivery Program

COVER LETTER

Welcome to the FHLB Des Moines Member Delivery Program! Bank of New York Mellon(BNYM) is FHLB Des Moines’s agentcustodian for this program. The job of the custodian is to receive, review, and safe-keep documents from the deliveries you make to the FHLB Des Moines.

This packet has been designed to assist you as you deliver and service loans pledged to the FHLB Des Moines. It contains contact information, address information, instructions on how to complete forms, and answers to Frequently Asked Questions.

Please feel free to contact us. We look forward to partnering with you!

Table of Contents

Page 2:Contact List

Page 3:Required Documents

Page 4: Delivery Instructions

Page 5:Exhibit E - MORTGAGE LOAN SCHEDULE FIELDS

Page 6: Frequently Asked Questions

Page 7: Release Procedures

Page 8:Fee Schedule

Contact List

Federal Home Loan Bank of Des Moines

Account Setup & Collateral Delivery/Release

Tony CosenzaCollateral Operations Associate

801 Walnut Street, Suite 201

Des Moines, IA 50309

Phone:(515) 281-1123

Fax:(515) 699-1201

Sue Schmitt Collateral Operations Associate

801 Walnut Street, Suite 201

Des Moines, IA 50309

Phone:(515) 281-1145

Fax:(515) 699-1201

Collateral Department

Phone: 800.544.3452, ext. 5408

Email:

Required Documents for Delivery

Required Original Documents– All members and pledgors

Federal Home Loan Bank of Des Moines (Bank) requires the following loan documents to be delivered to the Bank or its agent custodian from members in required delivery pledge status:

  • Mortgage Note together with all intervening endorsements evidencing a complete chain of endorsements from the originator of the Mortgage Loan to Owner;
  • intervening mortgage note assignments evidencing a complete chain of assignments from the originator of the Mortgage Note to Owner to show a complete chain of title from the originator of the Mortgage Note to the Owner or to MERS;
  • all assumption, assignment, modification, consolidation or extension agreements (if any) of the original Mortgage Note;
  • the recorded copy of any power of attorney or other instrument that authorized or empowered such Person to sign the Mortgage Note.

Additional Required Original Documents – Non FDIC Insured Members

The Bank requires the following loan documents in additional to the above listed applicable documents to be delivered to the Bank or its agent custodian from all non-FDIC insured members in required delivery pledge status pledging residential mortgage loans:

  • the original Final Truth in Lending Statement
  • the original Title Policy or document showing evidence of clear title
  • the original Final HUD-1/ Settlement Statement

Required Imaged Documents – Non-FDIC insured Members

The Bank requires the following loan documents, as applicable and available, in imaged and electronic form in addition to the above listed original documents to be delivered to the Bank or its agent custodian from members in required delivery pledge status:

  • the recorded mortgage or deed of trust
  • the loan agreement (commercial, ag or multifamily real estate)
  • the title policy or title opinion
  • any environmental reports (commercial, ag or multifamily real estate)
  • the property inspection report, and Seismic if applicable (commercial or multifamily real estate)
  • the assignment(s) of leases and rents (commercial, ag or multifamily real estate)
  • the borrower financials at time of origination (commercial, ag or multifamily real estate)
  • the original guaranty(ies) (commercial, ag or multifamily real estate)
  • the current proof of property insurance
  • the loan’s pay history
  • legal Correspondence, if any
  • property operating statements (commercial, ag or multifamily real estate)
  • rent rolls (commercial, ag or multifamily real estate)
  • leases if possible (commercial, ag or multifamily real estate)
  • proof of current insurance (commercial, ag or multifamily real estate)

The Bank retains the right to periodically request updated and or current versions of the above listed documents.

Exceptions

Exceptions will be noted by BNYM and reported to FHLB Des Moines. Some common exceptions to consider prior to shipping are:

  • Not having a proper chain of endorsement. If the loan was not originated by the member bank the note must be properly endorsed or assigned in order to be eligible.
  • Data provided on Loan Schedule does not match the Original Note. All the data provided is verified against the Note to ensure the appropriate document is shipped.
  • Original Loan Amount
  • Original Loan Date
  • Borrower Name
  • Document is a copy. Many times the copy is shipped by mistake to the Custodian, all document except the POA must be an original.

