Mortgage Loans Held for Portfolio (Tables)

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Mortgage Loans Held for Portfolio [Table Text Block]

Table 6.2 - Mortgage Loans Held for Portfolio by Collateral/Guarantee Type (dollars in thousands)
	March 31, 2020		December 31, 2019
Conventional mortgage loans	$	4,180,145	$	4,140,255
Government mortgage loans	281,869		292,203
Total par value	$	4,462,014	$	4,432,458

Table 6.1 - Mortgage Loans Held for Portfolio (dollars in thousands)
	March 31, 2020			December 31, 2019
Real estate
Fixed-rate 15-year single-family mortgages	$	327,700		$	339,042
Fixed-rate 20- and 30-year single-family mortgages	4,134,314			4,093,416
Premiums	66,933			66,776
Discounts	(1,535		)	(1,607		)
Deferred derivative gains, net	4,562			4,124
Total mortgage loans held for portfolio(1)	4,531,974			4,501,751
Less: allowance for credit losses	(3,500		)	(500		)
Total mortgage loans, net of allowance for credit losses	$	4,528,474		$	4,501,251

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(1)

Excludes accrued interest receivable of $23.5 million at both March 31, 2020, and December 31, 2019.

Financing Receivable Credit Quality Indicators [Table Text Block]

Table 6.3 - Credit Quality Indicator for Conventional Mortgage Loans (dollars in thousands)
	March 31, 2020
	Origination Year
Payment Status at Amortized Cost(1)	Prior to 2016		2016 to 2020		Total
Past due 30-59 days delinquent	$	14,166	$	14,575	$	28,741
Past due 60-89 days delinquent	3,502		3,717		7,219
Past due 90 days or more delinquent	6,830		4,129		10,959
Total past due	24,498		22,421		46,919
Total current loans	1,643,888		2,553,578		4,197,466
Total mortgage loans	$	1,668,386	$	2,575,999	$	4,244,385

	December 31, 2019
Payment Status at Recorded Investment(1)	Conventional Mortgage Loans
Past due 30-59 days delinquent	$	36,336
Past due 60-89 days delinquent	6,911
Past due 90 days or more delinquent	10,696
Total past due	53,943
Total current loans	4,171,676
Total mortgage loans	$	4,225,619

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(1) The amortized cost at March 31, 2020, excludes accrued interest receivable whereas the recorded investment at December 31, 2019, includes accrued interest receivable.

Financing Receivable, Past Due [Table Text Block]

Table 6.4 - Other Delinquency Statistics of Mortgage Loans (dollars in thousands)
	March 31, 2020
	Amortized Cost in Conventional Mortgage Loans			Amortized Cost in Government Mortgage Loans			Total
In process of foreclosure (1)	$	2,816		$	1,655		$	4,471
Serious delinquency rate (2)	0.26		%	1.85		%	0.36		%
Past due 90 days or more still accruing interest	$	—		$	5,317		$	5,317
Loans on nonaccrual status (3)	$	11,890		$	—		$	11,890

	December 31, 2019
	Recorded Investment in Conventional Mortgage Loans			Recorded Investment in Government Mortgage Loans			Total
In process of foreclosure (1)	$	2,813		$	2,222		$	5,035
Serious delinquency rate (2)	0.26		%	1.86		%	0.36		%
Past due 90 days or more still accruing interest	$	—		$	5,570		$	5,570
Loans on nonaccrual status (3)	$	11,510		$	—		$	11,510

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(1) Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu of foreclosure has been reported.

(2) Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the recorded investment in the total loan portfolio class.

(3)

Includes conventional mortgage loans with contractual principal or interest payments 90 days or more past due and not accruing interest as well as loans modified within the previous six months under our temporary loan modification plan. As of March 31, 2020, $4.6 million of these conventional mortgage loans on non-accrual status did not have an associated allowance for credit losses.

Financing Receivable, Allowance for Credit Loss [Table Text Block]

Table 6.5 presents a roll forward of the allowance for credit losses on conventional mortgage loans for the three months ended March 31, 2020 and 2019.

Table 6.5 - Allowance for Credit Losses on Conventional Mortgage Loans (dollars in thousands)
	For the Three Months Ended March 31,
	2020			2019
Allowance for credit losses
Balance, beginning of period	$	500		$	500
Adjustment for cumulative effect of accounting change	2,221			—
Charge-offs	(77		)	(3		)
Provision for credit losses	856			3
Balance, end of period	$	3,500		$	500