Docstoc

Closing Requirements Guide

Document Sample
Closing Requirements Guide Powered By Docstoc
					CLOSING/POST CLOSING
REQUIREMENTS
                KHC PROGRAM GUIDE - APRIL 1, 2011
                KHC Program Guide
              Closing and Post Closing
                    April 1, 2011


Beginning with reservations on or after Friday, April 1, 2011,
FHA Mortgagee Lenders will close all KHC first mortgage loans
and DAPs using their own funds. Only the first mortgage loan
will close in the FHA Mortgagee Lender’s name. The DAPs will
continue to close in KHC’s name. After closing, FHA Mortgagee
Lender will request KHC’s purchase of the loans. Full Loan
Purchase Procedures are detailed on page 6 of this guide.
                             Loan Funding, Closing, and Delivery Requirements

Once the lender has obtained loan approval from Kentucky               Recording Information (final documents): MERS requires
Housing Corporation (KHC) and the insuring or guaranteeing              recording information to be input into MERS within 30 days of
agency (or KHC-approved delegated underwriter), the lender can          closing. Due to investor requirements, KHC must have all
close the loan.                                                         recorded documents within 90 days of closing. KHC will enter
                                                                        recording information into MERS.
All TPO-1 & TPO-2 loans must be closed and funded using KHC’s
funds by the expiration date on the reservation of funds letter.      Closing Agents
Failure to deliver the required documents by the set deadlines will    An insured closing letter is required for all attorneys or closing
result in the loss of lender compensation and/or assessment of a        agents that will be conducting the loan closing and must be
late-delivery penalty.                                                  provided to KHC if requested.
                                                                       The lender must provide KHC with the information needed to
Beginning with reservations on Friday, April 1, 2011, FHA               wire funds to the closing agent’s escrow account through the
Mortgagee Lenders will close all KHC first mortgage loans and           Lender Loan Connection Services on KHC’s Web site.
DAPs with their own funds. Only the first-mortgage loan will close
in the FHA Mortgagee Lender’s name. The DAPs will continue to
close in KHC’s name. After closing, FHA Mortgagee Lender will         New Mortgage Loan
request KHC’s purchase of the loans. KHC will purchase the            Mortgage Revenue Bond loans must be new mortgage loans, not
loans based on details on page 6.                                     refinances. One exception: the permissible take-out of a
                                                                      temporary initial loan, which has a term of 24 months or less.
All conditions of loan approval must be met prior to or at closing.
Proof that all conditions have been met must be provided in the       Loan Term Amortization
closed loan package submitted to KHC.                                  Term is for 30 years.
                                                                       Interest calculation is based on 365 days.
Loan Funding and Servicing
 KHC will be the servicer of all of its first and second mortgage    Closing Costs
  (DAP) loans.                                                         Closing costs and other fees to be charged to borrower or seller
 Third Party Originators, Option 1, must request funds from KHC        must follow insuring agency guidelines. VA is most restrictive
  for the closing of all loans.                                         as to charges to borrower.
 Third Party Originators, Option 1, must request funds through        Underwriting Fee: FHA Mortgagee Lender can charge
  the Lender Loan Connection Services on KHC’s Web site.                customary and reasonable fees up to $775, to include the UW
  Funding requests received by 1 p.m. (ET) will be funded the           fee of $425 paid to the FHA Mortgagee Lender on FHA/VA
  next business day or on the closing date, whichever is later.         Loans. On RHS or conventional loans the $425 UW fee must
 Loan closing must take place by the expiration date indicated         be paid to KHC. KHC-approved delegated lenders will receive
  on the written Reservation of Funds Form.                             the full UW fee on all loans. VA borrower cannot pay.
 After requesting funding, print KHC closing forms. These             All Third Party Originators must charge the borrower a $425
  documents are customized to the loan type. They are                   UW fee paid to KHC.
  located on KHC’s Web site under Lender’s Loan
  Connection Services, Post Closing Section, “Print KHC               Acceptable fees and charges to the buyer or seller include:
  Closing Forms.”                                                        Underwriting Fee as described above.
                                                                         Appraisal Charge – customary and reasonable.
Mortgage Electronic Registration System (MERS)                                VA: $325 for Lexington, Louisville, and Bowling Green
 KHC will have three (3) options based on the lender’s                       VA: $375 for all other counties
  relationship with MERS.                                                Tax Service Fee – $75 is withheld from funds to
  1. FHA mortgagee lenders that are MERS members:                         purchase/close loan (FHA/VA borrowers cannot pay – paid to
      Lender will generate Mortgage Identification Number (MIN).         KHC.)
      Lender must ensure MIN is on the “MERS as Original                Title Exam and Insurance, Attorney Fee.
       Mortgagee” (MOM) mortgage.                                        Owners Title Insurance
      Lender will enter their MIN on KHC funding screen.                Home Inspection Fee – up to $300
      No assignment required.                                           Recording Fees
      Lender must register the loan in MERS naming KHC as the
       investor within five (5) calendar days of closing.             Unacceptable Fees and Charges to the Buyer or Seller:
      Lender must transfer servicing rights to KHC in MERS           FHA Mortgagee Lender may not charge any additional fees,
       within ten (10) calendar days of closing.                      other than the customary and reasonable charges of $775, which
   2. FHA mortgagee lenders that are not MERS members:                includes the $425 UW fee.
      KHC will generate MIN and provide the MIN on the               TPO Lenders may not charge any other fee than the KHC UW
       approval, and it will also be listed on the funding screen.    fee of $425 paid to KHC.
      Lender must ensure MIN is on the “MERS as Original
                                                                      Acceptable fees for KHC’s second mortgage loans are as
       Mortgagee” (MOM) mortgage.
                                                                      follows:
   3. Third-party originators, Options 1 and 2:
                                                                       A $50 DAP (Regular and all HOME Programs) document
      KHC will generate MIN and provide the MIN on the
                                                                        preparation fee, if prepared by a third party. Cannot charge this
       approval, and it will also be listed on the funding screen.
                                                                        fee to VA borrowers.
      Lender must use KHC’s MIN.
                                                                       Actual recording fees for the mortgage
      Lender must ensure MIN is on the “MERS as Original
       Mortgagee” (MOM) mortgage.


