# Update: Adverse Market Refinance Fee

Source: https://www.gatewaycorrespondent.com/announcements/update-adverse-market-refinance-fee-2

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 13****th****, 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***](http://www.gatewaycorrespondent.com/contact/sales/)