April 10, 2015
The Federal Home Loan Bank of Boston today announced the launch of MPF Direct?, exclusively available through the Mortgage Partnership Finance® (MPF®) program.
This new mortgage purchase solution enables approved members to deliver eligible, high-balance residential mortgage loans to the secondary mortgage market. MPF Direct loans will be sold through an exclusive arrangement with Redwood Trust, Inc.
MPF Direct features include:
- Maximum LTV: 80 percent
- Loan Limits: Up to $729,750; limits are adjusted for high-cost areas
- Occupancy: Owner-occupied and second homes
- Property Type: One or two units
- Remittance: Servicing-released only
Participating financial institutions or members new to MPF interested in learning more about this exciting new solution should contact their MPF secondary market sales manager or their relationship manager.
About the MPF Program
The MPF program offers members a competitive alternative to selling mortgages to secondary market agencies. The MPF program gives mortgage lenders the ability to do what they do best: retain the valuable customer relationship. Federal Home Loan Banks do what they do best: manage the interest-rate, prepayment, and funding risks. Since its inception in 1997, MPF has helped FHLB Boston members assist hundreds of thousands of households with their home financing needs.
"Mortgage Partnership Finance," "MPF," "eMPF," and "MPF Direct" are registered trademarks of the Federal Home Loan Bank of Chicago.