Yearly Archives: 2015

Correspondent Update

December 10, 2015 — Fannie Mae Conforming Fixed Product description:  Updated to allow Freddie Mac LP AUS. VA:  Manual underwriting overlays added.  Locks beginning 12/11/2015 will be subject to the new requirements. HUD Section 184:  Cash-out overlay removed Conversion of Primary Residence:  Overlay disallowing AVM/BPO removed Government Streamline Refinances:  Income overlays removed Ch. 4 – MERS Transfers:  Timeframe update …
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TRID Announcement

September 30, 2015 — Regulatory Changes with TRID: Home Loan Tool Kit- The Home Loan Toolkit replaces the Settlement Cost Booklet when TRID goes into effect.  This should be delivered to the Consumer with the Loan Estimate. Loan Estimate- The Initial Loan Estimate must be delivered no later than 3 business days after receiving the loan application. In addition, …
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Gateway Mortgage Group Receives Honor Roll Status on Inc. 5000

September 2, 2015 — Gateway Mortgage Group recently achieved “Honor Roll” status on the Inc. Magazine List of America’s Fastest Growing Private Companies. The company is recognized as a multi-year honoree with its selection to the list in 2006, 2007, 2013, 2014 and 2015. “America’s independent entrepreneurs represent a significant segment of our nation’s economy,” said Alan Ferree, President …
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Correspondent Update

August 17, 2015 — Beginning on August 18, 2015, Gateway Mortgage Group, LLC will accept loans from the state of Connecticut. Please direct questions to your Regional Sales Manager.
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Correspondent Update

August 11, 2015 — Please review a recent update to Gateway’s Fannie Mae LIBOR ARM product description in Chapter 5 of the Client Guide.  Effective today, the Fannie Mae 5/1 LIBOR ARM will have a new product code and ARM plan to reflect a change in interest rate caps from 5/2/5 to 2/2/5. Contact your Regional Sales Manager if …
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Correspondent Update

July 22, 2015 — Please review Gateway’s Client Guide and related website documents for updates.  A summary of changes is below. Electronic Signatures and Power of Attorney document updated in Associated Documents section of Resource Center. Operations personnel updated in Chapter 1. Condominium review form updated in Associated Documents section of Resource Center.  See the Condo Project Manager Review …
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Correspondent Update

July 14, 2015 — Effective Tuesday, July 14th, the following loan-level price adjustments (LLPAs) will be implemented for Gateway’s FHA, VA and HUD Section 184 products:                                                       Old Adjustment            New Adjustment Credit Score 620-639:                          (2.000)                         (1.500) Credit Score 660-679:                          (0.250)                         (0.000) Please contact your Regional Sales Manager if you have any questions.
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Correspondent Update – LLPAs

June 25, 2015 — Please be advised that Gateway’s conventional loan-level price adjustments (LLPAs) will be subject to upcoming changes in LLPAs from Fannie Mae.  The changes will be implemented for Best Efforts locks on 7/1/2015, and Mandatory locks will include updated adjustments starting on 8/1/2015.  Fannie Mae announcement SEL-2015-04 may be referenced for details.   Please contact your …
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Correspondent Update

June 15, 2015 — Please review the Client Guide for recent updates.  A summary of the changes is below:  Chapter 4, Calculating Interest (pg. 5):  per diem interest calculation updated. Chapter 4, IRS Form 4506-T (pg. 22):  requirements updated to align with agency requirements. Chapter 5, FNMA Conforming Product (pg. 3):  investment 1-unit maximum LTV/CLTV updated to sync with FNMA. …
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Natural Disaster Policy

June 2, 2015 — Recent flooding in Texas has prompted FEMA and the Texas Governor’s Office to declare a state of disaster for certain counties.  Please reference the Natural Disaster Policy in Gateway’s Client Guide for guidance related to ensuring that a subject property is in acceptable condition at the time of loan purchase.  Each product description in Chapter …
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