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FHFA Discontinues Monthly Interest Rate Survey, Creating Uncertainty for Lenders

Monday, June 3, 2019   (0 Comments)
Posted by: Amanda Averch
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The Federal Housing Finance Agency earlier this week quietly announced plans to terminate its Monthly Interest Rate Survey as of May 29. The survey data, which has been collected and published for decades, was used by some lenders to benchmark interest rates on various mortgage products.

 

Without this benchmarking information, lenders—particularly those that use the MIRS Adjustable Rate Mortgage Index to make periodic rate adjustments for ARMs—may now find themselves facing unique challenges.

 

ABA has asked FHFA to provide guidance or other assistance to help lenders properly service ARMs in a safe and sound manner. Read more

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