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…
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…
