Effective April 1, 2013
Please visit Gateway Mortgage Group’s Correspondent website (www.gatewaycorrespondent.com) to review Gateway’s updated Client Guide and Overlay Matrix. There are important changes and clarifications that require attention.
Transactions that qualify under the previous version of the overlay matrix must be locked by 3/29/13.
Some examples of changes are listed in the bullet points below. Please contact your account executive with questions.
- Chapter 4 – Loan Delivery
- Post-Purchase Actions has been updated to include a change for the transfer of mortgage insurance on conventional loans.
- Chapter 5 – Loan Product Descriptions
- An update has been made to the Non-Arms-Length section to each product description.
- A new product description has been created for HUD’s Section 184 program. The product was previously included in the FHA product description.
- Overlay Matrix
- Changes have been made to the Ineligible Properties, LTV/CLTV Overlay, Non-Arms-Length, and Principal Curtailments at Closing sections.