The servicing acquisition division of Capital Markets Cooperative (CMC), CMC Funding, has agreed to provide servicing-released execution for the Mortgage Partnership Finance (MPF) traditional products.
The MPF program allows participating members of the Federal Home Loan Bank System to sell fixed-rate loans into the secondary mortgage market.
According to MPF, this partnership offers MPF program participating financial institutions, or PFIs, an expanded landscape for selling the servicing on their MPF traditional loans. CMC Funding offers market competitive pricing that can be passed down to borrowers. Another advantage is the capability to upload servicing files using the MPF Program’s online transactional website, eMPF.
CMC Funding says it strives to make the delivery process smooth by customizing delivery processes for its mortgage lenders.
“Our goal is for MPF Program participants who sell servicing to CMC Funding to realize they’ve gained a trusted partner for their mortgage business,” says Tom Millon, president and CEO at CMC Funding.
“We are excited about our partnership with CMC Funding as it fuels our ongoing mission to support community lenders nationwide,” says John Stocchetti, executive vice president and group head of the MPF program at the Federal Home Loan Bank of Chicago. “The FHLBanks are here to make the job of the local lender easier by, among other things, providing the tools and services they need to better serve the borrowers in their communities.”