Federal Home Loan Bank of San Francisco Rejoins the MPF® Program
Ninth Federal Home Loan Bank to Actively Partcipate |
The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) and the Mortgage Partnership Finance® (MPF®) Program announced that FHLBank San Francisco is renewing its participation in the MPF Program.
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. FHLBank San Francisco will also facilitate the purchase of member-originated fixed-rate mortgage loans for concurrent sale to Fannie Mae under the MPF Xtra® product.
After piloting the program with a small number of members, the Bank expects to add other high credit quality members that are active, experienced mortgage originators and servicers later in 2014 or in 2015. FHLBank San Francisco previously participated in the MPF Program from 2001 to 2006. As of June 30, 2013, the FHLBank San Francisco had $1.1 billion in conventional, conforming, fixed rate mortgage loans acquired through the MPF Program.
“Renewing our participation in the MPF Program will allow us to offer members a price-competitive alternative secondary market channel for their mortgage originations,” said Dean Schultz, President and Chief Executive Officer of the Federal Home Loan Bank of San Francisco. “It will also allow us to increase our core mission assets and offer a new tool, through the MPF Government product, to help low-income and moderate-income homeowners and first-time homebuyers.”
FHLBank San Francisco joins eight other Federal Home Loan Banks that offer the MPF Program: Boston, Chicago, Dallas, Des Moines, New York, Pittsburgh, Seattle, and Topeka. “We are absolutely thrilled to be supporting the FHLBank San Francisco and in enhancing the competitiveness of their members in the mortgage market,” said Matt Feldman, President and CEO of the FHLBank Chicago, which provides the administrative and operational support for the MPF Program.
Click here for the complete press release.
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