In This Issue
Lender Contest
Kentucky Housing Corporation (KHC) has continued to operate business as usual, with a few exceptions, like office location (home) and company dress code (PJ's all day!). We know most of our lenders and real estate agents are doing the same. In spite of that, your customers are still receiving the same quality of service as they did before this pandemic.
In a short video, 10 to 15 seconds max, share with us your name, company name, and your biggest tip for success/lesson learned while working from home. Email your entry to [email protected] by 5 p.m., Tuesday, May 26, 2020. The winner will receive dinner on KHC. We will also feature the best submissions on our social media pages and eGram.
TPO Lender Webinar - "APPROVED" - How to Get Your File Approved on the First Submission
Calling all Third Party Originators (TPOs)! Do you want to know how to get your file approved on the initial underwrite? Then,  sign up for this webinar at 10 a.m. ET,  Tuesday, June 2, 2020. Jamie Swindler and Melissa Johnson will be sharing valuable information and tips on improving the quality of submission to expedite the underwriting process for TPO lenders. Don't miss this opportunity!
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:
  1.  Importing a new loan: With the new LOS, lenders will not import a Fannie Mae 3.2 file. Instead, lenders will import the Uniform Loan Delivery Dataset (ULDD) loan file in XML format from their origination system. This format is currently used to deliver loans to Fannie Mae and Freddie Mac, and your origination system should support this. If you are not sure how to access this file format, first contact your internal system administrator. If they are unsure, then you may have to contact customer service for your origination system
  2. 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 (last increased September 29, 2014) to $595. 
      • 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.
  3. TPO Lenders: 
    • Beginning with the new LOS, you may add new closing agents not previously on the list. Jamie Swindler, [email protected], and Melissa Johnson, [email protected], are coordinating those efforts.
    • 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. Please contact Jamie Swindler and Melissa Johnson if you have any questions on this. Loans in the current LOS pipeline will continue to close as usual with KHC ordering the flood certification.
  4. Browser Compatibility: Chrome is currently not compatible but will be in the future. All other internet browsers are currently compatible with the new LOS.
Memorial Day Holiday
KHC will be closed Monday, May 25, 2020, in honor of Memorial Day. KHC will reopen at 8 a.m. ET, Tuesday, May 26, 2020. No TPO closings or loan purchases will occur on this day.
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