Yearly Archives: 2019

Important AUS Lock Requirements

July 1, 2019 — Effective with Locks taken on or after July 15, 2019, Clients will be required to use the AUS system that corresponds with the selected Agency Loan Program (AUS Pure).  The reason for this requirement is there may be a difference in pricing between FNMA (CF30) vs. FHLMC (CF30-FHLMC) on our rate sheet and in the …
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Revised Overlay Matrix

May 17, 2019 — Please take a moment to review the updated Overlay Matrix, available on our website as of May 17th, 2019. Below is a list of the most significant changes to the Overlay Matrix: No score/non-traditional credit allowed on all loan programs, subject to Agency Guidelines. No maximum DTI on all loan programs that receive an AUS …
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Notice of Business Merger & Name Change

May 3, 2019 — On December 5, 2018, Gateway Mortgage Group, LLC (“Gateway”) entered into a definitive merger agreement pursuant to which Farmers Exchange Bank will merge with and into Gateway, with the resulting entity to be known as “Gateway First Bank”. The transaction is currently scheduled to close on May 3, 2019, subject to the satisfaction of all …
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Update: Effective Date Extended for Recent Downpayment Assistance and Operating in a Governmental Capacity Mortgagee Letter

April 26, 2019 — As of April 25, 2019 the Federal Housing Administration (FHA) published Mortgagee Letter (ML) 2019-07, which announced an extension of the effective date of ML 2019-06,Downpayment Assistance and Operating in a Governmental Capacity. This ML was originally published and communicated via FHA INFO 2019-11 on April 18, 2019. The guidance provided in ML 2019-06 will be effective …
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FHA Documentation Requirements for Governmental Entities Providing Downpayment Assistance to FHA Borrowers: SETH Goldstar & CAFA Gold 100 FHA Loan Programs

April 22, 2019 — As of April 18th, 2019, Gateway Mortgage Group Correspondent Lending aligned with the Federal Housing Administration (FHA) issuing HUD Mortgagee Letter (ML) 2019-06, Downpayment Assistance and Operating in a Governmental Capacity. Effective immediately, reservations/locks for FHA SETH Goldstar & FHA CAFA Gold 100 Loans are temporarily suspended with Case Numbers dated on or after April …
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Funding Fee Update for TVLB Loans

April 9, 2019 — Effective with locks on or after May 1, 2019, the funding fee for TVLB loans will be changing. Please refer to the GEMS Portal under the RESOURCE menu for the updated Gateway Fee Schedule. All other fees or charges will remain the same. Please direct any questions to your Regional Sales Manager
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New VA Policies and Updates to VA-Guaranteed Cash-Out Refinancing

March 1, 2019 — Effective February 15, 2019, Gateway Mortgage Group Correspondent Lending (Gateway) aligned with recent publications by the Department Veterans Affairs’ (VA), announcing new VA policies regarding VA-guaranteed cash-out refinancing loans, including refinancing of construction loans (construction-to-permanent), which includes all subsequent clarifications and changes as outlined in Circular 26-18-30, Circular 26-18-30 Change 1, Circular 26-19-05 and Circular …
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Texas Veterans Housing Assistance Program (VHAP) Program Bulletin for the Gateway TVLB Loan Program

January 28, 2019 — Please note the recent updates to the Texas Veterans Housing Assistance Program (VHAP) Program below.  This applies to clients that have been approved by Gateway to sell us Texas Veterans Loan Program (TVLB) loans: The Veterans Housing Assistance Program loan limit will increase to $484,350.00, beginning with rate locks issued on and after January 28, 2019. Note:  …
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Federal Government Shutdown

January 4, 2019 — On December 22, 2018, the US Government partially shut down due to the expiration of the nation’s spending authority, as a result, some government agencies and services are closed or suspended, including the IRS and Social Security Administration. Gateway provides the following guidance, and temporary changes to existing guidelines, regarding underwriting and purchase requirements for …
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