AC-009 Credit Updates FHLMC and VA
NOTICE TO ALL CUSTOMERS
Important Credit Updates
FLCBank is announcing several important updates related to Freddie Mac Income Updates and VA IRRRL required documentation.
Freddie Mac Income Updates
Freddie Mac announced in Bulletin 2023-22 specificity to employment income history, earnings types, and income calculation requirements for borrowers with employed income. FLCBank aligns with these updates effective immediately.
Employment History Requirements: The 12-month minimum employment history requirement for fluctuating hourly earnings has been expanded to permit prior salaried employment in a similar industry that had an income level consistent with the current income level based on the income trend analysis.
Employed Income Calculation Requirements: Fluctuating hourly employment earnings are considered to be earnings that are based on a pre-determined and agreed-upon hourly rate of pay…..