   Closing and Post Closing – KHC Program Guide – March 30, 2011                                            Page 2 of 6
                              Loan Funding, Closing, and Delivery Requirements
Cash Out at Closing                                                       Escrows for Incomplete Items
Cash paid to applicant at closing cannot exceed applicant’s               The lender’s DE underwriter will make the determination if
earnest money/POCs. Any amount over should be applied as a                escrows should be allowed. Expiration dates are as follows:
principal reduction, first to the DAP loan (if applicable), otherwise,       November-April: Due by May 15
to the first mortgage. Disclose on first page of DAP HUD-1, if               May-October: Due 30 days after closing
applicable; otherwise on first mortgage HUD-1.
                                                                          KHC will not hold the funds. It is the lender’s responsibility.
Property Title
Property title is to be held by applicant in fee simple at time of loan   Hazard Insurance
closing.                                                                  Policy term must be for at least one year. Insurance must be in
                                                                          effect on date of loan closing. Lender must not close loan with
Subordinate Financing                                                     a binder. The following are acceptable:
In addition to DAP, all other subordinate loans must be approved           Declaration Page
by KHC.                                                                    Certificate or Evidence of Insurance
                                                                           Full Policy
KHC Second Mortgage (DAP) Loans                                            Condominium – Master policy listing individual unit. If master
All KHC second mortgage programs:                                            policy does not include interior coverage (see Appendix X),
 No future advance clauses are permitted in the first mortgage.             need additional insurance in amount equal to one-half of the
   Second mortgage and second note payable to KHC must be                    mortgage not including coverage for personal property.
   executed with closing of first mortgage.                                Monthly escrow for additional insurance is required.
 Second mortgage must be recorded immediately after first                 Maximum deductible equal to 5% of policy face amount, not to
   mortgage. No assignment of second mortgage loan by                        exceed $5,000.
   applicant is permitted.                                                 Mortgagee clause must be endorsed to Kentucky Housing
   o Do not record the first and second mortgages as one                     Corporation, P.O. Box 4150, Frankfort, KY, 40604-4150.
      document.
   o Do not record the Tax Exempt Financing Rider with the DAP            Flood Insurance
      mortgage.                                                           If any portion of property is located in area determined to be in a
Second mortgage loans MUST CLOSE using a separate HUD-1.                  special flood hazard area, lender must obtain flood insurance. An
Net second mortgage amount should be on line 303. Proceeds                application for flood insurance is acceptable at closing.
will go on first mortgage HUD-1 on line 205 stating KHC Second
Mortgage Loan.                                                            Mortgage Note
 Principal reduction allowed for all KHC second mortgage                 For FHA and VA loans, the mortgage note must be prepared on
   programs. Place on HUD-1 lines 110, 111, or 112. Must read             the FHA- or VA-approved form. For RHS and conventional loans,
   “Principal reduction for second mortgage.” No minimum or               the note must be prepared on the Kentucky Fixed Rate Single-
   maximum limit for a principal reduction to first or second             Family Fannie Mae Form (Form 3218) or the multi-state fixed rate
   mortgages.                                                             note Fannie Mae (3200). Must use most current forms.
 If KHC’s Regular DAP loan is obtained, these additional
   guidelines apply:                                                       Endorsement to Note: MUST read as follows at the foot of the
    Each second mortgage note must be printed off KHC’s Web                note:
      site under “Print KHC Closing Forms.”
    The loan has a seven-year term with the first payment due on           Pay to the order of Kentucky Housing Corporation, without
      the first day of the month beginning with the same first              recourse.
      payment date as first-mortgage loan.                                  By :___________________(signature line)
    The interest calculation to the end of the month for the               Name of Signer :______________(printed)
      second mortgage loan should appear on line 904 or 905 of              It’s :___________________________(title)
      HUD-1. Interest calculation to the end of the month must be           _______________________________ (name of lender exactly
      submitted to KHC as a check with the closed loan                      as shown on page 1 of the note and mortgage)
      documents.
    The loan is due and payable upon sale, with some                      If an allonge is used, it must read as follows and all information,
      exceptions.                                                           including name of lender, must match note and mortgage
    The final Truth in Lending Disclosure Statement on the                 exactly:
      second mortgage must be in KHC’s name.                                                    ALLONGE TO THE NOTE
 With KHC’s HOME DAP, HOME Family, and HOME Special                        Name of Borrower(s):
   loans, these additional guidelines apply:                                Address:
    Each second mortgage note must be prepared on KHC form                 City:
      91, which must be printed off KHC’s Web site under “Print             Dollar Amount:
      KHC Closing Forms.”                                                   Date of Closing:
    Each second mortgage loan instrument must be prepared on               Pay to the order of Kentucky Housing Corporation, without
      KHC form 92, which must be printed from KHC’s Web site                recourse.
      under “Print KHC Closing Forms.”                                      By :___________________(signature line)
    Each has a term of five (5) years at 0% interest. On                   Name of Signer :______________(printed)
      anniversary date of note, one-fifth (1/5) of original principal       It’s :___________________________(title)
      amount is forgiven provided an event of default has not               _______________________________ (name of lender exactly
      occurred.                                                             as shown on page 1 of the note and mortgage)


