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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In observance of Independence Day, our office will be closed on Thursday, July 4th. We will resume normal business hours on Friday, July 5th.