Effective October 15, 2020 – Adverse Market Fee on 15 Day refinance locks
| In alignment with Fannie Mae and Freddie Mac Adverse Market Refinance fee, the loan-level price adjuster (LLPA) of 50 basis points (bsp) will be applied to 15 day rate locks in addition to 21,30,45 and 60 day rate locks on conventional and high balance loans.
For conventional and high balance refinance locked prior to these effective dates, the loan will need to fund by the expiration date to avoid the additional LLPA of 50 bps. If a previously locked loan needs an extension or relock, the 50 bps LLPA will be applied. For Non-Delegated Correspondents, the loan must be “purchased” by our Correspondent purchase team no later than November 6th to avoid the LLPA of 50 bps. |
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