MPF® Direct is a jumbo loan product that offers you the opportunity to access private capital by selling your fixed-rate mortgages into the secondary market. You can obtain liquidity for loans up to $2.5 million.
There are 5 eligibility options for the MPF Direct product:
- Select QM: Designed for super prime borrowers with strong income, credit and asset profiles.
- Select 90 QM : Similar to Select QM, but for pirmary homes only. It adds the allowance of up to 90% LTV on purchases and rate/term refinances.
- Select Non-QM: Fits the Select QM borrower profile with the addition of at least one non-QM attribute.
- Choice QM: An expanded guideline option for borrowers who may have slightly lower credit scores and/or reserves. Other flexibilities include non-warrantable condo features, non-occupying co-borrowers and condotels.
- Choice Non-QM: Combines the expanded guidelines of Choice QM with the addition of at least one non-QM attribute.
- Maximum LTV: 90%
- Loan Limits: Up to $2.5 million
- Occupancy: Owner-occupied, second homes, and non-owner occupied
- Property Type: 1 to 4 units
- Delivery Commitment: Best Efforts
- Remittance: Servicing Released only
- Master Commitment Size: $10 million minimum
All loans must meet the QM/ATR requirements established by the Consumer Financial Protection Bureau (CFPB).
Conventional, fully amortizing fixed rate loans
- Terms of 10, 15, 20, 25 and 30 years
- 5/1, 7/1 and 10/1 ARMS
- Fully amortizing, 30 year terms
- Caps: 2/2/5 (initial, subsequent and lifetime) all ARMs
- Caps: 5/2/5 allowed on 7/1 and 10/1 ARMs
- Offer competitive fixed-rate and 5/1,7/1, 10/1 hybrid ARM, jumbo residential mortgage loans to their borrowers without Metropolitan Statistical Area (MSA) restrictions
- Loan amounts from $510,401 – $2,500,000
- Transfer the interest rate and credit risks of the jumbo loan to an investor
- Delivery commitments are best efforts only