May be used immediately. ** The underlined are changes or clarifications to existing guidelines. Checking and Savings Accounts Large deposits: II.A.4.d.iii(A)(2) and II.A.5.c.iii(A)(2) The Mortgagee must verify and document the existence of and amounts in the Borrower’s checking and savings…
Below are some highlights of the recent guideline changes and updates. HOI deductible should not exceed 5%. Properties should have replacement cost coverage in an amount that is at least equal to the guaranteed value of the improvements or the…
FNMA and Freddie Mac have announced the release of new 2024 AMI Limits, effective May 19, 2024. However, each agency has also released their own specific guidelines on when to apply these new limits for current loans. FNMA (from Selling…
Effective Immediately, GMFS is updating the mortgage clause required on all products excluding a few DPA mentioned below. Please begin updating your documents as quickly as possible. New Mortgagee Clause GMFS, LLC ISAOA, ATIMA 7389 Florida Blvd, Suite 200A Baton…
Cash out up to 100% LTV now available on VA loans Total loan amount including funding fee cannot exceed 100% LTV This product is not serviced by GMFS and has different pricing and adjustments than standard VA cash out loans…
Now that the tax deadline has lapsed for the 2023 tax season, it’s time to update the 4506C in your system to now include 2021,2022, and 2023. GMFS will require the revised form with loan applications submitted on or after…
Reminder: New Conventional Appraisal Ordering Process Thru TPO Connect GMFS requires all brokered Conventional appraisals to be ordered through our GMFS TPO Connect system instead of ordering appraisals through a GMFS approved Appraisal Management Company (AMC). This new user-friendly feature…
GMFS is excited to announce the new capability for Loan Officers to e-Sign the final Uniform Residential Loan Application (URLA) as well as the HUD Addendum to the URLA. This will be effective on Hybrid closings only as of 3/15/2024….
Do you have a borrower with no transcripts? No problem! We have updated our tax transcript policy! Updated GMFS Tax Transcript Policy – Flyer
Make housing more accessible with $2,500 in down payment assistance for your borrower! With a low down payment and expanded financing flexibility, HomeReady offers an ideal mortgage solution for borrowers whether they’re first-time or repeat buyers. To address some of…
Affordable Lending-Announcement
Are you giving your borrower the best rate and deal? Don’t leave money on the table for your borrowers! What are the benefits? AMI Waiver on all loans submitted as HomeReady or Home Possible Lower MI than any other program…
Benefits of New Electronic FHA Case # Request Form Eliminates the need for clients to download the FHA case assignment form from gmfspartners.com Allows for the FHA case assignment to be completed without duplicate data entry efforts resulting in more…
Great news! GMFS is eliminating the guideline that limits the back-end DTI to 55% on FHA with AUS approval. *This impacts FHA loans with TOTAL Scorecard approval. This does not impact or change manual underwriting guidelines. Effective Immediately!
Did you hear GMFS Jumbo Express Rates are Smokin’ Hot? $766,550 – $3,000,000 Purchase, Rate & Term Refinance, Cash-Out Refinance Primary Residence, 2nd Homes Investment Properties 15 or 30 Year Fixed Rate Up to 6% Seller Contributions Allowed Up to…
FHA Loan Limit Increases for 2024 – $498,257 Great news! In most areas of the country, FHA will increase its loan limit ceiling from $472,030 to $498,257 New loan limits may be used with applications immediately, however: FHA Loans must…
