Great news on the National Homebuyer’s Fund (NHF) Down Payment Assistance Program (DPA) GMFS will now allow Lender Paid Compensation under the program to further benefit your borrowers. We have seen a lot of success with this program, highlights include:…
GMFS is excited to share the latest news from the FHFA. The Federal Housing Finance Agency (FHFA) announced today, May 10, 2023, that it has rescinded the upfront fees based on borrowers’ DTI ratios for loans acquired by Fannie Mae…
Great news! We are expanding our Existing Customer Benefit Program for Second Homes and Investment Properties! If a borrower has their primary home’s mortgage with GMFS, they are eligible to receive a $750 customer retention credit on a second mortgage…
NHF Down Payment Assistance Customizable Flyers are now available for your use! Access the flyer and more here: https://gmfspartners.com/marketing-tools/ More NHF Tools: NHF Broker Process DPA NHF Training DPA NHF Guidesheet- 10 year Amortization DPA NHF Guidesheet – Forgivable Disclosure…
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…
