ANNOUNCEMENT

Capital Markets Update –09/11/2020

Date
2020-09-14 14:54
Capital Markets Update –09/11/2020
Effective 9/14/2020: Fannie/Freddie Adverse Market Refinance Fee alignment
In order to align with the Fannie/Freddie Adverse Market Refinance Fee implementation date of 12/1/2020,

CMAC Lending will perform and implement the following:

1.   Effective 9/14/2020 – Ratesheets will reflect the .500 Adverse Market Refinance Fee on all applicable Conventional refinances locked for 60 days.

2.   Effective 9/17/2020 – Ratesheets will reflect the .500 Adverse Market Refinance Fee on all applicable Conventional refinances locked for 45 days.

3.   Effective 10/2/2020 – Ratesheets will reflect the .500 Adverse Market Refinance Fee on all applicable Conventional refinances locked for 30 days.

4.   Effective 10/17/2020 – Ratesheets will reflect the .500 Adverse Market Refinance Fee on all applicable Conventional refinances locked for 15 days.

5.   Adverse Market Refinance Fee will apply to all Conventional refinances Except:

a. FN Home Ready and FH Home Possible programs

b. Loan Amounts < $125,000

6.  For all applicable refinance locks requesting lock extension dates on and after 11/2/2020: Adverse Market Refinance Fee will be charged at lock extension request. No exceptions.
Resources:

https://singlefamily.fanniemae.com/media/23726/displayFreddie Mac Bulletin 2020-32

https://guide.freddiemac.com/app/guide/bulletin/2020-32

FOR QUESTIONS

Please contact your CMAC Lending AE sales representative or [email protected] with any questions.