GMFS breaks down latest Fannie updates Login to TPO Connect to access the Homebuyer Education and Rental Income Property flyer Homebuyer Education New policy- At least one Borrower must complete Homebuyer Education for the following transactions: If ALL Borrowers are…
To better align ourselves with the industry, GMFS will be updating our policy to no longer net the escrow balance of the loan from the final payoff quote that is generated. Effective October 1, 2019, all payoff quotes produced by…
After reviewing additional clarification of Ginnie Mae APM 19-05 and Chapter 24 of the Ginnie Mae Guide, GMFS will cap ALL High LTV VA Cashout loans at 90%. This is an update to our August 14, 2019 announcement (below for…
GMFS Can Help With Student Loan Debt! Student loan debt is one of the reasons many borrowers believe they would not qualify for a mortgage today. GMFS is here to help get these borrowers qualified. We’ve got tools for you…
Update & Changes – HomeReady® & Home Possible® Fannie and Freddie have recently updated requirements for their HomeReady and Home Possible programs. Changes to Income Limits Income Limits for the HomeReady and Home Possible Programs are now 80% of AMI…
We are interested in the success of your business and are focused on providing industry-leading tools and resources that allow you to close more loans faster! Our flyers are fully-customizable and allow you to insert your logo/business card, company name,…
GMFS Offers Premium MI Pricing! By now all of the Mortgage Insurance companies have migrated away from MI rate cards to more fluid “risk based” pricing models. GMFS is pleased to offer the following MI companies with our Master Policy…
Product Update: Freddie & FHA A few important Freddie Mac and FHA guidelines have changed regarding Assets to Qualify, Second Home Property Eligibility, and FHA New Construction Home Warranty. View flyer for complete details. Questions? Contact your District Director!
VA issued New Rules regarding Cash Out Refis effective February 15, 2019 which included a New Comparison Disclosure. This new disclosure is available in Encompass and must be issued within 3 days of application. If your LOS does not have…
EFFECTIVE IMMEDIATELY 1. GMFS will send the E-Consent ONE TIME and it will be sent directly to the customer(s) through Encompass at the time the CD is sent out. 2. EVERY borrower must perform the following 4 steps NO LATER…
As of today, February 20 2019, ALL clients should be submitting ALL NEW locks and 1003 apps via our new Encompass TPO portal by using the updated LOG IN link at top right of this site. Benefits of New Portal: Greater transparency…
Highlights: Max Cash Out LTV = 100% (including the Funding Fee) Expanded Net Tangible Benefit Test New Comparison Disclosure (many additional metrics) New Disclosure Issued within 3 Days of Application 210 day Loan Seasoning (seasoning starts 1st Payment of current…
Borrowers with No Credit Scores are now eligible for Conforming Loans! Other restrictions apply. For complete details, contact your District Director!
By now your customers which we are servicing should have received a letter in the mail notifying them of a new service provider for GMFS. Just to clarify, GMFS has simply changed to a new customer service center that will…
Watch this video to learn how to submit a loan to GMFS.
