Temporary Suspension of Cash-Out Refi Transactions
Due to the continued changes and challenges to the mortgage industry caused by COVID-19, effective Monday, May 4, 2020, Fairway Wholesale Lending is TEMPORARILY suspending Cash-Out Refinance Transaction for all loan types.
Fairway will honor the locked pipeline of Cash-Out Refinance transaction and allow loans that have been delivered to Fairway Wholesale Lending for underwriting to be locked once the loan obtains the underwriting APPROVAL.
Note – Cash-Out Refinance transactions locked today and after will be subject to an additional 0.50 Cash-Out Pricing Adjustment.
Please contact your Regional Account Manager should you have any questions related to this Client Announcement.
Client Announcement 2020-05-04