What are my Pricing Index Options?

In this article

 

What pricing indices are available?

 

How often are indices updated?

If not using a custom source, indices are updated according to the following the schedule:

  • Treasury and FHLB (if using Funding Curve as source)
    • PrecisionLender updates these rates at roughly 11:00 PM Eastern Time, Monday through Friday.
    • When PrecisionLender updates funding curve information at night, we update it with the rates from the most recent business day.
      • For FHLB-Boston, we receiving morning rates from the most recent business day.
    • For example, when we receive funding curve information on Tuesday night, we will be receiving the rates from the business day on Tuesday; therefore, a lender looking at the funding curve during the business day on Wednesday will see the Tuesday rates.
  • LIBOR
    • PrecisionLender updates LIBOR at roughly 11:00 PM Eastern Time, Tuesday through Saturday.
    • When PrecisionLender updates LIBOR information at night, we update it with rates from the previous business day.
    • For example, when we receive funding curve information on Wednesday night, we will be receiving rates from the business day on Tuesday; therefore, a lender that uses LIBOR on Thursday will see the rates from Tuesday.
  • SOFR
    • The earliest available pricing date for SOFR is 6/7/19. SOFR is only available as an index.
    • When PrecisionLender updates SOFR information at night, we update it with rates from the previous business day.
    • For example, when we receive funding curve information on Thursday night, we will be receiving rates from the business day on Wednesday; therefore, a lender that uses SOFR on Friday will see the rates from Wednesday.
  • Federal Funds Rate
    • When PrecisionLender updates Federal Funds information at night, we update it with rates from the previous business day.
    • For example, when we receive index information on Thursday night, we will be receiving rates from the business day on Wednesday; therefore, a lender that uses Federal Funds rate on Friday will see the rates from Wednesday.
  • These schedules may be affected by bank, national, or international holidays.

You can also check the Last Updated Date in the Standard Indices table in the Rates and Indices section of Administration.

 

How do I select or update an index for a product?

Index selections for each rate type are made in the product assumptions

One thing to note for Fixed Rate loans is that the index can be set at the product level and the regional level. 

  • If you'd like a Fixed Rate index to apply to all products at a given region level, make your selection in the Funding Curve Family for Fixed Rate Spread Lock dropdown in the regional assumptions and in the product assumptions, leave Override Fixed Rate Spread Lock Funding Curve Family unchecked.
  • If you'd like a Fixed Rate index for a product that is different from the regional assumptions, check Override Fixed Rate Spread Lock Funding Curve Family in the product assumptions and then make your index selection in the Fixed Rate Spread Lock Funding Curve Family dropdown that will appear to the right.