Mortgage Purchase Program
The Seattle Bank has made a strategic business decision to phase out of the Mortgage
Purchase Program (MPP). At the same time, however, we want to ensure a smooth transition
for all Seattle Bank members who have used MPP.
How does our decision affect your institution?
- If you are a Seattle Bank member that sold loans under a conventional master
commitment contract (MCC), the disposition of your Lender Rebate Account
will follow the terms of the MCC.
- If you are a Seattle Bank member that previously participated in MPP and
retained the servicing of the loans you sold, you will continue to remit
and service the loans just as you do now. All loan modifications and partial releases
of property/collateral must be approved prior to their execution by the Seattle
Denise Dougan, MPP Compliance Analyst, with any questions you have regarding
your institution’s mortgage servicing with the Seattle Bank.