FHLBank Chicago Names Patrick Sullivan to Lead the Mortgage Partnership Finance® Program

The Federal Home Loan Bank of Chicago (FHLBank Chicago) announced Patrick Sullivan has rejoined the organization as Executive Vice President, Group Head, FHLBanks' Mortgage Partnership Finance^® (MPF^®) Program. Sullivan assumes leadership from John Stocchetti who announced his intention to retire in June.

"We are excited to welcome Patrick back to FHLBank Chicago and to the MPF Program. The MPF Program plays a vital role giving financial institutions access to the secondary mortgage market in rural and vulnerable communities, in our district and across the country." said Michael Ericson, President and Chief Executive Officer of FHLBank Chicago. "We are grateful to John for his leadership over the past 18 years growing the MPF Program product portfolio, implementing technology enhancements, and broadening the Program's reach throughout the Federal Home Loan Bank System."

Sullivan will lead the MPF Program which allows Federal Home Loan Bank members and Participating Financial Institutions (PFIs) to access competitive secondary mortgage products, retain servicing rights to maintain customer relationships, earn fee income by sharing in the credit risk of loans they originate and free up capital to make additional mortgage loans.

Sullivan worked at FHLBank Chicago in several positions from 2014 to 2021 with a primary focus on risk management and analytics for the MPF Program. He was most recently the Chief Financial Officer of Wintrust Mortgage, with additional leadership responsibilities for the Divisional CFO organizations supporting Wintrust Financial Corporation's other non-bank entities. He held previous roles at Fannie Mae in Single-Family financial planning and analysis and credit risk management, and at Navigant Consulting conducting forensic investigations into complex financial and accounting disputes or improprieties.

Sullivan began his new role at FHLBank Chicago on August 26, 2024, reporting to Michael Ericson.