Yearly Archives: 2018

Gateway Disaster Policy regarding Public Notice – Major Disaster Declaration FEMA-4407-DR-CA

December 12, 2018 — On December 3, 2018, FEMA issued an updated presidential disaster declaration for CA Wildfires.  Regarding this declaration, numbered FEMA-4407-DR-CA, has authorized Individual Assistance for Butte, Los Angeles, and Ventura counties;  additional counties may be designated at a later date.  Please note that loan fundings in affected areas are subject to review and must adhere to …
Read More

Important TVLB Product Updates

October 25, 2018 — Please note the updated guidelines for TVLB loans effective November 5th, 2018: TVLB lock term is now 45 days with a 30-day purchase by date Rate Lock Extensions are no longer allowed Upon loan delivery the lock becomes a mandatory commitment and conditions must be cleared within Gateway’s 30-day purchase by date Loans will be …
Read More

Natural Disaster Policy at Gateway Mortgage Group, LLC

September 12, 2018 — The following announcement is made to provide guidance regarding natural disasters that may affect loans scheduled to close or fund in those affected areas.  Affected counties will be listed on the FEMA website:  http://www.fema.gov/news/disasters.fema COUNTIES NOT YET DECLARED IN DISASTER AREA ON FEMA WEBSITE FEMA website may take up to a week or longer to …
Read More

GNMA Seasoning Requirements for VA Refinances

August 21, 2018 — PLEASE NOTE:  As previously announced, Gateway Mortgage Group, LLC has aligned with the policy guidance update: VA Refinance Loans under the Economic Growth, Regulatory Relief and Consumer Protection Act, S.2155 including the clerical amendment relating to section “3709. Refinancing of housing loans.” As a clarification, the Government National Mortgage Association (GNMA) requires the following seasoning …
Read More

DACA Announcement

August 3, 2018 — The following announcement will apply to any new applications taken on or after August 3, 2018:   Due to recent Executive Orders and court actions regarding the Deferred Action for Childhood Arrival program (“DACA”), Gateway has reviewed the complex issue of whether we will purchase loans to participants in the DACA program.  Based upon its …
Read More

Clarification of Property Tax Exemption

July 26, 2018 — Please note the following clarification to the Property Tax Exemption Client Announcement posted July 3, 2018.   The clarification below applies to Texas properties:   Veterans can qualify with a PITI that excludes property taxes when Veterans is 100% disabled. This can be documented with: VA Verification of Benefits showing:  Service-connected disability, combined service-connected evaluation, …
Read More

Property Tax Exemption

July 3, 2018 — For all loans where borrower’s qualify for 100% property tax exemptions, clients are required to retain adequate escrow funds using the steps outlined below: Veterans that are 100% disabled and have no other property ownership, are eligible to qualify with a $0 property tax exemption as long the 100% disability is documented and proof from …
Read More

Client Guide Chapter 3 – Update Regarding Partial Escrow Waiver

June 27, 2018 — Effective immediately, please note the updated escrow waiver policy in our Client Guide, Chapter 3, regarding waiving partial escrows: If waiving escrow for hazard insurance ONLY, no escrow waiver fee is charged.  Select “No” for Waive Escrows in GEMS. If waiving escrow for taxes ONLY, or, if waiving escrows for BOTH hazard insurance and taxes, …
Read More

GNMA Seasoning Requirements for VA Loans and VA Circular 26-18-13 Updates to VA Refinance Transactions – Signed Certification Form Required

June 15, 2018 — Policy Guidance Update:  VA Refinance Loans and the Economic Growth, Regulatory Relief and Consumer Protection Act (05/25/18) PLEASE NOTE:  Gateway Mortgage is aligning with VA Circular 26-18-13 outlined below, therefore, all VA IRRRL loan transactions delivered to Gateway for purchase must meet the VA circular requirements for loan applications taken on or after May 25, …
Read More

ARE YOU UCD READY?

May 24, 2018 — As previously announced on April 25th, Clients must complete UCD for both agencies (Fannie Mae and Freddie Mac). This includes submitting the XML file, embedding the PDF version of the Closing Disclosure, and ensure no critical/fatal errors on the UCD Findings.  Effective June 25, 2018, all conventional loans require this information completed with every submission …
Read More