Bulletins
AC-008 Conventional LLPA Updates
The New Fannie/Freddie LLPAs will be effective Wednesday, March 1, 2023, for all new locks, relocks, renegotiations, and lock extensions. The LLPA tables for Conventional loans will change as follows: New commitments, locks, relocks, extensions, and renegotiations, taken on or after Wednesday, March 1, 2023 Conventional Agency (Fannie Mae and ...
B-004 IMPORTANT: Updated AMC Vendor Pricing 2023
Effective Monday, February 27 for appraisal orders placed in Mortgagebot, the AMC Vendor shown below has updated pricing for 2023; please use these updated fees when quoting the appraisal fee for the Loan Estimate (LE). Nationwide Property & Appraisal Services Process Overview: At the time, when the appraisal vendor accepts ...
CNDC-004 Supplemental Consumer Information Form Requirement Reminder
FLCBank reminds our customers that the Supplemental Consumer Information Form (SCIF Fannie Mae/Freddie Mac Form 1103) will be a required document in the loan file for conventional loans with application dates on or after March 1, 2023. Any data provided on the SCIF must also be included in each GSE’s ...
B-003 Supplemental Consumer Information Form Requirement Reminder
FLCBank reminds our customers that the Supplemental Consumer Information Form (SCIF Fannie Mae/Freddie Mac Form 1103) will be a required document in the loan file for conventional loans with application dates on or after March 1, 2023. Any data provided on the SCIF must also be included in each GSE’s ...
CNDC-003 IRS Form 4506-C OCR Update
FLCBank will follow the Internal Revenue Service Bulletin dated 11/1/2022 which announced the final published version of the new IRS Form 4506-C. The new Form was updated to support the OCR modernization for the IVES program and will be required for IVES submissions on or after March 1, 2023. The ...
B-002 IRS Form 4506-C OCR Update
FLCBank will follow the Internal Revenue Service Bulletin dated 11/1/2022 which announced the final published version of the new IRS Form 4506-C. The new Form was updated to support the OCR modernization for the IVES program and will be required for IVES submissions on or after March 1, 2023. The ...
AC-007 Fannie Mae Cash-Out Seasoning Requirements
Fannie Mae announced in Bulletin SEL-2023-1 the new requirements affecting Cash-Out Refinance transactions when the proceeds of the refinance are used to pay off a first lien mortgage: The first lien mortgage being refinanced must be seasoned for at least 12 months as measured from the Note Date of the ...
AC-006 Suspension of Gold Jumbo Product
Notice to All Customers Suspension of Gold Jumbo Product Effective today, Thursday, February 9, 2023, FLCBank is suspending any further new registrations or locks on our Gold Jumbo product due to enhancements and product guideline changes. A notification will go out when the product has been re-opened. Any loans presently ...
AC-005 Conventional Mortgages and Loan-Level Price Adjustments (LLPA) Waivers
Conventional Mortgages and Loan-Level Price Adjustments (LLPA) Waivers Effective February 9, 2023, FLCBank is waiving Fannie Mae and Freddie Mac loan level price adjustments (LLPAs) on certain Conventional Mortgages at the direction of the GSEs per Fannie Mae Lender Letter LL-2022-05 and Freddie Mac Bulletin 2022-22. Eligibility 1) First Time ...
C-001 Appraisal Risk Review
Appraisal Risk Review FLCBank is issuing this bulletin to stress the importance of properly addressing and documenting the lender’s determination of acceptable collateral (appraisal report). Care should be exercised when reviewing appraisals to evaluate the comparable sale selection, and the appraisal adjustments and confirm data integrity by utilizing Collateral Underwriter ...
CNDC-002 Uniform Instruments Reminder
NOTICE TO NDC (DDP and NDDP) and Correspondent Customers Uniform Instruments Reminder FLCBank reminds customers to provide the updated July 2021 document versions of the GSE Forms of the Uniform Security Instruments, Notes, Riders and Addenda required with Note dates on or after January 1, 2023, for all Conventional, Second ...
AC-003 Florida Property Insurance Restrictions
Effective immediately, mortgage applications for properties in the state of Florida with property insurance provided by an insurer participating in the Temporary Market Stabilization Arrangement (TMSA) will not be eligible for financing. The restriction applies to all loan products offered at FLCBank: Conventional Products, Jumbo Products, FHA, USDA, VA, Second ...
AC-002 Transcripts and Income Validations Reminder 2023
NOTICE TO ALL CUSTOMERS Income Validations Reminder Tax Returns and Transcripts are required for borrower(s) whose “self-employment” or “other” income sources are being utilized for the repayment of the mortgage. The number of years for tax returns and transcripts being required is based on the AUS findings except on loan ...
AC-001 Important Conventional Credit Updates and ATR-QM Points and Fees Thresholds
This bulletin announces credit updates made by Fannie Mae and Freddie Mac to various requirements for Conventional Mortgages and new CFPB Qualified Mortgages and HOEPA Points and Fees threshold Fannie Mae Use of Business Assets The requirements related to the use of business assets on self-employed borrowers have been simplified ...
NDC-001 Final Uniform Residential Loan Application (URLA) Process Reminder
To help you avoid unnecessary errors and pre-purchase delays, Florida Capital Bank, N.A. reminds all Non-Delegated Correspondents approved in the Delegated Document Program for Conforming and Jumbo Loan Products (NDC-DDP and NDDP designations), about the requirement to utilize the Final URLA with the ULI provided by FLCBank to be signed ...
