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 Insurance – Flood Insurance Deductibles are now at $10,000.
- Closing Instructions – Updated to require either an executed Patriot Act form or Customer Information form.
- Overlays – All loans must fully comply with Agency requirements and/or the applicable Housing Financing Authority.
- UCDP – Gateway now requires Client Underwriter to provide written documentation addressing any UAD Summary Report with CU Scores => 4.0.
- UCD – UCD Submission Summary Report must be included. IF DU is used, the Casefile ID on the UCD must match the Casefile ID on DU Findings.
- Post Purchase Documentation – Extension request for Post Purchase Documents greater that 120 days old must be submitted in writing to a Regional Sales Manager with a business justification and expected date for providing the required documentation.
The Gateway Overlay Matrix has been updated.
- Income associated with a cannabis business is ineligible for purchase for both W-2 and Self-Employed borrowers
Turn Times – The GEMS portal now includes our turn times for delegated Purchase Review and Suspense conditions as well as Non-Delegate Underwriting Initial review and resubmissions.
Please direct any questions to your Regional Sales Manager