Monthly Archives: December 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 …
Read More

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  
Read More

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 …
Read More

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 …
Read More