Effective Immediately
The Correspondent Client Guide has been updated. Please review the new verbiage related to loan delivery in Chapter 3 – Loan Registration and Lock Policies:
OLD:
The following applies to suspended loans and extensions:
- If the file is delivered on or prior to the Lock Expiration Date, Clients have up to ten (10) calendar days after the Lock Expiration Date to cure all outstanding suspense conditions.
- If all suspense conditions are not cured within ten (10) calendar days from the Lock Expiration Date, the loan will automatically be extended seven (7) calendar days and assessed a 0.175% extension fee. This automatic extension and fee assessment will repeat every seven (7) calendar days up to a maximum of 30 days from the original Lock Expiration Date.
- If all suspense conditions are not cured within thirty (30) calendar days from the original Lock Expiration date, Gateway has the option of continuing to extend the loan as indicated above or deciding that the loan is no longer eligible for purchase and returning the loan file to the Client.
NEW:
The following applies to suspended loans and extensions:
- If the file is delivered on or prior to the Lock Expiration Date, Clients have up to ten (10) calendar days after the Lock Expiration Date for the loan to be reviewed and purchased.
- If the loan is not purchased within ten (10) calendar days from the Lock Expiration Date, the loan will automatically be extended seven (7) calendar days and assessed a 0.175% extension fee. This automatic extension and fee assessment will repeat every seven (7) calendar days up to a maximum of 30 days from the original Lock Expiration Date.
- If all suspense conditions are not cured and the loan is not purchased within thirty (30) calendar days from the original Lock Expiration date, Gateway has the option of continuing to extend the loan as indicated above or deciding that the loan is no longer eligible for purchase and returning the loan file to the Client.