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Structured Finance

Housing (HFA - TBA)


Advance Affordable Housing with a Leading TBA Provider

For 75 years, HilltopSecurities has helped state Housing Finance Agencies (HFAs) make housing more affordable in their communities. Our innovative work in single- and multi-family transactions and personalized service has earned us a strong reputation with agencies across the nation.

HilltopSecurities HFA By the Numbers

Housing Clients Nationwide
Affordable Housing Programs Served
Total HFA Rate Locks since 2012
As of Dec. 31, 2022

Explore Our Housing Services

HilltopSecurities is the leading market-rate-to-be-announced (TBA) program provider to HFAs nationwide.¹ We can help you develop and implement compelling programs to create more successful homebuyers in your community. Our experience, coupled with state-of-the-art proprietary technology, gives us a deep knowledge of mortgage lending, down-payment assistance product structure, and compliance administration. Additionally, our understanding of master servicing requirements enables us to help HFAs create, implement, and administer programs that reach as many low-to-moderate income borrowers as possible.

¹Based on 2021 data. Factbook.

Create program awareness among homebuyers and lenders in your community with full marketing collateral support and printing services, provided at no cost. Our marketing collateral services include program related flyers, brochures, comparison charts, and other related marketing requests.

Our housing team is composed of 16 professionals who leverage their combined experience and state-of-the-art proprietary technology to help HFAs implement and administer TBA programs. We work with your staff to manage compliance administration for mortgage revenue bond, TBA, and mortgage credit certificate programs. Administration services include:

  • Reviewing and approving compliance files
  • Posting guidelines
  • Auto-filing forms
  • Training HFA staff
  • Updating reservation systems

The Mortgage Credit Certificate (MCC) is one of the greatest resources for first-time homebuyers. Moreover, HFAs can use this federal tax credit in conjunction with their TBA program. While we help administer all types of housing programs, we specialize in MCC program administration. Why? Because we recognize that this program is a particularly impactful way for you to help homebuyers in your community save substantially over the life of their mortgage loan.

To provide affordable housing in your community, you need to be competitive when setting interest rates. As an active participant in the MBS market, we maintain an extensive investor base interested in Community Reinvestment Act (CRA) products. If your mortgage assets meet particular CRA requirements, we can favorably connect your inventory with investors who are committed to purchasing specific amounts of CRA MBS over a certain period of time at a fixed pay-up.

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Our Clients

HilltopSecurities has a long track record of helping HFAs make housing more affordable in their communities. We’re proud to provide TBA hedging and pipeline management to the following agencies:

• Arizona Industrial Development Authority (AzIDA)
• Arkansas Development Finance Authority (ADFA)
• California Department of Veterans Affairs (CalVet)
• Delaware State Housing Authority (DSHA)
• Escambia County Housing Finance Authority (Escambia HFA)
• Florida Housing Finance Corporation (FHFC)
• Indiana Housing and Community Development Authority (IHCDA)
• Missouri Housing Development Commission (MHDC)
• Montana Community Development Corporation (MOFI)
• New Mexico Mortgage Finance Authority (NMMFA)
• North Carolina Housing Finance Agency (NCHFA)
• Oregon Housing and Community Services (OHCS)
• Port of Greater Cincinnati Development Authority (The Port)
• Rural Enterprises Incorporated Oklahoma (REI)
• South Carolina State Housing Finance and Development Authority (SC Housing)
• Texas Department of Housing and Community Affairs (TDHCA)
• Washington State Housing Finance Commission (WSHFC)
• Wisconsin Housing and Economic Development Authority (WHEDA)

“At every stage in our partnership, HilltopSecurities has been fully supportive of our program initiatives. This has allowed us to expand, enhance, and evolve our product and processes to better serve our lender network and potential homebuyers. We have been able to expand mortgage types, increase our DPA options, automate more of the process, reduce costs, and dramatically grow our business. This would not have been possible without a nimble and forward thinking partner in HilltopSecurities.”
“Mike, Ishdeep, Sharon, Nick, Lori, and the rest of HilltopSecurities’ housing team share a like-minded, consumer-centric approach to our business. They are open to new ideas, quick to provide solutions, and always promote transparency.”
“HilltopSecurities is the most important tool I have in making our mortgage program successful. Period. Having worked extensively with others in the TBA service arena, I had no idea what we were leaving on the table in regards to execution, pricing, and analytics. What HilltopSecurities offers is a night and day difference comparatively. While the aforementioned areas were important when we sought their services, the customer service, ideas, and overall caring support that we receive have come to be the things that I value most about the Hilltop team."

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