Yearly Archives: 2019

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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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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