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Mortgages › Secured Overnight Funding Rate (SOFR)

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
Crunched Credit

Trading Is Not a Dirty Word (CRE CLO)

Crunched Credit on

As we begin to reflate the CRE CLO business this year with shrinking spreads and hopefully shrinking SOFR, we need to think of this as CRE CLO 3.0. This business,  this technology, which is truly a brilliant way to deliver...more

Orrick, Herrington & Sutcliffe LLP

FHA implements provisions for transitioning LIBOR-based ARMs

Orrick, Herrington & Sutcliffe LLP on

On May 2, FHA published Mortgagee Letter (ML) 2023-09 to implement provisions of the Adjustable Rate Mortgages (ARM): Transitioning from LIBOR to Alternative Indices final rule that was published in the Federal Register at...more

Orrick, Herrington & Sutcliffe LLP

FHA codifies SOFR for LIBOR-based ARMs

Orrick, Herrington & Sutcliffe LLP on

On March 1, FHA published a final rule in the Federal Register removing LIBOR as an approved index for adjustable-rate mortgages (ARMs) and replacing it with the Secured Overnight Financing Rate (SOFR) as the approved index...more

Ballard Spahr LLP

HUD Issues Final Rule Replacing LIBOR With SOFR

Ballard Spahr LLP on

The U.S. Department of Housing and Urban Development (HUD) recently issued a final rule replacing the London Interbank Offered Rate (LIBOR) with the Secured Overnight Financing Rate (SOFR) for newly originated FHA-insured...more

Ballard Spahr LLP

Federal Reserve Board final rule on benchmark replacements for contracts that use LIBOR published in Federal Register; Fannie Mae...

Ballard Spahr LLP on

The final rule issued by the Federal Reserve Board to implement the LIBOR Act by establishing default rules for benchmark replacements in certain contracts that use LIBOR as a reference rate was published in today’s Federal...more

Orrick, Herrington & Sutcliffe LLP

Fannie, Freddie announce LIBOR transition plans

Orrick, Herrington & Sutcliffe LLP on

On December 22, GSEs Fannie Mae and Freddie Mac announced replacement indices based on the Secured Overnight Financing Rate (SOFR) for their legacy LIBOR indexed loans and securities ...more

Ballard Spahr LLP

Fannie Mae and Freddie Mac Announce LIBOR Replacement Indices

Ballard Spahr LLP on

Following the adoption by the Federal Reserve Board of a final rule under the Adjustable Interest Rate (LIBOR) Act, Fannie Mae and Freddie Mac have announced replacement indices for their legacy London Interbank Offered Rate...more

Hudson Cook, LLP

CFPB Bites of the Month - December Top 10

Hudson Cook, LLP on

Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider. In this month's article, we...more

Holland & Knight LLP

CFPB Issues Final Libor Transition Rules

Holland & Knight LLP on

The Consumer Financial Protection Bureau (the Bureau) has issued final regulations (Final Regulations) to facilitate the transition away from Libor (the London Interbank Offered Rate) in the consumer credit market and to...more

Cozen O'Connor

Fannie Mae and Freddie Mac Update all Uniform Legal Instruments

Cozen O'Connor on

On July 7, 2021, Fannie Mae and Freddie Mac (the GSEs) introduced new uniform instruments (notes, security instruments, and riders) for use with loans to make them eligible for purchase by the GSEs. ...more

Hogan Lovells

[Webinar] How mortgage companies can respond to and manage the LIBOR SOFR transition - May 20th, 2:00 pm - 3:00 pm EDT

Hogan Lovells on

Please join Hogan Lovells and CAPCO for a webinar on Thursday, May 20 for a panel discussion on the LIBOR SOFR transition and how mortgage companies can manage the process. Speakers will discuss transition planning, strategic...more

King & Spalding

What Happened To My Interest Rate? Planning Now To Avoid Value Transfer And Other Risks Upon The Demise Of U.S. Libor

King & Spalding on

As the title suggests, U.S. LIBOR (LIBOR) is going away, with official announcements expected as soon as year-end 2020 of LIBOR’s December 31, 2021 demise. The end of LIBOR will be replete with a plethora of risks for banks,...more

Foodman CPAs & Advisors

Are Financial Institutions Creating a Corporate Governance Strategy to handle the End of Libor?

Foodman CPAs & Advisors on

The London Interbank Offered Rate (LIBOR) expires at the end of 2021.  Used since the early 1980s, LIBOR is the most referenced global short-term interest rate, and a “standard benchmark”....more

Bradley Arant Boult Cummings LLP

GSEs Prepare for Losing LIBOR

Bradley Arant Boult Cummings LLP on

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

Mayer Brown

Going Through Changes: Transitioning to a LIBOR-less World for Consumer Loans

Mayer Brown on

It is widely anticipated that the London Interbank Offered Rate (“LIBOR”) will be discontinued in 2021. As LIBOR commonly is used as an index rate for both residential mortgage and consumer loans, its discontinuance has the...more

Ballard Spahr LLP

NYDFS requires regulated institutions to submit plans describing preparations for LIBOR transition by Feb. 7

Ballard Spahr LLP on

The New York Department of Financial Services has sent a letter to the institutions that it regulates requiring each such institution, by February 7, 2020, to provide to DFS a description of its “plan to address its LIBOR...more

Jones Day

ARRC Published Recommended LIBOR Transition Language For Residential Adjustable Rate Mortgages - The ARRC's recommended language...

Jones Day on

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

Morrison & Foerster LLP

Secured Overnight Financing Rate and the Future of the Mortgage Market

Morrison & Foerster LLP on

On July 11, Fannie Mae and Freddie Mac (the GSEs) announced their plans to develop new adjustable rate mortgage products that would rely on the Secured Overnight Financing Rate (SOFR) instead of LIBOR. Given the GSEs’...more

Orrick, Herrington & Sutcliffe LLP

SIFMA LIBOR Transition Briefing: Transition to Alternative Reference Rates - Key Takeaways

Orrick, Herrington & Sutcliffe LLP on

SIFMA hosted a briefing on July 15 at which presenters from the NY Fed, FCA, ARRC, Wells Fargo, Freddie Mac, Fannie Mae and SIFMA discussed the progress that has been made thus far in preparing for the transition from LIBOR...more

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