GMFS Mortgage is excited to partner with the National Homebuyer’s Fund (NHF) to offer the Down Payment Assistance Program (DPA) Program Highlights: FHA with CLTV 100% FHA 1st Lien 96.5% DPA 2nd Lien 3.5% Funds can be used for down…
GMFS now offers Long Term Locks! You can now use this feature to protect your borrower from possible future rate increases. The Borrower, Seller or Correspondent Client can pay a flat fee (collected upfront) at the time of the lock…
Reminder: GMFS will adopt the new LLPA adjustments for all new locks beginning today, March 1st. IMPORTANT: If a lock is originally priced off of the (old) LLPA grids and extends past March 31, the (new) LLPA grids will be…
How do customers submit a request for a payoff statement for a Partial Claim held by HUD? The Mortgagee, Borrower, or other Authorized Third Party with a SMART Integrated Portal (SIP) account may request a payoff statement for a HUD…
Recent Changes / Enhancements include: Improvements to the Bank Statement Program No longer have to look at lower of 1003 and bank statements for the income analysis Reduced minimum ownership percentage from 50% to 25% to utilize business bank statements…
Effective with applications taken on or after March 1, 2023, the new Supplemental Consumer Information Form must be included with the Uniform Residential Loan Application. The form requests details concerning the consumer’s participation in a homeownership counseling or housing counseling…
For loans originally priced off of the prior (old) grid set, the new LLPA grid will be applied if the lock expiration is extended past March 31. The new LLPA grid will also be applied if: Brokered: the loan funds…
GMFS will adopt the new LLPA adjustments for new locks with lock periods of 45 days and longer beginning tomorrow, February 9th. Lock periods of 60 days and longer are once again available. Lock periods of 30 days or less…
Fannie Mae and Freddie Mac recently announced major changes to loan level price adjustments (LLPAs), GMFS will be adopting these changes to loans funded or purchased after March 31, 2023. Beginning today January 31st, lock periods of 60 days and…
GMFS is now offering Lender Paid Buydowns for your borrowers on Conventional Conforming Fixed Rate Loans! Optimal Blue has a new field to help price the loans properly; Buydown Contributor. The Buydown Contributor will default to “Seller” * in the…
Affordable Lending-Announcement
AMI LLPA Waiver for Freddie and Fannie As you may be aware, Freddie and Fannie announced in November a pricing enhancement targeted at First Time Home Buyers who have a total qualifying income at or below the Area Median Income…
Affordable Lending-Announcement
Beginning December 19, 2022, GMFS will waive all Investor LLPAs on Conventional loans if the loan meets all of the below requirements. First Time Homebuyers: • Any borrower on the loan is a first time homebuyer • Qualifying Income based…
Great News! GMFS has now released 2 NEW Temporary Buydown Options and they are now 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…
Fannie Mae and Freddie Mac recently announced updates to Loan Level Price Adjusters (LLPA) that will apply to Home Possible & HomeReady Products as well as Cash-Out Refinances. GMFS has adopted LLPA changes consistent with the GSE updates as of…
