MPF Program Implements Portfolio Producer from LoanScorecard
IRVINE, Calif., March 7, 2018 - LoanScorecardTM, a leading provider of automated underwritingand compliance solutions, announced today that the Mortgage Partnership Finance® (MPF)Program of the Federal Home Loan Bank System has implemented LoanScorecard’s PortfolioProducer™ product and pricing engine (PPE) and distribution solution. The implementationenables the MPF Program to provide its products and pricing to Participating FinancialInstitutions (PFIs) at no additional cost.
The Federal Home Loan Banks (FHLBanks) are member-owned cooperatives that providefunding solutions and liquidity to over 7,000 members that support mortgage lending, economicdevelopment, and affordable housing in the communities they serve. Members includecommunity and commercial banks, credit unions, insurance companies, thrifts, and communitydevelopment financial institutions in all 50 states, U.S. possessions, and territories.
With Portfolio Producer, PFIs can share loan file data with their FHLBank via their loanorigination system (LOS). The FHLBank uses that data to determine and distribute real-time loan scenario-specific products and pricing, as well as provide applicable loan-level price adjustments (LLPAs) based on loan characteristics, delivery commitment, and remittanceoptions—all without having to leave their LOS. Selected product, price, and LLPAs are thenwritten back to the loan file.
“We’re pleased to partner with LoanScorecard to provide our PFIs complimentary access to apricing solution already within their LOS,” said Chuck Vaughn, Vice President, MortgageRelationship Manager at FHLBank Des Moines. “Using Portfolio Producer, instead of manuallypricing loans, will help our PFIs not only become more efficient and more productive, but alsobetter serve their customers.”“Paying for access to a product and pricing engine each month can be costly, particularly forPFIs that only manufacture a few loans a month,” Ben Wu, Executive Director atLoanScorecard. “The partnership between LoanScorecard and the FHLBanks provides PFIsaccess to a PPE at no additional cost, allowing them to determine product eligibility and pricingat the point of sale for delivery to the FHLBanks—quickly and accurately.
LoanScorecard™ is a leading provider of automated underwriting and loan pricing solutions designed to meet today's regulatory challenges and capitalize on today’s market opportunities.The company’s Portfolio Underwriter™ can be tailored to capture a lender’s specific credit policyand render underwriting findings that demonstrate a consistent loan manufacturing process toauditors and investors. Portfolio Producer™ electronically distributes wholesale and investorproducts and pricing to third-party originators (TPOs), providing TPOs with a real-time,interactive tool to determine borrower fit and price for non-agency programs, and enabling themto submit qualified loans to wholesalers and investors with confidence. Additionally, as theindustry's first QM engine, LoanScorecard helps institutions address CFPB regulations throughits QM Findings™, the industry's first qualified mortgage (QM) engine which has rendered morethan 5 million QM findings reports to-date. For more information, visit loanscorecard.com or call800-617-0892.
About the MPF Program
The MPF Program allows participating members of the Federal Home Loan Bank System to sell fixed-rate loans into the secondary mortgage market. To participate in the MPF Program, afinancial institution must be a member of a Federal Home Loan Bank that offers the MPFProgram. Currently, the Federal Home Loan Banks of Atlanta, Boston, Chicago, Dallas, DesMoines, New York, Pittsburgh, Topeka, and San Francisco purchase loans from participatingmembers through the MPF Program. To learn more about the MPF Program, visit its website,www.fhlbmpf.com. “Mortgage Partnership Finance” and “MPF” are registered trademarks of theFederal Home Loan Bank of Chicago. The “MPF Mortgage Partnership Finance” logo is atrademark of the Federal Home Loan Bank of Chicago.
- LoanScorecard-MPF Program Press Release 03 07 18