Today, FNMA announced that they will begin retiring adjustable-rate mortgage products which are based on the Constant Maturity Treasury (“CMT”) index (see FNMA LL-2021-05). Of particular interest is the following:
“To be eligible for delivery to Fannie Mae, all CMT ARMs must have application dates on or before June 30, 2021. In addition, all CMT ARMs must be purchased as whole loans on or before Sep. 30, 2021 or delivered into MBS pools with issue dates on or before Sep. 1, 2021.”
We are currently reviewing this announcement to determine any impact, and evaluating any modifications, to our document library and/or systems. Any modifications we make as a result will be announced on our website (https://compliance.docutech.com/).