AC-020 Various Credit Updates
FLCBank would like to provide updates to its credit guidelines:
1. Fannie Mae
- Added Fannie Mae’s definition of a “Relative” to the Power of Attorney section
- Updated guidelines related to acceptable donors for personal gifts to include a non-relative that shares a familial relationship with the borrower, specifically a former relative, a relative of a domestic partner, and a godparent.
- Updated guidelines regarding the transfer of gift funds with evidence of electronic transfer of funds from the donor’s account to the borrower’s account or to the closing agent represents acceptable documentation to meet the requirement for verifying donor availability of funds and transfer of gift funds.