How can my institution participate in Mortgage Partnership Finance (MPF)?
Contact the MPF staff at mpf@fhlbboston.com or 1-888-675-0556, or your relationship manager at 1-888-424-3863. They will guide you through the application to become a participating financial institution (PFI).

Do I need secondary-market experience to participate in MPF?
Combining the retail expertise of community lenders with the wholesale advantages of a Federal Home Loan Bank, the MPF program creates a unique partnership for a more efficient method of financing mortgage loans. Some level of secondary-market experience is helpful but not mandatory. Approved PFIs participate in a one-day Implementation Training Session before they can sell loans through the MPF program.

I currently sell to Fannie Mae, Freddie Mac, or Ginnie Mae. Do I need to do anything different to my processes to sell loans through MPF?
Very little, but there are some minor differences between the MPF program and other secondary-market agencies. These differences relate to the credit-enhancement process, which is discussed in the descriptions of each product offered through the MPF program. Currently, the Federal Home Loan Bank of Boston (the Bank) accepts closed loan sales. The MPF program has electronic capabilities for sending and receiving data and reports as well as direct deposits or debits of funds to your account.

What are the maximum loan amounts allowed for sale through MPF?
The maximum loan amounts allowed for sale through MPF correspond to the conforming loan limits established by Fannie Mae and Freddie Mac. These limits are subject to change each year.

What is the minimum master commitment allowed?
The minimum master commitment can be as little as $5 million or as much as $100 million, depending on which MPF option you choose. Please consult the Original MPF, Original MPF for FHA/VA Loans, MPF 125, and MPF Plus sections for specific minimum master commitments.

How long do I have to meet the master commitment?
You have six months from execution of the master commitment. Each master commitment can be extended for another six months.

How do I remit payments on serviced loans?
Depending on which MPF product you have selected and the size of your master commitment, you can either remit collected payments on a scheduled/scheduled, actual/actual, or actual/actual single remittance basis. Please consult the Original MPF, Original MPF for FHA/VA Loans, MPF 125, and MPF Plus sections for specifics. Or contact the MPF staff at mpf@fhlbboston.com or 1-888-675-0556, or your relationship manager at 1-888-424-3863.

How do I underwrite loans for sale through MPF?
Because you share in the credit risk with the Bank, you have ultimate control and decision-making authority over the loans you originate. For standardization purposes, the Bank asks members to follow MPF Origination Guide underwriting guidelines. However, the Bank will also accept credit decisions from any Bank-approved automated underwriting system currently in the marketplace.

Do I need a quality-control policy in place? If so, can I outsource my quality-control function?
Yes, a PFI must maintain a quality-control program for home mortgages it originates and services under the MPF program. The quality-control system must ensure that the mortgages conform to the MPF program's policies; are of a quality acceptable to the Bank and other institutional investors; and comply with insurer and guarantor requirements and meet specific guidelines of the MPF program.

A PFI is permitted to utilize third-party quality-control services for all or a portion of its quality-control program. A PFI using such services must:

• Determine that the services performed comply with the MPF program's requirements; and
  
  
• Oversee and evaluate the performance of the third-party quality-control provider on a regular basis.
  

What is the eMPF Web site?
The eMPF web site, www.fhlb-mpf.com, is a secure transactional web site that allows PFIs to obtain credit-enhancement determinations (called loan presentment) to execute delivery commitments and deliver loans online (loan funding).

What benefits can I realize through the eMPF web site?

• Current pricing schedules are available for viewing or downloading. A scrolling banner informs users about time limits for pricing schedules and other time-critical events.
  
  
• Execute delivery commitments up to $5 million dollars. View your price and lock it in without delay, thereby reducing exposure to market movement and eliminating additional steps.
  
  
• By submitting loan files electronically, users can determine if their loans are eligible for delivery and obtain a credit-enhancement determination instantaneously either via batch processing or on a loan-level basis. Both conventional and government loans can be submitted online, although credit enhancements are not determined for government loans.
  
  
• The price feature allows users to view the credit enhancement, purchased loan balance, interim or accrued interest, agent fee or premium/discount, and net funding amount for each loan submitted in a batch or on a loan-level basis.
  
  
• Users can fund loans previously evaluated for credit enhancement through the eMPF web site, via batch processing or on a loan-level basis.
  
  
• Users can access several types of reports, including batch reports, master commitment reports, the new loans booked report, and the pool detail report.
  
  

How can I obtain access to the eMPF web site?
The process for obtaining access to the eMPF web site begins once your institution is approved as a PFI in the MPF program. Once approved, you submit the names of the individuals to be authorized for access to the web site and indicate the authorization delegated for each individual. User IDs and passwords will be assigned.

What if I have changes in my organization?
For subsequent changes to an individual's delegated authority or to add a new individual for access to the transactional side of the eMPF web site, a Delegation of Authority — Supplemental form (Origination Guide Exhibit M) may be completed and submitted to FHLB Boston.

Is eMPF access secure?
The eMPF web site utilizes the appropriate level of security and current firewall techniques to keep your information safeguarded. A user ID and complex password are used for added security.