Two Different Types of GMFS Agents:
Agent – Correspondent
Agent Correspondent lending allows Banks and Credit Unions to close and fund loans in their names while utilizing the processing, underwriting and closing departments at GMFS. Your institution will be able to earn Yield Spread Premium on each loan closed without the need of staffing beyond a licensed loan officer. This option offers your institution to provide Conventional, FHA, VA, USDA, Jumbo and Construction products to your customers without the costly overhead.
Agent – Referral
Agent Referral lending allows Banks and Credit Unions to provide 30 yr fixed mortgages to their customers without RESPA and HMDA burdens. A prequalification is completed by the Bank or Credit Union and submitted to GMFS. The Bank or Credit Union must complete 5 or 13 RESPA required functions and they will receive up to a 1% origination fee at the funding of the loan. All origination, processing, underwriting, closing and funding is taken care of by GMFS.