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TPO LENDER TRAINING Kentucky Housing Corporation
| Date post: | 22-Jun-2018 |
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TPO LENDER TRAINING
Kentucky Housing Corporation
SECONDARY MARKET
KHC Funding Source
Lender Relationship
Third Party Originator Lender.
Originate, process, KHC credit and compliance underwrites for ALL loans, KHC prepares closing package and handles any post closing issue.
Compensation and fees.
2.0% of total loan amount.
UW fee of $495 paid to KHC on all loans.
Administration Fee of $125 paid to KHC on all loans.
Program Guides
All KHC Program Guides
are Date Sensitive
Secondary Market Funding Source
Applicants Income Only.
Income Limits ($103,600 - $137,025 Range).
Based on County of property location.
Purchase Price & Refinance Limit $301,294.
First time and Repeat Homebuyers Statewide.
Secondary Market Income Limits
Secondary Market Applicant’s Income
ONLY:
Jefferson: $125,025
Fayette: $122,675
Northern KY:$137,025
Program
Guides & Quick
Reference
Cards
Compliance & Effective Income
Compliance Income (Income Limit). Funding Source.
Secondary Market – Applicant’s Income ONLY. KHC’s Homebuyer Tax Credit– Household Income. Affordable DAP – Applicant’s Income ONLY.
All possible income projected over the next 12 months. Over-time. Second Job. Child Support. Bonuses.
Effective Income (Qualifying Income). Per Agency guidelines.
These Income Calculations will be different amounts!
KHC’s Income Calcuator
Items needed to complete Income Calculator.
Verbal VOE with a Start Date.
Most recent 30-days worth of paystubs.
Should ALWAYS default to Secondary
Market unless loan includes KHC’s Tax
Credit
Check the income sources
that apply to your applicant or
household if KHC’s
Homebuyer Tax Credit.
The start date automatically defaults to
January 1st of the current year. You only
need to change it if their employment
start date was later in the year.
KHC’s income calculator compares
your applicant’s income to all the
other income limits. Place your final
version of this calculator in the file.
$125,025.00
Income Tips
Compliance Income. When in doubt count it!
The following should be counted in Compliance Income:Base Pay.
Overtime.
Bonuses.
Commission.
Child Support/Alimony.
Profit Sharing.
Tip Income.
Non-taxable Income (SSI, Disability).
Car Allowances.
Schedule C or E Income.
Income Tips
Compliance Income.
If Child Support is not consistent then average over 12 months.
Conventional – exception – must be consistent.
One Time Payments – Do NOT count for Compliance.
Performance Bonus.
Enlistment Bonus.
Inheritance.
Insurance Settlement.
Income – Large Deposits
Deposits for Compliance Income.
No individual deposits under $500 require documentation.
If deposit is over $500, KHC underwriting will amortize over 12 months, add back to total income.
If under compliance income – KHC UW moves on.
If over compliance income – borrower to address source.
If deposit from employer, SS, VA or child support not listed on 1003 – borrower to address source.
If KHC UW adds up any of the above & still under compliance income – KHC UW moves on.
KHC First Mortgage Programs
First Mortgage Purchase Programs
Purchase. FHA. VA. RHS.
If NOT set up with GUS: All individuals needing access to GUS needs to sign up for RHS
Security Access Level 1 at this link: https://identitymanager.eems.usda.gov/registration/selfRegistrationForm.aspx?level=1
Need e-Authentication ID – KHC can add as a Lender Agent.
If already setup with GUS: Need e-Authentication ID – KHC can add as Lender Agent.
Conventional No MI Program. Conventional With MI Program.
Reduced Charter Coverage.
First Mortgage Refinance Programs
Refinance.
FHA.
Streamline: Credit and Non-credit Qualifying.
Simple Refinance.
Rate Term Refinance.
RHS Streamlined-Assist Refinance Program.
Property Guidelines
Single family, 1-unit, owner occupied in KY.
New & existing property.
Manufactured Housing. FHA/VA New & Existing.
RHS – New.
Conventional – 95% LTV / 105% CLTV.
Can ignore findings that state exceed CLTV if Approve/Ineligible.
Affidavit of Conversion to Real Estate.
