by Gateway Correspondent | Dec 20, 2013 | Announcements
Gateway Mortgage Group, LLC will require loans covered by 12 CFR Section 1026.43 to meet the requirements of a Qualified Mortgage Loan, as defined in the Consumer Financial Protection Bureau’s Ability-to-Repay and Qualified Mortgage Rule. Loans that are not subject...
by Gateway Correspondent | Dec 17, 2013 | Announcements
Please review the updated Overlay Matrix posted to Gateway’s Correspondent website today. A correction has been made to amend the list of ineligible properties. The property types affected are: Log Homes (Log Cabins are ineligible) Modular Homes 3-4 Unit Please...
by Gateway Correspondent | Dec 16, 2013 | Announcements
Please review the updated Overlay Matrix posted to Gateway’s Correspondent website today. The changes are effective December 16, 2013. A summary of the updates is listed below. Construction/Perm single or one-time close loans which utilize a modification agreement...
by Gateway Correspondent | Dec 16, 2013 | Announcements
Debt to Income Ratio Loan applications taken on or after January 1, 2014 will be subject to updated DTI overlays for the HUD 184 and USDA loan programs. Please review the upcoming changes below. HUD 184: Maximum 43% DTI allowed USDA: Maximum DTI is per...
by Gateway Correspondent | Oct 25, 2013 | Announcements
Gateway Mortgage Group has posted changes to the Client Guide, effective 10/25/13. A summary of updates is listed below. Chapter 1: Contact Information Chapter 2: Eligibility Restrictions and Wire Instructions Information Chapter 3: Extended Lock Program Chapter 4:...
