Posted To: Pipeline Press

I was telling my cat Myrtle that I have a problem when people ask me what I’ll be doing tomorrow after midnight. I don’t have 2020 vision! Barring any surprises the Fed has not made it a secret that the FOMC expects to leave short-term rates where they are well into 2020. In other Fed news, thank you to R.C. Whalen who passed along the news that, starting in early 2021, about the same time the QM patch expires, the FedWire will be open until 6PM . And servicers know that the publication of LIBOR is not guaranteed beyond 2021. (And, anecdotally, lenders originating ARM loans have moved away from offering LIBOR as an index. Why run the chance of legal troubles in the coming years by tying a borrower’s loan to an index that is likely vanishing?) Program and Processing Notes AFR…(read more)

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Source: Mortgage News Daily