Subject: FW: GMG - OFFICIAL COMMUNICATION: Closing Policy, HUD Approvals, Wire Requests

Importance: High

Gateway’s closing policy, as you all know, is the following (summarized):

1. Closing instructions to title within 24 hours of CTC from Underwriting.

2. Closing date set for a minimum of 48 hours from CTC, or rush fee will apply.

3. Wire not ordered until after HUD-1 is approved.

Sending wires and ensuring that the wires are transmitted in the correct amounts and as scheduled, requires time and extreme attention to detail.  We cannot continue to rush this process as it significantly hinders our ability to provide quality service to all  clientele involved in the loan process.

Recently, I’ve noticed an increasingly common issue that is causing us quite a bit of difficulty in our wire department.  For various reasons, wires are being requested on the same day as the Settlement Date.  Please remember that we do not allow “same day wires”.  A ‘same day wire’ is defined as a wire that must go out the same day the request is transmitted to the warehouse line.  All wire requests must be provided to our warehouse line facilities by 5:30pm the previous business day.  Therefore, it is extremely important that you stress to your title companies that we must have an approved HUD-1 no later than 4pm the business day before the wire must be transmitted to title.   In other words, if a HUD-1 is not approved by 4pm the business day prior to the settlement date on the HUD-1, we cannot guarantee on-time transmission of the wire.

For example:

A Purchase is scheduled to close Friday, October 1.  If Gateway has not approved a HUD-1 by 5pm Thursday, Sept 30^th, we cannot guarantee that the wire will arrive at title in time for the closing. 

Please keep in mind the following timetable to ensure everyone involved has a pleasant and productive closing experience:

1. Closing Instructions will be transmitted to Title within 24 hours of the CTC from Underwriting.

2. Closing date should be set a minimum of 48 hours from the CTC date (or a rush closing fee of $225 will apply).

3. Neither Closing Documents, nor Wire will not be sent prior to HUD-1 approval.

4. Closing must have, and approve, a HUD-1 by 4pm the day before the scheduled settlement date.

5. If HUD-1 is approved by GMG Closing Dept by 4pm, wire will arrive at Title, as scheduled, the next business day.

Please contact me directly with any questions.

Thank you all for your cooperation!

J. Whitney Barth

VP Operations

Gateway Mortgage Group LLC

972.908.3390 x101 p

918.392.8336 f

10/20/2010

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