GMFS is pleased to announce changes to our Jumbo Express Guidelines effective for locks taken out on and after Monday, November 1, 2021. This program includes significant new updates to help you further accelerate your jumbo business.

Jumbo Express Changes/Highlights

• Use your AUS for agency-eligible high balance. Decreased the minimum loan amount from $1 over the Agency loan limit for the subject Property County and number of units to $1 over the current one-unit conforming loan limit. This allows you to use the AUS for agency-eligible high balance loans.
• Increased the maximum loan amount from $2,000,000 to $3,000,000 for primary residence and second home transactions.
• Increased the maximum loan amount from $2,000,000 to $2,500,000 for non-owner occupied purchase and rate/term refinance transactions.
• Amended to require two full appraisals for loan amounts >$1,500,000.
• Decreased the maximum cash-out on primary residence and second home transactions from no limit to $500,000.
• Added credit rescores are not permitted unless the rescore is correcting erroneous line items or disputed accounts.

IT is EXTREMELY IMPORTANT that you validate your reserves, cashout amount (when applicable), LTV, FICO, DTI and other key fields when you lock your loans. GMFS has multiple investors and if your loan details changes it could impact your price and eligibility.

• Appendix C of our Guide gives you additional clarity for eligibility under each Investor #.
• Our pricing engine will provide you the eligible programs if you input the data correctly.
• Remember to reprice if any of these features change.

Please see attached links for additional information:

• Jumbo Express Product Guide
• Jumbo Selling Guide
• Jumbo Express Overview
• Jumbo underwriting comparison