SPRINGFIELD, Ill., Aug. 3, 2015 /PRNewswire/ -- Town and Country Financial Corporation (OTC Pink: TWCF) and Town & Country Banc Mortgage Services, Inc., a wholly-owned subsidiary of Town and Country Bank, Springfield, IL, is one of the first financial institutions in the country to offer a new government-backed home loan product. The Federal Home Loan Bank of Chicago (FHLBC) and the Government National Mortgage Association (Ginnie Mae) announced the first issuance of the FHLBC's security guaranteed by Ginnie Mae, which included mortgages originated by Town and Country. The new conduit product, called "MPF® Government MBS," will allow Town and Country the ability to offer even more competitive rates to its customers. It will also allow Town and Country to service its customers' home loans locally.
Under the MPF Program, Town and Country will now be able to originate or purchase government-insured loans and sell them to FHLBC, who will pool them into securities guaranteed by Ginnie Mae which may then be sold to investors. Ginnie Mae guarantees more than $1.5 trillion of mortgage-backed securities and the vast majority of government insured loans are placed in Ginnie Mae MBS.
"As a member of the Federal Home Loan Bank of Chicago, we are proud to have been selected as one of the first financial institutions in the country to provide this loan program to our customers," said Micah Bartlett, President of Town and Country Bank. "This truly is a game changer for homeowners and investors alike, providing more opportunities for borrowers to benefit from government-backed, affordable home loans while creating an unprecedented line of security for investors."
Dana M. Dow, President and CEO of Town & Country Banc Mortgage Services, Inc., said, "This select partnership will allow us to offer our customers an even greater level of service with an increased ability for us to service loans locally, provide better pricing and enhance access to affordable mortgage financing in the communities we serve." Town & Country Banc Mortgage Services offer a full line of government-backed loans that include FHA, VA and RD, servicing homeowners throughout the Central Illinois region.
About Town & Country Banc Mortgage Services, Inc and Town and Country Financial Corporation
Town & Country Banc Mortgage Services houses both a wholesale and retail mortgage division. It is a top purchase money and affordable housing lender in the marketplace, providing direct-approved HUD, FHA Title II loans as well as serving as a Fannie Mae direct seller servicer for nearly 50 years. The mortgage company is also recognized as a nationally approved Guaranteed Rural Housing Lender and a direct-approved VA lender. Headquartered in Springfield, Illinois, Town and Country Financial Corporation is the parent holding company for Town and Country Bank and its wholly owned subsidiary Town & Country Banc Mortgage Services, Inc. with 12 offices throughout Central and Western Illinois including locations in Springfield, Quincy, Decatur and Lincoln, Illinois. With approximately $5-Hundred Million in assets, Town and Country provides comprehensive lines of mortgage, retail, commercial, and agricultural banking as well as trust, investments and employee benefit services to families, businesses and organizations. Town and Country Financial Corporation shares are traded under the symbol TWCF.
About the Federal Home Loan Bank of Chicago
The Federal Home Loan Bank of Chicago is a $70.1 billion wholesale bank serving the needs of member housing finance institutions located in Illinois and Wisconsin. Our mission is to partner with our member shareholders to provide them competitively priced funding, a reasonable return on their investment, and support for community investment activities. The U.S. Congress created the FHLBank System in 1932. The System comprises 11 FHLBanks across the country. Each FHLBank is cooperatively owned by member financial institutions and managed by its own Board of Directors. To learn more, visit www.fhlbc.com.
SOURCE Town and Country Financial Corporation