New Adverse Market Refinance Pricing Fee Postponed! The Federal Housing Agency has directed Fannie Mae and Freddie Mac to postpone the previously announced loan-level price adjustment of 50 bps for new refinance transactions. The new refinance price adjustment will NO…
Update to USDA TRV Requirement TIRS is now accepting new orders for TRVās. Therefore the temporary suspension of the TRV requirement is lifted. Effective today, 8/25/2020 all new loan memos will require the TRVās/4506T for all household members ages 18…
As business and the market slowly begin to move toward a sense of normalcy since the COVID-19 crisis, GMFS has started to make adjustments to expand the credit availability and improve pricing for your borrowers. See below for change to…
FHFA recently announced refinance and home purchase eligibility updates for borrowers in forbearance. Ā This announcement is for conventional loans only. Borrowers are immediately eligible to refinance or buy a new home if they participated in a forbearance plan but continued…
Information for your clients about Payroll Protection Program (PPP) Loans In the midst of the COVID-19 pandemic, we hope that you and your families are safe and healthy. We understand that many of us are experiencing financial difficulty due to…
Construction Loan Updates For any OTC loans that have not yet had a prelim CD sent out yet, GMFS will now be collecting escrows at closing to ensure we have funds available at modification to pay HOI and establish escrow…
GMFS will be adopting both the VA Circular 26-20-10 and FHA Mortgage Letter 2020-05 related to flexibility during COVID quarantines. In addition, we will be allowing temporary flexibility related to 4506-T on FHA and VA loans. 4506-T Updated: For loans…
Partners, Thank you so much for your loyalty this year. We are lucky to have partners like you. Although there are many challenges related to COVID-19, we are working hard every day to continue to provide you great service. We…
As the market liquidity and capacity impact from COVID-19 continues to put a strain on the mortgage industry, GMFS remains a strong stable leader for our employees, our partners, and our borrowers. It is necessary for us to react to…
New OB GMFS Servicer Toggle Effective Immediately Optimal Blue has changed how to enter the data related to current servicer. You will now see a toggle on your landing page that says āGMFS Servicerā Y/N. It will default to No….
GMFS is Now Accepting all VISA Types on Conforming Loans Citizenship Requirements Borrowers must meet the following requirements: Each borrower on the loan must have a valid Social Security number Each borrower must have a valid VISA Employment authorization document…
NEW USDA CHANGES Effective immediately, findings of: Accept/EligibleĀ ā No minimum trade-lines required Refer/EligibleĀ ā Two trade-lines with a 12 month review history is required Acceptable tradesĀ reporting on credit are Installment, Revolving, and Deferred accounts Acceptable non-traditional credit referencesĀ are Rent, utility payments,…
VA Loan Changes in 2020 VA Loan Changes 2020 are giving borrowers even more buying power for purchase, construction, and cash-out refinance loans. For Veterans with full entitlement, Freddie Mac conforming loan limits are no longer a factor! Highlights: Eligible…
Borrower Consent to the Use of Tax Return Information Changes The Taxpayer First Act was signed into law on July 2, 2019 and effective December 28, 2019. The law requires any person/entity that receives tax return information to obtain express…