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High Loan Volume -- Tips
Kentucky Housing Corporation (KHC) thanks you for all the loan production! As a result, KHC has been inundated with new loan submissions specific to the Hardest Hit Fund Down payment Assistance Program (HHF DAP). With this is mind, KHC has come up with some helpful tips to ensure the underwriting and closing process is smooth. Underwriting File- Upload a complete underwriting package.
- Files missing a 1008, FHA -LT, Final 1003, Income Calculator, or AUS Findings not be underwritten until the file is complete.
- If a lender inadvertently forgets another item, and the loan hasn't been underwritten, please send that item to underwriting at khcuw@kyhousing.org. Items will be added to the file. Do not upload anything to pend conditions until file has been underwritten.
- Be mindful of the reservation expiration date.
- When submitting pend conditions, upload all conditions.
- Ensure duplicates and unnecessary documents are not uploaded.
HHF DAP- Most recent three years' federal tax returns and all applicable schedules or three years' tax transcripts are required.
- Do not send state tax returns or blank schedules and worksheets.
- The Dodd Frank Certification, in second paragraph, must be dated with initial first mortgage application date.
- The initial TIL generated on January 20, 2016, must have reported all zeros from KHC's system. As of today, Thursday, February 11, the final TIL has been fixed and will reflect $15,000 in the financed section. KHC will not pend for this document to be corrected as it was an error in KHC's system.
Closed Loan Files- First Mortgage Note required. KHC allows up to 10 days after the closed loan to submit the closed loan file, but prefers it sooner, if possible.
- Include the signed DAP Closing Disclosure (HUD-1 for HHF DAP), as well as the First Mortgage Closing Disclosure.
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Save the Date
KHC has mailed invitations to top producers for the 11th Annual Lender Recognition Luncheon, which will be held on Thursday, March 3, at Claudia Sanders Dinner House in Shelbyville. Please respond promptly.
Thank you for being such a great partner to KHC and providing affordable housing solutions to Kentuckians.
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