The implementation of the new adverse market refinance fee being charged by Fannie Mae and Freddie Mac will occur on December 1, 2020. REMN Wholesale has added the 50-bps fee to our rate sheet as of Friday, September 11, 2020.
REMN lock pricing will include the 50-bps fee for the following:
• Loans locked with a lock expiration after November 13, 2020
• Loans that require a lock extension after November 13, 2020
• Emerging Banker loans that are purchased after November 13, 2020
The adverse market refinance fee does not apply to the below transactions:
• Loan with a lock expiration dated November 13, 2020 or sooner
• Fannie Mae HomeReady or Freddie Mac Home Possible refinances
• Loan amounts lesser than $125,000
Please contact your Account Executive with any questions.