Bulletins

Fannie Mae provided additional guidance via Bulletin SEL-2020-06 for Condominium Projects with Ineligible characteristics. These new requirements apply for loan applications dated on or after December 7, 2020. Lenders must confirm project eligibility regardless of the Condominium Project Review type being completed including projects already approved if the loan application ...

The Federal Emergency Management Agency (FEMA) declared on October 16, 2020 federal disaster aid with individual assistance to seven additional counties in the state of California via DR-4569-CA Incident Period: September 4, 2020 and continuing, FLCBank continues to require Disaster Inspections per standard requirements for disaster areas posted in the ...

The following bulletin references updates to our Conventional, FHA, and USDA policies as well as our updated COVID-19 temporary policies. Click below to read the full bulletin.  AC-054 – Products Update and Extension of COVID-19 Requirements ...

In alignment with Fannie Mae and Freddie Mac Adverse Market Refinance fee, the loan-level price adjuster (LLPA) of 50 basis points (bsp) will be applied to 15 day rate locks in addition to 21,30,45 and 60 day rate locks on conventional and high balance loans. For conventional and high balance ...

In alignment with Fannie Mae and Freddie Mac Adverse Market Refinance fee, the loan-level price adjuster (LLPA) of 50 basis points (bsp) will be applied to 21 day rate locks in addition to 45 and 60 day rate locks on conventional and high balance loans. For conventional and high balance ...

In alignment with Fannie Mae and Freddie Mac Adverse Market Refinance fee, the loan-level price adjuster (LLPA) of 50 basis points (bsp) will be applied to 30 day rate locks in addition to 45 and 60 day rate locks on conventional and high balance loans. For conventional and high balance ...

NOTICE TO ALL CUSTOMERS As announced by the Department of Veterans Affairs via VA Circular 26-20-36, VA issued a State variance for lenders to follow when the property securing the mortgage is a site condominium located in Michigan. This variance will allow the lender not to require VA condominium approval ...

NOTICE TO ALL CUSTOMERS Analyzing Income for Self-Employed Borrowers Did you know? To promote responsible lending while supporting homeownership needs for borrowers with business, the agencies implemented additional documentation requirements so that further analysis can be conducted by lenders when assessing the Borrower’s income derived from Self-Employment in order to ...

NOTICE TO ALL CUSTOMERS FLCBank has Credit Policy updates on Fannie Mae, Freddie Mac and USDA loans as it relates to the following topics: Fannie Mae Updates: Properties with an Accessory Dwelling Unit (AUD) Regarding Building Sketch Exhibit Requirement for Appraisal Reports Underwriting and Solar Panel Clarification Freddie Mac Updates: ...

Change to Daily Rate Communication NOTICE TO ALL CUSTOMERS Effective Thursday, September 17th, customers will receive an email directly from Optimal Blue, alerting them that FLCBank has published/updated rates within OB. This automated alert feature ensures our customers are receiving timely updates about our rates. Click below to read the ...

In alignment with the Fannie Mae and Freddie Mac Adverse Market Refinance fee, the loan-level price adjuster (LLPA) of 50 basis points (bsp) will be applied to new 45 and 60 day rate locks on conventional and high balance loans. Click below to read the full bulletin. Adverse Fee Notice ...

NOTICE TO ALL CUSTOMERS FLCBank is updating its COVID-19 Temporary Policies (V20) as the country continues to adapt, labor markets continue to heal in certain areas, and the economy tries to stabilize. Click below to read the full bulletin. AC-044-Updated-COVID-19-Policies-9-10-2020.pdf ...

UPDATE: Counties Added/Removed as of 9:00 a.m. EST, August 28, 2020 Effective immediately, Loan Closings and Loan Funding is suspended in areas expected to be affected by Tropical Storm Marco and Hurricane Laura. FLCBank is suspending loan closings and fundings in the following areas declared in a State of Emergency, ...

UPDATE: Counties Added/Removed as of 9:00 a.m. EST, August 27, 2020 Effective immediately, Loan Closings and Loan Funding is suspended in areas expected to be affected by Tropical Storm Marco and Hurricane Laura. FLCBank is suspending loan closings and fundings in the following areas declared in a State of Emergency, ...

Effective immediately, loan closings and loan funding suspended due to Tropical Storm Marco and Hurricane Laura. FLCBank is suspending loan closings and fundings in the following areas declared in the State of Emergency or placed in Mandatory Evacuation Orders until further notice. Be aware that additional states and counties may ...