Condominiums.
Agency Guidelines.
FHA, VA & RHSPrograms
$301,294 Purchase Price Limit.
620 Credit Score.
40% / 50% Max Ratios.
AUS Approval Required. DU or LP.
GUS for RHS or Manual UW.
Secondary Market Income Limit-Applicant Only.
Conventional 97
No MI & With MI
$301,294 PurchasePrice Limit.
660 Credit Score.
40% / 50% Max Ratios.
DU Approve/Eligible Required. LP not accepted.
Secondary Market Income Limit-Applicant Only.
KHC Credit Overlays
SPECIAL DESIGNATIONS
Conventional Programs
Entering Conventional with & withoutMI Program in DU
In DU select Additional Data Screen.
Under Community Lending Information
› Choose “HFA Preferred Risk Sharing” for Conventional without MI.
› Special Feature Code: 820.
› Choose “HFA Preferred” for Conventional with MI.
› Special Feature Code: 741.
› Community Seconds: HHF, Regular or Affordable DAP.
› Special Feature Code: 118.
Additional Data
Screen
Community Lending
Information
Choose HFA Preferred Risk Sharing when utilizing
Conventionalwith NO MI
Choose HFA Preferred when utilizing
Conventional with MIHome Ready
Homebuyer EducationConventional Only
Follow your DU findings.
First time homebuyers.
At least one borrower complete pre-purchase counseling.
Online session, workshop, telephone, or classroom.
MGIC or other MI Companies – Free.
DU – Request KHC as SponsorConventional Only
Fannie Mae’s Website.
Get set up with DU.
Request KHC as sponsor.
Institution ID: a0239 (lower case).
Conventional Program Benefits
4% Allowable Seller Contributions.
CLTVS > 90%.
Specific to HFAs ONLY.
***Must Close by August 31, 2018***Pilot Program
HFA Preferred & Preferred Risk Sharing
✓ Higher Income Limits.
✓ Secondary Market 175% AMI.
✓ DAP access.
✓ No MI option.
✓ Lower MI payments.
✓ 4% Allowable Seller.Contributions (CLTVs > 90%).
Home Ready
✓ Lower Income Limits.
✓ 100% AMI.
✓ No DAP.
✓ Higher MI payments.
✓ 3% Allowable Seller.Contributions (CLTVs> 90%).
KHC Conventional vs. Home Ready
Mortgage Insurance
MI Companies. Arch MI
Essent
Genworth
MGIC
Charter Coverage. 97 – 95.01% = 18%
95 – 90.01% = 16%
90 – 85.01% = 12%
85 – 81% = 6%
Single Pay Premium – Upfront. Borrower Paid
DAP
Terms FHA
Conventional
Preferred (with MI)
Conventional
Preferred Risk
(with NO MI)
Interest Rate 5.25% 5.25% 5.75%
Base First Mortgage $144,750 $145,500 $145,500
Financed MI $2,533 N/A N/A
Total First Mortgage
Amount
$147,283 $145,500 $145,500
Monthly MI $102.53 $50.15 N/A
Monthly Payment $915.53 $853.15 $849.00
Monthly Savings N/A $62.38 Savings $66.53 Savings
Based on $150,000 purchase price and 30 year fixed interest rate
Down Payment Assistance ProgramsDAP
Regular DAP
Affordable
DAP
HHF DAP(when available)
Continuously Funded DAPs
Regular DAP
$6,0005.50% interest rate for 10 years
Income under the Secondary Market Income Limit.
New construction and existing property.
Affordable DAP
$4,5001% interest rate for 10 years
Applicant’s Income under Affordable Income Limits.
New construction and existing property.
Affordable DAP Applicant(s) Income Limits
HHF DAP
$10,000Non-repayable forgiven over 5 years
Secondary Income limits. Home purchase must be located in certain counties.
Christian, Hardin, Jefferson or Kenton.
First time home buyers (no ownership interest in last 3 years). Existing Property.
No New Construction.
Does not meet TRID requirements so utilize GFE and HUD-1.
Not Available at this time!Stay tuned to eGrams☺
KHC DAPs
All take a second lien position.
DAPs can be used with:
Non-KHC DAPs.
