Effective Monday, August 22, 2022, Gateway First Bank will be changing the Service Release Premium (SRP) paid on the Texas Veterans Housing Assistance Program (VHAP). All loans locked on or after Monday, August 22, 2022, will be subject to the new service release premium.
As a reminder, the TVLB program allows for the Lender to charge all reasonable and customary fees permitted by law for the origination of mortgage loans (e.g., maximum one percent (1%) origination fee based on final loan amount, appraisal fees, title insurance, survey, credit reports, and other similar expenses). In addition to all reasonable and customary fees, the Lender may collect a one percent (1%) Participation Fee based on the final loan amount; this fee may not be financed. For complete program guidelines please see Chapter 6 of the Gateway Client Guide or the Resource Library in Gateway’s GEMS portal.
AS A REMINDER:
- LOCK EXTENSIONS ARE NOT ALLOWED on the TVLB PROGRAM
- All locks are 45-day commitments with 30 additional days to clear pre-purchase and post-closing conditions
- Imaged files must be received by 3:00 PM CT on or before the lock expiration date
- Please utilize the TVLB client Checklist with every submission package
- Failure to submit the loan for purchase according to the TVLB client Checklist or by the lock expiration date could result in a loan reprice
For complete details on the SRP change, please contact your Regional Sales Manager.