| Freddie Mac's revamped refinance test goes into effect early next year (which is like, what, tomorrow?), so our Houston reporter ferreted out the experts to tell you what to expect. Freddie's new refi test will be given to seller-servicers and focuses on property features like historical operations and markets, which could benefit borrowers, according to CBRE Capital Markets EVP Holly Minter, left. She and CEO Brian Stoffers, right, hosted Freddie Mac managing regional director John Luka and Kelli Carhart for an informal chat about the new test at CBRE's HQ in Houston. Holly says it will have the most direct and positive impact on five- and seven-year term loans, which are in high demand by institutional fund borrowers. Case in point: Changes to the test enabled Freddie to bump acquisition loan proceeds by 10% for one of Holly's clients on a $15M, five-year capped ARM deal slated for a year-end close. |
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