Starting Monday 10/12/20 GMFS will be monitoring the lock extensions in order to appropriately manage the changes required by Fannie and Freddie related to Adverse Market Fee. Please be aware that you may temporarily see short delays in your change request and/or extensions.

As previously announced the Adverse Market Fee will apply to all eligible refinances locked on or after 9/15/20 that expire after 11/13/20 (see bulletin from 9/14/20). If the loan requires the 50bps Adverse Fee to be applied, prior to the Lock Desk accepting the extension you will be notified of the fee.

Please be aware, the pricing you see in the system upon your request does not include the fee. (if the fee is incurred, your final price will be 50 bps lower than your extension request price)

Feel free to reach out to the lock desk with any questions.

Thanks, GMFS Lock Desk