R-006 Property Valuation Requirements Advantage Bridge

NOTICE TO RETAIL LOAN ORIGINATORS

Property Valuation Requirements – Advantage Bridge Product

FLCBank is updating the valuation requirements on the Advantage Bridge loan product for all loans submitted on Wednesday, May 25, 2022.

An IVM, an exterior drive-by appraisal, or a Full URAR 1004 may be provided based on the loan amount:

• A property valuation (IVM) dated within 90 days from loan closing is required for loan amounts up to $250,000.
• An exterior appraisal inspection Form (2055) dated within 120 days from loan closing is required for loan amounts greater than $250,000 and up to $399,000.
• A full URAR Form (1004/70) appraisal report dated within 120 days from loan closing is required for loan amounts ≥ $400,000.

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