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UBP New Underwriting Guides
Kentucky Housing Corporation (KHC) published updated underwriting guides for the Unemployment Bridge Program (UBP) on Friday, May 20, 2016. The new guides contain clarification on ownership vs. applicant. The language, found on page 6 number 18, specifically reads as follows: In order to have an enforceable loan on a property, the owner must sign the note and mortgage. Those parties listed as owner on the deed of record have ownership interest and therefore must be on the UBP note and mortgage. This means they are an applicant.
Other examples include: - If owner (borrower) is married and spouse is on deed: both are on UBP note and mortgage.
- If owner (borrower) is married but spouse in not on the deed, spouse will sign mortgage only.
- If owner's mother was on the deed, then she would have to sign our note and our mortgage.
The updated guides are available on Kentucky Homeownership Protection website, under Partners, Counseling Agency Tools. |
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Upcoming Treasury Visit
The U.S. Treasury has announced plans to conduct its 2016 Compliance Review of Kentucky's Hardest Hit Programs during the week of June 13. KHC asks counseling partners to be on call and responsive to requests made during that time.
During all reviews, Treasury will sample files from approved, denied, and withdrawn clients, this time during the period of June 1, 2014-April 30, 2016. Counseling partners are reminded that decisions must be communicated to clients and case files must contain copies of decision letters, particularly withdrawn and denied files.
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KHC Holiday Schedule
In observance of Memorial Day, KHC offices will be closed on Monday, May 30. We will reopen on Tuesday, May 31, at 8 a.m. We wish everyone a safe and happy holiday weekend!
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