Revision: Coronavirus (COVID-19) Announcement
Effective with loans closing on or after March 16, 2020, Gateway will not require Gap insurance on loans closed where the Security Instrument was unable to be recorded. Gap endorsement title insurance is permitted (not required) following all agency guidelines, as long as it insures the first lien up to and including the date of recording. Please check with your title companies that they insure the time from closing to recording. In addition, there can be no exceptions to the coverage under Schedule B of the final title policy.
As a quick reminder, Gateway follows Agency guidelines with respect to appraisal requirements, verification of employment and income. Gateway also requires the original note prior to purchase and currently does not accept e-signed notes or any hybrid e-signed closing documents.
Gateway is focused on our mission of strengthening families through home ownership. We have a talented team consisting of experienced financial services professionals who are passionate about helping our clients succeed. We are committed to our partnership with each of you and will continue to have a collaborative and supportive approach through these challenging and uncertain times.
Please direct any questions to your Regional Sales Manager