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…
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…
