One Time Close Program Changes Effective April 1, 2022 The minimum FICO to qualify for the OTC product has been increased from 680 to 700. The contingency requirement for borrowers engaging with a builder on a cost plus contract has…
Please be aware that the GMFS CPM Review for All Existing Condos – Form has been removed and replaced by the Fannie Mae Form 1076 – Condo Project Questionnaire. This reflects the changes made by Fannie Mae to the Condo…
Optimal Blue + TPO Connect Pricing Change Now Available! Faster changes and Fewer Launches! At GMFS we have been working with Optimal Blue to integrate TPO Connect with our pricing engine. This effectively has reduced the number of times that…
Optimal Blue + TPO Connect Pricing Change coming March 7th Faster changes and Fewer Launches! At GMFS we have been working with Optimal Blue to integrate TPO Connect with our pricing engine. This effectively has reduced the number of times…
GMFS Makes it Easy to Calculate Self-Employed Income with Loan Beam! LoanBeam is a self employed income calculation tool which provides FNMA, FREDDIE MAC AND FHA self employed calculations of tax returns. The product cannot do the calculation of YTD…
*Time Sensitive Announcement* Fannie and Freddie have announced that they will be making changes to their Second Home and High Balance pricing adjustments. GMFS will be implementing the new pricing on loans that lock on or after January 24th, 2022….
Clarification to Seasoning Requirements for Refinances of Modified VA Loans Ginnie Mae recently posted an All Participant Memorandum (APM 21-06) that provided additional clarification when you are refinancing a VA loan that has been modified. You must use the modification…
GMFS is pleased to announce changes to our Jumbo Express Guidelines effective for locks taken out on and after Monday, November 1, 2021. This program includes significant new updates to help you further accelerate your jumbo business. Jumbo Express Changes/Highlights…
Good news, effective immediately – Fannie and Freddie have removed the $5,000 cap on financing of closing cost for the Refi Now and Refi Possible programs! In order to help you find the best product for your Low to Moderate Income…
In order to help you find the best product for your Low to Moderate Income Borrower, we have summarized Fannie and Freddie’s programs in the following grid. TPO Refi Now and Refi Poss comparison Please reference our guide and the…
Freddie Mac Refi Possible GMFS is pleased to offer Freddie Mac’s new Refi Possible, available immediately. Refi Possible provides expanded flexibilities suitable for borrowers who may not have taken advantage of low interest rates and want to refinance into a…
Good News! USDA has recently made changes that may allow prospective buyers with student loans more flexibility. Borrowers in an Income Based Repayment Plan (IBR), Income Contingent (IC), Graduated or Adjustable repayment plan can now qualify with the actual payment…
Good News! Fannie / Freddie Cap on Investment Properties and Second Homes Has Been Temporarily Suspended What This Means For You: Effective immediately, GMFS will no longer have additional loan level price adjustments over the agency adjustments on second home…
Coming with the next DU update the week of September 18th, DU will be modifying their risk assessment, GMFS will adopt Fannie Mae guidelines and updates as released on August 11, 2021. To read the complete Release Notes click here….
Did you know – No Tradelines? No Problem! With GUS Accept/Eligible. GUS ACCEPT FILES No minimum trade lines are required Authorized user accounts do not need to be removed and do not affect Accept decision GUST REFER FILES Two…
