GMFS has Temporary Buydown Options available! Buydowns are available on Conventional, FHA, VA, and USDA non-specialty 30 year fixed purchase loans. Options include: 3/2/1 ; 2/1 ;1/1 or 1/0 Not eligible on investment properties Minimum 640 FICO required on government…
Borrowers can now make upgrades to reduce utility costs and improve the comfort and safety of their homes with Fannie Mae’s HomeStyle Energy mortgage. Designed to finance energy and/or water efficiency or home resilience improvements from natural disasters. Features: $500…
Fannie has announced LTV increases as high as 95% for 2-4 Unit Primary Residence properties. This update will be available for DU-approved loans for new and resubmitted casefiles on November 18, 2023. Fannie also announced self-employed borrowers may only be…
GMFS has updated our Wholesale & Correspondent Selling Guides on 10/12/23. Changes, updates and clarifications from the previous versions include but not limited to: GMFS Fair Lending Statement GMFS Appraisal Fairness Policy Supplemental Consumer Information Form Other minor corrections and…
As a result of Encompass Release 23.3, TPO Connect and Optimal Blue had functionality changes related to First Time Homebuyers. We would like to draw your attention to this change to help ensure a smooth process when pricing your loans….
USDA recently announced changes for the Single Family Housing Guaranteed Loan Program. Notable changes include: Reserves: Current balance of most recent month statement is now accepted. Current Housing Payment: VOR is required for current housing payment if entered into GUS,…
TYPES OF PMI REMOVAL Automatic Removal Customer is only required to maintain mortgage payments MI will be automatically removed when the loan LTV reaches 78% Based upon original amortization schedule – when the original amortization schedule shows the loan will…
Effective August 23rd, 2023 the construction rate for OTC loans will be increased to 6.99% All OTC loans being disclosed on or after that date will need to reflect this change. Any loans that have been disclosed with the previous…
An updated Fannie/Freddie Product Comparison Matrix is available to download. We’ve also added a Fannie/Freddie Training for more information on HomePossible and HomeReady click here to view. This matrix can help you determine the best affordable lending product for your…
Good News! You no longer need to complete the paper form of the TRID Closing Fee Sheet to request CD/Closing. An electronic form is now available within the loan in the GMFS Client Portal. Clients must have a conditional approval…
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…
New Conventional Appraisal Ordering Process Beginning July 5, 2023, GMFS will require all brokered Conventional appraisals to be ordered through our GMFS TPO Connect system. Previously, clients ordered appraisals through a GMFS approved Appraisal Management Company (AMC). This process will…
GMFS’s Down Payment FHA 2nd Lien Program has been successful at allowing you to put more borrowers in homes since our launch earlier this quarter. In preparation for some future enhancements to the program we are making some small modifications…
Effective Friday, June 16th, GMFS has updated requirements for property and flood insurance in conjunction with HUD and Agency guideline changes: All persons on title to the subject property are named insured on property and flood insurance policies.
FHFA has just released the 2023 Area Median Income Limits! In response, Freddie Mac issued Updated AMI Limits to Qualify More Borrowers, which indicates Loan Product Advisor (LPA) will be updated effective June 8th, 2023. Fannie Mae issued 2023 Area…
