Fannie Mae Approves the MPF® Program to Expand Native American Lending on Tribal Trust Lands
Fannie Mae Approves the MPF® Program to Expand Native American Lending on Tribal Trust Lands |
| [07-November-2024] |
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 About the Federal Home Loan Bank of Chicago About the Mortgage Partnership FinanceProgram Fannie Mae Newsroom Photo of Fannie Mae Fannie Mae Resource Center
SOURCE Fannie Mae | ||
Company Codes: OTC-QB:FNMA, OTC-PINK:FNMA, OTC-BB:FNMA, OTCQB:FNMA |
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