Is Compliance Complicated? Here are a few tips to help! Tip #1: We have recently seen more loans exceed the maximum points and fees test. When locking your loans, please pay particular attention to the following when locking the loan…
Reminder to Check Fannie AND Freddie – Check for PIW and Compare Price on All Loans with these Best Practice Tips Check for Property Inspection Waiver (PIW) It is always a best practice to run your AUS through DU AND…
GMFS is now offering a $750 customer retention credit to existing GMFS customers *Effective with NEW locks. In order to qualify as an existing GMFS Customer, borrower must have an active mortgage with GMFS. To receive lender credit existing mortgage…
Check for PIW and Compare Price on All Loans with these Best Practice Tips Check for Property Inspection Waiver (PIW) It is always a best practice to run your AUS through DU AND LPA to determine if your borrower is…
GMFS is now offering a $750 customer retention credit to existing GMFS customers *Effective with NEW locks. In order to qualify as an existing GMFS Customer, borrower must have an active mortgage with GMFS. To receive lender credit existing mortgage…
Effective Immediately Optimal Blue has changed how to enter the data related to current servicer. You will now see a toggle on your landing page that says “GMFS Servicer” Y/N. It will default to No. Any previous locks will not…
GMFS is Now Accepting all VISA Types on Conforming Loans Citizenship Requirements Borrowers must meet the following requirements: Each borrower on the loan must have a valid Social Security number Each borrower must have a valid VISA Employment authorization document…
BESTX Mortgage Insurance GMFS is excited to announce the release of Optimal Blue’s new BESTX Mortgage Insurance quotes! This will enable you to easily VIEW and COMPARE quotes from our qualified MI provides we offer in a single view! Optimal…
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…
