Important Announcements and COVID-19 Overlay Removal

FLCBank is pleased to update our customers on the following topics.

COVID-19 Overlay Removal Conventional Loans
- Reinstating 2-4 Unit Primary Residence Cash Out Refinances
- Business Review Analysis on Self-Employed Borrowers
- Establishing business Income on Self-Employed Borrowers
COVID-19 Overlay Removal Government Loans
- Business Review Analysis on Self-Employed Borrowers
- Establishing business Income on Self-Employed Borrowers
Freddie Mac Policy Updates
- When to source significant increase in account balance when using a Verification of Deposit (VOD)
- Lenders not required to source funds needed for closing on refinances under specific criteria
- Allow lenders to use additional eligible retirement accounts to determine 3 year continuance when current retirement distributions are to deplete within 3 years
4506-C New Field
- A new field has been added to Form 4506-C in the signature box where the taxpayer and the spouse (if applicable) are required to print or type their full name.

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