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MPF Lenders Will Be Able To Sell Servicing.(Chicago Federal Home Loan Bank to add servicing to its mortgage purchase finance program)(Brief Article)
By year's end, the Chicago Federal Home Loan Bank hopes to add servicing released transactions to the mortgage purchase finance program it pioneered four years ago.
Such a product "is critical" to the continued success of the MPF program, said Raymond Christman, president of the Federal Home Bank of Atlanta, who revealed the initiative here last week at the Eastern Secondary Mortgage Market Conference.
MPF offers members of the federal home loan banks a unique risk-sharing arrangement in which the 12 regional banks "purchase" loans and assume responsibility for subsequent changes in interest rates. The risk of default remains with the lender.
Currently, MPF, which is available to members in eight regions, has an outstanding balance of more than $20 billion and more than 100 active ...
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