CNDC-007 Freddie Mac- LPA Estimated Property Value Reminder
NOTICE TO NON-DELEGATED CORRESPONDENT CUSTOMERS
Important Reminder Regarding LPA Estimated Property Values Procedure
FLCBank would like to remind customers of Freddie Mac’s new requirement we announced via FLCBank Bulletin #2024-AC-010 on May 17, 2024, requiring Loan Originators/Lenders to have written procedures in place outlining the process when determining the estimated property value being entered in Loan Product Advisor (LPA) on Refinance transactions for the purposes of obtaining an ACE or ACE+PDR eligibility. Note: FLCBank does not accept ACE+PDR option issued by LPA.
In order to comply with Freddie Mac’s new requirement (Freddie Mac Bulletin 2024-1), effective with new loans submitted to FLCBank on or after June 6, 2024, the following requirements will apply:
In observance of Independence Day, our office will be closed on Thursday, July 4th. We will resume normal business hours on Friday, July 5th.