Fannie Mae Approves the MPF® Program to Expand Native American Lending on Tribal Trust Lands
WASHINGTON, Nov. 7, 2024 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced that it has approved the Mortgage Partnership Finance® (MPF ®) Program, administered by the Federal Home Loan Bank of Chicago on behalf of six Federal Home Loan Banks, to sell loans made to Native Americans and secured by tribal trust lands under the company's Native American Conventional Lending Initiative (NACLI) program. This initial step will support Fannie Mae's ongoing pursuit of agreements with area Native American tribes and when completed, will enable MPF Program Participating Financial Institutions (PFIs) serving tribal communities to offer conventional loans on tribal trust lands.
"We appreciate our partnership with the Federal Home Loan Bank of Chicago's MPF Program as we expand opportunities for conventional mortgage lending and sustainable access to homeownership for Native American consumers on tribal trust lands," said Laurel Davis, Senior Vice President of Environmental, Social, Governance & Mission, Fannie Mae.
Through this initiative, NACLI loans provide an additional financing option for Native American borrowers to purchase homes on tribal trust lands. Fannie Mae also purchases HUD Section 184 Indian Home Loan Guarantee Program loans to support Native American homeownership. Now, the MPF Program will be able to provide additional opportunities for Native American borrowers to access conventional mortgage financing on tribal trust lands.
"This partnership emphasizes our commitment to supporting affordable homeownership opportunities and sustainable access to credit within historically underserved communities," said Patrick Sullivan, Executive Vice President, Group Head, MPF Program. "We look forward to working with Fannie Mae and our MPF Program lenders across the country to enhance opportunities for Native American consumers in tribal communities."
Fannie Mae established NACLI in 1996, creating the first opportunity for lenders to offer conventional loans on tribal trust lands. By forming relationships with federally recognized tribes, and promoting homeownership education in Native communities, supporting Native American lending is a cornerstone of Fannie Mae's Duty to Serve plan.
About Fannie Mae
Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit:
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About the Federal Home Loan Bank of Chicago
The mission of the Federal Home Loan Bank of Chicago is to partner with our members in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment in the Bank, and support for community investment activities. FHLBank Chicago is one of 11 Federal Home Loan Banks chartered by the U.S. Congress in 1932 to promote homeownership. Our members include banks, thrifts, credit unions, insurance companies, and community development financial institutions throughout our District. To learn more about FHLBank Chicago, please visit fhlbc.com.
About the Mortgage Partnership Finance Program
The Mortgage Partnership Finance (MPF) Program, offered by the Federal Home Loan Banks of Boston, Chicago, Dallas, Des Moines, Pittsburgh, and Topeka, provides community lenders access to the secondary mortgage market through a variety of conventional, conforming and government loan products. To learn more visit fhlbmpf.com. "Mortgage Partnership Finance" and "MPF" are registered trademarks of the Federal Home Loan Bank of Chicago.
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SOURCE Fannie Mae
