Mortgage Partnership Finance® Program Creates New Advisory Council

CHICAGO, May 29, 2012 /PRNewswire/ --The MPF® Program is pleased to announce the creation of the MPF Advisory Council, which will provide a national forum for experienced mortgage professionals to share their expertise, experiences, and views of real estate lending activity and general market issues affecting housing. The Advisory Council will help identify best-in-class solutions to the challenges and issues encountered by real estate lenders as they relate to the MPF Program and make recommendations to the program for the benefit of participating financial institutions (PFIs) and their customers and communities across the country.

The MPF Advisory Council will meet quarterly and is composed of 18 PFIs who are members of the Federal Home Loan Banks that participate in the MPF Program. Terms will be for three years. The Advisory Council reflects the diversity of the institutions that participate in the MPF Program nationwide. See the chart on the next page for PFIs who have agreed to serve on the MPF Advisory Council.

"This Advisory Council will be an excellent medium to gather feedback and ideas from community lenders who are experts in their field," said Eric Schambow, Senior Vice President and Director of the MPF Program. "As the MPF Program celebrates its 15-year anniversary in 2012, we are looking forward to working with the Advisory Council to shape the MPF Program to meet the challenges of the changing housing market."

MPF Program First Quarter 2012 Financial Highlights (Unaudited)
The MPF Program makes it easier for members of the Federal Home Loan Bank System to access the secondary mortgage market and make fixed-rate mortgages available in their communities. Of the 643 PFIs who funded loans in the MPF Program in the first quarter of 2012, 607 were community banks, thrifts, and credit unions with less than $1.040 billion in total assets. Altogether, PFIs funded 17,215 loans for a total of $2.8 billion.  

2012 MPF Program Advisory Council Members

About the MPF Program
The MPF Program was created in 1997. Since then, the MPF Program has helped more than 1,200 financial institutions fund more than 1 million loans for families across America to purchase new homes or lower the cost of their existing homes.

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: Boston, Chicago, Des Moines, New York, Pittsburgh, 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" and "MPF" 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.

SOURCE MPF Program