Gateway Mortgage Group – Important Correspondent Updates to Website, Client Guide and Overlay Matrix

Gateway Mortgage Group’s Correspondent Lending Channel has recently made several updates to our website in the following areas - Client Guide, Product Descriptions, Overlay Matrix and Resource Center.  The Overlay Matrix and Product Descriptions have been updated and improved for efficiency, therefore some items and sections were removed, combined and/or renamed.  Please take a moment to review the announcement published today, April 26, 2017, as outlined in the bullet points below:

• Resource Center – Approved DPA Programs - Updated to include new programs

• Client Guide Updates:
  
  

  • Chapter 2 – Updated Eligible States - Idaho and Nevada are now Eligible States

  • Chapter 3 – Updated Extended Rate Lock terms, eligible products, base pricing term and reduced add-ons

  • Chapter 4 – Updated TRID Rules for Refinance Cash-Out investment properties

  • Chapter 5 – Conforming High Balance Product Description, added 15 year High Balance product

  • Chapter 5 – Updated some or all product descriptions for credit scores, DTI, Eligible States, Escrow Waiver,
    Investment Property/Second Home, Mortgage Insurance, Principal Curtailments at Closing, Streamline Refinance and Underwriting

• Overlay Matrix Updates:
  
  

  • Some sections were combined for efficiency, or removed if allowed by applicable agency guidelines

  • Sections Added – Borrower Type Restrictions, Ineligible Loan Types and Features and Limit on Number of Loans Serviced by Gateway

  • Sections Revised – Credit Report, Credit Score Requirement, DTI, Eligible States, Escrow Waiver, Ineligible Products,
    Ineligible Properties, Investment Property/Second Home, Mortgage Insurance, Principal Curtailments at Closing, Streamline Refinance, Third Party Originations and Underwriting

Please direct any questions to your Regional Sales Manager