Yearly Archives: 2019

2020 FHA and VA Loan Limit Updates

December 27, 2019 — FHA Loan Limit Effective with case numbers assigned on or after January 1, 2020, Gateway Mortgage will begin accepting locks with the higher FHA loan limits.  Please refer to FHA Mortgagee Letter 2019-19 as well as FHA Info #19-59 for the county limits in your area. VA Loan Limit For VA loans guaranteed on or …
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Taxpayer First Act: Borrower Consent Form

December 26, 2019 — The Taxpayer First Act was signed into law on July 1, 2019.  The act includes a provision that persons receiving tax return information must obtain the express permission of taxpayers prior to disclosing that return information to any other person. Due to the law, if a lender or a servicer obtains tax return information during …
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Flood Insurance Update

December 23, 2019 — Gateway Mortgage has made an update to our Flood Insurance Policy. The required coverage offered is the lesser of the following: The combined total outstanding principal balance of all loans, or The maximum amount of coverage available under the NFIP (currently $250,000 per residential building); or The insurable value of the residential building(s), which can …
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Correspondent Client Guide Changes

November 25, 2019 — Gateway has recently made a few updates to our Client Guide.  A quick summary of those changes are listed below with direct links to each section where the changes are located.  As a reminder, updates to our guidelines are highlighted in red to easily and quickly see what has been updated. Chapter 1 – Doing …
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Disaster Policy Implementation: Tropical Storm Imelda

October 8, 2019 — On October 4, 2019 FEMA issued a Disaster Declaration for Texas Tropical Storm Imelda (DR-4466). Major Disaster Declaration FEMA-4466-DR has authorized individual assistance in the following counties: Chambers, Harris, Jefferson, Liberty, Montgomery & Orange COUNTIES IN DECLARED DISASTER AREA AND APPRAISALS COMPLETED PRIOR TO DISASTER Re-inspection/certification of value is required on any property in a …
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USDA Rural Housing 2020 Fiscal Year – Funding Announcement

October 4, 2019 — Per the Fiscal Year 2020 Commitment Notice released September 12, 2019 funding will be temporarily unavailable for the USDA Rural Housing Loan program beginning October 1, 2019.  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 …
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SETH GoldStar changes to 10 Year Government DPA Option

October 1, 2019 — Effective Monday October 14th, 2019, the 10 Year DPA option for the SETH Goldstar Program will be temporarily discontinued until further notice.  This is only for the 10 Year Government DPA Loan Option in the SETH Goldstar Program, including FHA, VA and USDA.  The last day to lock the 10 Year SETH Goldstar with the …
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Clarification to Flood Insurance Documentation Requirement

September 25, 2019 — As previously announced in our September 23, 2019 announcement on Flood Insurance Documentation, Gateway Mortgage Group has updated our requirements for all loans requiring flood insurance, pursuant to FDIC regulations.  Effective with all new submissions on or after October 1st, 2019, Gateway Mortgage Group, a Division of Gateway First Bank will require the Flood Insurance …
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Disaster Policy Update: Tropical Storm Imelda

September 24, 2019 — Tropical Storm Imelda has brought devastating rains and flooding to Southeast Texas. Although FEMA has not declared specific counties for individual assistance as of yet, the Texas Governor has declared a State of Emergency for Tropical Storm Imelda due to ongoing rain and flooding and potential for additional damage. The counties that are included in …
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Flood Insurance Documentation Requirement

September 23, 2019 — Effective October 1st, 2019, Gateway Mortgage Group, a Division of Gateway First Bank will require proof that the Flood Insurance Premium has been receipted by the Flood Insurance Company.  A copy of the cancelled check or paid receipt is sufficient to clear this requirement. Please direct any questions to your Regional Sales Manager
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