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….
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…
GMFS Jumbo Express ARM Product Down to $400K
GMFS now gives you the ability to originate loan amounts of $400,000 and up under our current Jumbo Express program. This will give you ARM pricing options that may be more competitive than our current agency ARM options. Please note,…
GMFS Ranks as a Top USDA Lender!
GMFS is excited to announce we’re ranked by USDA’s Top Guaranteed Rural Housing Lenders National and State Rankings! Thank you and Congratulations to all! For a complete list of USDA’s rankings, click here. To learn more about USDA loans, click…
$750 Customer Credit
GMFS Loyalty Program GMFS offers a $750 Lender Credit to existing customers for NEW PURCHASE and REFINANCE! In order to qualify as an existing GMFS Customer, borrower must have an active mortgage with GMFS. To receive lender credit existing mortgage…
Helpful Hints – Lock Extensions
Lock Extensions – Change Request Tips https://gmfspartners.com/wp-content/uploads/2022/06/helpful-hints-extensions.pdf 1. In TPO Connect, click on Products and Pricing 2. From there click on Change Request 3. Once Optimal Blue opens up click on the blue Profile Change Request icon at the top…
Best Practices – Co-Borrower Declarations
Ensure a Smooth Process on Your File – Co-Borrower Occupancy Starting May 16th, the Optimal Blue system and Encompass will be pulling the Co-Borrower Occupancy as part of the API and Loan Validations Process. This is to help ensure you…
Updated HomeStyle Renovation & Construction Loans Flyer
With a GMFS HomeStyle Renovation Loan, You Can Buy a Fixer-Upper and Finance All the Repair Costs with One Loan Single-close first mortgage that locks in rate & funds upfront for renovation or repairs Any renovation/repair is eligible – must…
OTC FICO Changes and More
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…
New Fannie Mae Form 1076 – Condo Project Questionnaire
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!
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
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…