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SOURCE MPF Program
10th Federal Home Loan Bank to Join the MPF Program
ATLANTA and CHICAGO, Aug. 14, 2014 /PRNewswire/ -- The Federal Home Loan Bank of Atlanta (FHLBank Atlanta) and the Federal Home Loan Bank of Chicago announced today that the Atlanta Bank is now participating in the Mortgage Partnership Finance® (MPF®) Program.
FHLBank Atlanta is now offering the MPF Xtra® product, which allows Participating Financial Institutions that are members of the cooperative to sell fixed-rate, conforming mortgage loans in the secondary market. Through MPF Xtra, home loans are aggregated and sold to Fannie Mae at competitive rates.
"Our shareholders count on us to deliver innovative products like MPF Xtra that can improve their competitive positioning and help their businesses grow," said FHLBank Atlanta Executive Vice President and Chief Business Officer Robert Dozier. "With MPF Xtra, our shareholders, regardless of their size, can offer their customers the same competitively-priced loans and keep the option to sell or retain the servicing of those loans." Dozier added, "The addition of FHLBank Atlanta and the Southeastern region to the nine FHLBanks already enrolled in the MPF Program provides an even greater opportunity for MPF Xtra to play a national role in mortgage finance."
"We are delighted to welcome the FHLBank Atlanta as a member of the MPF Program," stated John Stocchetti, Executive Vice President & Group Head, Mortgage Partnership Finance Program at the Federal Home Loan Bank of Chicago, which provides the operational and administrative support for the MPF Program. "It speaks to the significant benefits of this program for members of the FHLBank System." FHLBank Atlanta joins nine other FHLBanks that offer the MPF Program: Boston, Chicago, Dallas, Des Moines, New York, Pittsburgh, San Francisco, Seattle, and Topeka.
About the Federal Home Loan Bank of Atlanta
FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank's members-its shareholders and customers-are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 12 district banks in the Federal Home Loan Bank System, which since 1990 have contributed more than $4.8 billion to the Affordable Housing Program. For more information, visit the Atlanta Bank website at www.fhlbatl.com.
About the MPF Program
The MPF Program was created in 1997. To participate in the MPF Program, a financial institution must be a member of a Federal Home Loan Bank (FHLBank) that offers the MPF Program. Currently, new loan purchases are available through the following FHLBanks: Atlanta, Boston, Chicago, Dallas, Des Moines, New York, Pittsburgh, San Francisco, Seattle, and Topeka.
The U.S. Congress created the FHLBank System in 1932. The System comprises 12 FHLBanks across the country. Each FHLBank is cooperatively owned by member financial institutions and managed by its own Board of Directors.
"Mortgage Partnership Finance," "MPF," and "MPF Xtra" are registered trademarks of the Federal Home Loan Bank of Chicago. The "MPF Mortgage Partnership Finance" logo is a trademark of the Federal Home Loan Bank of Chicago.
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