Closing and Post Closing – KHC Program Guide – March 30, 2011                                                Page 3 of 6
                                      Loan Funding, Closing, and Delivery Requirements
Mortgage                                                                                      Survey
 Tax-Exempt Financing Rider must be recorded with the first                                   KHC requires either a survey or KHC’s Survey Certification
  mortgage.                                                                                     (Form 56).
 Non-purchasing spouse (NPS) must sign the mortgage and                                       KHC does not require survey to be provided if closing agent is
  Tax-Exempt Financing Rider, Notice to Buyers (KHC Form 34),                                   able to obtain title insurance with affirmative coverage against
  and Mortgagor Certification of Eligibility (KHC Form 6).                                      loss or damage that would have been disclosed by an accurate
  o Non-Borrowing Occupant (NBO) does not sign the                                              survey.
     mortgage unless otherwise stated by Underwriting.                                         Borrower and title policy provider must sign KHC’s Survey
 Correcting a recorded mortgage: Contact the recording county                                  Certification (Form 56). KHC does not accept survey waivers.
  clerk to determine best method to correct mortgage. KRS
  Statute 382.297 outlines the use of an Affidavit of Mortgage                                Manufactured Homes
  Amendment (AOMA).
                                                                                                   Need recorded Affidavit of Conversion to Real Estate and a
  o If rerecording mortgage, reason for correction must be shown
                                                                                                    copy of surrendered title.
     on the document.
                                                                                                    o For new homes, if the title is not available, the lender must
  o If new mortgage document is required, the original mortgage
                                                                                                      obtain a manufacturer Certificate of Origin to obtain title to
     recording information and reason for correction must be
                                                                                                      file Affidavit of Conversion.
     shown on the document.
                                                                                                   An Affidavit of Affixation is not acceptable.
  382.297 Amendment of recorded mortgage by Affidavit of
  Amendment.                                                                                  HUD-1
  A recorded mortgage may be amended by an Affidavit of
                                                                                               All loans require HUD-1 identifying parties and monies involved
  Amendment prepared by an attorney to correct clerical errors or
                                                                                                in transaction. Interest credits are not permitted.
  omitted information. An amendment may not change any term,
                                                                                               Lender credits are allowed on KHC loans.
  dollar amount, or interest rate in the mortgage, unless signed by
  the mortgagor and secured party. The attorney preparing the                                  Principal reduction allowed for KHC first and second mortgages.
  affidavit shall certify in the affidavit that notice of filing the                            No minimum or maximum limit for a principal reduction.
  amendment has been given to the mortgagor by mailing a copy                                  Proration of taxes allowed when Seller agrees to pay all of
  of the amendment to the mortgagor at the address shown on                                     borrower’s closing costs. Lenders should close loan based on
  the original mortgage. A subsequent release of the mortgage                                   contract and insuring agency guidelines.
  releases any amendments to the original mortgage.                                            HUD-1 for KHC Second Mortgage must be in KHC’s name.
  (Effective: July 1, 2006. History: Created 2006 Ky. Acts ch. 183, sec. 19, effective July
                                                                                                KHC INFO FOR HUD-1: Kentucky Housing Corporation; 1231
  12, 2006.)                                                                                    Louisville Road, Frankfort, KY 40601

