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.


Features MPF Government MPF Government MBS
Execution Credit Enhancement Obligation: contingent liability of PFI    
Credit Enhancement Fee Income: 6-12 basis points paid to PFI    
Loan level/investor price adjustments    
Underwriting Loan terms: fully amortizing, up to 30-year fixed rate
5/1, 7/1, 10/1 Adjustable Rate Mortgages (ARMs)    
Occupancy: owner-occupied/second home Owner-occupied only Owner-occupied only
Investment property    
Mortgage insurance coverage required
Fannie Mae Desktop Underwriter (DU) access included    
Maximum LTV (%) Per applicable government guidelines Per applicable government guidelines
Servicing Servicing options: released or retained
Remittance options: A/A, S/R, or S/S  
Remittance options: A/A only    
Remittance options: S/S only  
Servicing fee income (bps) 44 19-56.5
Delivery Master Commitment: required; $5 million minimum
Delivery commitments: mandatory
Master Commitment: required; $5 million minimum
Delivery commitments: best efforts
Same-day loan delivery and funding
Structure Credit 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 Membership Coordinator at