With more than $6 billion in assets and over 250,000 members throughout Central and Southern California, Wescom is one of America’s largest credit unions. Their FHLBank San Francisco membership has been helping the institution achieve its goals for nearly 30 years. Wescom regularly utilizes FHLBank San Francisco products and services to manage risk, support mortgage lending, engage in affordable housing efforts, and balance its funding needs – all to the benefit of its members.

Supporting First-Time Homebuyers: Middle-Income Downpayment Assistance Program

Helping their members realize their dream of homeownership is a central tenet of Wescom’s mission. But today’s housing affordability challenges in the area they serve limit availability, and high rents make saving for downpayments particularly difficult.

To help put sustainable homeownership within reach for more families and individuals — including many essential members of our communities such as teachers, medical assistants, and administrative workers, FHLBank San Francisco’s Middle-Income Downpayment Assistance (MDPA) program helps eligible first-time homebuyers who earn just over 80% up to 140% of the area median income become homeowners. Eligible buyers who contribute at least $10,000 towards their downpayment can qualify for grants of up to $50,000 to help with downpayment or closing costs.

Wescom identified members that could qualify for MDPA when 2025 funds became available. Two of their members were able to find eligible properties and benefit from the maximum grant allocation of $50,000 each.

Delivering Affordable Mortgages With FHLBank San Francisco Advances

Wescom originally joined FHLBank San Francisco to help facilitate mortgage loan offerings for its members. While the relationship has broadened and deepened over the decades, advances remain a key element of their strategic partnership.

Utilizing the range of funding solutions FHLBank San Francisco provides, Wescom is able to retain the majority of the mortgages it originates, selling only a fraction on the secondary market. This allows the credit union to offer loans better suited to their members' needs – not secondary market criteria.

"This allows us to go outside of what may be considered a cookie-cutter type of loan," says Pederson.

FHLBank San Francisco’s Community Investment Program (CIP) advances offer additional discounts on credit to help member institutions provide even more affordable mortgages to individuals and families on lower and moderate incomes. In more than two decades, Wescom has used over $500 million in CIP advances to help its members make progress toward the American dream, with around $15 million drawn in 2025 alone.

Helping Communities Hit by Southern California Wildfires

With an evacuation center right across the street from its Pasadena headquarters, the Wescom community experienced firsthand the devastation and loss of the Southern California wildfires of 2025. Team members, members, and community partners alike stepped up to respond to immediate community needs, raise funds, and provide support to one another.

While Wescom was working to help members directly impacted by the fires, they also looked for opportunities to help the community more broadly, beyond their membership through a partnership with ForgiveCo. Wescom erased $5.1 million in consumer debt for Californians in areas most heavily impacted by the wildfires through their use of ForgiveCo's debt forgiveness platform. To date, they have helped more than 2,100 fire-impacted residents with financial relief from debt for things like credit cards and medical expenses. Wescom aims to forgive over $10 million in consumer debt by the end of the three-year partnership.

Wescom found another wildfire relief partner in FHLBank San Francisco. In the aftermath of the fire, Wescom donated $107,103 to the American Red Cross. FHLBank San Francisco's wildfire relief program matched members’ donations up to $50,000 each, bringing Wescom's donation up to over $157,000. Collectively, Wescom and 40 other member institutions delivered over $4.5 million in critical funding as a part of FHLBank San Francisco's wildfire relief program.

Building Community Around Affordable Housing

Wescom also participated in some of FHLBank San Francisco's affordable housing roundtable events. The gatherings, which take place throughout FHLBank San Francisco's three-state region, convene housing advocates, financial institutions, community organizations, and other key stakeholders with a vested interest in homeownership and financial well-being.

"Creating relationships with folks from public-private partnerships, government agencies, and counties and cities allows us to help members get into homes," Pederson says. "Our members often need several sources of grant funds so being able to connect with the greater affordable housing community is so valuable."

A Partnership that Helps Members Thrive

Between affordable housing roundtables, devastating wildfires, and the normal course of Wescom's business, 2025 provided both challenges and opportunities. With a partner like FHLBank San Francisco, Wescom was able to navigate the challenges and leverage opportunities for their member-based community.

Download our 2025 Impact Report to read more about FHLBank San Francisco and our members providing support for affordable housing and economic development to the communities we serve.