C-003 Credit Updates-Best Practices-Lender Responsibilities

NOTICE TO CORRESPONDENT CUSTOMERS

Credit Updates, Best Practices and Lender Responsibility Reminders

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; furthermore, Freddie Mac also reminds lenders of the importance and requirement of including a written income analysis in the mortgage file. FLCBank aligns with these updates.

Please refer to Freddie Mac Seller Guide Section 5303.4(d) and Stable Monthly Income FAQ for complete requirements.

VA IRRRL Updates

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