Freddie Mac is imposing strict rules concerning Power of Attorney that would only allow use for a bonafide medical emergency, natural disaster or other hardship for all mortgage with Application Received Dates on or after June 30, 2021. Defining what…
GMFS Compliance Update – Fannie Mae and Freddie Mac – Early Adoption of the General QM Rule BACKGROUND On December 10, 2020, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule amending the Ability-to-Repay/Qualified Mortgage (“ATR/QM”) definition. The General…
Good news! FHA has recently made changes that may allow prospective buyers with student loans more flexibility. HUD has announced that they will reduce the student loan payment required to include in the DTI to .5% when there is no…
GMFS is pleased to introduce two new Non-QM programs to complement our existing Jumbo Programs – GMFS Non-QM Select and Choice! Non-QM Select & Choice Features: Debt to Income Ratio over 43% FICOs as low as 680 Second Home and…
Fannie Mae RefiNow GMFS is pleased to offer Fannie Mae’s new refinance now program released in DU version 11.0 this weekend. RefiNow will enable more borrowers to refinance to a lower interest rate and reduce their monthly mortgage payments. In…
GMFS is honored to be ranked 24th in this year’s Scotsman Guide Top Mortgage Lenders – Top Wholesale Volume rankings! Scotsman Guide’s Top Mortgage Lenders is the industry’s most-comprehensive, verified rankings of the nation’s top-producing mortgage companies. To ensure that…
GMFS has updated the Jumbo Express Product Guide and will begin taking new locks with the updated guidelines Today, April 30th. Jumbo Express Changes/Highlights Higher LTVs – up to 90% Lower FICOs on many tranches – as low as 660…
GMFS is honored to be ranked in USDA’s Top Guaranteed Rural Housing Lenders National and State Rankings! Thank you and Congratulations to all! For a complete list of rankings click here.
Fannie and Freddie have made changes to their Standard Loan program and you will no longer be able to lock under the standard loan program. We have created these unique programs for you to lock Investment programs in Optimal Blue. …
We have updated our tax transcript policy! Updated GMFS Tax Transcript Policy – Flyer
Insurance Coverage and Maximum Deductible Requirements
Interest rates may have hit the bottom and are on the rise…but the GOOD NEWS is that they are still near historic lows! We’ve seen dramatic movement in pricing on some Products just the past few weeks. It is more…
Did you know the 1003 is changing to URLA (Uniform Residential Loan Application)? GMFS began accepting this new format February 15th! The new mandate date for the use of the redesigned URLA and AUS specifications is March 1, 2021. See…
GMFS is excited to add features to our Jumbo Express Program. Beginning Monday, February 15th, we will accept Investor Products under our existing Express Program. Please note that you will see a separate program in OB that clearly labels the…
Pick Your Own Loan Term – Now Available on Most Conventional Products GMFS is excited to offer the ability to do NonStandard Loan Terms on most of our Conventional Loan Programs. When you are searching for your loan you will…
