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