Friday, May 09, 2008
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>> Lenders >> Farmer Mac I Program >> Lender Access
Lender Access
Full-Time Farm Mortgages
Part-Time Farm Mortgages
Farmer Mac III Options
Loan Delivery
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Portfolio Programs
Farmer Mac I programs are available to agricultural and rural residential lenders, including commercial banks, Farm Credit System institutions, credit unions, insurance companies and mortgage bankers.
Farmer Mac purchases qualified loans directly from Sellers. Farmer Mac I Sellers are lenders who have been approved by Farmer Mac after meeting certain eligibility requirements. Once a lender is approved and executes a Seller/Servicer Agreement, Farmer Mac will purchase qualified loans directly from that lender. Farmer Mac provides Sellers competitive and efficient products, pricing and processes to ensure continued liquidity and additional sources of revenue for their lending operations. Loans sold to Farmer Mac may be originated by the Seller or purchased by the Seller from third-party originators.
Farmer Mac I Seller Eligibility Requirements
Demonstrated ability to make (or purchase) and service mortgage loans which qualify for Farmer Mac's Farm Programs
Maintenance of a minimum net worth of $1 million according to GAAP accounting rules
Maintenance of Fidelity Bond Insurance
Ownership of Farmer Mac Class A* or Class B Common Stock as follows:
For Non Farm Credit Institutions
Consolidated Assets(at time of initial stock purchase)
Stock Ownership Requirements
Up to $50 million
100 shares of Class A Common Stock*
$50 - $100 million
200 shares of Class A Common Stock*
$100-$500 million
500 shares of Class A Common Stock*
Over $500 million
2000 shares of Class A Common Stock*
For Farm Credit Institutions
100 shares of Farmer Mac Class B Common Stock.
*Farmer Mac Class A Common Stock trades on the NYSE under the symbol AGM.A
How to become a Farmer Mac I Seller
An institution may become a Farmer Mac I Seller by completing an
application
, as well as an
Opinion of Counsel
. Once approved, a
Seller/Servicer Agreement
between the lender and Farmer Mac is executed.
A Holding Company Seller/Servicer Agreement
allows multiple banks within a Holding Company to become eligible Farmer Mac Sellers.
Contact Farmer Mac before beginning this process.
© 2007 Farmer Mac
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