New Multifamily Refinance Test Effective
February 24, 2015
We have updated our Refinance Test with new data. Changes this quarter include updated interest rate and market forecast data, and a lowering in the cap rate forecast. As a result, the updated Refinance Test will be less restrictive than the current test.
The updated Refinance Test will be effective for all new loans starting Sunday, March 1. However, loans in process or under application that rate-lock prior to March 15 may continue to use the November 3, 2014, version of the Refinance Test. All other loans must use the updated version.