CORRESPONDENT TRAINING - Kentucky Housing Corporation and...CORRESPONDENT TRAINING Kentucky Housing...
Transcript of CORRESPONDENT TRAINING - Kentucky Housing Corporation and...CORRESPONDENT TRAINING Kentucky Housing...
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CORRESPONDENTTRAINING
Kentucky Housing Corporation
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SEC ONDA RY MARKET
KHC Funding Source
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Lender Relationship
Correspondent Lender Originate
Process
Credit Underwrite for FHA, VA, RHS - KHC does compliance
CONVENTIONAL programs - KHC does both credit and compliance underwrite
Closing & Post Closing
Compensation and fees 2.5% of total loan amount
Customary & Reasonable fees to include $495 UnderwritingFee paid to KHC on all RHS/CONV Loans
Administration Fee of $125 paid to KHC on all loans
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Program Guides
All KHC Program Guides are on AllRegs
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Secondary Market Funding Source
Applicants Income Only
Income Limits ($103,600 - $137,025)
Based on County of property location
Purchase Price & Refinance Limit $301,294
First time and Repeat Homebuyers Statewide
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Secondary Market Income Limits
Secondary MarketApplicant’s Income
ONLY:
Jefferson:$125,125
Fayette:$122,675
Northern KY:$137,025
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Program
Guides & Quick
Reference
Cards and link
to AllRegs if not
a member.
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Compliance & Effective Income
Compliance Income (Income Limit) Funding Source
Secondary Market – Applicant’s Income ONLY MRB / 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!
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KHC’s Income Calcuator
Items needed to complete Income Calculator
Verbal VOE with a Start Date
Most recent 30-days worth of paystubs
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Should ALWAYS default to Secondary
Market unless loan includes KHC’s Tax
Credit
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Check the income sources
that apply to your applicant or
household if KHC’s
Homebuyer Tax Credit!
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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.
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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.
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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
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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
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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.
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KHC First Mortgage Programs
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First Mortgage ProgramsPurchase & Refinance
Purchase FHA
VA
RHS
Conventional 97% No MI Program
Conventional 97% With MI Program
Reduced Charter Coverage
Refinance FHA Streamline (Non-credit Qualifying) Refinance
FHA Streamline (Credit Qualifying) Refinance
FHA Simple Refinance
FHA Rate Term Refinance
RHS Streamlined-Assist Refinance Program
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Property Guidelines
Single family, 1-unit, owner occupied in KY
New & existing property
Manufactured Housin FHA/VA 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
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FHA, VA & RHSPrograms
$301,294 Purchase Price Limit
620 Credit Score
40% / 50% Max Ratios AUS Approval or Manual UW
for FHA & VA
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
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SPEC IAL DESI GN ATIONS
Conventional Programs
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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
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Additional Data
Screen
Community Lending
Information
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Choose HFA Preferred Risk Sharing when utilizing
Conventionalwith NO MI
Choose HFA Preferred when utilizing
Conventional with MIHome Ready
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Reduced Conventional Interest Rates in Underserved Markets
Duty To Serve Initiative (DTS)
Conventional first mortgage programs.
Interest Rate lowered by .25%-.375%.
Property located in one of the counties considered Middle Appalachia or Lower Mississippi Delta.
Applicant(s) income limited to 100% AMI.
Limited to the first 100 families.
Effective with new reservations 8/21/2018.
Must be reserved by 12/31/2018.
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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
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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
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HFA Preferred & Preferred Risk Sharing
✓ Higher Income Limits
✓ Secondary Market 175% AMI
✓ DAP access
✓ No MI option
✓ Lower MI payments
Home Ready
✓ Lower Income Limits
✓ 100% AMI
✓ No DAP
✓ Higher MI payments
KHC Conventional vs. Home Ready
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Mortgage Insurance
Home Ready Coverage97 – 95.01% = 25%
95 – 90.01% = 25%
90 – 85.01% = 12%
85 – 81% = 6%
MI Companies Arch MI
Essent
Genworth
MGIC
KHC Charter Coverage 97 – 95.01% = 18%
95 – 90.01% = 16%
90 – 85.01% = 12%
85 – 81% = 6%
Single Pay Premium - Upfront Borrower Paid
DAP
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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
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Down Payment Assistance ProgramsDAP
Regular DAP
Affordable
DAP
HHF DAP(when available)
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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
$6,0001% interest rate for 10 years
Applicant’s Income under Affordable Income Limits.
