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KHC Single-Family Servicing Statement
Kentucky Housing Corporation (KHC) has received many inquiries from our lending partners asking if we work with a master servicer and if that master servicer has implemented any additional credit overlays in light of the COVID-19 pandemic. As a reminder to our lenders, KHC services 100% of our single-family loans. We act as our own master servicer and as such, KHC determines our own credit overlays, such as minimum credit scores. Our policy has always been to give lenders as much notice as possible when we do make changes to our programs.
At this time, we have no plans to change the minimum credit score requirements for our programs. KHC is operating business as usual with the biggest exception being the majority of our staff are now teleworkers.
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In recent days, all of the insuring agencies have published guidance on income, employment verification, and appraisals during the COVID-19 pandemic. KHC has updated our policies in response (listed below), all of which are available on the
Lending Partners page of KHC's website,
www.kyhousing.org.
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KHC Response for Homeowners Impacted
by COVID-19
Many lenders are hearing from past clients who are concerned that COVID-19 may disrupt their mortgage payments.
Due to the high volume of customers affected by COVID-19, we are experiencing high call volume and extended hold times. Email responses may also be delayed.
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KHC's Preferred Risk Product
This week, Fannie Mae issued an update to the HFA Preferred Risk Sharing program. Fannie Mae has decided to stop offering the HFA Preferred Risk Product.
The last day this program can be reserved with KHC will be Wednesday, April 15, 2020. All Preferred Risk Loans must close and be delivered to KHC no later than
Friday, June 26, 2020. KHC will be unable to make exceptions to that deadline.
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KHC's COVID-19 Resource Page
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