As long as KHC’s DAP stays in 2nd Lien position.
Non-KHC DAP must meet agency guidelines.
Welcome Home Funds.
Seller Paid Closing Costs.
Gifts.
Borrower’s own funds.
PRICED WITH & WITHOUT DAP
45 DAY LOCK
Interest Rates
Scroll down to
the bottom of
KHC’s Home
Page
Changes to Loan Reservation
Change/Extend/Cancel
7 days at .125%.
15 days at .25%.
30 days at .50%.
Email: [email protected] to change the following: Address.
Social Security Number.
First Mortgage Loan Type.
Loan Amount or Purchase Price.
Addition/Deletion of DAP.
Duplicate Loan.
Worse Case Pricing after 30 day extension.
502-564-7630 ext. 291
Ordering Appraisal for FHA, RHS & Conventional
FHA – Complete a Case Number Request.
Electronically upload through KHC’s Reservation System.
TPO Lender orders the appraisal.
Pay for this service at time of request with credit card.
MDIA.
$495 FHA/RHS & $425 Conventional.
Track progress of the appraisal online.
NEVER upload the appraisal.
KHC receives directly from ARIVS.
Appraisal Ordering Workflow
Appraisal Complete. Email sent to both the TPO Lender and KHC giving access to
the appraisal.
KHC will underwrite the appraisal simultaneously with the Underwriting package. Additional appraisal information requested will be included in
the pend conditions.
KHC will send copy of appraisal to borrower within a week of completion and review by KHC.
If Final Inspection is required, lender will order. Final Inspection Fee $150.
Approved TPO Closing Agents
Approved Closing Agents
Absolute Title, LLC Agency Title, INC. American Title Company, INC. American Title Services, LLC.,
DBA 360 American Title Services
Barrister Title Group DBA Mooser & Associates, LLC
Bluegrass Land Title, LLC. Borders & Borders, Attorneys Capital Title, LLC. Executive Title Company Foreman Watson Land Title,
LLC. Gess Mattingly & Atchison,
P.S.C. Kentuckiana Title Agency, LLC
Kentucky Mountain Land Title, INC.
Law Offices of Harold M. Johns Lee M. Harton, PLLC Limestone Title & Escrow, LLC. Mainous & Grant, PLLC. Mattingly Ford Title Services,
LLC. McMurry & Livingston, PLLC. Millennial Title, LLC Momentum Title Agency, LLC Pitt & Frank, LLC Ralph Hoskins, Attorney at Law Reynolds, Johnston, Hinton &
Pepper, LLP. Springdale Title, LLC.
TPO Approved Closing Agent Fees
Approved Closing Agents Settlement Fee.
Title Policy provided by Closing Agent = $500.
Title Policy NOT provided by Closing Agent = $700.
Settlement Fee includes any:
Courier Fee.
Wire Fee.
Travel Fee.
Notary Fee.
Processing Fee.
TPO Approved Closing Agent Fees
Lender’s Title Insurance.
Closing Protection Letter.
Owner’s Title Insurance .
Settlement Fee.
$700.
$500.
KHC’s Loan Reservation System
RESERVE FIRST MORTGAGE
AND DAP
Click on “Log In”
If you do not have the ID,
User Name and Password
then contact
your company’s KHC
System Administrator
You will need:
• Broker ID
• User Name
• Password
Specific to YOU
Once you enter Broker ID,
User Name and Password
click on “Log In”
Click on “Import Loan”
Click on “Select File”
Select the file to upload
Once the file is selected then
click on “Import File”
You can follow status
Once the file is imported then
the Loan Review Screen
will appear
Wherever you see the
“Thumbnail” you can
open or collapse
1. Review information for accuracy
2. Choose Property Type
3. Choose Intended Loan Type
After completion of the Loan
Review Screen then click on
“Additional Loan Info” under workflow on left side
Choose Loan Officer
AUS
Choose Loan Processor
All fields with an
“Asterisk” need to be
completed
These are the people that will be
contacted electronically when file is
underwritten
Input credit score &
select Repository
AUS
Complete ALL fields
with an Asterisk
Attaching a DAP?
