Streamline Refinance Options for FHA and USDA Borrowers
Streamline Refinance FHA and USDA options are available to help your borrowers. FHA Streamline Overview Matrix USDA Refinance Options Matrix
New Appraisal Waiver Procedures
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…
FHA Loans down to a 580
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…
Annual GMFS TPO Client Recertification
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…
One Time Passcode – Consumer Connect (for your borrowers)
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 Income Limits 204
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…
GMFS Now Serviced by Shellpoint
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…
Expanded Products Discontinued at GMFS as of 7/8/24
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…
Lock Desk Closed Juneteenth
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 #1 RD Lender in Louisiana
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 .
GMFS Updated Construction Administration Fees
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…
GMFS Nationally Ranked Lender in 2024
GMFS is honored to be ranked as a Scotsman Guide Top Mortgage Lender in 2024! Thank you for being a valued client and trusting us with your business! GMFS Mortgage ranks #1 Overall Mortgage Lender in Louisiana, #60 overall GMFS…
FHA Guideline Updates
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…
USDA Guideline Updates
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…
2024 Conventional Updated AMI Limits
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…