Monthly Archives: October 2012

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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