Go Live Plan for KHC's New Loan Origination System
Kentucky Housing Corporation (KHC) will begin a phased roll-out of its new Loan Origination System (LOS), starting Tuesday, September 1, 2020. KHC will start the process with the Delegated Lenders, using the entire month of September to ease these lenders into this new system.
Below are some important details to know about the plan to transition to the new LOS:
Phase 1: Delegated Lenders
Tuesday, September 1 - Friday, September 11, 2020
- We will begin working with the Delegated Lender Administrators to review the list of users, warehouse banks, roles, etc., being transferred to the new system during the first week of September. Any changes will be made before any other users are activated.
- Live demonstrations of the new system and workflow will be scheduled for loan officers/processors, lock desk, underwriter, closers, and post-closers.
- By Friday, September 11, 2020, all Delegated users will be activated in KHC's new LOS, PowerLender.
Phase 2: Delegated Lenders
Monday, September 14 - Wednesday, September 30, 2020
Reservations can be made in the new LOS. KHC will leave the current reservation portal open for the first few days of Phase 2. This will circumvent any delays in locking loans in the event there are any unforeseen issues with the transition.
Phase 3: Correspondent Lenders
Anticipated Start Date: Monday, October 5, 2020
We will begin the Phase 1 and 2 Plans for the Correspondent Lenders. At this time, we do not anticipate it would take the entire month to move the Correspondents over, but we will have a better estimate of this timeframe once we go through the process with the Delegated Lenders.
Phase 4: Third Party Originators (TPO)
Anticipated Start Date: Monday, October 19, 2020
We will begin the Phase 1 and 2 Plans for the TPOs. We will publish a more-detailed plan in coming weeks.
NOTE: Any loans locked in KHC's current system prior to the new system, will be finished in the system in which it was started.