v3.25.1
Mortgage Loans Held for Portfolio (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable The following table presents information as of March 31, 2025, and December 31, 2024, on mortgage loans held for portfolio, all of which are secured by one- to four-unit residential properties and single-unit homes.
(In millions)March 31, 2025December 31, 2024
Fixed rate medium-term mortgage loans(1)
$10 $10 
Fixed rate long-term mortgage loans(1)
636 648 
Subtotal646 658 
Premiums
36 37 
Discounts
(1)(1)
Mortgage loans held for portfolio(2)
681 694 
Less: Allowance for credit losses(1)(1)
Total mortgage loans held for portfolio, net$680 $693 
Financing Receivable Credit Quality Indicators The following table presents the payment status for mortgage loans and other delinquency statistics for the Bank’s mortgage loans at March 31, 2025, and December 31, 2024.
(Dollars in millions)
Payment Status, at Amortized Cost(1)
March 31, 2025December 31, 2024
30 – 59 days delinquent$6 $8 
60 – 89 days delinquent2 2 
90 days or more delinquent19 17 
Total past due27 27 
Total current loans
654 667 
Total mortgage loans held for portfolio$681 $694 
In process of foreclosure, included above(2)
$3 $1 
Nonaccrual loans(3)
$19 $17 
Serious delinquencies as a percentage of total mortgage loans outstanding(4)
2.76 %2.48 %
(1)    The amortized cost in a loan is the unpaid principal balance of the loan, adjusted for net deferred loan fees or costs, amortized premiums or discounts, and direct write-downs.
(2)    Includes loans for which the servicer has reported a decision to foreclose or to pursue a similar alternative, such as deed-in-lieu. Loans in process of foreclosure are included in past due or current loans depending on their delinquency status.
(3)    At March 31, 2025, and December 31, 2024, $6 million and $5 million, respectively, of mortgage loans on nonaccrual status did not have an associated allowance for credit losses because these loans were either previously charged off to the expected recoverable value or the fair value of the underlying collateral, including any credit enhancements, is greater than the amortized cost of the loans.
(4)    Represents loans that are 90 days or more past due or in the process of foreclosure as a percentage of the recorded investment of total mortgage loans outstanding.
Financing Receivable, Allowance for Credit Loss The amount of charge-offs and recoveries related to the allowance for credit losses on the mortgage loan portfolio were de minimis for the three months ended March 31, 2025 and 2024.