The MPF® Government and MPF Government MBS products give Participating Financial Institutions the option to sell fixed-rate mortgage loans that are insured or guaranteed by government agencies and programs, including FHA, VA, HUD Section 184, and RHS Section 502.


FeaturesMPF GovernmentMPF Government MBS
ExecutionCredit Enhancement Obligation: contingent liability of PFI  
Credit Enhancement Fee Income: 6-12 basis points paid to PFI  
Loan level/investor price adjustments  
UnderwritingLoan terms: fully amortizing, up to 30-year fixed rate
5/1, 7/1, 10/1 Adjustable Rate Mortgages (ARMs)  
Occupancy: owner-occupied/second homeOwner-occupied onlyOwner-occupied only
Investment property  
Mortgage insurance coverage required
Fannie Mae Desktop Underwriter (DU) access included  
Maximum LTV (%)Per applicable government guidelinesPer applicable government guidelines
ServicingServicing options: released or retained

Retained only

Remittance options: A/A, S/R, or S/S 
Remittance options: A/A only  
Remittance options: S/S only 
Servicing fee income (bps)4419-56.5
DeliveryMaster Commitment: required; $5 million minimum
Delivery commitments: mandatory
Master Commitment: required; $5 million minimum
Delivery commitments: best efforts
Same-day loan delivery and funding
StructureCredit enhanced: FHLBank Chicago and PFI share credit risk   
First Loss Account (bps)  

Product terms subject to change; contact your Sales Director for the most current product information.

PFI = Participating Financial Institution
A/A = Actual/Actual
S/R = A/A Single Remittance
S/S = Scheduled/Scheduled

To learn more about the MPF Program, contact your Sales Director or MPF Sales Support at