The Federal Home Loan Bank (FHLBank) of San Francisco has decided to renew its participation in the Mortgage Partnership Finance (MPF) Program.
Starting in 2014, FHLBank San Francisco says it will begin purchasing conventional, conforming, fixed-rate mortgage loans and Federal Housing Administration (FHA)/Veterans Affairs (VA)-insured mortgage loans from members for its own portfolio under the MPF Original and MPF Government products. The bank will also facilitate the purchase of member-originated, fixed-rate mortgage loans for concurrent sale to Fannie Mae under the MPF Xtra product.
As of June 30, FHLBank San Francisco had $1.1 billion in conventional, conforming, fixed-rate mortgage loans acquired through the MPF Program after the bank's participation in the program from 2001 to 2006.
‘Renewing our participation in the MPF Program will allow us to offer members a price-competitive alternative secondary market channel for their mortgage originations,’ says Dean Schultz, president and CEO of the bank. ‘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 will join eight other FHL Banks that offer the MPF Program: Boston; Chicago; Dallas; Des Moines, Iowa; New York; Pittsburgh; Seattle; and Topeka, Kan.