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Electronic Welcome Letter from KHC to Our New Homeowners
Kentucky Housing Corporation (KHC) has begun emailing new borrowers of closed loans, congratulating and welcoming the new mortgagor, and sharing information about loan servicing. A part of this communication includes a survey about the homebuyer's experience during the loan process.
Please be sure to complete the email address of all borrowers on the Loan Review tab, in KHC's Loan Reservation System, when reserving a loan with KHC.
Here are a few positive responses KHC has recently received from new homeowners from June closings:
- Josh Harman, Loan Officer with Bank of the Bluegrass
- Chris Roberts, Loan Officer with Amerifirst Financial Corporation
- Seldon Sullivan, Loan Officer with Prime Lending
- Kyle Wheatley, Loan Officer with Century Mortgage Company
All four were ranked as knowledgeable, helpful, and prompt to answer questions. Great job! Good customer service increases future referrals. Keep up the top-notch customer service and stay tuned for more five star acknowledgements!
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Compliance Income Calculator
There is an issue with KHC's income calculator, where totals are not flowing to the end of the calculation. KHC is diligently working to correct the issue, but in the meantime, please type in the income on the calculator, then print and handwrite the total field(s).
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Interested Party Contributions (IPC) on Conventional Loans
On August 1, 2017, Fannie Mae raised the allowable seller contributions from 3 percent to 4 percent on CLTV's greater than 90 percent only on HFA Preferred and Preferred Risk Conventional loans. The additional 1 percent of the IPC must be used for borrower's closing costs. DU Approve/Eligible required, however lender may disregard any DU messaging because the IPC exceeds the maximum allowable contributions. There is a special feature code 849, but it is not entered into DU.
KHC has received confirmation from all KHC approved mortgage insurance companies of support for the 4 percent variance with Fannie Mae.
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Updated Closing and Quality Review Program Guides
KHC has updated both the Secondary Market and MRB Closing and Quality Review Program Guides. Click here for New Guides.
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Mortgage Bankers Association of Kentucky Compliance Seminar
Save the date of Tuesday, October 3, 2017, for the second annual MBAKY Compliance Seminar. The MBAKY education committee has put together another valuable and timely agenda of nationally recognized speakers discussing critical topics for the industry in 2017! This meeting will be at the Embassy Suites in Lexington, Kentucky. Registration will begin at 8:30 a.m. with presentations beginning at 9 a.m. Download and complete Registration for Compliance Seminar.
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