On February 5, 2020, Fannie Mae released Lender Letter LL-2020-01 concerning the upcoming transition from LIBOR to an alternate index for all ARM products. Carrington Mortgage Services, LLC (CMS) will follow the timelines and requirements of the letter particularly with respect to the following:
Carrington will not purchase loans which do not comply with these requirements. Carrington expects to transition to the SOFR index for offered ARM loans by the end of 2020 and will provide additional guidance throughout the transition process.
Please contact CorrespondentRM@carringtonms.com with any questions.
Carrington thanks you for your business.
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