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Kentucky Housing Corporation's (KHC) is experiencing heavy underwriting volume and higher than normal turn times. Underwriting turn times can be located on the
Lending Partners page of KHC's website.
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TPO Underwriting Checklist Items
KHC underwriters have compiled a list of the items that are most often left out of files and conditioned for after the initial underwrite. Third Party Originating (TPO) lenders, please remember to follow the
underwriting checklist to ensure a fully processed file is submitted to underwriting:
- Completed 1008 or FHA Loan Transmittal
- Final Unsigned 1003
- Final Unsigned 92900A
- KHC Income Calculator
- Completed Patriot Act Disclosure
- Fully Executed Sellers Property Disclosure
- Fully Executed FHA Amendatory Clause & Real Estate Certification
- Verbal or Traditional VOEs
- Automated Underwriting System (AUS) findings released to KHC
- Asset balances correct in AUS findings
- LDP/GSA/SAM on all parties to the transaction
Remember, fully processed files mean faster approvals and closing for you!
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Preparing for KHC's New Loan Origination System
KHC is preparing to go live with its new loan origination system (LOS) this summer. We want to notify lenders of some important details before the transition:
- Fee Changes beginning with the new LOS
- The KHC Administrative Fee will be increased from $125 to $175 per loan, beginning with loans in the new LOS. The last time KHC increased this fee was July 1, 2017.
- The KHC Underwriting fee, charged on TPO and Correspondent loans, will be increased from $495 to $595. The last time KHC increased this fee was September 29, 2014.
- Bonus for excellent file submission: Any TPO or Correspondent (RHS and Conventional) loans with 10 pend conditions or less on the first submission (including first-time approvals) will receive the $100 increase in their lender compensation, paid at time of closing (for TPO's) or purchase (for Correspondent RHS and Conventional loans).
- Remember, Correspondent lenders receive the entire KHC Underwriting fee on FHA and VA loans.
- TPO Lenders
- Beginning with the new LOS, KHC will no longer order the flood certification on TPO loans. TPO lenders will order their own flood certification and have it endorsed to KHC prior to closing. If you have any questions on this, please contact Jamie Swindler and Melissa Johnson. Loans in the current LOS pipeline will continue to close as usual with KHC ordering the flood certification.
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