As previously announced on Monday, January 10, 2023, the fee structure for both SETH Goldstar and CAFA Gold 100 loan programs has been updated to allow for more DPA available options. Listed below is additional clarification to each of these Homebuyer Assistance Programs, outlining the reduced lender compensation and associated lender fees as follows:
- The total Service Release Premium (SRP) for Conventional, FHA, and USDA is now 1.500%.
- The total Service Release Premium (SRP) for VA remains the same at 2.500%.
- A maximum of 1.000% origination fee is now allowed on Conventional, FHA, and USDA programs.
- LLPA of 1.000% will continue to be applied to FHA and USDA loans only with <660 Credit Scores and/or >45% DTI.
- As a reminder, you are allowed to charge reasonable and customary fees in accordance with agency, federal, state, and local laws and regulations.
For further clarification, the chart below outlines fee allowances by product.
Please continue to follow applicable agency guidelines around these Homebuyer Assistance Programs. If you have any questions, please reach out to the following contacts:
For general program questions on guidelines and product approval, contact your Regional Sales Manager.
For loan status, suspense, or underwriting, contact clientliaison@gatewayfirst.com.
For pricing/lock questions, contact corrbonds@gatewayloan.com.
*Program documents and training materials related to these changes are in the process of being updated.
**Reminder – Effective with new locks after 1/1/2023, Gateway First Bank has published a new Fee Schedule. The updated Fee schedule is available in the GEMS portal (user id and password required) within the Resource Library.