| Providing PFIs Additional Flexibility |
The MPF Program recently announced two enhancements that will provide more flexibility to PFIs. First, PFIs are now able to complete the Loan Presentment process seven days a week between the hours of 6:00 a.m. and 9:00 p.m. Central Time. PFIs can submit a loan any day of the week, including holidays. Now you can serve your borrowers on the weekends and in the evenings.
We also announced expanded note rate options under the MPF Xtra® product. Loans may now be funded in note rate increments of one-fortieth percent (.025%) versus the previous increment of one-eighth percent (.125%). This provides additional flexibility for PFIs in the loan terms they are able to offer borrowers and the loans they deliver under the MPF Xtra product. For more details on these enhancements, please see PFI Notice 2012-3.
If you have any questions about these changes, please contact your MPF Bank Representative or call the MPF Customer Support Desk at 877-INFO-MPF (877-463-6673). |
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