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…
Under FannieMae guidelines, GMFS allows for qualifying borrower income from employment offers or contracts if the loan meets the following criteria: purchase transaction, principal residence, one-unit property, the borrower is not employed by a family member or by an interested…
Save Time Submitting Loans GMFS no longer requires a loan submission form on any loan program. Need a refresh on adding and submitting loans to TPO Connect? Check out our How to Guides & Videos!
Did you know Borrowers with 20% liquid assets may still qualify for 100% financing with USDA? If the borrower has personal non-retirement liquid asset funds of at least 20% of purchase price then perform the below conventional test: The borrower…
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…
