Mortgage Partnership Finance® Program Welcomes New Business Development Manager
Plus Key Financial Results for the First Quarter 2011
CHICAGO, June 21, 2011 /PRNewswire/ -- The Mortgage Partnership Finance (MPF®) Program welcomes Brian Frame as Vice President, MPF Business Development Manager. Brian is charged with promoting and expanding the MPF Program across the country. He has extensive experience in business development and account management from, most recently, Radian Guaranty, Inc. and CMG Mortgage Insurance.
"Brian is charged with telling the MPF Program's story to a wider audience than we have in the past," said Jennifer Burlison, Senior Vice President and MPF National Marketing Director. "He and I agree that it's a great story: Most of the financial institutions that use the program can choose products that allow them to retain some of the credit risk of the mortgage loans they sell in exchange for fee income. And, MPF loans continue to have lower delinquency rates than the national average for conventional conforming mortgage loans."
Key MPF Program Financial Results for Q1 2011 (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 through several unique credit risk sharing products for which members are paid credit enhancement fees. Below are highlights:
Approved Participating Financial Institutions (PFIs) |
1,275 |
|
MPF assets funded in the first quarter 2011 |
Over $900 million |
|
Total MPF assets funded since program began in 1997 |
Over $181.3 billion |
|
Credit Enhancement Fees Paid to PFIs since program began in 1997 |
Over $616 million |
|
Losses Incurred by PFIs since program began in 1997 |
Approx $1.7 million |
|
Currently, new loan purchases are available through the following Federal Home Loan Banks: Boston, Chicago, Des Moines, New York, Pittsburgh, and Topeka.
About the FHLBank System
The U.S. Congress created the FHLBank System, which includes 12 FHLBanks across the country, in 1932 to promote housing finance. The FHLBanks, which are wholly owned by their member institutions, 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 MPF Program
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