FHA issued Mortgagee Letter 2016-16 updating the source for obtaining the 10-year London Interbank Offered Rate (LIBOR) swap rate. Under the Mortgagee Letter, mortgagees must obtain the LIBOR swap rate from the Intercontinental Exchange (ICE) Benchmark Administration (rather than the Federal Reserve Board’s Selected Interest Rate (H.15) statistical release). As ICE does not publish a weekly average of the 10-Year swap rate, mortgagees must calculate the weekly average using the prior week’s daily three-digit USD 1100 10-Year swap rate rounded to the nearest two decimal places for the preceding Monday through Friday.
Fannie Mae
Fannie Mae Issues Servicing Guide Announcement SVC-2024-06
Fannie Mae issued Servicing Guide Announcement SVC-2024-06 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae clarified requirements related to eMortgages.
November 14, 2024
