A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules
The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) announced on Wednesday, February 5th, that they will stop accepting LIBOR-indexed adjustable-rate mortgages...more
With new guidance and model documents issued by Fannie Mae and Freddie Mac, the mortgage industry is several steps closer to operating without LIBOR. The industry has been grappling with the eventual demise of LIBOR since...more
The New York Federal Reserve Bank's Alternative Reference Rates Committee (ARRC) released its recommendations on Nov. 15, 2019, regarding the London Interbank Offered Rate Index (Libor Index) fallback language for new...more
Last Friday, the Alternative Reference Rates Committee ("ARRC") published its recommended language to address LIBOR's probable cessation after 2021 in newly issued residential adjustable rate mortgages ("ARMs"). Minutes...more
Today, the Alternative Reference Rates Committee (ARRC) released “ARRC RECOMMENDATIONS REGARDING MORE ROBUST LIBOR FALLBACK CONTRACT LANGUAGE FOR NEW CLOSED-END, RESIDENTIAL ADJUSTABLE RATE MORTGAGES” (Recommendations)...more