AC-020 Various Notifications and Updates
NOTICE TO ALL CUSTOMERS
Important Update and Notification – Various Topics
Updated Implementation Date for Reconsideration of Value
Fannie Mae, Freddie Mac and FHA recently announced their decision to delay the implementation date for lenders to review and respond to a borrower-initiated reconsideration of value (ROV) as more time was needed for lenders to develop and deploy all the elements outlined in the new policy.
Fannie Mae and Freddie Mac new implementation date must be adhered to with loan applications dated on or after October 31, 2024; while FHA’s provision announced in Mortgagee Letter 2024-16 must be implemented for FHA Case Numbers assigned on or after October 31, 2024.
Real Estate-Broker Buyer Commission
FLCBank would like to remind customers of the position prescribed by the agencies in relation to Seller-Paid Commissions, namely buyer-real estate/broker charges including commissions and any other broker-related fees.