Elite Express Credit Updates
Effective with new locks 12/21/21, FLCBank is pleased to announce pricing improvements and the removal of certain restrictions on the Elite Express Jumbo Product while updating the maximum loan amounts, LTV/CLTV, FICO and reserve requirements:
- Updated guides clarifying the minimum loan amount is $1 over the current one-unit conforming loan limit regardless of the subject property county or number of units.
- Amended the VVOE timing requirements for both Salaried and Self-Employed Borrowers:
- VVOE for Salaried/Wage Earner/Hourly Borrower: Verbal VOE to be dated within 10 business days prior to loan closing vs. ten (10) calendar days. Also, if the employer uses a third-party employment verification vendor, the verification must be obtained within the same time frame as the verbal VOE requirements above and the verification must evidence the information in the vendor’s database was no more than 35 calendar days old as of the Note Date.
- Verification of the existence of borrower’s self-employment to be verified through a third-party source and no more than ten (10) business days prior to the Note date vs. ten (10) calendar days prior to the Note date.