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 forbearance on any mortgage debt obligation, pending acceptance of a forbearance plan or have entered into a forbearance period, are ineligible for purchase by Gateway First Bank. This applies to all loan types and applicable to all borrowers related to the transaction, regardless if the borrower is making a form of payment during the forbearance period.
Furthermore, please note that any loan purchased by Gateway First Bank, is susceptible to repurchase should any borrower(s) related to the transaction enter into or actively pursue forbearance within 14 days of the purchase date.
Please direct any questions to your Regional Sales Manager