Bulletins
AC-018 Conventional Mortgages and Condominium Property Insurance Requirements
FLCBank would like to remind customers that properties located in a Condominium Project must comply with established Condominium Project Insurance requirements posted in our Resource Center under Closing Documents Guidelines to ensure property insurance coverage is confirmed: The Project’s Homeowner’s Association (HOA) must insure the building, project improvements, and structures ...
C-002 Fannie Mae Condo Project Manager (CPM) Requirement
FLCBank reminds all Correspondent Customers of Fannie Mae’s requirement announced via Bulletin SEL 2023-02. Effective with loan applications dated on or after July 1, 2023, lenders must use Fannie Mae’s Condo Project Manager (CPM) when a Lender Full Project Review is required. Please ensure a copy of the Condo Project ...
BNDC-001 Blue Jumbo
New Jumbo Product – Blue Jumbo FLCBank is pleased to announce, effective today, June 20, 2023, we are adding the Blue Jumbo to our product offering. Below is the summary of the product. Please call your AE or CRR for pricing and loan scenarios on this new product. General Summary of Blue Jumbo: ...
AC-017 Area Median Income (AMI) Limits Update 2023
Conventional Updates – Area Median Income (AMI) Limits Update for 2023 The Federal Housing Finance Agency (FHFA) recently issued the income limits for the Area Median Income (AMI) for 2023; consequently, Fannie Mae and Freddie Mac announced the timing for when these updates will be incorporated in their respective AUS ...
AC-016 Preferred Jumbo Pricing Update
Updates to the Preferred Jumbo product pricing Effective today, May 18, 2023, our Preferred Jumbo product will appear in Optimal Blue (OB) with the ACH adjustment incentive automatically set to “Yes” which displays the best price available. To view the price without the ACH adjustment incentive, the Loan Originator must ...
B-007 Updates to Closed-End Seconds and HELOCs
Florida Capital Bank is updating certain requirements in the Closed-End Second and HELOC mortgage products. The following changes are effective immediately regardless of loan lock status: Self-Employment – Verification that the borrower’s business is active: Lenders can now follow AUS timing requirement (the verification must be completed within 120 days ...
NDC-002 Update Schedule of Fees / Clear Capital Products
Effective Monday, May 1, Clear Capital will update fees for the following appraisal products for the Non-Conforming Conventional & Jumbo products. CDA/Desk Review / BPO Drive-By / Value Reconsideration CLICK HERE for the updated FLCBank Non-Delegated Correspondent (NDC) Schedule of Fees. CLICK HERE TO VIEW OR DOWNLOAD THE COMPLETE BULLETIN ...
B-006 Updated AMC Vendor Pricing May 1st
Effective Monday, May 1 for appraisal orders placed in FLCBank’s LOS, the AMC Vendor shown below will have updated pricing for 2023; please use these updated fees when quoting the appraisal fee for the Loan Estimate (LE). Clear Capital Process Overview: At the time the appraisal vendor accepts your order, ...
AC-015 REMINDER New Fannie Mae Value Accepted + Property Data and Freddie Mac ACE + PDR Products
Fannie Mae Updated Terms Reminder / New Fannie Mae Value Accepted + Property Data and Freddie Mac ACE + PDR Products As previously announced in Bulletin #2023-AC-013 on March 21, 2023, FLCBank will allow #1 referenced below: Fannie Mae Updated Terms: As part of Fannie Mae’s “Valuation Modernization” efforts, the ...
AC-014 4506-C Processing Update
FLCBank has been notified by the 4506-C vendor about the IRS’s recent announcement to all IVES participants regarding its policies around acceptable completion of the new 4506-C Form: Any information or barcodes that spill over the borders of the form will result in a rejection by the IRS. This includes ...
AC-013 Various Product Announcements – VA Funding Fee Rate Update
Various Product Announcements including VA Funding Fee Rate Update FLCBank is providing customers with a number of important credit updates as follows: Fannie Mae Updated Terms As part of Fannie Mae’s “Valuation Modernization” efforts, the term “Appraisal Waiver” has been updated to the new term “Value Acceptance” and all references ...
AC-012 Delay of LLPA DTI Fees
FHFA delays implementation of LLPA DTI fees The Federal Housing Finance Agency (FHFA) announced on Wednesday that it would delay the implementation of a new controversial loan level price adjustments on Fannie Mae and Freddie Mac borrowers with higher debt-to-income ratios. Effective today, March 16, 2023. FLCBank is removing the Fannie Mae and Freddie ...
AC-011 CD Information Process Improvement
Effective today, March 6, 2023. You’ve requested and we’ve listened! To better serve our customers, we introduce a new way to provide information for the early Closing Disclosure (CD) via our new CD Information screen. There is no longer a need to provide the CD Contact information PDF form, just ...
AC-010 FHA Reduced Annual MIP
FHA Annual Mortgage Insurance Premium Reduction Florida Capital Bank, is pleased to align with Mortgagee Letter 203-05 that announced FHA’s reduction of the Annual Mortgage Insurance Premium (annual monthly MIP) rates by 30 basis points (0.30%) on mortgages endorsed for insurance by FHA on or after March 20, 2023. Broker ...
AC-009 Remaining COVID-19 Overlays
Important Fannie Mae and Freddie Mac Updates Fannie Mae and Freddie Mac announced the expiration of the remaining COVID-19 overlays. Consequently, FLCBank accepts these changes and the Temporary Policies Related to COVID-19 noted below are rescinded effective immediately: Verification of the existence of the borrower’s business to include evidence of ...