New construction and existing property.
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Affordable DAP Applicant(s)Income Limits
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HHF DAPAvailable in Christian County Only
$10,000Non-repayable forgiven over 5 years
Secondary Income limits. Home purchase must be located in Christian County. 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.
Available with New Reservations on 11/15/18.
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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.
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PR ICED WI TH & WI TH OUT DAP
45 DA Y LOC K
Interest Rates
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Scroll down to
the bottom of
KHC’s Home
Page
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Changes to Loan Reservation
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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
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KHC’s Loan ReservationSystem
RESER VE FI RST MORTGA GE
AND DA P
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You will need:
•Broker ID
•User Name
•Password
Specific to YOU
If you do not have the ID,
User Name and Password
then contact
your company’s KHC System Administrator
Once you enter Broker ID,
User Name and Password
click on “Log In”
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Click on “Import Loan”
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Click on “Select File”
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Select the file to upload
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Once the file is selected then
click on “Import File”
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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
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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
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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
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Input credit score &
select Repository
AUS
KHC Annual Income
Add Affordable Closing Costs Gran t?
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Complete ALL fields
with an Asterisk
Attaching a DAP?
Closing Agent Question
When complete click
on “Rate Lock”
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Click on “Select Product”
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Check Product and
click on “Apply”
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The Product highlighted in
green is the one chosen. If
correct click
“Close Window”
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Click on
“Select Pricing”
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Click on “Apply”and close window.
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The loan is NOT Locked yet until you
CLICK on “Lock
Loan”
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NOW the Loan is LOCKED!
See Lock Expiration
Date.
Click “OK”
Status is changed to
Reserved
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Since this loan has a DAP
then you will need to click
on “Add DAP Loan”
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Click “OK” and 1003 data
from First Mortgage will
automatically upload!
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Click “OK” unless you do
NOT need the DAP
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Since a second loan (DAP) has
been created you now need to
Click on “Switch Loan”
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Type in DAP Loan Amount –
Round-up to Nearest $100
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Click on
“Select Product”
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Scroll down to bottom -- Check
Product and click on “Apply”. HHF DAP will show up here when
available
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The Product highlighted in
green is the one chosen. If
correct click
“Close Window”
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Click on
“Select Pricing”
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Click on “Apply”
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The interest rate highlighted
in green is the one chosen. If
correct click
“Close Window”
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Fees
The loan is NOT Locked yet until you
CLICK on “Lock
Loan”
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NOW the Loan is LOCKED!
Click “OK”
Status is changed to
Reserved
Fees
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Once the DAP Rate is
Locked then click on “TRID
Documents Printing”
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FIRST:Make sure in
DRAFT Mode
SECOND:Click “Get Package
Docs” to generate
DRAFT-TRID DAP
Documents
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Lender may select all
documents or
view/print/email a
particular document
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DRAFT DAP LE
Fees are already hard coded
($26 Recording Fee & $50
Doc Prep to Closing Agent)
DRAFT watermark
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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
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Finalized Initial DAP LE
without the DRAFT
watermark
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Click on “SWITCH LOAN” to
go back to the first
mortgage
Fees
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1. Click on Document
Printing for the First
Mortgage
All documents will populate to be printed:
Reservation Confirmation
Underwriting File Upload Checklist
2. Once printing is completed
then Exit Loan click EXIT LOAN
Fees
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KHC Underwriting Checklist
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KHC Reservation Confirmation
200111
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Changes to Loan Reservation
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Choose applicable loan
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To make changes to the
Expiration Date click on
“RATE LOCK”
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You can extend for a total of
30 days (7 days, two 15 day
intervals or all at once)—see
applicable fees
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The confirmation of the loan
being extended for both the
First Mortgage and DAP if
applicable
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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.
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Electronic Upload
KH C ’S RESER VATI ON SYSTEM
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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.