Please contact the Collateral Department with any questions you may have around the documents needed to be shipped at800.544.3452, ext. 5408.

Delivery Instructions

  1. Place all New or Reinstated Loan Documents in a legal size, manila folder for each loan.
  2. Label the folder with
  3. Loan Number
  4. Borrower Name
  5. Member Number
  6. FDSM (Account Code) –code identifying loan folder as being pledged to FHLB Des Moines
  1. Trailing Documents do not need to be sent in a folder but must have the following information listed somewhere on the document.
  2. Loan Number
  3. Borrower Name
  4. Member Name
  1. Create an electronic Loan Schedule file
  2. The Loan Schedule (aka Exhibit E) is an excel file used to notify FHLB DES MOINES and BNYM of the incoming documents.
  3. Make sure data provided on the Schedule matches the data on the Original Note.
  4. Sort & Package by Document Type
  5. New Loans (rubber band together)
  6. Trailing Docs (rubber band together)
  7. Reinstatements (rubber band together)
  8. One Loan Schedule is needed for each shipment and can contain multiple loans. Sort by Document Type so that it coincides with the package.
  1. Print off a copy of the Loan Schedule to include in shipment as a transmittal for BNYM to reconcile to.
  1. Email Loan Scheduleand document shipping tracking information to

*It is important that FHLB DES MOINES receive the Loan SchedulePRIOR to shipment.

This document is used to notify BNYMand the Bank that the documents are coming and to get the appropriate information in their system prior to arrival.

  1. Send documents via a secure carrier and maintain tracking number for research if needed.
  1. Ship to:

BNYMellon

Attn:FDSM Processing

2220 Chemsearch Drive

Irving Texas 75062

EXHIBIT E

MORTGAGE LOAN SCHEDULE FIELDS

The Loan Schedule is an Excel spreadsheet that is used as a transmittal whenever new documents are sent to Bank of New York Mellon. The loan schedule is to be completed by the member and forwarded onto . The collateral staff will in turn notify BNYM to expect the shipment.

  1. Loan information provided on the schedule must match that of the original loan note.
  2. Sort the Loan Schedule by Document Type; New Loans, Trailing Docs and Reinstatements.
  3. Email Loan Schedule to
  4. Please print a copy of the loan schedule and include in your shipment of documents to BNYM.

REQUIRED FIELDS / COMMENTS
MEMBER / Member/Owner Name
POOLNUM / Member Number
COLLATERAL TYPE CODE / FHLB DM Loan Type
MORTGAGE LOAN NUMBER
BORR. NAME
STATE
ZIP
ORIGINAL LOAN AMOUNT / Must match Original Note
ORIGINAL LOAN DATE / Must match Original Note
MATURITYDT / Must match most current Note
MERSIDNUM / IF APPLICABLE
INSTRUCTIONS / Type of processing:
New Loan
Trailing Document
Reinstatement

Sample Loan Schedule

FREQUENTLY ASKED QUESTIONS

Q: What do I send to the Custodian?

A: You should send the following documents to BNYM: 1. an original Promissory Note (with the proper chain of endorsements from the originator to “blank”. 2. If applicable, an original of any loan modification documents (if modifying the note). 3. If applicable, Copy of power-of-attorney form. 4. If applicable, an original of any addendum/rider to the note. 4. If applicable, an original Form of Lost Note Affidavit.

Q: How do I request the original collateral file from the Custodian?

A: If it becomes necessary to request a file out of custody, you should request the release of the loan through eAdvantage. FHLB DES MOINES will then pass the request onto BNYM and the documents will be shipped back directly to your bank. You can also contact a Collateral Associate at FHLB D and they will assist you with requesting original documents from the Custodian if you are having troubles.

