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Equity Builder – Program Materials & Forms

EBP Program Materials & Forms

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EBP Procedures

The Procedures itemize the steps that members and FHLBank Boston must follow to implement the Equity Builder Program and administer all transactions from the advance preparations for the annual funding round, receiving and reviewing applications, income calculations, enrollment, disbursements, and monitoring and other regulatory obligations. This is a useful reference for members.


EBP Next Steps Webinars

  • EBP Application Round Training
    Play Webinar  | View Slides
    This presentation outlines the EBP application process and program requirements. It also introduces the home-buyer enrollment process.

  • EBP Enrollment Training
    Play WebinarView Slides
    This training presentation provides program guidelines and step-by-step online data entry procedures.

  • EBP Loan Origination Training
    Play Webinar | View Slides
    This presentation provides guidelines for Loan Originators on the Bank's EBP. Discusses program overview and guidelines, Member and Household eligibility requirements, documents required, reminders, answers prior participant questions, and more.

  • EBP Disbursement Training  
    Play Webinar | View Slides
    This training presentation provides program guidelines and step-by-step online data-entry procedures.


Home-Buyer Enrollment and Disbursement Requests
Once you have been approved to participate in the EBP, all home-buyer enrollments must be submitted online through the Forms and Applications web page. Select the "Homebuyer Enrollment and Disbursements Requests" link (above). Once you have logged in, continue to the "Create/Manage My Homebuyer Enrollments" section to submit the enrollment or disbursement request.


The following forms and instructions are required when establishing and calculating a household's income, and when drafting the retention mechanism.

Income Calculation Guidelines
These income guidelines/standards must be used by members for the calculation of household income. The same standards are used by the HCI staff to review and approve household income prior to accepting the enrollment of a home buyer.


EBP Disclosure
Participating households receive a Homebuyer Information document that describes the details of the program and other information to assist borrowers in understanding the program, their obligations, and their repayment options. The Authorization to Release Information form is attached to the Homebuyer Information document. This form must be signed by all adult household members to release household income information to FHLBank Boston. The Income Worksheet has been developed as an aid to the origination process to identify all income sources received by the household. The entire fully executed seven-page document must be uploaded at the time of enrollment.


Certification of Zero Income
This form must be signed by any adult household member to certify that the household does not anticipate receiving income from any source and does not anticipate changes in this status during the following 12 months.


Member Quality Control Checklist
This optional checklist is for financial institutions to utilize as a quality control resource prior to submitting an Enrollment or Disbursement.


Member FAQ
Please refer to our Member Frequently Asked Questions (FAQ) if you are a financial institution participating in EBP.


EBP Mortgage: CT
This Standard Retention Mortgage is for use with properties in Connecticut. Please use this form in combination with the EBP Standard Retention Note for Connecticut. The mortgage must be recorded.


EBP Mortgage: MA, ME, NH, RI, and VT
This Standard Retention Mortgage is for use with properties in Massachusetts, Maine, New Hampshire, Rhode Island, and Vermont. Please use this form in combination with the EBP Standard Retention Note for Massachusetts, Maine, New Hampshire, Rhode Island, and Vermont. The mortgage must be recorded in the state where the property is located.

EBP Standard Retention Note: CT
For use with the EBP Mortgage for Connecticut.

EBP Standard Retention Note: MA, ME, NH, RI, and VT
For use with the EBP Mortgage for Massachusetts, Maine, New Hampshire, Rhode Island, and Vermont.


EBP Deed Restriction: MA, ME, NH, RI, VT, and CT
For use with the EBP Note (state specific). This document can only be used when offering a FHA loan product to a homebuyer.

Resale/Refinance/Foreclosure

In the event of a resale, refinancing, or foreclosure of an EBP-assisted home, it is imperative that the member notify FHLBank Boston as soon as possible so that we can review the situation and determine the regulatory implications, including possible full or pro rata recapture. Please note that the recorded EBP mortgage and note include the requirement that FHLBank Boston be notified in such events.

 
 
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