Yearly Archives: 2020

Update:  Temporary Selling Guidance Related to COVID-19

March 30, 2020 — Update:  Temporary Selling Guidance Related to COVID-19 Gateway First Bank Correspondent Lending continues to closely monitor the COVID-19 pandemic and will continue to provide updates and guidance during these challenging times.  Please see below updates to the temporary flexibilities Fannie Mae, Freddie Mac, FHA, VA and USDA have implemented in response to the COVID-19 developments: …
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Agency Temporary Selling Guidance Related to COVID-19

March 26, 2020 — Agency Temporary Selling Guidance Related to COVID-19 Gateway First Bank, Correspondent Lending understands the challenging times our clients and borrowers are faced with during the current COVID-19 Coronavirus pandemic.  In accordance with the special flexibility and guidance issued by Fannie Mae and Freddie Mac on how lenders are expected to handle employment verifications and appraisal …
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FICO Update:  All Government Loan Programs

March 25, 2020 — FICO Update:  All Government Loan Programs   Due to current market conditions, effective today March 25, 2020, Gateway First Bank Correspondent Lending is temporarily requiring a minimum FICO score of 680 on all newly locked Government loan programs.  This includes FHA, VA, USDA, HUD-184, SETH Goldstar, CAFA Gold 100, and the GSFA Open Doors programs.  …
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Revision:  Coronavirus (COVID-19) Announcement

March 23, 2020 — Revision:  Coronavirus (COVID-19) Announcement Effective with loans closing on or after March 16, 2020, Gateway will not require Gap insurance on loans closed where the Security Instrument was unable to be recorded.  Gap endorsement title insurance is permitted (not required) following all agency guidelines, as long as it insures the first lien up to and …
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Coronavirus (COVID-19) Announcement

March 20, 2020 — Coronavirus (COVID-19) Announcement Gateway First Bank, Correspondent Lending is actively monitoring the Coronavirus (COVID-19) Pandemic.   Gateway First Bank is committed to following the Centers for Disease Control recommendations of self-quarantine and social distancing to deal with the COVID-19 virus.   Based on these recommendations, we have mobilized our staff to work from home to ensure we …
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Specialty Lending Programs Update – Revised

February 6, 2020 — Effective with new locks on February 10th, 2020 for SETH Goldstar, CAFA Gold 100, and GSFA Open Doors  programs are being updated.   Please note the revisions to the required MI and LLPA’s for borrowers with income above 80% AMI. Freddie Mac announced in November as part of their responsible lending requirements, they will limit the …
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Texas Veterans Housing Assistance Program (VHAP) Bulletin for the Gateway TVLB Loan Program

January 28, 2020 — We are pleased to announce the VHAP loan amount limit increase from $484,350 to $510,400 with NEW loan registrations on the TVLB Program, effective January 28th, 2020.  This applies to clients that have been approved by Gateway to originate and sell the Texas Veterans Land Board (TVLB) Program.  Maximum loan amount includes VA Funding Fee …
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Specialty Lending Programs Update

January 28, 2020 — Specialty Lending Programs Update Effective with new locks on February 10th, 2020 for SETH Goldstar, CAFA Gold 100, and GSFA Open Doors programs are being updated. Freddie Mac announced in November as part of their responsible lending requirements, they will limit the HFA Advantage pricing benefit (LLPA and chartered MI) to loans with incomes at …
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