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Labor Day Holiday
Kentucky Housing Corporation (KHC) offices will be closed Monday, September 7, 2015, in observance of Labor Day. KHC offices will re-open on Tuesday, September 8, 2015, at 8 a.m. ET.
Please note: No closings or loan purchases will occur on Monday, September 7. Any closings scheduled for Tuesday, September 8, 2015, must be sent to KHC by 10 a.m. ET, Thursday, September 3, 2015.
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Welcome Back to Single-Family
KHC is proud to welcome Michelle Byer and Julie Key back to the Closing and Quality Review team. Michelle will be preparing closing packages for Third Party Originator (TPO) lenders. There is a new updated Fee Sheet available on KHC's website, under Lender Resources, Third Party Originators. Julie Key will be purchasing closed loan files with Carol Fadler. Julie Veith has moved back to KHC's underwriting team!
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TPO - Appraisal Reminders
KHC is required to receive appraisals from Bluegrass Appraisal, so please do not upload appraisals. If you have questions or concerns about receipt of appraisals, please email khcuw@kyhousing.org.
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Underwriting Reminders
Please be sure to include all the documents requested on the underwriting checklist. KHC has received several loans that do not include the 1008 or FHA Loan Transmittal, Final 1003, and KHC's Income Calculator. These are basic items that must be included for KHC's underwriter to review and make a decision on a file.
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RHS Update to Guarantee Fee
Effective with conditional commitments issued on or after Thursday, October 1, 2015, the guarantee fee will change from 2.00 percent of the loan amount to 2.75 percent of the loan amount.
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Effective with the new TRID regulation on Saturday, October 3, 2015, KHC will begin accepting Electronic Signatures on all documents with the exception of Final Security Documents, from lenders who currently have an electronic delivery and signature system. KHC's Electronic Signature Policy is on KHC's website, under Lenders.
The DAP Loan Estimate and Closing Disclosure will be available for all KHC-approved lenders to access in KHC's Loan Reservation System.
TPO lenders will be required to utilize KHC's First Mortgage and DAP Loan Estimate and Closing Disclosure. These disclosures will be produced for the lender by completing an online screen within KHC's Loan Reservation System. TPO lenders will be required to use one of KHC's-approved closing agents for title and closing.
Stay tuned to KHC eGrams about upcoming Webinars on access to the new TRID disclosures, workflow, and approved closing agents. |
