GMFS Government Product Changes
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 the market landscape in order to continue to provide competitive bids for the majority of our business.
There has been a sharp drop in pricing and servicing value in Government business with lower FICO scores. Unfortunately, this does not allow GMFS to offer competitive pricing to your borrowers in these buckets. Until that market returns, we will not be able to accept new locks on Government loans with FICOs below 660.
As of COB today, GMFS will temporarily stop accepting new locks on Government loans with FICOs lower than 660. In addition this change, we will also have a temporary price adjustment for Government loans with FICOs below 680. That adjustment will be 50 bps on FHA/ VA and 100 bps on USDA, again only on FICO below 680.
We appreciate your business and understanding during these times of uncertainty