Mortgage Partnership Finance Program

What Mortgage Partnership Finance Program does

The Mortgage Partnership Finance (MPF) Program is a secondary mortgage market platform operated by the Federal Home Loan Bank of Chicago and distributed through the 11 regional Federal Home Loan Banks (FHLBanks) under the FHLB Act. Founded in 1997, the program serves small and mid-sized community banks and credit unions that are FHLBank members, enabling them to sell conventional/conforming, government (FHA, VA, USDA, HUD 184), and MBS-eligible mortgage loans to their FHLBank while retaining servicing and earning credit enhancement income through a shared credit risk model. The program reports over 700 Participating Financial Institutions, 2 million-plus cumulative loans purchased, and $1 billion-plus in credit enhancement income paid to members since inception.

The platform is supported by proprietary technology including eMPF (a secure transaction portal for loan delivery, funding, and program management), eMAQCSplus (a quality control and default management reporting system), and integrations with Fannie Mae Desktop Underwriter and Freddie Mac Loan Product Advisor for automated underwriting. Computershare acts as master servicer for the MPF Xtra product, handling escrow event reporting and servicing transfers. The program also operates MPF University, a free on-demand training platform offering MBA-certified curriculum, and runs the MPF Habitat for Humanity Program for affordable housing.

Economically, the program is not independently capitalized; it operates as a credit-sharing and distribution vehicle within the FHLBank System, with PFIs retaining a portion of mortgage credit risk in exchange for enhanced economics based on loan performance. Revenue mechanics combine transaction-based fees on loan purchases and credit enhancement income flows, with pricing negotiated through Master Commitments at the individual FHLBank level. The program's go-to-market is exclusively channel-based: PFIs must first become FHLBank members, complete an eligibility review, sign program agreements, and onboard through their FHLBank representative.

Name

Mortgage Partnership Finance Program

Legal name

Federal Home Loan Bank of Chicago

Website

https://fhlbmpf.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

51–100 employees

Short description

The Mortgage Partnership Finance Program is a secondary mortgage market platform operated by the Federal Home Loan Bank of Chicago and distributed through 11 FHLBanks, enabling community banks and credit unions to sell conventional and government mortgage loans while retaining servicing and earning credit enhancement income through a shared credit risk model.

Ownership category

akta.pro rank

Product category

Secondary Mortgage Market Services

NAICS

Depository Credit Intermediation (5221), Credit Intermediation and Related Activities (522)

SIC

Mortgage Bankers & Loan Correspondents (6162), Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

Government Wholesale Lending (FHA/VA/USDA) (FSALACAE)

akta.pro secondary industry

Mini-Correspondent / Table Funding Programs (FSALACAC)

Keywords

• Secondary mortgage market
• Mortgage partnership finance
• Credit risk sharing
• Community bank lending
• Conforming loan sales

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Credit Enhancement Income: PFIs earn credit enhancement income for retaining portions of mortgage credit risk in exchange for enhanced economics. The shared credit risk model allows members to earn revenue streams when their loans perform well.
2. Loan Purchase and Sale: Participating Financial Institutions sell conventional/conforming and government loans to their Federal Home Loan Bank, generating income from loan sales while maintaining customer relationships

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels7 records

Core offering

The Mortgage Partnership Finance Program provides community banks and credit unions with access to the secondary mortgage market through a partnership-based model. Participating Financial Institutions sell conventional/conforming and government loans (FHA, VA, HUD, RHS) to their Federal Home Loan Bank, share credit risk in exchange for enhanced economics, and earn credit enhancement income for strong loan performance. The program is supported by proprietary technology platforms (eMPF, eMAQCSplus) and educational resources (MPF University).

Product overview

The Mortgage Partnership Finance (MPF) Program is a secondary mortgage market platform operated by the Federal Home Loan Banks. The program offers a portfolio of products including MPF Traditional (for conventional/conforming loans), MPF Government (for FHA, VA, HUD 184, and RHS 502 loans), and MPF Xtra (for servicing-focused execution). The platform is supported by technology tools including eMPF (secure transaction portal) and eMAQCSplus (quality control and default management), along with MPF University for training and education. The program's core value proposition is enabling community lenders to access the secondary mortgage market through partnership-based structures where PFIs share credit risk in exchange for enhanced economics and credit enhancement income.

Differentiator

Problem solved

Functional benefit

Brands

• MPF Traditional: The core MPF product offering that allows PFIs to sell conventional/conforming loans to their FHLBank with flexibility in pricing and credit risk sharing.
• MPF Xtra
• MPF Government MBS
• MPF University
• MPF Habitat for Humanity Program