Closing Agent Question
When complete click
on “Rate Lock”
Click on “Select Product”
Check Product and
click on “Apply”
The Product highlighted in
green is the one chosen. If
correct click
“Close Window”
Click on
“Select Pricing”
Click on “Apply”
The interest rate highlighted
in green is the one chosen. If
correct click
“Close Window”
The loan is NOT Locked yet until you
CLICK on “Lock
Loan”
NOW the Loan is LOCKED!
See Lock Expiration
Date.
Click “OK”
Status is changed to
Reserved
Since this loan has a DAP
then you will need to click
on “Add DAP Loan”
Click “OK” and 1003 data
from First Mortgage will
automatically upload!
Click “OK” unless you do
NOT need the DAP
Since a second loan (DAP) has
been created you now need to
Click on “Switch Loan”
Type in DAP Loan Amount –
Round-up to Nearest $100
Click on
“Select Product”
Scroll down to bottom -- Check
Product and click on “Apply”. HHF DAP will show up here when
available
The Product highlighted in
green is the one chosen. If
correct click
“Close Window”
Click on
“Select Pricing”
Click on “Apply”
The interest rate highlighted
in green is the one chosen. If
correct click
“Close Window”
Fees
The loan is NOT Locked yet until you
CLICK on “Lock
Loan”
NOW the Loan is LOCKED!
Click “OK”
Status is changed to
Reserved
Fees
Once the DAP Rate is
Locked then click on “TRID
Documents Printing”
FIRST: Make sure in
DRAFT Mode
SECOND: Click “Get Package
Docs” to generate
DRAFT-TRID DAP
Documents
Lender may select all
documents or
view/print/email a
particular document
DRAFT DAP LE
Fees are already hard coded
($26 Recording Fee & $50
Doc Prep to Closing Agent)
DRAFT watermark
FIRST:
When ready to FINALIZE:Be sure all fees are correct,
because once the mode is changed
to FINAL the fees are locked down
unless a change of circumstance
occurs.
SECOND: Click “Get Package
Docs” to generate
FINAL-TRID
Documents
Click View/Print
Finalized Initial DAP LE
without the DRAFT
watermark
Click on “SWITCH LOAN” to
go back to the first
mortgage
Fees
Conventional Preferred Loans
Mortgage Insurance Tab
Choose MI Company from drop-down.
Enter MI Rate to flow over to First Mortgage LE.
Must be done PRIOR to Fees Tab for First Mortgage LE.
Or MI will not disclose on LE.
Tolerance Cure.
Mortgage Insurance If Loan is Conventional
“PREFERRED” with MI then need
to go to Mortgage Insurance
page before FEEs for LE
These fields need to be completed or
the MI will not show up on First
Mortgage LE. Your company will be
responsible for Tolerance Cure.
Fees
CLICK on “Fees”
Fees – Auto-Populated
The following fees auto-populate on First Mortgage Loan Estimate: Underwriting Fee $495 Administrative Fee $125 Appraisal Fee for FHA or RHS $495 Appraisal Fee for Conventional $425 Appraisal Fee for VA $425 Flood Certification $14 if KHC orders
Lender can change amount if their company is ordering MCC Fee $200 (if there is a MCC)** Closing Agent Settlement Cost**
$500 or $700
The following fees auto-populate on The DAP LE: DAP Document Prep Fee $50 and $26 Recording Fee
** If not auto-populated then add **
Additional Fees – Non-PopulatedIf Applicable
Credit Report
VOE Fee
DU/LP Fee
Extension Fee
When interest rate extended in KHC’s Loan Reservation System then it will auto-populate.
