# Agency Adverse Market Refinance Fee

Source: https://www.gatewaycorrespondent.com/announcements/agency-adverse-market-refinance-fee

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](https://singlefamily.fanniemae.com/media/23726/display)** **and** **[Freddie Mac Bulletin 2020-32](https://guide.freddiemac.com/app/guide/content/a_id/1003972)** **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***](http://www.gatewaycorrespondent.com/contact/sales/)