In compliance with the recent announcement by Fannie Mae, Freddie Mac & FHA, GMFS will be following the requirements for lenders and appraisers for the new appraisal Reconsideration of Value (ROV) on or after Thursday, October 31, 2024. Veteran’s…
After years of a successful partnership with Capital Area Finance Authority to provide the Purchase Advantage product to our borrowers, GMFS will be temporarily suspending the product. We hope to welcome a new product with CAFA in the coming months. …
New 2025 Conventional Loan Limits – $795,000 Effective with locks taken after 9/25/2024 Applies to standard Fannie Mae and Freddie Mac eligible programs Loans with AUS Approve/Ineligible or Accept/Ineligible (ineligible for loan limits only) are eligible for delivery and will…
9/25/24 Update: FEMA has added Jefferson Parish to the list of designated counties impacted by Hurricane Francine. The established end date is September 12,2024. Update: FEMA has established an “End Date” for Hurricane Francine of September 12,2024 Effective Today, September 17,…
Streamline Refinance FHA and USDA options are available to help your borrowers. FHA Streamline Overview Matrix USDA Refinance Options Matrix
updated 09/24/2024 Download: Appraisal Alternative Notice Form Download: Appraisal Waiver Procedures Flyer Fannie and Freddie have implemented Property Value Modernization Initiatives to offer more flexibility relating to subject property review and value. These products replace the traditional Property Inspection Waiver…
Great news! GMFS will now accept FHA Loans down to a 580 with the following overlays: 580-619 FICO FHA Loans Manual underwriting is not allowed No rent-free borrowers allowed Verification of rental history is required. Must be verified with VOR…
Your Annual TPO Recertification’s for GMFS will begin August 5th. Over the next few weeks we will be sending out recertification request by email. Please complete your recertification no later than October 31, 2024 to ensure there is no interruption…
Consumer Connect now has a one time passcode for your borrowers when logging in to sign disclosures or the prelim CD. Please let the Disclosure Desk and/or the GMFS Closer know which phone number you would like to have the…
USDA RD 2024 Income Limits RD has announced income limits for the Single Family Housing Guaranteed Loan Program have been updated. New Income Limits for Most Parishes/Counties: 1-4 Household: $112,450 5-8 Household: $148,450 The new income limits for all parishes…
As of May 1, mortgage loans that were serviced by GMFS Mortgage LLC, Serviced by Specialized Loan Servicing (SLS) now have a new name – GMFS Mortgage LLC, serviced by Shellpoint. As part of the Shellpoint family, we are excited…
Effective Monday, July 8th, 2024, GMFS will no longer offer Expanded Prime, Non-Prime, and DSCR Products, and therefore will no longer accept new loan submissions for these products after this date. This is due to a lack of interest and demand…
On Wednesday, June 19th, the GMFS Lock Desk will be closed due to the Federal Reserve Banks observance of Juneteenth. No new locks will be accepted. The Lock Desk will resume normal business hours on Thursday, June 20th. Reminders: •…
GMFS has been ranked the #1 USDA Lender in Louisiana! Thank you to our incredible staff and clients for helping with this achievement. For a complete list of USDA’s rankings, click here. Learn more about our USDA product here .
Due to inflation and increased costs for services related to administrating construction loans, GMFS is increasing our construction admin fee effective June 17th: OTC-$1,700 HomeStyle/ChoiceRenovation- $1,250* *As part of this update GMFS will now require broker transaction HomeStyle/ChoiceRenovation files to…
