Suspension of Hybrid ARM Products for MPF Direct
Effective Date: February 18, 2020
On February 5, 2020 the investor for the MPF Direct product, Redwood Residential Acquisition Corporation, announced that effective February 18, 2020 they will suspend accepting rate lock commitments on all SELECT and CHOICE 5/1, 7/1, and 10/1 hybrid ARM products that are available under MPF Direct. As the LIBOR transition initiative progresses, Redwood anticipates aligning with the new industry standard index, at which time Redwood will resume accepting rate locks for 5/1, 7/1, and 10/1 hybrid ARM products based on the new market standard index.
- MPF Announcement - 2020-02