|
KHC's TPO Lender TRID Guidelines and Workflow Webinars
Kentucky Housing Corporation (KHC) encourages any Third Party Originator (TPO) lenders impacted by new TRID regulations to register for one of the following TPO Lender TRID Guidelines and Workflow Webinars:
The Webinars will cover newly-approved TPO TRID closing agents, steps to obtain the required Loan Estimate for KHC first- and DAP mortgages, workflow for changes of circumstance, steps for scheduling a closing once the loan is approved, and TRID timelines.
It is imperative that TPO lenders attend one of these Webinars to originate loans on or after Saturday, October 3, 2015, with the new TRID regulations.
Please note: These Webinars are for TPOs only. Correspondents and delegated lenders must comply with TRID, but the workflow will be independent of KHC because those loans do not close in KHC's name.
|
|
TRID Updates
The following will begin, effective with the new TRID regulations on Saturday, October 3, 2015:
- TPO lenders MUST obtain the loan estimates for KHC first- and DAP loans through the KHC Loan Reservation System. KHC is offering Webinars for TPO lenders to demonstrate the steps needed to obtain this disclosure (see above).
- TPO lenders will be required to use one of KHC's newly-approved TPO TRID closing agents.
- All KHC lenders can obtain the DAP loan estimate through KHC's Loan Reservation System. Delegated and correspondents may also obtain the DAP closing disclosure through the Loan Reservation System. The lender is responsible for printing and delivering the DAP disclosure to their applicant.
- KHC will begin accepting electronic signatures on all documents from lenders who currently have an electronic delivery and signature system, with the exception of final security documents. KHC's Electronic Signature Policy is on KHC's website, under Lenders. Please note: This DOES NOT include closing documents for TPO lenders at this time.
- The Closing Agent Manual is available on KHC's website, under Lenders, Lender Resources, Third Party Originator (TPO). KHC's Program Guides reflect all changes listed above and are available on KHC's website, under Lenders.
|
|
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.
|
