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Fannie and Freddie transitioning away from LIBOR
The Federal Housing Finance Agency has issued a press release announcing additional steps Fannie Mae and Freddie Mac are taking as they transition away from the London Interbank Offered Rate (LIBOR) benchmark.
- New language will be required for single-family Uniform Adjustable Rate Mortgage (ARM) instruments closed on or after June 1, 2020;
- All LIBOR-based single-family and multifamily ARMs must have loan application dates on or before September 30, 2020 to be eligible for acquisition; and,
- Acquisitions of single-family and multifamily LIBOR ARMs will cease on or before December 31, 2020.
Additional information is available on the FHFA's LIBOR Transition page.