LIBOR Transition Support
On February 5, 2020, the FHFA announced the steps that the GSEs will be taking to transition from the LIBOR index to the SOFR index. For example, the FHFA (through Fannie Mae and Freddie Mac) has incorporated and published ARRC fallback language into their standard ARM notes and riders. This new fallback language will be required for single-family Uniform Adjustable Rate Mortgage (ARM) instruments closed on or after June 1, 2020.
ICE Mortgage Technology has been monitoring the LIBOR transition for some time and is already making plans to address what changes are needed to our products by the June 1, 2020 date. Please refer to the documents and resources below for more information.
Documentation
LIBOR Transition—What you need to know
Encompass Docs Solution (EDS) 20.1 Major Release (LIBOR Transition Updates)