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Mortgage Partnership Finance – MPF Government

The MPF® Government product provides an alternative to holding loans insured or guaranteed by government agencies (FHA, VA, HUD Section 184, RHS Section 502) in portfolio or selling them to other secondary market investors.

With the MPF Government product, the risks associated with financing loans insured or guaranteed by government agencies (government loans) are shared with the Federal Home Loan Bank of Boston to maximize comparative advantages. With MPF Government, members market to borrowers, obtain the insurance or guarantee, and may choose to service fixed-rate residential government loans or take advantage of our servicing released option for FHA, VA, HUD Section 184, and RHS Section 502 loans.


  • Competitive execution
  • Economic value for qualifying loans
  • Similar processing to GNMA
  • Ability to deliver closed loans
  • Same day delivery and funding
  • After funding note certification
  • Servicing released options available
  • Electronic access through the eMPF® website


  • Government plan types: FHA, VA, HUD Section 184, and RHS Section 502, fixed-rate mortgage
  • Term: Up to 30 years fully amortizing
  • Loan limits: Up to applicable agency loan limits (not to exceed MPF Conventional Loan limits)
  • Occupancy: Owner occupied (1-4 units)
  • Remittance: Scheduled/Scheduled, Actual/Actual, and Actual/Actual Single Remittance
  • Delivery Commitement: 5, 15, 30, 45, and 60 calendar days
  • Pricing: Premium and discount pricing available
  • Master Commitment size: $5 million minimum
  • Servicing Options: May retain or sell servicing to a servicing released buyer
  • SRP Payment: Paid by a servicing released buyer for Servicing Released
  • Servicing Fee: 44 bps for Servicing Retained

Because of the cooperative nature of the FHLBanks, we are able to offer competitive pricing to our members for government loans. The Bank manages the liquidity, interest rate, and prepayment risks of the loans. The member can choose to retain servicing and is then responsible for and bears the risk of unreimbursed servicing expenses (which is comparable to GNMA servicing requirements). Or, the member can choose to sell the servicing to a servicing released buyer and receive a competitive SRP. The combined effects of our competitive pricing, your servicing expertise, and an attractive SRP structure distinguishes the MPF Government product as an alternative to other options available in the marketplace today.

A recent HUD audit may be required for member participation in the MPF Government product.

*The FHLB is not providing accounting or legal advice with respect to the accounting treatment of MPF Program assets and liabilities. The participating member is expected to consult with its own accountants and attorneys for advice on this matter.

"Mortgage Partnership Finance," "MPF," "eMPF," and "MPF Xtra" are registered trademarks of the Federal Home Loan Bank of Chicago. The "MPF Mortgage Partnership Finance" logo is trademarked by the Federal Home Loan Bank of Chicago.

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