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 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