Yearly Archives: 2019

NEW Hazard Insurance Mortgagee Clause

September 16, 2019 — Effective Wednesday, September 18th, 2019 Gateway Mortgage Group Mortgagee Clause will change and must read as follows: Gateway Mortgage Group, a division of Gateway First Bank ISAOA/ATIMA P.O. Box 5013 Troy, MI 48007-5013 All files delivered for purchase on or after October 1st, 2019 must have the Mortgagee Clause updated to the above address.  In …
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Revision to August 14th 2019 Announcement: VA Cash-Out Refinances Exceeding 90% LTV

September 4, 2019 — As previously announced in Gateway’s announcement dated  August 14th, 2019, Gateway has updated the VA Refinance guidelines with respect to GNMA’s publication of APM 19-05, Revised Pooling Eligibility Requirements for VA Refinance loans.  The last day Gateway will purchase High LTV VA Cash-Out Refinances above 90%, is October 4, 2019.  In addition, the first payment …
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Gateway Mortgage Group Correspondent Lending, FHA Cash-out Max LTV and VA Refinance Max LTV

August 14, 2019 — FHA Cash-out Max LTV and VA Refinance Max LTV FHA Max LTV for Cash-out Refinances As of August 1st, 2019, HUD issued FHA Mortgagee Letter 2019-11, which reduces the current Maximum Loan-To-Value (LTV) and Combined Maximum Loan-To-Value percentages to 80% on Cash-out Refinances; effective with all case numbers assigned on or after September 1st, 2019.  …
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GNMA VA Seasoning Requirements Update:

August 2, 2019 — Effective immediately, Gateway Mortgage Group, Correspondent Lending, a division of Gateway First Bank has aligned with GNMA announcement APM 19-05 Revised Pooling Eligibility Requirements for VA Refinance Loans, which includes: The note date of the refinance loan must be on, or after, the later of: The date on which the borrower has made at least six …
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Suspension of the Effective Date of Mortgagee Letter 2019-06

July 26, 2019 — Downpayment Assistance and Operating in a Governmental Capacity As of July 23, 2019 HUD issued FHA Mortgagee Letter 2019-10, which confirms the suspension of the implementation date for Downpayment Assistance requirements for Governmental Entities.  Based on this recent announcement, Mortgagee Letter 2019-06 is suspended until further notice. Please direct any questions to your Regional Sales …
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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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