Overlay Matrix Update

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 or construction loan rider are ineligible.

• Down Payment Assistance overlay updates.

• Changes to the down payment overlay for Conventional loans.

• Additional ineligible property types added to the Overlay Matrix.

Please direct questions to your sales manager