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Some Bank members are interested in the MPF® program,
but have concerns about their overall readiness for participation.
Here are some of those concerns with corresponding answers
from Paul Pouliot (above), first vice president / mortgage
manager at the Federal Home Loan Bank of Boston. For more
information on the MPF program, please contact Bill Dolan
at 888-675-0556, option 1.
Our servicing platform might not be able to handle the
monthly reporting requirements of the MPF program. Are we
excluded from the program?
Not necessarily. The Bank maintains a master list of service
providers that have tested their platforms against our MPF
program specifications and requirements. If you have concerns
about your platform, please contact Bill Dolan (888-675-0556,
option 1) to see if your provider is on this list. If your
provider is not listed, or is not currently capable of supporting
the program, we will work with you to help bring your provider
up to speed.
My organization does not have internet access. Can we
still participate in the program?
While a good portion of the program interfacing is internet-based,
we do have fax and 800-number phone capabilities. These services
provide a backup system for internet functions, and can be
used by members without internet access as their primary service
vehicles.
We want to participate, but we are not interested in —
or capable of — servicing mortgage loans for MPF.
MPF offers a servicing-released program whereby a member
can get the best price for the sale of an asset, and can also
get a service-release premium for sale of the servicing rights.
We have always been a portfolio player; we don't have
the expertise needed to participate in the program.
The Bank regularly offers secondary-market training programs
and educational seminars that would benefit members who are
just starting out. For example, the Bank recently sponsored
secondary-market funding seminars in four locations across
New England. For more information about our educational resources,
please visit our web site's
Member Events page, or contact Wendy Rich at 617-425-9413
(wendy.rich@fhlbboston.com).
"Mortgage Partnership Finance" and "MPF"
are registered trademarks of the Federal Home Loan Bank of
Chicago.
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