2025 Conventional Loan Limits
New 2025 Conventional Loan Limits – $795,000 Effective with locks taken after 9/25/2024 Applies to standard Fannie Mae and Freddie Mac eligible programs Loans with AUS Approve/Ineligible or Accept/Ineligible (ineligible for loan limits only) are eligible for delivery and will…
Hurricane Francine
Update: FEMA has established an “End Date” for Hurricane Francine of September 12,2024 Effective Today, September 17, 2024 Disaster Inspection Recertifications (DIRs)/Affidavits, including pictures, will now be required for only the eight (8) parishes listed below. These requirements will be updated…
GMFS Open Wednesday, September 11
Although there is inclement weather expected throughout our area, GMFS intends to be open for normal business on Monday, August 30th. As we monitor the ongoing situation, we will continue to keep you updated on our capabilities. We hope you stay safe…
GMFS will be CLOSED Monday, September 2nd
GMFS will be CLOSED Monday, September 2nd Friday, August 30th – OPEN with Normal Business Hours Monday, September 2nd – CLOSED Reminders: Lock Desk: No new locks will be accepted, extensions and change requests can be made online on 9/2/24…
GMFS Now Serviced by Shellpoint
As of May 1, mortgage loans that were serviced by GMFS Mortgage LLC, Serviced by Specialized Loan Servicing (SLS) now have a new name – GMFS Mortgage LLC, serviced by Shellpoint. As part of the Shellpoint family, we are excited…
Expanded Products Discontinued at GMFS as of 7/8/24
Effective Monday, July 8th, 2024, GMFS will no longer offer Expanded Prime, Non-Prime, and DSCR Products, and therefore will no longer accept new loan submissions for these products after this date. This is due to a lack of interest and demand…
Lock Desk Closed Juneteenth
On Wednesday, June 19th, the GMFS Lock Desk will be closed due to the Federal Reserve Banks observance of Juneteenth. No new locks will be accepted. The Lock Desk will resume normal business hours on Thursday, June 20th. Reminders: •…
GMFS #1 RD Lender in Louisiana
GMFS has been ranked the #1 USDA Lender in Louisiana! Thank you to our incredible staff and clients for helping with this achievement. For a complete list of USDA’s rankings, click here. Learn more about our USDA product here
GMFS Nationally Ranked Lender in 2024
GMFS is honored to be ranked as a Scotsman Guide Top Mortgage Lender in 2024! Thank you for being a valued client and trusting us with your business! GMFS Mortgage ranks #1 Overall Mortgage Lender in Louisiana, #60 overall GMFS…
FHA Guideline Updates
May be used immediately. ** The underlined are changes or clarifications to existing guidelines. Checking and Savings Accounts Large deposits: II.A.4.d.iii(A)(2) and II.A.5.c.iii(A)(2) The Mortgagee must verify and document the existence of and amounts in the Borrower’s checking and savings…
GMFS Memorial Day Lock Desk Hours – Closed Monday
GMFS will be closed on Memorial Day, Monday, May 27th. No new locks will be accepted. Changes to existing locks can be made online. The Lock Desk will close early at 1:00 pm CST Friday, May 24th.
USDA Guideline Updates
Below are some highlights of the recent guideline changes and updates. HOI deductible should not exceed 5%. Properties should have replacement cost coverage in an amount that is at least equal to the guaranteed value of the improvements or the unpaid…
2024 Conventional Updated AMI Limits
FNMA and Freddie Mac have announced the release of new 2024 AMI Limits, effective May 19, 2024. However, each agency has also released their own specific guidelines on when to apply these new limits for current loans. FNMA (from Selling…
New Mortgagee Clause Effective Immediately
Effective Immediately, GMFS is updating the mortgage clause required on all products excluding a few DPA mentioned below. Please begin updating your documents as quickly as possible. New Mortgagee Clause GMFS, LLC ISAOA, ATIMA 7389 Florida Blvd, Suite 200A Baton…