Products and services

• MPF Traditional Primary MPF loan product for conventional/conforming residential mortgages. Allows Participating Financial Institutions to sell loans to FHLBanks while maintaining servicing and earning credit enhancement income through risk-sharing structures. Designed for community banks and credit unions that are FHLBank members.
• MPF Government Government-insured mortgage product supporting FHA, VA, HUD Section 184, and RHS Section 502 loans. Enables Participating Financial Institutions to deliver government-backed loans through the MPF Program for liquidity and balance sheet management.
• MPF Xtra Servicing-focused MPF product with specific requirements for escrow reporting to Fannie Mae. Includes features for loan servicing transfers, post-funding adjustments, and workout solutions. Servicing is handled by Computershare as Master Servicer.
• eMPF Secure electronic portal for authorized users of member institutions participating in the MPF Program. Enables loan delivery, funding transactions, and program management activities. Used by Participating Financial Institutions for transaction processing.
• eMAQCSplus Quality Control and Default Management reporting and pipeline management system for Participating Financial Institutions. Supports QC documentation and default management workflows for the MPF Program.
• MPF University Free on-demand learning resource for Participating Financial Institutions providing courses from the Mortgage Bankers Association (MBA) covering mortgage origination, servicing, and compliance. Includes four complimentary MBA certifications: Certified Residential Underwriter (CRU), Residential Certified Mortgage Servicer (RCMS), Certified Mortgage Compliance Professional (CMCP), and Residential Loan Processor (RLP).
• MPF Habitat for Humanity Program Collaborative program providing below-market rate loans to homebuyers working with Habitat for Humanity affiliates. Features flexible underwriting and access to liquidity for reinvestment, supporting affordable housing initiatives.

Quantifiable outcome

• Over $1B in credit enhancement income paid to members for strong loan performance
• +3 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature3 records

Partnerships

Eight partnerships are on record, tiered core, flagship and minor.

• Fannie MaecoreTechnology or IntegrationFannie Mae integration enables Participating Financial Institutions to access Desktop Underwriter (DU) for automated underwriting. MPF Xtra product involves servicing transfers and escrow reporting to Fannie Mae.
• Freddie MaccoreTechnology or IntegrationFreddie Mac Loan Product Advisor integration provides automated underwriting capabilities for PFIs. MPF Traditional guides reference alignment with Freddie Mac guidelines and forms.
• Mortgage Bankers Association (MBA)coreStrategic or Co-development PartnerMBA provides course content for MPF University including four complimentary certifications: Certified Residential Underwriter (CRU), Residential Certified Mortgage Servicer (RCMS), Certified Mortgage Compliance Professional (CMCP), and Residential Loan Processor (RLP).
• Habitat for HumanityflagshipStrategic or Co-development PartnerMPF Habitat for Humanity Program enables PFIs to offer below-market rate loans to homebuyers working with Habitat affiliates. FHLBank Chicago executives serve on Habitat board and participate in annual Habitat Hero Award Dinner.
• ComputersharecoreImplementation/ SI/ Consulting PartnerComputershare serves as Master Servicer for MPF Xtra product, handling escrow event reporting and loan servicing transfers. Updates to servicing transfer manuals reference Newrez operations.
• FHLBanks (System)flagshipChannel Partner/ Reseller/ DistributorThe MPF Program operates across 11 Federal Home Loan Banks (Atlanta, Boston, Chicago, Dallas, Des Moines, New York, Pittsburgh, San Francisco, Topeka) providing systemwide distribution for mortgage products.
• MGICminorStrategic or Co-development PartnerMGIC partners with MPF University to deliver webinars on variable income underwriting analysis for mortgage professionals.
• RadianminorStrategic or Co-development PartnerRadian partners with MPF University for webinars focused on customer-centric service delivery in mortgage lending.

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Rocket Mortgage: Largest U.S. retail mortgage lender and increasingly active in wholesale and direct-to-consumer channels. Competes with both MPF and traditional lenders for borrower relationships at scale.
• loanDepot: Large U.S. retail and wholesale mortgage lender offering correspondent and direct-to-consumer products. Competes with MPF for community lender partnerships and origination volume.
• Ginnie Mae: Government MBS issuer backing FHA, VA, and USDA loans. Direct functional overlap with MPF Government MBS product and the government-loan secondary market channel that MPF serves.
• Freddie Mac: Federal housing GSE and the other dominant secondary market channel for conventional mortgages. MPF integrates with Loan Product Advisor for underwriting guidance while competing for lender delivery volume.
• Fannie Mae: Federal housing GSE and dominant secondary market purchaser of conventional mortgages. Competes with MPF for conventional loan volume while also serving as a technology integration partner through Desktop Underwriter.
• Pennymac: Major U.S. mortgage lender and servicer with strong correspondent and wholesale channels. Competes with MPF for conventional loan purchases and offers servicing-driven execution similar to MPF Xtra.

Direct peers

• United Wholesale Mortgage: Largest U.S. wholesale mortgage lender competing for community bank and credit union business. Represents the wholesale channel alternative to MPF for lenders seeking correspondent relationships.
• Farmer Mac: Federal GSE chartered to provide secondary market access for rural and agricultural housing loans. Closest structural analog to MPF as a smaller, mission-driven GSE offering secondary market access to community lenders.

Others

• Radian: Private mortgage insurance and mortgage services provider partnering with MPF University for educational content. Adjacent to MPF's mortgage finance ecosystem but not a direct competitor in secondary market lending.
• MGIC: Leading private mortgage insurance provider that partners with MPF University for lender education. While not a direct competitor, MI providers are integral to the mortgage ecosystem in which MPF operates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/MPFProgram
• LinkedInlinkedin.com/company/mortgage-partnership-finance-program

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mortgage Partnership Finance Program