Title Policy Requirements                                                                     Appraisal Fees
 A short form title policy is required on all loans. See KHC’s                               KHC has established the following fees for all appraisal requests
  Web site for a list of exceptions on title policies that must                               when KHC orders the appraisal for FHA and conventional loans.
  be removed at
  http://www.kyhousing.org/uploadedFiles/Lenders/Exceptions_o                                           FHA/Conventional Appraisal Fee:                $325
  n_Title_Policies.pdf?n=5026.                                                                          Final Inspection (if required):                $75
 Third-Party Originators, Options 1 and 2: Closing agent must
  provide title policy. No third-party title policies will be                                 Originating lenders may collect the appraisal fee from the
  accepted.                                                                                   borrower if in compliance with MDIA. Originating lenders will be
 All information, including lender name, must match exactly on                               responsible for payment on all appraisal requests.
  the title policy, note, and mortgage.
 Name of Insured: There are three options that are used:                                     Power of Attorney (POA)
   ”The lender, its successors, and assigns appearing of record                               BUYER/SELLER – KHC no longer approves POA’s prior to
       as Mortgage Electronic Registration Systems, Inc.”                                       closing. This will be the responsibility of the lender and closing
   “(originating lender) and Mortgage Electronic Registration                                  agent. KHC will verify that the POA has authority to convey,
       Systems, Inc., solely as nominee for lender, its successors                              transfer, or dispose of real property at post closing review.
       and assigns, as their interests may appear.”
   “Mortgage Electronic Registration Systems, Inc., as the
       beneficiary and (originating lender) as the beneficial lender”
                                                                                              Miscellaneous Closing Issues
   Date of Policy                                                                             Estate Sales – Need copy of court appointment showing who is
      Date of closing plus verbiage “or date of recording of                                   authorized to sell the property.
        insured mortgage, whichever is later.”                                                 HUD/VA/Fannie Mae or bank repos – Sellers will not sign seller
   Mortgage Recording: If mortgage recording information is                                    certification, revision agreement, or termite reports.
     shown on the title policy, then all recordings of the mortgage                            Notice to Buyers (KHC Form 34) closing form is required on all
     must be listed.                                                                            KHC MRB loans.
   ALTA Endorsements: All Title Policies must have 8.1-06
     Endorsement as well as any of the applicable choices below:                              Wiring Information: Returning Funds
      7-06 or 7.1-06 Endorsement for all manufactured homes                                  Contact Post Closing Manager Carol Fadler to obtain wiring
      4-06 or 4.1-06 Endorsement for all condos                                              information. The number is (502) 564-7630, ext. 230 or e-mail
      5-06 Endorsement for all PUDs                                                          cfadler@kyhousing.org


