In our on-going efforts to support our members’ borrowing and financial needs, the Federal Home Loan Bank of Chicago (FHLBank Chicago) is providing updated guidance on our acceptance of Electronic Promissory Notes (eNotes) as collateral.
In August 2020, we began accepting eNotes as collateral for 1-4 family residential mortgages in order to ensure that members taking the opportunity to implement innovative technologies to modernize their lending channels remain eligible. We continue to monitor market updates, and, over the past year, we have had many conversations with members and received questions, which we are addressed in our updated eNotes FAQ.
As you have strategic conversations at your institutions related to migrating towards a digital loan origination process, we’d be thrilled to be a part of those discussions to assist in finding solutions together to keep those loans eligible. Please reach out to your Sales Director to find out how we can help and read our eNote Readiness Checklist to ensure your organization has everything you need to get started.