LIBOR Resources

Below CC Pace would like to provide the following resources to assist in the LIBOR Transition.

Resources

Alternative Reference Rates Committee (ARRC)

• ARRC website
• ARRC implementation checklist
• ARRC white paper on using SOFR for ARMs
• ARRC recommended fallback contract language
• ARRC Consultation on Spread Adjustment Methodologies for Fallbacks in Cash Products Referencing USD LIBOR

Securities Industry and Financial Markets Association (SIFMA)

• SIFMA website
• SIFMA Libor to SOFR Primer

Mortgage Bankers Association (MBA)

• MBA website
• MBA LIBOR transition webpage
• MBA consumer disclosure template
• MBA webinar on contractual fallback language
• MBA primer on the LIBOR transition for the commercial mortgage market

Federal Housing Finance Agency (FHFA)

• FHFA LIBOR transition webpage

Fannie Mae

• Fannie Mae LIBOR transition webpage

Freddie Mac

• Freddie Mac LIBOR transition webpage

National Credit Union Administration (NCUA)

• The NCUA is a regulator, not a trade association.  LIBOR Transition is one of their four 2020 priorities

US Treasury

• Treasury/IRS tax relief regulations

Financial Accounting Standards Board (FASB)

• FASB hedge accounting notice

Consumer Financial Protection Bureau (CFPB)

• https://www.consumerfinance.gov/about-us/blog/libor-going-away-heres-what-you-need-know-about-libor-and-adjustable-rate-loans/ 

Introductory Articles:

• https://iflrinsight.com/articles/426/sofr-weaknesses-show-need-for-multiple-replacement-rates
• https://www.bnnbloomberg.ca/wave-goodbye-to-libor-welcome-its-successor-sofr-1.1358571

Regulatory Letters:

• FHFA – FHLB LIBOR Phase Out
• NYDFS Letter
• NCUA Instructions