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Document UploadOnly one “BUNDLE” PDF File
“BUNDLE” checklist of items needed prints whenreservation is made
Correspondent Lenders: Upload:
Underwriting File
Appraisal – separate upload from Underwriting File
Underwriting Pend Conditions
Closed Loan File
Post Closing Trailing Documents
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Electronic Upload
UN DER WR ITI NG FILE
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Click on “Document
Upload”
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Select Underwriting
File
Appraisal is uploaded
separately
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Click on “Select
File”
File needs to be ONE
“BUNDLE” PDF file
Select Borrower Name
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Once file has been
selected then click on
“UPLOAD” button
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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.
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Electronic Upload
APPR AISA L
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Select Appraisal
Correspondent
Lenders will upload
ALL Appraisals
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Workflow
KH C UN DER WR ITI NG
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KHC Underwriting
Compliance Underwrite
FHA, VA and RHS
Credit and Compliance Underwrite
Conventional
Typically 3-4 business day turn-time
If item(s) are left out of initial electronic UnderwritingFile upload AND the file has not been underwritten byKHC then send those items to [email protected]
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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 PendLetter, Approved Letter or Denial Letter
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Electronically Upload the Underwriting Pend Conditions of specific loan in KHC’s Loan Reservation System Underwriting Pend Conditions.
Clearing Pend ConditionsB Fu
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Approved Loan
KH C ’S COMMI TMEN T LETTER
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Choose the applicable
Approved Loan by clicking
on the pencil/tablet to the
left of name
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Click on “Document
Printing”
Will open on Rate Lock
Page
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Print KHC Commitment
Letter
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Lender
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Approved – can set closing
Access to First Mortgage and DAP Closing Documents
Approved Loan -- ClosingB Fu
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Closing
TH RU LOAN PUR CHASE
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Once you enter Broker ID,
User Name and Password
click on “Log In”
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Choose the applicable
Approved Loan by clicking on
the pencil/tablet to the left of
name. Or search by name or
reservation number
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Click on “Set Closing”
Will open on Rate Lock
Page
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Choose the Closing Date & Time,
Closing Agent, MERS MIN # and
Warehouse Lender
The KHC DAP Section will not
show up unless the loan is
reserved with a DAP
If DAP is applicable then
required to get DAP closing
documents
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Once you choose a Date and Time
the First Payment Date will
populate
Whoever is setting the closing is choosing the Post Closer in
the drop down box. This person is who will get an email in
regards to missing 10 day documents once the 10 day closing
package is reviewed. Missing documents may affect the
purchase of the loan.
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System Administrators Role
Post Closers ideally will all have a generic Post Closing Email listed so ALL Post closers will receive the email notification.
The other option is to add multiple emails to every post closer so if Jane Doe is chosen then Joe Doe will also receive the email notification
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When setting up Post Closers add generic email for all Post closers or add multiple individuals emails with a; between each email address
Post Closing
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Click on “SUBMIT”
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Once you submit loan then
Click on “Document
Printing”
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Print all applicable First
Mortgage Closing
Documents
When finished printing First Mortgage
Documents need to Click on “SWITCHLOANS” in order to print DAP Documents
Security Document Checklist
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Closing Disclosure for DAP
Lender select Document Printing to print the Note, Mortgage, and Temporary Payment Coupons Prints in the Lender’s name
DAP Endorsement on last page of note
Sign over to KHC
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Click on
“DOCUMENT PRINTING”
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Print all DAP Documents
Then Click on “TILA-
RESPA” Tab
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Hit the dropdown arrow
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Click on Transfer
servicing of your loan
Choose Delivery Method:
Mail, E-mail, or Face to
Face
Add Initial CD date
issued
Once complete
then click on
FEES
FEES
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The DAP Fees auto-populate:
$50 Title Services – Bucket B
$26 Estimated Recording Fee – Bucket E
THESE are the ONLY fees allowable on a
DAP Loan
Title Services
in Bucket B
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Recording Fee
in Bucket E
The DAP Fees auto-populate:
$50 Title Services -- Bucket B
$26 Recording Fee – Bucket E
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Once complete
then click on
TRID Documents
Printing
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FIRST:Make sure in
DRAFT ModeSECOND:
Click “Get Package
Docs” to generate
DRAFT-TRID Closing
Forms
Lender may select all
documents or
view/print/email a
particular document
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To generate
finalized version
click on Final
Lender may select all
documents or
view/print/email a
particular document
Once
complete
then Exit
Loan
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Loan Closes
After the actual loan closing Upload the 10 Day Closed Loan Package
Mail Original Note (First Mortgage and DAP) within 10 Calendar Days of NOTE Date to:
KHC Single Family Closing & Quality Review
1231 Louisville Road
Frankfort, Kentucky 40601
Do NOT send check for Principal Reduction
Insure Endorsement or Allonge completed
Failure to provide closed loan file to KHC within ten calendar days may result in a penalty being issued to the lender.
