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Counseling Agreements Due Friday!
Kentucky Housing Corporation (KHC) has distributed updated participation agreements for Unemployment Bridge Program (UBP) counseling agencies. The current agreements have expired and must be updated before the application window reopens. Agencies must return signed agreements plus signatory authorization of the signor before Friday, May 13, 2016, to remain active in the Kentucky Homeownership Protection Center System when the reservations window reopens on Monday, May 16, 2016.
Original, signed agreements should be mailed to:
Kentucky Housing Corporation
Attn: Jaime Rice
1231 Louisville Rd
Frankfort, KY 40601
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UBP Reservation Window
The UBP reservation window will reopen on Monday, May 16, 2016. The terms for new reservations will include the maximum assistance of $15,000 or 12 months of mortgage assistance. The full $15,000 may be used for reinstatement, if needed. The UBP application packet is available on the Protection Center website, which includes these new terms.
Counselors should make every effort to complete reservations from cases created on or before January 31. Many of these reservations have been active for over 100 days.
If the file cannot be sent to KHC for underwriting by Friday, May 13, counselors should withdraw the cases for non-compliance and send withdrawal letters to the applicants. If applicants submit the needed documentation, the case can be reopened. These reservations were allowed to extend beyond the 30-day window due to the heavy volume brought on by the portal closure. That volume has now passed, so pipeline maintenance should resume.
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Vendor Management
In keeping with compliance requirements set forth by the Consumer Financial Protection Bureau, UBP counseling agencies will complete a Vendor Information Worksheet, provided by KHC. This is the first step in an "on-boarding" process all vendors must complete. For agencies working with multiple KHC programs, this initial process should only be completed once.
KHC will email each agency's main point of contact with more information the week of May 16.
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