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August 17, 2020

LIBOR Transition Update

Freddie Mac Multifamily’s transition from LIBOR- to SOFR-indexed floating-rate loans and Small Balance Loan hybrids is right around the corner. As a reminder, starting on September 1, all new floating-rate quotes will be for SOFR-indexed loans and we will no longer issue new quotes indexed to LIBOR (or issue new applications for LIBOR-indexed SBL hybrids).

To support a smooth transition, we’ve scheduled two SOFR Overview Webinars for your production and underwriting teams.

Here are critical LIBOR transition dates to get your deals across the finish line:

  • September 1: all new floating-rate quotes and SBL hybrid applications will be for SOFR-indexed loans only
  • September 30: last day to go under app for LIBOR-indexed floating-rate loans and SBL hybrids
  • November 9*: last day to submit underwriting packages for LIBOR-indexed floating-rate loans and SBL hybrids
  • December 11*: last day to submit final delivery packages for LIBOR-indexed floating-rate loans and SBL hybrids
  • December 31: last day we’ll purchase LIBOR-indexed floating-rate loans and SBL hybrids, regardless of the loan application or note dates

*Note: these dates are outside dates; a specific LIBOR-indexed loan may be subject to earlier deadlines.

As always, we value your business, partnership and commitment and look forward to a smooth and successful transition to SOFR.

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