by Gateway Correspondent | Aug 27, 2020 | Announcements
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,...
by Gateway Correspondent | Aug 26, 2020 | Announcements
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...
by Gateway Correspondent | Aug 18, 2020 | Announcements
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...
by Gateway Correspondent | May 26, 2020 | Announcements
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...
by Gateway Correspondent | May 13, 2020 | Announcements
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...
by Gateway Correspondent | May 5, 2020 | Announcements
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...
by Gateway Correspondent | Apr 9, 2020 | Announcements
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...
by Gateway Correspondent | Apr 7, 2020 | Announcements
Gateway First Bank Correspondent Lending continues to closely monitor the developments related to COVID-19 and will continue to provide updates and guidance during these unprecedented times. Effective immediately, all loans in which borrower(s) are actively seeking...
by Gateway Correspondent | Apr 1, 2020 | Announcements
Electronic Closings Effective immediately, Gateway First Bank Correspondent Lending has updated its electronic signature policy on specific eligible closing documents for all loan programs including TVLB, SETH Goldstar, CAFA Gold 100 and GSFA Open Doors. Mortgage...
by Gateway Correspondent | Mar 30, 2020 | Announcements
Update: Temporary Selling Guidance Related to COVID-19 Gateway First Bank Correspondent Lending continues to closely monitor the COVID-19 pandemic and will continue to provide updates and guidance during these challenging times. Please see below updates to the...