Monthly Archives: August 2020

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
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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 …
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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 …
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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 …
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