Yearly Archives: 2012

Updated Overlay Matrix

November 29, 2012 — Effective December 3, 2012 Please visit Gateway Mortgage Group’s Correspondent website (www.gatewaycorrespondent.com) to review Gateway’s updated overlay matrix.  There are important changes and clarifications that require attention. Transactions that qualify under the previous version of the overlay matrix must be locked by 12/7/12. A summary of changes is listed in the bullet points below. Please …
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FNMA SEL-2012-13

November 26, 2012 — FNMA Selling Guide Announcement SEL-2012-13 On November 13th, 2012, FNMA released updates to their Selling Guide that are effective immediately.  The updates will affect Gateway’s Client Guide, so it is important that the information is reviewed by our business partners. A summary of topics that may impact Gateway’s Correspondent clients is below. Changes that are …
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Overlay Matrix

October 31, 2012 — For clarification purposes, an updated overlay matrix has been posted to the Gateway Mortgage Group website (www.gatewaycorrespondent.com). The differences compared to the 10/29/12 overlay matrix are: All changes and new items are listed in red lettering. The Loan Amount section has been updated to include the ineligibility of conforming high balance transactions. The Escrow Waiver …
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Updated Overlay Matrix

October 29, 2012 — Effective November 1, 2012 Please visit Gateway Mortgage Group’s Correspondent website (www.gatewaycorrespondent.com) to review Gateway’s updated overlay matrix. There are important changes and clarifications that require attention. Transactions that qualify under the previous version of the overlay matrix must be locked by 10/31/12. Some examples of changes are listed in the bullet points below. The …
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Approved States

October 24, 2012 — Effective Immediately Gateway Mortgage Group’s Correspondent division will begin the purchase of loans secured by properties in the state of Arizona. The client guide and product descriptions have been updated on the Gateway Correspondent website: www.gatewaycorrespondent.com.
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USDA Rural Development Update

October 5, 2012 — USDA Rural Development Update USDA recently announced their policy regarding 2013 fiscal year funding for Single Family Housing guaranteed loans. USDA Rural Development will issue Conditional Commitments “subject to the availability of commitment authority” until funds have been allocated. USDA RD loans with Conditional Commitments attached to fiscal year 2013 will not be purchased by …
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Extension Fees & Agency G-Fees

September 13, 2012 — Fannie Mae’s Guarantee Fee Increase and its Impact on Your Pipeline On Friday, August 31, 2012, the Federal Housing Finance Agency (FHFA) directed Fannie Mae to increase its guarantee fee (G-Fee). The higher fee will be in effect with security settlements starting December 1, 2012. Due to the increased G-Fee, loans will incur different extension …
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Approved States

August 30, 2012 — Gateway Mortgage Group’s Correspondent division will cease the purchase of loans secured by properties in the state of Nevada. The client guide and product descriptions have been updated on the Gateway Correspondent website: www.gatewaycorrespondent.com.
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USDA Refinance Transactions

August 27, 2012 — The USDA has announced that the Fiscal Year 2012 funding is exhausted for refinance transactions. They have further announced that RD Conditional Commitments will not be issued “subject to” funding or commitment authority. As a result, effective with new registrations beginning August 27th, 2012, Gateway will no longer accept applications for USDA refinances until further notice.
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AML, SAR Filing, Predatory Lending

August 13, 2012 — Gateway Requirements Regarding Anti-Money Laundering Program (AML) and Suspicious Activity Report (SAR) Filing for Non-Bank Residential Mortgage Lenders and Originators   Background Information:  On February 7, 2012, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule requiring non-bank residential mortgage originators to establish an Anti-Money Laundering (AML) program and …
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