                                                                                              .

Closing and Post Closing – KHC Program Guide – March 30, 2011                                                                     Page 4 of 6
                             Loan Funding, Closing, and Delivery Requirements
Escrows for Taxes                                                       Third-Party Originators, Option 1:
KHC follows KRS 134.020 regarding tax payment. Statute states
if taxpayer pays taxes by November 1, they are entitled to a 2%         Ten-day docs                                        +0.25%
discount; therefore, in order to meet this requirement, KHC will        90 days: All post closing and legal
pay taxes in October of every year.                                                                                         +0.25%
                                                                        documents complete
 Closings from September to December: If tax bills HAVE NOT
    come out lenders will collect taxes and HOLD FUNDS. Lenders         Total paid when file is complete                    .50 % delivery fee
    are responsible for paying taxes. Title Policy to show taxes
    have been paid.
                                                                        Ten-day docs                                       +0.25%
 New Construction and Existing Property: HUD-1 can show
    current tax on property (i.e., value on land or assessed value or   120 days: All post closing and legal
                                                                                                                           +0.125%
    homestead). KHC temporary coupon to show tax payment                documents complete
    based on sales price.                                                                                                   0.375% delivery
                                                                        Total paid when file is complete
                                                                                                                           fee
Termite Report
 KHC will follow the insuring agency guidelines. FHA, RHS, and         Ten-day docs                                       +0.25%
  conventional loans do not require termite reports. VA does            121 till 149 days: All post closing and legal
                                                                                                                           +0
  require a termite report signed by both parties but does not          documents complete
  allow the borrower to pay for the termite report.                     Total paid when file is complete                   0.25% delivery fee
 If the termite report has been done, KHC requires a copy of the
  report.
 If the termite report shows damage to main support beams of           Ten-day docs                                       + 0.25%
  foundation, a structural damage review must be provided by a          150+ days to get all post closing and legal        - 0.25%
  structural engineer or FHA fee inspector.                             docs                                               ( forfeit any earned )
  o Any damage to main beams, etc., and/or water in crawl or
      basement must be addressed.                                                                                           0.25% of loan
  o All infestation must be treated. (KHC does not accept partial       KHC is now DUE a penalty fee                       amount due KHC
      treatment.) Proof of treatment must be provided.                                                                     in 30 days
 If inspection waived, Termite Inspection Waiver (Form 99) must                                                           Lender
  be signed.                                                                                                               repurchases the
                                                                        180 days, if there are any outstanding fees
                                                                                                                           loan in full and/or
                                                                        or documents due to KHC.
New Construction Soil Poisoning Report                                                                                     reservations cut
                                                                                                                           off.
Applies to FHA, RHS, and VA loans only
 NPCA-99A – Subterranean Termite Treatment Builder’s
  Certificate and Guarantee completed and signed by builder.            Third-Party Originators, Option 2:
  Treatment type needs to be noted whether bait system, wood,
  or soil.                                                              Ten-day docs                                        +0.125%
                                                                        90 day: All post closing and legal
NPCA-99B – Construction Subterranean Termite Soil Treatment                                                                 +0.125%
                                                                        documents complete
Report completed by the licensed pest control company only if soil
                                                                                                                            0.25% delivery
was treated.                                                            Total paid when file is complete
                                                                                                                           fee

