Yearly Archives: 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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Maximum Number of Financed Properties

April 24, 2013 — Effective for new locks taken on or after 5/1/2013, the maximum number of financed properties allowed per borrower is four. All financed properties held individually, jointly, within an LLC, or within a partnership must be counted in the borrower(s) total number of properties, regardless of the borrower’s ownership percentage in the LLC/partnership or who is …
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Fee Schedule Changes

April 15, 2013 — Effective for new locks taken on or after 5/1/2013, the fee and price structures for Correspondent Lending will be updated.  Please review the following schedule of changes: Delegated Admin Fee:                  $250.00 Non-Delegated Admin Fee:         $695.00 FHA Streamline:                           -0.25 price adjustment VA IRRRL:                           …
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Updates to Client Guide and Overlay Matrix

March 20, 2013 — Effective April 1, 2013 Please visit Gateway Mortgage Group’s Correspondent website (www.gatewaycorrespondent.com) to review Gateway’s updated Client Guide and 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 3/29/13. Some examples of changes are listed in the bullet …
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Tax Transcripts & Income Validation

March 1, 2013 — Gateway Mortgage Group’s Correspondent division provides the following information for loans where 2012 income is used for AUS qualification. If 2012 tax transcripts are not available before April 15, 2013, please follow the applicable path below. Salaried Borrowers Provide 2012 W-2s Provide 2012 W-2 Transcript(s) OR 2012 1040 Transcript If neither 2012 Transcript is available,provide …
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