Update: Adverse Market Refinance Fee

Effective today, Tuesday, September 8, 2020 the Adverse Market Refinance Fee will be applied to all eligible loan programs locked for 60 days or greater. Gateway will reintroduce the 50- basis point fee on eligible loan products based on the schedule below:

Day

Date

Lock Terms

Tuesday

9/8/2020

60-days or longer

Monday

9/21/2020

45-days

Monday

10/5/2020

30-day

Monday

10/19/2020

15-day

Monday

10/26/2020

7-day


Please note, locked loans that are priced with the Adverse Market Refinance Fee will receive a credit of .50 (50 basis points) at funding if and only if they are purchased on or before 11/13/2020. The adverse market refinance fee will apply to all applicable Refinance loans not purchased by Gateway on or before Friday, November 13th, 2020. HomeReady, Home Possible and loan amounts less than $125,000 are exempt from the Adverse Market Refinance Fee.

Please direct any questions to your Regional Sales Manager