A Changed Circumstance and new Loan Estimate will need to be printed
Flood Insurance
Final Inspection - $150 ( if required)
Termite Inspection
Structural Engineer Inspection
Home Inspection
Survey
Hazard Insurance
Premium Tax and CPL
Owner’s Title Insurance
Lender’s Title Insurance
One line item for all additional title services
Loan Estimate Buckets
Easier to use the Buckets A thru J and Calculating Cash to Close A – Origination Charges
B – Services You Cannot Shop For
C – Services You Can Shop For
D – Total Loan Costs (A+B+C)
E – Taxes and Other Government Fees
F – Prepaids
G – Initial Escrow Payment at Closing
H – Other
I – Total Other Costs (E+F+G+H)
J – Total Closing Costs
Easiest way to
navigate – by the
buckets
To edit a
fee click
on the
button
Bucket “A”
Origination Charges
$125
Bucket “B”
Services You Cannot
Shop For
Settlement
Charge is
$500 if
Closing
Agent
providing
Title Policy
but $700 if
NOT
providing
Title Policy
To edit a
fee and/or
add the
payee
click on
the button
$495
Add Provider Name
and then click “OK”
Click “OK”
Bucket “C”
Services You Can
Shop For
The Pest Inspection Fee is
disclosed in Bucket C if
Loan is VA Loan or required
by Appraisal
Bucket “E”
Taxes & Other
Government Fees
Bucket “F”
Prepaids
Enter Annual Hazard
Insurance Premium. Interest
automatically calculates at 15
days
Bucket “G”
Initial Escrow Payment
at Closing
Click on Pencil to add
reserves for Taxes and
Hazard Insurance
Add Annual County
Property Taxes then
click on “Edit Escrow
Schedule”
Check the Month this
payment is disbursed
(it defaults to October
for Taxes)– system will
automatically calculate
the number of required
months in reserves
then Click “OK”
Click “OK”
The County Property
Tax Reserve is
populated
Do the same for Hazard
Insurance Reserve
Do NOT override Aggregate
Adjustment or Mortgage Insurance
Reserve – does not disclose on LE
but does on CD
Bucket “H”
Other
Must disclose cost
The Pest
Inspection Fee
is disclosed in
Bucket H if not
a VA Loan or
not required by
the Appraiser
Bucket “J”
Only used by TPO for a
Tolerance Cure
Bucket “K” – Do NOT need to go
into this bucket—it is for CD
Seller Paid Closing Costs
DAP –
automatically
flows from
lock
GIFT
Bucket “L”
Calculating Cash to
Close
After completing Bucket “L” Click on
“TRID Doc Printing”.
SECOND: Click “Get Package
Docs” to generate
DRAFT-TRID
Documents
FIRST: Make sure in
DRAFT Mode
PLEASE NOTE:Lenders can print/view/edit the
Loan Estimate as many times as
they need to get it right – as long
as it is in DRAFT mode – it will
have a DRAFT watermark on it. Lender may select all
documents or
view/print/email a
particular document
FIRST:
When ready to FINALIZE:Be sure all fees are correct,
because once the mode is changed
to FINAL the fees are locked down
unless a change of circumstance
occurs.
SECOND: Click “Get Package
Docs” to generate
FINAL-TRID
Documents
Lender may select all
documents or view/print/email
a particular document
Loan Estimate
Print and change as many times in DRAFT mode.
Final mode -- cannot make any changes unless a valid Change of Circumstance.
The date of the LE will be the date the LE is finalized.
Needs to be within the 3 days of application date, OR
An earlier LE from your system.
So review, review, review to ensure you have all fees correct.
***Any cost to cure will be collected from the TPO Lender***
Common Errors
Double check Closing Agent Title Fees.
Most tolerance cures for this fee.
Owner’s Title Insurance cost not entered.
Escrow Setups.
Be sure to print out and review before finalizing the Loan Estimate.
After printing “TRID Doc Printing” then
click on Document Printing
KHC Underwriting Checklist
KHC Reservation Confirmation
200111
If FHA Loan, this form can be
printed from Document
Printing
Requesting FHA Case Number
Once FHA Case Number Request
completed then go to Document
Upload tab.
Click on “Select
File”
File needs to be ONE
“BUNDLE” PDF file
Select Borrower Name
FHA Case Number Request Select FHA Case
Number Request
Upload FHA Case Number
Request, all pages of purchase
contract and page one of 1003
Once file has been
selected then click on
“UPLOAD” button
FHA Case Number Request
FHA Case Number Request
FHA Case Number
Within 24 - 48 hours the FHA Case Number is entered on the FHA Case Number Tab.
An email notification is sent to the Loan Officer/Processor listed in Additional Loan Data screen notifying them it is available.
