In This Issue
FHFA Extends Loan Origination Flexibilities
New Loan Reservations Landing Page
Go Live Plan for Delegated Lenders
User Roles in PowerLender
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FHFA Extends Loan Origination Flexibilities
The Federal Housing Finance Agency (FHFA) announced on August 26, 2020, that Fannie Mae and Freddie Mac will extend several loan origination flexibilities originally set to expire on August 31, 2020, until Wednesday, September 30, 2020.
New Loan Reservations Landing Page
Tomorrow, Friday, August 28, 2020, lenders will be directed to an updated Loan Reservations landing page in preparation of the phased rollout of Kentucky Housing Corporation's (KHC) new Loan Origination System (LOS), PowerLender. This updated landing page contains important details about the transition to PowerLender.
Go Live Plan for Delegated Lenders
Browser Setup
Before anyone begins using the new LOS, there are a few simple browser setup requirements each company may need to review to ensure your systems will allow PowerLender access. They are as follows:
  1. Have the Sun Java plugin installed;
  2. Configure Compatibility View mode;
  3. Add PowerLender to your Trusted Sites, and;
  4. Allow cookies and pop-ups from PowerLender.
KHC has posted the Hosted PowerLender Browser Setup guide on the new Loan Reservations landing page. If you need assistance, please contact Keith Simon at ksimon@kyhousing.org.
 
Training Schedule
Starting Tuesday, September 1, 2020, KHC staff will begin scheduling calls with each Delegated Lender's designated administrators. The purpose of the calls will be to review and edit each company's list of users and warehouse banks that were transferred from Epic. This information was transferred during the initial days of implementation, so any staff changes that have occurred in the last six to nine months will not be reflected in PowerLender.

Delegated administrators will also have the opportunity to import a test loan into PowerLender during the first week to ensure a seamless transition when the reservation window is opened in PowerLender on Monday, September 14, 2020.

The week of September 8-11, KHC's trainers will conduct the following trainings for users based on roles (see role definitions below):
  • Training Group 1:
    Delegated Loan Officers, Loan Processors, and Lock Department
  • Training Group 2:
    Delegated Underwriter
  • Training Group 3:
    Delegated Closer and Post-Closer
The links to each training will be provided to the lender administrators for distribution. It's very important that every Delegated user attend their designated training. KHC will provide two options for each training group to accommodate your busy schedules.

It is important to note that no new reservations in PowerLender will be permitted until Monday, September 14. Every Delegated company must complete the trainings before making new reservations.
User Roles in PowerLender
Additionally, before KHC begins the transition to PowerLender, there are some roles that you should become familiar with before your training and setup. Below, each role includes duties and information to keep in mind throughout the transition.

Administrator: Users with Administrator permissions have the ability to add/manage users for their respective companies. Administrators also have access to add/manage warehouse bank information for Delegated and Correspondent Lenders. Administrators cannot add other administrators nor underwriters. Companies will be limited to three (3) administrators. Any requested changes to lender Administrators or Delegated Underwriters must be submitted to KHC.

Loan Officer: Users with Loan Officer permissions will be able to import new loans and complete all screens needed to lock a loan with KHC except the actual "Complete Reservation" screen. Loan Officers will have access to Application and Disclosure (A) and Re-Disclosure (RD) stages. Loan Officers will not be able to complete a reservation without also having the Lock Department role as well.

Loan Processor: Users in the Loan Processor role will be able to import new loans and complete all screens needed to lock a loan with KHC except the actual "Complete Reservation" screen. Loan Processors will have access to Application and Disclosure (A) and Re-Disclosure (RD) stages. Loan Processors will not be able to complete a reservation without having the Lock Department role, as well.

Lock Department: Users with Lock Department permissions will be able to import new loans and complete all screens needed in order to lock a loan with KHC. Lock Department users will have access to Application and Disclosure (A) and Re-Disclosure (RD) stages. Companies who elect to separate the lock desk function will use the Lock Department role for those users.

Underwriter: Delegated Underwriters will only be assigned by KHC. The Underwriter role gives the user access to the Underwriting (U) stage to approve loans in KHC's system. Correspondent Underwriters going through delegated test cases will be assigned by KHC.

Closer: Users with Closer permissions will be able to enter the closing date and print the KHC closing forms through the Closing (C) stage. 

Post-Closer: Users in the Post-Closer role will be able to access Pre-Purchase and Post-Closing conditions in the Conditions (CO) stage.
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