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| A Snapshot for Participating Financial Institutions | Winter 2014 |
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| Expansion Continued for the MPF Program in 2013 |
The number of participants in the the Mortgage Partnership Finance® (MPF®) Program continued to expand last year. Now, more than 800 community lending institutions are engaged in the program. PFIs across the country funded 55,941 loans in 2013 totaling close to $9 billion. Of the 832 total funding institutions, 773 were community banks, thrifts, and credit unions with less than $1.095 billion in assets. Nearly half of the total program volume was produced using the MPF Xtra® product through which the loans are simultaneously sold to Fannie Mae at competitive rates.
Three new Federal Home Loan Banks were added to the MPF Program, helping to support the footprint growth. The Federal Home Loan Bank of Dallas (FHLB Dallas) and the Federal Home Loan Bank of Seattle (Seattle Bank) both joined the program in the spring and summer, respectively. FHLB Dallas and the Seattle Bank are now offering the MPF Xtra product to their PFIs. Later in the year, the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) announced it would rejoin the MPF Program after an 8 year absence. Starting in 2014, FHLBank San Francisco will begin purchasing conventional, conforming, fixed rate mortgage loans, and FHA/VA-insured mortgage loans from members for its own portfolio under the MPF Original and MPF Government products. They will also utilize the benefits of the MPF Xtra product.
“We are pleased to see the interest and, in turn, the participation in the MPF Program continue to grow throughout the Federal Home Loan Bank system,” said Eric Schambow, Senior Vice President and Director of the MPF Program. “The addition of three more FHLBs in 2013 points to the success of the MPF Program. All of the participating Banks recognize the significant benefit and value that the MPF products and services allow them to provide to their PFIs. We also look forward to seeing the MPF Program volume expand with the addition of our new conduit product, ‘MPF Government Mortgage-Backed Securities (MBS),’ that will provide smaller institutions with more access to the secondary market.”
Funding Year
| MPF Program Total
| MPF Xtra Product
| | 2013 | $8.99 billion
| $4.67 billion
| | 2012 | $14.33 billion
| $6.94 billion
| | 2011 | $6.99 billion
| $2.81 billion
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| Mortgage Partnership Finance® Program |
| www.fhlbmpf.com |
| Copyright 2014, Mortgage Partnership Finance Program. “Mortgage Partnership Finance,” “MPF,” “MPF Xtra,” and “eMPF” are registered trademarks of the Federal Home Loan Bank of Chicago. The “MPF Mortgage Partnership Finance” logo is a trademark of the Federal Home Loan Bank of Chicago. |
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