Q: What are the turnaround times for Release Requests?

A: BNYM Custody will process release requests within 3 business days of receipt from FHLB Des Moines. Files will be shipped to the location indicated on the release request using a shipping account number provided by FHLB Des Moines. Shipping fees are passed through to the member bank.

Q: What are loan exceptions?

A: Loan Exceptions are exceptions that BNYM found during review of the delivered documents. For example if they find a document not to be an original they will site that as an exception. The Collateral Operations Associate listed on the Contacts page may contact you if exceptions arise.

Q: I have documents that did not get shipped with the collateral file during the initial delivery, what do I do?

A: We refer to these as trailing documents, if it becomes necessary to send documents to the Custodian to be placed in the collateral file; make sure the loan number, borrower name and member number are included on the document. Provide a Loan Schedule to FHLB Des Moines as well as include a copy for transmittal with your shipment. Ship the document(s) to the custodian using the address contained in this packet and maintain the tracking number for reference purposes as needed.

Q: What is a reinstatement?

A: A reinstatement is a loan that was once pledged to FHLB Des Moines and held at BNYM that was released but is now being pledged and delivered again. A reinstatement is treated the same as a new loan.

Q: Do I need to put the documents in a folder prior to shipment?

A: Yes, any new or reinstated loans need to be shipped in a legal size manila folder. The folder must be labeled with the loan number, borrower name and member number. Trailing documents do not need to be in a folder however they need to be clearly marked with the loan number, borrower name and member number. Both need to have the loan schedule completed for shipment.

Procedures to Release Delivered Loan Collateral

Release Requests can be processed through eAdvantage by any Loan Listing User. They are requested to FHLB Des Moines and once processed on our end will be requested from Custodian for release and shipment back to member bank.

eAdvantage Link: eAdvantage

Release File Format & Procedures:

Releasing Delivered Loans | Federal Home Loan Bank

Release Reasons:

01 = Paid Off

02 = Sold

03 = Matured

04 = Member Request

05 = Ineligible

06 = Other

Normal releases will process within 3 business days not including shipment.

RUSH releases are available upon request and are typically processed within the same business day. (Additional charges apply)

Please make note in comments section if you are requesting a RUSH Release and contact the Collateral Department at 1-800.544.3452, ext. 5408.

Federal Home Loan Bank of Des Moines

Loan Delivery Fees

Bank of New York Custodian

General Document Custody
Residential and Commercial Light
Service / Fee
Monthly Safekeeping/Maintenance / $ 0.20 / per file
File Receipt & Review / $ 5.00 / per file
Trailing Documents / $ 2.00 / per document
File Releases / $ 3.00 / per file
Reinstatement of Full File / $ 5.00 / per file
Research/Photocopies/Fax / $ 1.00 / per page
Imaging / $ 0.20 / per page, file minimum of $1.00

Fee Description:

  1. Custody/Storage/Safekeeping includes physical storage space for loan documents held during the certification and loan document deposit process. Volume is accumulated for a file on the custody system if it is on the Loan Document Custody's shelf one day during the month billed.
  2. File Review and Certification includes data transfer, physical document inventory, file review as outlinedin accordance with stated guidelines, collateral tracking. With regards to commercial loans, if more than 10 documents there will be an additional $5.00 charge per document.
  3. Trailing Documents: Review and filing of any follow-up documents to cure certification deficiencies
  4. Release: Process a request for release of a loan file received in electronic format.
  5. Reinstatement: Review and filing of previously released collateral which has been returned for storage. With regards to commercial loans, if more than 10 documents there will be an additional $5.00 charge per document.
  6. Shipping: All shipping costs will be billed to the Federal Home Loan Bank of Des Moines using their preferred courier (courier name and number provided by client). These fees will be passed onto the member bank.
  7. All files shipped to the Custodian should be placed by the member in an appropriate file folder, properly secured and clearly marked with member’s loan number identifying such Mortgage Loan. An assembly charge of $5.00 will be added for all files not in good order.

Last Updated 12/26/2012 1