Yearly Archives: 2020

Client Guide Updates

September 30, 2020 — Effective Wednesday, September 30th, 2020, Gateway First Bank, Correspondent Lending is making the following Client Guide Updates to Chapter 4 – Loan Delivery: Title Insurance – The title commitment must be issued within 90 days prior to the closing date. Hazard Insurance – Flood Insurance Deductibles are now at $10,000. Closing Instructions – Updated to …
Read More

Update: Adverse Market Refinance Fee

September 8, 2020 — Effective today, Tuesday, September 8, 2020 the Adverse Market Refinance Fee will be applied to all eligible loan programs locked for 60 days or greater. Gateway will reintroduce the 50- basis point fee on eligible loan products based on the schedule below: Day Date Lock Terms Tuesday 9/8/2020 60-days or longer Monday 9/21/2020 45-days Monday …
Read More

Agency Cash-Out Refinance LTV/Credit Score LLPAs

August 31, 2020 — Effective today, Monday August 31st, 2020, Gateway First Bank, Correspondent Lending has made updates reducing the LLPAs on Agency Cash-Out Refinance transactions.  Please refer to the Gateway Correspondent Ratesheet for details. Please direct any questions to your Regional Sales Manager
Read More

Update: Adverse Market Refinance Fee

August 27, 2020 — On 8/25/2020 The FHFA announced a delay in the implementation of the Adverse Market Refinance Fee until December 1, 2020.  As a result of this announcement, Gateway First Bank, Correspondent Lending, is eliminating the 50 basis point (.50) loan level price adjustment, effective today Thursday, August 27, 2020 for Best Effort and Mandatory Commitments.  All …
Read More

Client Guide Updates

August 26, 2020 — Effective Monday, August 31st, 2020, Gateway First Bank, Correspondent Lending is making the following Client Guide Updates:   Gateway has reduced its minimum FICO requirement on all newly locked Government loan programs to 620.  This includes: FHA, VA, HUD-184, SETH Goldstar, CAFA Gold 100, and GSFA Open Doors. Conventional loans: must have a minimum of …
Read More

Agency Adverse Market Refinance Fee

August 18, 2020 — Effective for agency refinance loans locked, relocked or renegotiated on or after Thursday August 13th, 2020, Gateway First Bank, Correspondent Lending has aligned with the  Fannie Mae LL-2020-12 and Freddie Mac Bulletin 2020-32 announcements.  This new Adverse Market Refinance Fee of 50 basis points (0.500%), applies to cash-out and no cash-out refinances, in addition to …
Read More

Government and Specialty Loan Program Updates

May 26, 2020 — Government FICO Update Gateway First Bank Correspondent Lending is amending the March 25, 2020 announcement requiring a 680 minimum FICO score on all Government loan programs.  Effective immediately, Gateway has reduced its minimum FICO requirement on all newly locked Government loan programs to 640.  This includes FHA, VA, USDA, HUD-184, SETH Goldstar, CAFA Gold 100, …
Read More

Revision:  Temporary Selling Requirements Related to COVID-19

May 13, 2020 — Gateway First Bank, Correspondent Lending is amending its May 5th, 2020 announcement titled Update to Agency LLPAs:  Temporary Selling Requirements Related to COVID-19 Loans in Early Forbearance Effective immediately, agency purchase or no cash-out refinance transactions entering into a forbearance period (as defined by Fannie Mae and Freddie Mac) after purchase by Gateway but prior …
Read More

Update to Agency LLPAs: Temporary Selling Requirements Related to COVID-19

May 5, 2020 — Effective Wednesday, May 6th, 2020, Gateway First Bank, Correspondent Lending is updating the Agency LLPAs for loans in Early Forbearance and all Cash-out Refinance transactions as follows: Loans in Early Forbearance Effective for agency loans purchased on or after May 6th, 2020, Gateway First Bank, Correspondent Lending will align its COVID-19 Temporary Credit Policies with Fannie Mae …
Read More

Updated Best Effort Rate Sheets

April 9, 2020 — Starting Monday, April 13th, 2020 Gateway First Bank Correspondent Lending will be updating the Best Effort Rate sheet which will include the following enhancements: A 7-day commitment period will be available The published base price will include the SRP New SRP tables consisting of state specific adjusters *As a reminder, if you currently do not …
Read More