Monthly Archives: June 2013

Product Announcement: FNMA Conforming Fixed Rate

June 24, 2013 — Effective immediately, Gateway Mortgage Group has expanded the allowable LTV for the FNMA Conforming Fixed Rate product. Previous Guideline:  Max 95% LTV on Conforming Fixed Rate for primary residence purchase and limited cash-out transactions. 2% Financed MI allowed on base 95% LTV, for a total LTV of 97% on purchase transactions only. New Guideline: Max …
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Higher Priced Mortgage Loans (HPMLs)

June 17, 2013 — Gateway Mortgage Group has reconsidered our stance on Higher Priced Mortgage Loans (HPMLs).  Effective immediately, Conventional and Government loans that are classified as HPML are acceptable for purchase.  When delivering loans classified as HPML, clients represent and warrant that all applicable Reg. Z HPML rules and restrictions have been followed. Please direct questions to your …
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Eligibility Reminder: Higher Priced Mortgage Loan (HPML)

June 7, 2013 — Eligibility Reminder: Higher Priced Mortgage Loan (HPML) The recent changes in annual FHA MIP, as noted in HUD Mortgagee Letter 2013-04, may affect the eligibility of loans submitted to Gateway Mortgage Group for purchase.  As a reminder, Gateway will not purchase a Higher Priced Mortgage Loan (HPML), as defined in Regulation Z.  For reference, Average …
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