Federal Home Loan Bank of Seattle Joins the MPF® Program
Eighth Federal Home Loan Bank to Actively Participate |
The Federal Home Loan Bank of Seattle (Seattle Bank) and Federal Home Loan Bank of Chicago are pleased to announce that the Seattle Bank is now participating in the Mortgage Partnership Finance® (MPF®) Program.
The Seattle Bank will offer the MPF Xtra® product, enabling financial institutions that are members of the Seattle Bank cooperative to sell fixed-rate, conforming mortgage loans in the secondary market. Through MPF Xtra, home loans are aggregated and sold to Fannie Mae at competitive rates.
“With MPF Xtra, we are very pleased to enable our members—typically small and mid-sized lenders—to offer the same competitively priced loans as their national competitors,” said Seattle Bank President and CEO Michael L. Wilson. “MPF Xtra also gives participating members the option to retain the servicing of the loans they make, so that they can continue to provide the personal, high-quality service their customers appreciate. Alternatively, they can sell the servicing of the loans, whichever they prefer.”
The Seattle Bank joins seven other Federal Home Loan Banks nationwide that offer the MPF Program: Boston, Chicago, Dallas, Des Moines, New York, Pittsburgh, and Topeka. “We are thrilled that the Seattle Bank has chosen to offer this benefit to its members,” stated Eric Schambow, Senior Vice President and Director of the MPF Program at FHLBank Chicago. “The Seattle Bank is the second FHLBank to join this year. This clearly demonstrates the valuable merits of this program for the members of the FHLBank System.”
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