Highlights: Max Cash Out LTV = 100% (including the Funding Fee) Expanded Net Tangible Benefit Test New Comparison Disclosure (many additional metrics) New Disclosure Issued within 3 Days of Application 210 day Loan Seasoning (seasoning starts 1st Payment of current…
The Fannie Mae HomeStyle Renovation Product Guide has been updated as of Feb. 18, 2019. HomeStyle Renovation Loan
The February versions of the Monthly Economic Commentary and Calendar for Mortgage Industry and Mortgage Professionals are now available. This Economic Commentary intro and full version PDF are provided by GMFS and written by Mortgage Elements to be a succinct…
The January versions of the Monthly Economic Commentary and Calendar for Mortgage Industry and Mortgage Professionals are now available. This Economic Commentary intro and full version PDF are provided by GMFS and written by Mortgage Elements to be a succinct summary of…
Customers who had been boarded to Cenlar prior to the conversion to SLS and are now being subserviced by SLS will receive a 1098 from each of the two subservicers for 2018. If customers have received a 1098 it is…
GMFS is removing the different treatment of commission income based on the percentage of employment income. Going forward all commission income will be treated the same, and individual tax returns (or tax transcripts) will no longer be required. We are updating…
The December versions of the Monthly Economic Commentary and Calendar for Mortgage Industry and Mortgage Professionals are now available. This Economic Commentary intro and full version PDF are provided by GMFS and written by Mortgage Elements to be a succinct…
Louisiana FHA & USDA Policy Changes Effective immediately in Louisiana… GMFS WILL NOT consider judgements, collections, federal student loans (delinquent/current), or installment debts of a non-debtor spouse in the qualification process when an FHA or USDA loan is used to finance…
The November versions of the Monthly Economic Commentary and Calendar for Mortgage Industry and Mortgage Professionals are now available. This Economic Commentary intro and full version PDF are provided by GMFS and written by Mortgage Elements to be a succinct…
GMFS has updated the HomeStyle guidelines and disclosures to better align with recent changes to Fannie Mae’s HomeStyle product. View these documents: HomeStyle Renovation In addition to the updated guidelines, GMFS will be rolling out our new construction management software, Built, at…
HomeOne for First Time Buyers – 3% Down with No Income Limits! Freddie Mac has created a new mortgage program for First Time Buyers. The main difference between HomeOne and Home Possible is that HomeOne does not have any income…
Effective for applications taken on or after 9/01/18 1. USDA No Longer Requires Termite Inspection Termite inspections are no longer required for USDA loans unless the appraiser, inspector or State law requires the inspection to confirm the property is free…
Loan Approvals Without a Property: Highlights: Full Mortgage Approval except for the Property Borrowers can Negotiate with Confidence Expedites Final Approval (after a property is selected) Loan Estimate Not Required (LE issued when a property is selected) Conforming, Jumbo, FHA,…
The August versions of the Monthly Economic Commentary and Calendar for Mortgage Industry and Mortgage Professionals are now available. This Economic Commentary intro and full version PDF are provided by GMFS and written by Mortgage Elements to be a succinct…
As a reminder, as previously announced back in June, loan payments for your customers serviced by GMFS should be mailed to City of Industry, CA instead of Atlanta. Please update your Goodbye Letter templates as appropriate. Read the original announcement…