Monthly Archives: March 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: …
Read More

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 …
Read More

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.  …
Read More

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 …
Read More

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 …
Read More