FHLBC - MPF in Focus

"Every Financial Institution Deserves an Opportunity to Survive and Prosper"
A Conversation with Paul Pouliot

After 45 years in the industry, Paul Pouliot, Master CMB and First Vice President/Mortgage Manager at FHLB Boston, still has a passion for mortgage finance. Boston brought him on board in 2000 to manage its adoption of the MPF Program, and he has championed it ever since. MPF in Focus recently sat down with Paul to talk about what excites him, his experience with MPF Direct, and his vision for the Program as a whole.

After 15 years, what do you find most encouraging in your work with the MPF Program?
We get excited when we bring in institutions that have never participated in the secondary market. One of our credit unions went from a few loans in a given year to roughly $50 million in business, which is huge for its size of institution. Every financial institution deserves an opportunity to survive and prosper, and we are the only entity that will hold their hands so closely. We’ll say, "When you get ready to sell your first loan or do your first remittance cycle of servicing, tell us and we’ll come by and help." Then, as they gain more confidence, they’ll start asking questions and expanding their knowledge. We’re teachers.

What has been your experience with MPF Direct so far?
We’d been anxiously awaiting it since it was first developed, and in the first two months, we had 78 members approved by Redwood Trust. It's a perfect example of the benefit of the Home Loan Banks System - we do the heavy lifting, and members get the pricing and the ability to offset these products from their portfolios. On their own, our members would not have been able to cut the deal they got through MPF Direct because they simply do not generate enough volume. When a customer comes into a small financial institution looking for a $1.5 million mortgage, there is now an opportunity to offer it to the customer and have an outlet for that loan. Regardless of loan size, we can help them. We’re trying to provide an array of product choices for our members, and they can pick which is the best execution for their institutions.

What’s your vision for the future of the MPF Program?
Our goal should be for every one of our more than 7,300 members throughout the country to have the ability to pick and choose from the potpourri of products the MPF Program offers - that’s when we will truly reach our pinnacle of success.

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FHLBC 200 East Randolph Drive Chicago, IL 60601 Phone: (877) 463-6673 www.fhlbmpf.com	New loan purchases available through the Federal Home Loan Banks of Atlanta, Boston, Chicago, Dallas, Des Moines, New York, Pittsburgh, San Francisco, and Topeka.
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