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Mortgage Biz Should Prep for New Rate Index: Fed Group

Tuesday, Jul 16 2019
Lending
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Mortgage professionals should begin getting ready for a new interest-rate index that can replace Libor, the scandal-tarnished benchmark that’s due to sunset after 2021, according to a Federal Reserve working group. So reports MarketWatch.

!--more-->Members of the working group said Libor’s proposed successor, the Secured Overnight Financing Rate, will suit the mortgage industry nicely.

Fannie Mae’s treasurer, Nadine Bates, said that lenders and other mortgage pros may need up to 18 months to get set for the changeover.

Read the full article from MarketWatch.

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