Electronic Document Upload - Mandatory August 3, 2015
Due to the successful switch to a paperless system, effective Monday, August 3, 2015, Kentucky Housing Corporation (KHC) will require all lenders to upload their new files electronically.
The electronic checklists of required documents and a Electronic Document Upload PowerPoint are located on KHC's website, under Lender, Lender Resources, Training.
Tips for Success
- When uploading into KHC's system, please do not use any special characters in the file name. Numbers and letters are accepted, but no special characters.
- When uploading an initial underwriting package, upload the appraisal as a separate PDF into the Appraisal Task. Once the file has been underwritten, if the loan has been pended for conditions including the appraisal, then upload all conditions including the appraisal into the Pend Condition Task.
- The Security Document Task has been removed from the Electronic Document Upload System. The Security Documents must be originals and are required to be mailed to KHC's Single-Family Closing and Quality Review Team, 1231 Louisville Road, Frankfort, Kentucky 40601.
If you have questions or need assistance, please contact Single-Family Programs toll-free in Kentucky at 800-633-8896 or 502-564-7630, extension 291.
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DAP Loans - Mandatory Funding by Correspondent and Delegated Lenders
Effective immediately, KHC will no longer fund the DAPs for Delegated and Correspondent lenders. If you have questions, please contact Single-Family Programs toll-free in Kentucky at 800-633-8896 or 502-564-7630, extension 291.
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Underwriting Expectations
KHC wants to thank our lender partners for all the loan business! Due to extremely high volume, KHC's underwriting turn times are 10 days for the initial file review. Please keep this in mind as you plan for month-end peak closing times and continue to communicate with your borrower in regards to the underwriting time frame.
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RHS Meetings
USDA Rural Development is hosting two meetings to highlight the benefits of the RHS Guaranteed Loan Program. These meetings are open to new and approved lenders. Dates and locations are listed below:
Wednesday, August 12, 10 a.m. Cumberland Valley Development District Inc. 342 Old Whitley Road London, KY 40744 For questions or to reserve your seat, please call 859-224-7305.
Thursday, August 13, 10 a.m. Morehead Conference Center 111 E 1st Street Morehead, KY 40351 For questions or to reserve your seat, please call 859-224-7305.
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Appraisal Ordering for TPO
Currently, KHC requires all Third Party Originator (TPO) Lenders to order FHA and Conventional appraisals through Bluegrass Appraisal Management Inc. Effective with reservations on Saturday, August 1, 2015, KHC will also require RHS appraisals to be ordered through Bluegrass Appraisal Management Inc. The cost of the appraisal will be $450 and final inspection (if applicable) fee will be $130.
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MRB Special Funding Program - $200,000 Still Available
KHC has special funding available at 2.00 percent fixed interest rate for 30 years. This special funding program is available on a first-come, first-served basis.
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SOAR Special Funding Program
KHC has $2 million in 1 percent special financing to provide housing to low- to moderate-income home buyers in the SOAR region. This is a first-come, first-served program.
A SOAR flier is available on KHC's website, under Lenders, Marketing Tools.
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