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 Policy and/or Declarations page showing paid in full.  If this is not obtainable, a form of paid receipt (proof of payment) from the insurer showing payment of the flood insurance will suffice, in addition to providing the flood insurance application.

If a borrower chooses Private Flood Insurance, then Gateway Mortgage Group, would also require a copy of the Flood Insurance Policy and all endorsements, as applicable.  A list of acceptable private flood insurers may be found here:  https://www.fema.gov/wyo_company

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