Impact of COVID-19 on the MPF Direct Product
Effective Date: Immediately
On April 3, 2020 the investor for the MPF Direct Product, Redwood Residential Acquisition Company (RRAC), announced that effective immediately due to the impacts of COVID-19:
For MPF Direct loans that have already been submitted for Purchase Review, but for which a Confirmation and Final Funding Schedule has not been authorized by the PFI, all funding and purchase decisions will be assessed on a case-by-case basis prior to issuance of the Confirmation and Final Funding Schedule;
For MPF Direct loans for which a Confirmation and Final Funding Schedule has been authorized by the PFI, RRAC will fund the purchase of those loans on the scheduled Funding Date; and
RRAC has advised that they are not accepting new file deliveries for loan purchase requests.
RRAC and the MPF Program will communicate any updates as they become available.
The MPF Program is here to serve our PFIs, and we wish you health and safety in these challenging times. PFIs should continue to contact the MPF Service Center with any questions or concerns (877-FHLB-MPF).
Visit the MPF Website to review and register for upcoming complimentary MPF Webinars.
- MPF Announcement 2020-17