Yearly Archives: 2014

Correspondent Updates

December 15, 2014 — Gateway will now purchase conforming 97% LTV loans, subject to agency requirements.  Fannie Mae announced an increase in the maximum LTV, CLTV, and HCLTV ratios for certain principal residence transactions. Fannie Mae will offer 97% LTV financing to help home buyers who would otherwise qualify for a mortgage but may not have the resources for …
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Correspondent Updates

November 21, 2014 — Effective 11/24/14:  Condominiums are allowed in Florida, except in the ineligible counties noted in the Client Guide.  Gateway will not approve condo projects or provide “spot” approvals.  Additionally, Age 55+ deed restrictions will be accepted, and the overlay for high rise condominiums has been removed.  Please review the Client Guide and Overlay Matrix for more …
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Correspondent Updates

November 6, 2014 — Condo reviews, electronic signatures, and Goodbye Letter information are topics included in the most recent update to the Gateway Correspondent Client Guide and website.  Please review the updates to Chapter 4 and the Resource Center.
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USDA Announcement

October 2, 2014 — USDA recently announced their policy regarding 2015 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 2015 will not be purchased by Gateway Mortgage Group until …
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Correspondent Updates

September 8, 2014 — Summary of updates: USDA:  Minimum qualifying score reduced from 640 to 620 (GUS Accept required). VA:  Maximum LTV increased on Cash-out Refinance from 95% to 100%. VA:  The requirement for a 2055 appraisal on an IRRRL has been removed. Please direct questions to your sales manager
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Correspondent Updates

August 22, 2014 — Please visit our website to view updates to the Client Guide, Product Descriptions, and Overlay Matrix. Summary of updates: Chapter 1: MI policy ID’s listed for convenience. Chapter 2: South Dakota added as an eligible state; Life Estates included in Borrower Type Restrictions. Chapter 3: Single Loan Mandatory Lock Policy added. Chapter 4: Reminder about Life …
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Approved States & AUS

July 14, 2014 — Wisconsin is now an approved state for Gateway’s Correspondent channel. LP Accept will now be accepted for FHA and VA loans, provided that loans delivered using “LP” AUS findings did not receive “DU Refer” or “DU Ineligible” findings through Fannie Mae’s Desktop Underwriter AUS (“DU”).
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Approved States

May 2, 2014 — Beginning on May 5th, 2014, Gateway Mortgage Group, LLC will accept loans for purchase from California, Delaware, Illinois, Michigan, and North Carolina. Please direct questions to your Regional Sales Manager. This information is provided for business purposes only and should not be considered an offer to extend credit or a commitment to purchase loans. All …
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HUD 184

April 10, 2014 — Effective immediately, Gateway Mortgage Group will accept HUD 184 rate/term refinance transactions. Please review the HUD 184 product description and Overlay Matrix for program parameters. Please direct questions to your sales manager
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Correspondent Updates

March 12, 2014 — Please visit our website to view updates to the Client Guide, Product Descriptions, and Overlay Matrix. Summary of updates: New Eligible States: Nevada, New Jersey, and Pennsylvania. Eligible Property Types:  Log Cabin Max LTV expanded to 85%. Conforming Fixed Product: LTV requirements removed for single premium financed MI. Conventional:  Max LTV for 1 Unit Investment …
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