***The 20th of the month is the deadline for upload & original note –will not be purchased after the 25th***
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Closed Loan Checklist
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Once you enter Broker ID,
User Name and Password
click on “Log In”
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Closing
Choose the applicable Closed
Loan by clicking on the
pencil/tablet to the left of
name. Or search by name or
reservation number
To Submit for Purchase
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1. Select “Document
Upload”
2. Choose “Closed Loan File”
and upload one PDF Bundle
This will trigger KHC to purchase the loan.
***Trailing Documents are a separate
upload***
3. Be sure to overnight
the Original Note
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Purchase
KHC Purchases loan
Emails the Warehouse Lender/Contact of Purchase
Purchase Advice is available upon purchase
Retrieve copy in KHC’s Reservation System under DocumentPrinting Tab
Ensure “Post Closing” contact is correct in order toreceive notice of outstanding items
Transfer MERS Servicing Rights to 1005950 –Kentucky Housing Corporation 48 hours after
purchase
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Legal Documents
Security Documents must be ORIGINALS and mailed to KHC’s Single Family Closing and Quality Review Team:
1231 Louisville Road
Frankfort, Kentucky 40601
Recorded Mortgage, First and Second Mortgage Note (shouldbe part of the 10 Day Closing Package), DAP Assignment, andTitle Policy
Failure to provide within 90 days of closing could result in Penalties
Repeated failure to provide closing & post closing docs in a timely manner could result in penalties, suspension of reservations or purchases, & even repurchase of loan.
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Post Closing Reports
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Click on “REPORTS”
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Click on “All Post Closing
Issues Report (External)”
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Enter Date Range and Company
Home Office Broker ID
Then click on View Report
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Print out and clear up conditions—
you will notice dates of multiple
contacts to get these documents
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Post Closing Issues
Purchasing Issues ORIGINAL First Mortgage and DAP Note
Endorsement/Allonge
Closing Disclosure for First Mortgage and DAP
10 day Uploaded Closed Loan Package
Post Closing Issues Title Commitment and Final Policy – Name of Insured to include MERS
Language (page 5 of Closing Guide)
Title Short Form Policy MUST include 8.1 Environmental Endorsement
UW Approval Closing Conditions
Hazard and Flood Certification (Endorsement Letter) (KHC’sMortgagee Clause – (page 3 of Closing Guide)
Signed and dated Final 1003 by lender
Signed 4506T
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Closing & Quality ReviewContact Information
Questions regarding Purchases, Funding, DAP Funds, Wires, Post-Closing (10-Day Docs), MCC Review, and MERS should
be directed to:
Julie Key: [email protected] or 502-564-7630 ext.402
Kelly Taylor: [email protected] or 502-564-7630 ext. 255
Questions regarding Post Closing (10-Day Docs) Review, MCC Review, or Outstanding Docs should be directed to:
Denise Stucker: [email protected] or 502-564-7630 ext. 322
Kelly Taylor: [email protected] or 502-564-7630 ext. 255
Cindy Israel: [email protected] or 502-564-7630 ext. 294
Loretta Hoskins: [email protected] or 502-564-7630 ext. 254
Questions regarding Security Documents (90-Day Docs) review, Outstanding Docs or Penalties should be directed to:
Julie Nopper: [email protected] or 502-564-7630 ext. 397
Manager of Closing and Quality Review
Michele Byer: [email protected] or 502-564-7630 ext. 340
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In the Loop
KH C ’S EGRAM
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Sign up for
eGram
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Choose
“Lenders” Email
List
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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
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Thank You