Yearly Archives: 2013

Qualified Mortgage Requirements

December 20, 2013 — Gateway Mortgage Group, LLC will require loans covered by 12 CFR Section 1026.43 to meet the requirements of a Qualified Mortgage Loan, as defined in the Consumer Financial Protection Bureau’s Ability-to-Repay and Qualified Mortgage Rule.  Loans that are not subject to the CFPB’s ATR/QM rule will only be purchased if they meet all applicable agency …
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Overlay Matrix & Eligible Properties

December 17, 2013 — Please review the updated Overlay Matrix posted to Gateway’s Correspondent website today.  A correction has been made to amend the list of ineligible properties.  The property types affected are: Log Homes (Log Cabins are ineligible) Modular Homes 3-4 Unit Please direct questions to your sales manager  
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Overlay Matrix Update

December 16, 2013 — Please review the updated Overlay Matrix posted to Gateway’s Correspondent website today.  The changes are effective December 16, 2013.  A summary of the updates is listed below. Construction/Perm single or one-time close loans which utilize a modification agreement or construction loan rider are ineligible. Down Payment Assistance overlay updates. Changes to the down payment overlay …
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Maximum DTI – HUD 184 & USDA

December 16, 2013 — Debt to Income Ratio Loan applications taken on or after January 1, 2014 will be subject to updated DTI overlays for the HUD 184 and USDA loan programs.  Please review the upcoming changes below. HUD 184:     Maximum 43% DTI allowed USDA:           Maximum DTI is per GUS Accept, max 45% DTI allowed Please direct questions to …
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Client Guide Updates

October 25, 2013 — Gateway Mortgage Group has posted changes to the Client Guide, effective 10/25/13.  A summary of updates is listed below. Chapter 1: Contact Information Chapter 2: Eligibility Restrictions and Wire Instructions Information Chapter 3: Extended Lock Program Chapter 4: Loan Delivery and Purchase, Power of Attorney, MERS Registration, Title Insurance, Name Affidavit, Closing Package, PMI, and …
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Approved MI Companies

October 25, 2013 — Effective 10/25/2013 Gateway Mortgage Group’s Correspondent division has added National MI as an approved mortgage insurance company.  The overlay matrix and affected product descriptions have been updated on the Gateway Correspondent website: www.gatewaycorrespondent.com.
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Extended Lock Program

October 18, 2013 — Effective October 21st 2013, Gateway Mortgage Group will offer extended lock periods to accommodate the new construction of a primary residence.  Extended locks will be available for 15 or 30 year Conventional, FHA, and VA loans, with a maximum loan amount of $417,000.  The product codes are: CF30EL, CF15EL, F30EL, F15EL, V30EL, and V15EL.  The …
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FHA/VA/184 Overlays

August 29, 2013 — Effective Immediately Please review the most recent Overlay Matrix for changes to the FHA/VA/184 credit score overlays.  The updated matrix and product descriptions are posted at www.gatewaycorrespondent.com. Please direct questions to your Regional Sales Manager.
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Price Adjustment Change

August 8, 2013 — Effective Monday, August 12th, 2013, there will no longer be a price adjustment for FHA, VA, 184, and USDA loans with credit scores between 701-719. USDA Credit Score Previous Adjustment New Adjustment 701-719 0.125 0   FHA/VA/184 Credit Score Previous Adjustment New Adjustment 701-719 (30 year only) 0.125 0 Please direct questions to your Sales …
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Pricing Adjustment Changes

July 15, 2013 — Please review the following pricing adjustment changes that are effective today, July 15, 2013. USDA Credit Score Previous Adjustment New Adjustment 640-659 (.500) (1.250) 660-679 0 (.500) 701-719 .125 Unchanged 720+ .125 .250   FHA/VA/USDA Credit Score Previous Adjustment New Adjustment 620-639 (2.000) Unchanged 640-659 (.500) Unchanged 660-679 (.250) Unchanged 701-719 (30 year only) 0.125 …
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