Gateway First Bank, Correspondent Lending is currently NOT accepting closed loans or loans submitted for prior approval using the redesigned URLA as announced in Fannie Mae Letter 2020-10 and Freddie Mac Bulleting 2020-26.
Gateway will start accepting loans with the new redesigned URLA in our GEMS portal effective Monday, Feb 15, 2021. In addition, we will require loans to be delivered with the 1003 version originally utilized at application.
Effective March 1, 2021, all new loan applications must be on the new, redesigned 1003.
Gateway will continue to accept loans on the current 1003 with applications dates through March 1, 2021. We will announce a delivery deadline for loans with the soon to be retired 1003 in the future.
Please direct any questions to your Regional Sales Manager