05/15/2018
203(b)A123456789
FHA Case Number,
Borrower and Co-
borrower CAIVR#s
2012222222222
KHC’s Loan Reservation System
CHANGES TO RESERVED LOAN
Changes to Reservation
Loan Amount and Purchase Price can all be changed while in RESERVED status ONLY.
Once Underwriting File is uploaded then ONLY extension to interest rate or cancellation of reservation is available.
If other changes need to be made then email [email protected]
Once you enter Broker ID,
User Name and Password
click on “Log In”
Most changes to the
reservation can be made by
the lender
Choose applicable loan
To make changes to the
Expiration Date click on
“RATE LOCK”
You can extend for a total of 7
days, 15 days, 30 days
intervals or all at once)—see
applicable fees
The confirmation of the loan
being extended for both the
First Mortgage and DAP if
applicable
It will then populate
the Extension Fee
amount & new Lock
Expiration Date
You have the option to cancel loan.
If a loan is NOT a viable deal
promptly CANCEL.
Change of Circumstance
EXTENSION FEEPAID BY THE BORROWER
Change of Circumstance
HOW TO ADD THE EXTENSION FEE TO THE LE
Change of Circumstance
Once rate is extended in Rate Lock Screen…
Click on Change of Circumstance Tab.
Choose “Extension Fee”.
Ensure Latest Disclosure date matches COC date.
Choose Change Circumstance Reason from dropdown.
Click the “Push Current to LE” button on the right side of the screen to flow to the TRID documents.
Click Ok.
Click on Document Printing.
Print the COC Form.
Click on TRID Documents Printing.
Print the updated Loan Estimate.
Make sure the Date of
Latest Disclosure
Matches the date of
COC
Select Change of Circumstance Reason:• Lock Extension
• Not a Valid Reason
• Property Type Change
• Legal Address Error
• Property Value Change
• Borrower Requested Change in Loan
Terms/Product
• Credit Qualify Change Due to New Info Received
Push Current to LE and then
click “OK”. Then go to TRID
Documents Printing
SECOND:Click “Get Package Docs”
to generate DRAFT TRID
Documents and Change
of Circumstance Form
FIRST: Make sure in
DRAFT Mode
FIRST: Make sure in FINAL
Mode
SECOND:Click “Get Package Docs” to
generate FINAL TRID
Documents and Change of
Circumstance Form and
click on the View/Print
Electronic Upload
KHC’S RESERVATION SYSTEM
Document Upload
For Multi‐Function Devices and scanners the below settings will need to be made standard so that the quality of scanned files is optimal: 300 dpi.
Black & White (not grayscale as that will create significantly larger image files.
Auto-Sense Page Size.
No Page Scaling.
Don’t Compress or Zip Files.
If you have questions please contact your technical support staff.
Document UploadOnly one “BUNDLE” PDF File
“BUNDLE” Underwriting checklist prints when reservation is made.
TPO Lenders: Upload:
FHA Case Number Request.
Underwriting File.
Underwriting Pend Conditions.
TPO Pre-closing Package.
Electronic Upload
UNDERWRITING FILE
Click on “Document
Upload”
Select Underwriting
File
Click on “Select
File”
File needs to be ONE
“BUNDLE” PDF file
Select Borrower Name
Once file has been
selected then click on
“UPLOAD” button
Once the UW File is listed
under Task then file has been
successfully uploaded!
You can go into this tab –
Document Upload to view
specifically what has been
uploaded at any given time.
Workflow
KHC UNDERWRITING
KHC Underwriting
Credit and Compliance Underwrite.
FHA, VA, RHS and Conventional.
Typically 3-4 business day turn-time.
If item(s) are left out of initial electronic Underwriting File upload AND the file has not been underwritten by KHC then send those items to [email protected].
Loan Status Changes
After initial underwriting review Loan Officer and Loan Processor (the ones selected in Additional Data Screen) will receive email notification .
“The status on the above referenced loan has been changed, please log into KHC website for details”.
Lender will go to Document Printing to print the Pend Letter, Commitment Letter or Denial Letter.
Electronically Upload the Underwriting Pend Conditions of specific loan in KHC’s Loan Reservation System.
