Effective August 23rd, 2023 the construction rate for OTC loans will be increased to 6.99% All OTC loans being disclosed on or after that date will need to reflect this change. Any loans that have been disclosed with the previous…
Affordable Lending-Announcement
Are you giving your borrower the best rate and deal? Don’t leave money on the table for your borrowers! What are the benefits? AMI Waiver on all loans submitted as HomeReady or Home Possible Lower MI than any other program…
GMFS is excited to share the latest news from the FHFA. The Federal Housing Finance Agency (FHFA) announced today, May 10, 2023, that it has rescinded the upfront fees based on borrowers’ DTI ratios for loans acquired by Fannie Mae…
AMI LLPA Waiver for Freddie and Fannie As you may be aware, Freddie and Fannie announced in November a pricing enhancement targeted at First Time Home Buyers who have a total qualifying income at or below the Area Median Income…
OTC Changes Effective April 1, 2022 The minimum FICO to qualify for the OTC product has been increased from 680 to 700. The contingency requirement for borrowers engaging with a builder on a cost plus contract has been increased from…
Due to the current and impending rise in mortgage rates, GMFS is making a change to the qualifying note rate on OTC loans. Effective today, February 16, 2022, the rate will no longer be a flat rate but will need…
*Time Sensitive Announcement* Fannie and Freddie have announced that they will be making changes to their Second Home and High Balance pricing adjustments. GMFS will be implementing the new pricing on loans that lock on or after January 24th, 2022….
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…
Important: Pricing Adjustment – Investment Properties and Second Homes Updated adjustment effective immediately As announced previously, in response to Fannie/Freddie cap on investment properties and second home transactions, GMFS has added additional pricing adjustments. We have monitored our percent of…
Important: Pricing Adjustment – Investment Properties and Second Homes Updated adjustment for locks on or after Friday, June 11, 2021 As announced previously, in response to Fannie/Freddie cap on investment properties and second home transactions, GMFS has added additional pricing…
Updated adjustment for locks on or after Monday, April 28, 2021 In response to the recently announced Fannie / Freddie cap on investment property and second home transactions, GMFS will be adjusting our loan level price adjustments for second home…
Great News About Conventional & Government Rates Conventional & Government Rates at 2.99% and 3.99% When submitting your lock request please lock at the interest rate just above what you are looking for and we will adjust your price by…
In response to the recently announced Fannie / Freddie cap on investment property and second home transactions, GMFS will be adjusting our loan level price adjustments for second home and investment properties (NOO), effective for any commitments taken on or…
A Notice from the Lock Desk Check out our Underwriting Turn Times! Our dedicated underwriting team has been hard at work getting us back to our quick turn times! Beginning Monday, March 15th GMFS will be returning to our normal…
Pick Your Own Loan Term – Now Available on Most Conventional Products GMFS is excited to offer the ability to do NonStandard Loan Terms on most of our Conventional Loan Programs. When you are searching for your loan you will just…