Correspondent Updates

  • Approved States:  Kentucky and Ohio are now eligible states

  • Down Payment Assistance:  DPA list updated to include new programs

  • File Submission Checklist:  Updated to reflect LE and CD

  • Ch. 1 – Added Corelogic ID Number

  • Ch. 1 – Underwriting contact information updated

  • Ch. 3 – Gateway offers 8 to 30 year amortization terms on conventional loans

  • Ch. 3 – Rates and prices are valid until 11:59 p.m. CT

  • Ch. 3 – Flood Insurance Escrow requirements on conventional loans

  • Ch. 3 – Extended Rate Lock program, properties must be new construction

  • Ch. 4 – UCDP requirements on both Fannie Mae and Freddie Mac for all conventional loans

  • Ch. 4 – Payment History and Escrow Disbursements

  • Ch. 4 – TRID Requirements:  Please refer to September 30, 2015 announcement

  • Ch. 5 – USDA Manual underwriting updates

  • Ch. 5 – FHA Fixed Rate updated to allow for 15, 20, 25 and 30 year terms

  • Ch. 5 – VA Fixed Rate updated to allow for 15, 20, 25 and 30 year terms

  • Overlay Updates:

    • Credit Score Requirement:  Removed overlay of minimum requirement of two credit scores per borrower

    • Flood Insurance Escrow:  Please see January 4, 2016 announcement for details

    • USDA:  2-4 Units not allowed for Manual Underwrite and 44% max DTI

    • Underwriting:  Conventional, USDA, FHA and VA requirements