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…
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…
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…
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 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…
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…
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 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 .
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 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…
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…
