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MBA LIBOR Transition Survey for Commercial/Multifamily Members
On Friday MBA circulated a survey on LIBOR transition to commercial/multifamily members. The brief survey is designed for commercial mortgage lenders, but also includes servicers, special servicers, and service providers that likely may be directly or indirectly impacted by the transition.
–Why it matters: The London Interbank Offered Rate, or LIBOR, serves as the primary interest rate benchmark across numerous financial products, including floating-rate mortgages. Due to structural weaknesses in the benchmark that made it susceptible to manipulation during the last financial crisis, regulators have called for markets to transition to more resilient benchmarks. As a result, LIBOR is likely to be discontinued in late 2021, or perhaps even sooner.
–What’s next: Survey responses are due by close of business on Friday, September 11, 2020.
Please reach out to the CREF team if you are unsure about whether your firm was included in the survey and would like to participate. We look forward to your participation and continued involvement in the LIBOR preparation efforts.
Please contact Andrew Foster at afoster@mba.org with any questions about the survey.