Client Guide Updates

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...

Update: Adverse Market Refinance Fee

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...

Update: Adverse Market Refinance Fee

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,...

Client Guide Updates

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...

Agency Adverse Market Refinance Fee

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...