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…
Effective August 23rd, 2023 the construction rate for OTC loans will be increased to 6.99% All OTC loans being disclosed on or after that date will need to reflect this change. Any loans that have been disclosed with the previous…
An updated Fannie/Freddie Product Comparison Matrix is available to download. We’ve also added a Fannie/Freddie Training for more information on HomePossible and HomeReady click here to view. This matrix can help you determine the best affordable lending product for your…
Good News! You no longer need to complete the paper form of the TRID Closing Fee Sheet to request CD/Closing. An electronic form is now available within the loan in the GMFS Client Portal. Clients must have a conditional approval…
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…
New Conventional Appraisal Ordering Process Beginning July 5, 2023, GMFS will require all brokered Conventional appraisals to be ordered through our GMFS TPO Connect system. Previously, clients ordered appraisals through a GMFS approved Appraisal Management Company (AMC). This process will…
GMFS’s Down Payment FHA 2nd Lien Program has been successful at allowing you to put more borrowers in homes since our launch earlier this quarter. In preparation for some future enhancements to the program we are making some small modifications…
Effective Friday, June 16th, GMFS has updated requirements for property and flood insurance in conjunction with HUD and Agency guideline changes: All persons on title to the subject property are named insured on property and flood insurance policies.
FHFA has just released the 2023 Area Median Income Limits! In response, Freddie Mac issued Updated AMI Limits to Qualify More Borrowers, which indicates Loan Product Advisor (LPA) will be updated effective June 8th, 2023. Fannie Mae issued 2023 Area…
Lenders that deliver loans to Fannie Mae are responsible for reviewing appraisals to confirm that they meet policy guidelines. See below: Full 1004 Appraisal: Must be ordered through an Appraisal Management Company or proper approved channel Desktop 1004 Appraisal: Must be…
Have you taken a look at our Jumbo Express Loan product? $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…
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…
