Comment Detail
Date: 03/16/23 First Name: Sean Last Name: Wells Email: swells@iaacu.org Organization Type: other Organization: IAACU Comment
IAACU became a member of the Federal Home Loan Bank of Chicago in 2013. Our original purpose was to give us a trusted partner to which we could sell mortgages which didn't fit our balance sheet due to concentration risk, while retaining servicing to our members. We use both the traditional and MPF mortgage products. Over the course of our ten-year relationship with the Bank we have continued to receive additional value through funding and as a liquidity source. Also, having the expertise available to our team has proven very beneficial on many occasions. Finally, the Down Payment Plus (DPP) program allows us to fulfill a piece of our mission to reach underserved people and provide funds to get them into homeownership, which is very important.
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