R-004 Closed End Second and HELOC Second Mortgage Update
NOTICE TO RETAIL LOAN ORIGINATORS:
Closed End Second and HELOC Second Mortgage Update
Effective immediately, FLCBank’s Closed End Second and HELOC Mortgage guidelines are being updated to reflect the following changes to the Cash Out refinance loan purpose:
- Added seasoning requirement: If the subject property was purchased within 12 months from the loan application date:
- The lower of the current appraised value, or the purchase price paid at the time of purchase plus any documented improvements made since the property’s acquisition will be used to determine CLTV.