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Affordable Closing Cost Fund - Update
There is now a button to choose the Affordable Closing Cost (ACC) Funds while reserving first mortgage loans.
The following changes will be effective with new reservations on or after Tuesday, August 1, 2017:
Pursuant to Fannie Mae Selling Guide under part B3-4.30-06:  Donations from Entities, the KHC ACC Funds should be entered into DU as a Gift, still with Special Feature Code 843. In order to document this according to DU, KHC's Reservation Confirmation will serve as the gift letter. The Closing Disclosure should show ACC Funds from KHC in Bucket L, Paid Already by or on Behalf of Borrower at Closing.
Loans reserved prior to August 1, 2017 may be documented as KHC originally instructed, as a Lender Credit on the first mortgage LE/CD and in DU, with Special Feature Code 843 in DU.

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