LLPA and Lock Extensions
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…
LLPA Adjustments Beginning February 9th
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…
Conventional LLPA Changes
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…
Lender Paid Buydowns Now Available!
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
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
Waiving Investor LLPAs on Conventional Loans
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…
More Temporary Buydown Options Now Available
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…
Updates to Conventional LLPAs
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…
1/0 Temporary Buydowns Now Available
Great News! GMFS has released 1/0 Temporary Buydowns and are now an available! Use Seller paid funds to lower the borrower’s payment for the first year – Conventional, FHA, VA and USDA Minimum FICO for Temporary Buydowns is 640 on…
USDA Change to Delinquent Child Support
USDA Change to delinquent child support USDA has announced, effective 11/1/2022 any past due child support must be paid in full. Date determined by the Conditional Commitment.
GMFS Now Offers DSCR for Investment Borrowers
GMFS Now offers a product specifically designed for Investment Borrowers! Debt Service Coverage Ratio (DSCR) where qualification is not based on personal income but instead it is based on the cash flow from the subject Property Only! Program attributes include:…
2/1 Temporary Buydowns on Government Products
Now Available: 2/1 Temporary Buydowns on Government Products! GMFS is now offering 2/1 Buydowns on Government Products including FHA, VA and USDA. Government minimum FICO 640 Use seller paid funds to lower the borrower’s payment for the first two years….
New Underwriting Fee Structure
In order to continue to provide exemplary service, GMFS has made slight revisions to our Fee Structure. The new fee below is effective with applications dated by the loan officer September 15, 2022 and after. Thank you for your continued business,…
2/1 Temporary Buydowns on Conventional Products
Now Available: 2/1 Temporary Buydowns GMFS is excited to announce another great product for your builder partners! Use seller paid funds to lower the borrower’s payment for the first two years. Available on Conventional products only at this time. Example…
Changes to VA Disclosures
The following forms have been combined into one, now named Veteran’s Questionnaire Veteran’s Disability & Pension Statement Veteran’s Child Care Certification Clarification of Reservist Policy for Veteran’s Affairs Loan The new Veteran’s Questionnaire will need to be submitted with all…