Effective immediately, please note the updated escrow waiver policy in our Client Guide, Chapter 3, regarding waiving partial escrows:
- If waiving escrow for hazard insurance ONLY, no escrow waiver fee is charged. Select “No” for Waive Escrows in GEMS.
- If waiving escrow for taxes ONLY, or, if waiving escrows for BOTH hazard insurance and taxes, the full escrow waiver fee adjustment applies. Select “Yes” for Waive Escrows in GEMS.
- Escrow waiver for flood insurance is not allowed for properties requiring flood insurance, however, even if flood insurance is required to be escrowed, waiving hazard insurance and taxes for the property is allowed and fees are charged as applicable.
Here is a link to Chapter 3 in our website – https://www.gatewaycorrespondent.com/client-guide/loan-registrations-lock-policies/
Please direct any questions to your Regional Sales Manager