What's New with GMCC?

Welcome to our latest update at GMCC. At GMCC, we're thrilled to announce an exclusive offering that sets us apart as the only lender in North and South Carolina to provide a remarkable $10k grant program, showcasing our dedication to empowering homeownership in these regions. This unique opportunity underscores our commitment to delivering unparalleled value to our clients and partners. Furthermore, GMCC has expanded its support to include a $15k grant available in California and Massachusetts, further solidifying our position as a leader in the lending industry.

GMCC is also excited to unveil an innovative update to our CRA program, marking a groundbreaking development in lending options. Our new program uniquely qualifies borrowers with either Debt-to-Income (DTI) or Debt-to-Asset (DTA) ratios, distinguishing it as the only CRA program to offer asset qualification. Specifically tailored for the GMCC Universe CRA, this program allows for a 25% down payment without the need for ratio/DTI considerations or necessitating a full year's documentation on primary properties, second homes, and investment properties (applicable only to 1-2 unit dwellings). This flexible approach opens up new avenues for homeownership, making it easier for a broader range of clients to secure financing.

These new grants and SPECIAL programs not only offer significant financial assistance to prospective homeowners but also serve as a potent marketing tool for our team, especially when you do so in person. Seize this chance now to take advantage of what GMCC offers, enhancing your ability to support clients in these states and beyond.

Latest Market News
We want to share some news about the current market.

Recent developments in the housing market and financial world that have affected home prices, mortgage rates, and real estate trends include an increase in available homes and a slowdown in price growth, suggesting more affordable options may soon be available for homebuyers. According to Realtor.com's February 2024 Monthly Housing Market Trends Report, the inventory of available homes has risen by 14.8 percent compared to last year, and median list prices have shown minimal growth. This could lead to median home list prices dropping below 2023 levels as early as this month.

Increased Inventory: There is a notable increase in the number of available homes, up by 14.8% from last year, which may lead to more options and potentially lower prices for homebuyers.

Stabilizing Prices: Median list prices have shown minimal growth, indicating that the rapid price increases seen in previous years are slowing down. This could mean that the market is becoming more balanced and may offer better opportunities for buyers.

Mortgage Rate Fluctuations: Mortgage rates have been volatile, with recent increases following a hot inflation report. This affects affordability and could influence buyers' decisions. Loan officers should advise borrowers to consider the impact of current rates on their mortgage payments.

Regional Differences: The growth in inventory and the housing market conditions vary by region, with some areas experiencing more significant changes than others. Borrowers should be informed about the specific trends in their area of interest.

Economic Indicators: The Personal Consumption Expenditures (PCE) Price Index, which influences the Federal Reserve's policy decisions, has risen, potentially affecting interest rates and the housing market. v

 

The Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve's preferred measure of inflation, rose in January at its fastest pace in four months. This could have implications for the housing market as it affects financial markets and the broader economy. The PCE report for January 2024 showed a year-over-year increase of 2.4%, down from 2.6% in December 2023.

 

The main message for loan officers is to convey that while the market is showing signs of becoming more buyer-friendly with increased inventory and stabilizing prices, borrowers should remain aware of regional differences and the potential impact of economic indicators on mortgage rates. This information can help borrowers make informed decisions about when and where to buy.

 

 

 Upcoming Training Sessions
**Don't Miss Our Weekly Training on GMCC's AI Initiative:** Scheduled for Tuesday, 3/5, at 10:30 AM PST, this session is crucial for anyone looking to streamline their business. Learn how AI can help you spend less time on guidelines and qualifications, and more time closing loans. Make sure to sign up for GMCC Lite at gmccloan.net under the AI tab if you haven’t done so already.

 

**Q&A Session for MLOs:** Have any questions? Get them answered LIVE on Thursday, 3/7, at 1 PM PST. This interactive session is your platform to seek clarifications and guidance.

 

**Weekly Product Training:** Join us on Friday, 3/8, at 10:30 AM for an in-depth look at one of GMCC's special programs. Whether it's conventional, non-QM, Jumbo, or another special program, we've got you covered.
This week we go over a Case Study for Asset qualification and Asset utilization. If you believe your client can qualify without a traditional income qualification, this could fit your next loan.

In-person Events and Bootcamps
 

What better time to market than now? Please join us for a local marketing event in Arcadia, CA on 3/9. Realtors from all over the community with be there as we present GMCC’s Super Special programs. So if you’re in California, register with your branch manager before Monday 3/4.

Here is a full schedule so you don’t miss out:

Date                                           What                                                    Time                                           Location

03/06/2024 Wednesday         In-Person Meeting                             10:30 am – 12:30 pm EST        Hampton Inn & Suites by Hilton Watertown Boston
                                                                                                                                                                  25 Bond St, Watertown, MA 02472

03/08/2024 Friday                   In-Person Bootcamp                         10:00 am – 1:00  pm PST        17700 Castleton St Ste 488, City of Industry, CA 91748

03/09/2024 Saturday              Marketing Event                                 2:00 pm – 4:00 pm PST         135 E Live Oak Ave, Arcadia, CA 91006

 

Looking Ahead
GMCC is committed to empowering our team with the tools, knowledge, and opportunities to excel. Our AI initiative is set to revolutionize the way we operate, ensuring efficiency and success in our endeavors. We look forward to seeing you at our upcoming events and training sessions. Here's to a prosperous year ahead!