Underwriting Pend Conditions.
Clearing Pend ConditionsGNMA & MRB Funding Sources
1. Follow KHC’s Underwriting Checklist.1. Submit complete file.
2. Do not submit multiple copies of forms.
3. Do not submit items if not requested.
2. Review what is being submitted.
3. Potential issue/situation, ask questions before submitting file.
4. Pended Loans -- submit all conditions at same time.1. Upload to Underwriting Pend Conditions
5. All forms are completed/signed by all applicable parties.
6. FHA loans only need first two pages of Initial 92900-A.
7. Income Calculator – include a completed version
Underwriting TipsGNMA & MRB Funding Sources
Approved Loan
KHC’S COMMITMENT LETTER
Click on “Document Printing”
to print Commitment Letter
Fee Sheet
Lender
Approved Loan
SCHEDULE CLOSING
Closing Disclosure
Provided to consumers at least three business days before consummation of the loan.
Does include Saturday in the counting of the 3 business days.
KHC is NOT open on Saturday so no mailings or closings can occur on a Saturday.
KHC Closing Disclosure Timeline
Lender receives Approval.
5 business days minimum to close.
If hand-delivered (by Lender).
Closing date subject to availability.
Schedule Closing.
In KHC’s Reservation System.
KHC does not allow closings on Saturdays.
Schedule closing
Can only access the “Schedule Closing” tab once loan is approved.
Fee Sheet and Closing Agent Fee Sheet .
Print from Document Printing with Commitment Letter.
Available on KHC’s website on Lender Resource page under TPO Lenders.
Need to upload completed versions along with pre-closing items listed on Fee Sheet when scheduling the closing.
Submit invoices for fees.
Once you enter Broker ID,
User Name and Password
click on “Log In”
Choose the applicable
Approved Loan by clicking
on the pencil/tablet to the
left of name
Select Approved TPO
Closing Agent from
Drop-down box.
Answer Flood Certification and
Termite Inspection Questions
Choose Preferred Closing
Date & Preferred Closing
Time
Closing Team will notify
you ONLY if there is a
problem with your
requested date – otherwise
date is good to go!
Click on “Submit” once
all fields have been
completed! Then go to
“Document Upload” tab
TPO Pre-Closing Package
Upload ALL Pre-closing Items – this may include but not limited to:
KHC Fee Sheet.
Closing Agent Fee Sheet.
Final 1003 signed by Loan Officer.
Underwriting Approval Conditions.
Final Inspection(s).
RHS Conditional Commitment.
Hazard Insurance with KHC as Mortgagee.
Title Commitment.
Verbal VOE dated within 10 business days of note date.
Click on Real Estate
Agents Tab and Complete
Information
Lender to
complete
the KHC
Fee Sheet
Email the Closing
Agent Fee sheet to
the Closing Agent
to complete
Choose TPO Pre-
closing Package
Select File and upload
“ONE PDF Bundle”
KHC Closing Team Workflow
Review all pre-closing items uploaded by Lender.
Email Lender changes that need to be made.
Email initial Closing Disclosure to Lender and Closing Agent for review.
Upon completion of revisions, a final version of the Initial CD will be emailed to Lender and Closing Agent.
Signed Initial CD is to be returned to KHC to ensure the 3 days delivery for TRID compliance.
Email Closing Package to the Closing Agent and request the funds for closing.
After the Loan Closes
Closing Agent will deliver Closed Loan Package along with Original First Mortgage Note and DAP Note to KHC.
Within 90 days KHC should receive the original recorded documents with final title policy.
KHC TPO Closing Contacts
TPO Closing Mailbox [email protected]
Homeownership Hotline 502-564-7630 EXT. 291
Michele Byer, Closing & Quality Review Manager [email protected]
502-564-7630 ext. 340
Denise Stucker, Mortgage Loan QC Administrator
502-564-7630 ext. 322
KHC Contacts
KHC Underwriting Mailbox [email protected]
Homeownership Hotline 502-564-7630 EXT. 291
Jamie Swindler, Mortgage Production Administrator
502-564-7630 ext. 329
Cindy Bradley, Mortgage Production Administrator
502-564-7630 ext. 347
Thank You
