Yearly Archives: 2017
Texas Home Equity Changes Effective January 1, 2018
December 29, 2017 — Texas Constitution was amended on November 7, 2017 affecting Texas Home Equity loans. The fee cap was lowered from 3% to 2% of the original loan amount. It excludes: a)bona fide discount points used to buy down the interest rate, b) appraisal performed by a third party appraiser, c) survey by a state registered or …
Home Mortgage Disclosure Act (HMDA) Requirements for 2018
December 8, 2017 — Gateway Mortgage Correspondent Lending Home Mortgage Disclosure Act (HMDA) Requirements for 2018: For loan applications taken starting January 1, 2018 Gateway requires the new Demographic Information Addendum of the Uniform Residential Loan Application (1003) to be completed. If the Demographic Information Addendum is missing for applications dated on or after January 1, 2018, Gateway will …
Uniform Closing Dataset (UCD) Requirements Reminder
September 22, 2017 — This is a reminder from our prior announcement dated August 7, 2017 regarding Gateway’s UCD requirements for our clients to ensure they follow GSE compliance of UCD implementation when delivering loans for purchase with a Note date on or after Monday, September 25, 2017. On September 15, 2017 the GSEs announced the UCD mandate remains …
Natural Disaster Guidelines and Requirements
September 12, 2017 — With the recent hurricane activity, we would like to inform and remind you about Gateway’s Natural Disaster Requirements, please see below. Natural Disaster Requirements A full appraisal on the appropriate form is required and Client must represent and warrant the existence and condition of the subject property at time of purchase. Regardless of AUS findings, …
Funding Fee Update for Delegated and Non-Delegated Loans
September 1, 2017 — Effective Friday, September 1, 2017, funding fees for Delegated and Non-Delegated loans will change as noted below. Funding fees are listed on Gateway’s rate sheet. All other fees or charges will remain the same. Delegated Funding Fee: $299.00 Non-Delegated Funding / Underwriting Fee: $599.00 Please direct any questions to your Regional Sales Manager
Uniform Closing Dataset (UCD) Requirements
August 7, 2017 — To ensure Fannie Mae and Freddie Mac (GSE) compliance, Gateway will require that Correspondents submit Uniform Closing Dataset (UCD) files to both GSEs and provide evidence of a successful submission via the UCD Findings Reports. This requirement applies to all conventional loans with a Note dated on or after September 25, 2017. Gateway Document Requirements …
NEW PRODUCTS RELEASE and updates to Overlay Matrix, Client Guide and Website
June 27, 2017 — Gateway Mortgage Group’s Correspondent Lending Channel is excited to announce the release of the following new products along with several updates to our website. Please take a moment to review the announcement published today, June 27, 2017, as outlined in the bullet points below: GATEWAY SECOND LIEN • Second Lien – 10, 15 & 20-year …
Corporate Resolution Note and Allonge Endorsement Requirements
May 18, 2017 — Gateway Mortgage Group’s Correspondent Lending Channel allows only authorized officers named on your Corporate Resolution to endorse notes and allonges as described in Chapter 4 of our Client Guide, prior to purchasing your loans. If these documents are signed by someone other than an officer named on the form, we will require receipt of an …
Gateway Mortgage Group – Important Correspondent Updates to Website, Client Guide and Overlay Matrix
April 26, 2017 — Gateway Mortgage Group’s Correspondent Lending Channel has recently made several updates to our website in the following areas – Client Guide, Product Descriptions, Overlay Matrix and Resource Center. The Overlay Matrix and Product Descriptions have been updated and improved for efficiency, therefore some items and sections were removed, combined and/or renamed. Please take a moment …
Non-Delegated Underwriting Fee for Loans Withdrawn or Ineligible
April 20, 2017 — All Non-Delegated loans submitted for underwriting on or after 12/01/16 will be charged a $250 underwriting fee when a loan is determined to be ineligible for purchase, or if the loan is withdrawn. Please direct any questions to your Regional Sales Manager
