Effective for agency refinance loans locked, relocked or renegotiated on or after Thursday August 13th, 2020, Gateway First Bank, Correspondent Lending has aligned with the Fannie Mae LL-2020-12 and Freddie Mac Bulletin 2020-32 announcements. This new Adverse Market Refinance Fee of 50 basis points (0.500%), applies to cash-out and no cash-out refinances, in addition to other related LLPA price adjustments.
The Adverse Market Refinance Fee is applicable to refinance loans that are subject to worse case pricing. As a reminder, locked loans requiring product changes, more than 3 extensions, or extensions greater than 30 days in total are subject to worse case pricing; including the new 50 basis points (0.500%) fee.
Please direct any questions to your Regional Sales Manager