Fannie Mae and Freddie Mac have posted announcements about revised ARM Notes and Riders. The phrase “or less than the Margin” is being added at the end of each “Limits on Interest Rate changes” section, and “(rev. 6/16)” is being added to the footer. The updated documents are required to be used no later than October 1, 2016, but lenders are encouraged to use them earlier.
We are currently in process of identifying all affected documents, and will roll them out as they become ready. If there are any questions, please contact client support at 800.497.3584.