BOSTON, Oct. 19 /PRNewswire/ -- The Mortgage Partnership Finance (MPF®) Program is introducing its new logo at the American Bankers Association's annual convention. A new tradeshow booth, brochure, and advertisements showcase the royal blue logo and tagline: Partnership Is Our Middle Name.
The MPF Program was created in 1997 to make it easier for members of the Federal Home Loan Bank (FHLBank) System to access the secondary mortgage market and make fixed-rate mortgages available in their communities. FHLBank members include commercial banks, savings institutions, insurance companies, and credit unions of all sizes.
"We are as excited now about the MPF Program as we were 13 years ago when it launched," said Eric Schambow, Senior Vice President and Director of the MPF Program. "That's the main reason we updated the MPF logo: to reaffirm to our members that the MPF Program is strong and vital today."
"We also wanted to emphasize the benefits to members partnering with their Federal Home Loan Banks," Schambow continued. "We've added new products to the MPF Program to meet the needs of the changing marketplace and continue to provide more advantageous pricing. Plus, our participating financial institutions appreciate the personal attention from the MPF customer service center."
The first MPF mortgage loan was funded in partnership with a member of the FHLB Chicago; it helped a young couple in Chicago purchase their first home. Since then, the MPF Program has helped more than 1,000 financial institutions fund more than one million loans for families across America to purchase new homes or lower the cost of their existing homes.
About the MPF Program
To participate in the MPF Program, a financial institution must be a member of an 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, which includes 12 FHLBanks across the country, in 1932 to promote housing finance, but the Banks are wholly owned by their member institutions. They provide housing finance to more than 8,000 member commercial banks, savings institutions, insurance companies, and credit unions.
"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 Federal Home Loan Bank of Chicago