Monthly Archives: May 2020

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, …
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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 …
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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 …
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