Eligibility Reminder: Higher Priced Mortgage Loan (HPML)
The recent changes in annual FHA MIP, as noted in HUD Mortgagee Letter 2013-04, may affect the eligibility of loans submitted to Gateway Mortgage Group for purchase. As a reminder, Gateway will not purchase a Higher Priced Mortgage Loan (HPML), as defined in Regulation Z. For reference, Average Prime Offer Rate (APOR) tables may be accessed here: https://www.ffiec.gov/ratespread/aportables.htm
Please direct questions to your Sales Manager.