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.
Click below to read the entire bulletin.
AC-016_4-14-21_ Conventional Updates and COVID-19 Overlay Removal