Closed Loan Delivery for Third Party Originators                        Ten-day docs                                       +0.125%
 Ten-Business Day Package – All loans must be received by              120 days: All post closing and legal
  KHC on or before the tenth business day following loan closing.                                                          +0
                                                                        documents complete
  All required documents are identified on the closed loan                                                                  0.125% delivery
  checklist. Print this form from KHC’s Web site under “Print KHC       Total paid when file is complete
                                                                                                                           fee
  Closed Loan Checklist.”
 90-Calendar Day Package – The lender is required to deliver           Ten-day docs                                        +0.125%
  the recorded mortgage, title policy, and insuring certificate         121 till 149 days: All post closing and legal      - 0.125%
  (FHA, VA, and RHS) to KHC within 90 days of closing.                  documents complete                                  (forfeit any earned )
 MUST PROVIDE ORIGINAL NOTE TO KHC.                                                                                       0.25% of loan
                                                                        KHC is now DUE a penalty fee                       amount due KHC
Closed Loan Delivery Fee for Third Party                                                                                   in 30 days
Originators                                                                                                                Reservations
KHC will withhold .50% of lender compensation (0.25% for Third-                                                            stopped until all
Party Originators, Option 2) until all post closing documents have      150 days, if there are any outstanding fees        fees have been
been returned, recorded, and/or corrected, to KHC. Upon                 or documents due to KHC                            paid and all
completion of a loan file, the Delivery Fee will be paid to the                                                            documents
lender based on a sliding scale of deadlines. See below.                                                                   completed.

Fees will be paid within 30 days of receipt of completed final
documents


Closing and Post Closing – KHC Program Guide – March 30, 2011                                                Page 5 of 6
                      Loan Purchase Requirements for FHA Mortgagee Lenders
                                     **beginning with reservations on or after April 1, 2011**

Loan Funding and Servicing                                           Closed Loan Delivery Fee for FHA Mortgagee
KHC’s business model with FHA Mortgagee Lenders will change          Lenders
beginning with loans reserved on or after Friday, April 1, 2011.     KHC will withhold .50% of lender compensation until all post
FHA Mortgagee Lenders will close all loans with their funds and      closing documents have been returned, recorded, and/or
KHC will then purchase the closed loans. The workflow is             corrected, to KHC. Upon completion of a loan file, the Delivery
detailed below.                                                      Fee will be paid to the lender based on a sliding scale of
                                                                     deadlines. See below.
 KHC will be the servicer of all first and second mortgage (DAP)
  loans.                                                             Fees will be paid within 30 days of receipt of completed final
 Loan closing must take place by the expiration date indicated      documents
  on the written Reservation of Funds Form.
 FHA Mortgagee Lenders must close KHC-approved first-               FHA Mortgagee Lenders:
  mortgage loans using their own funds and in their names.
    o The FHA Mortgagee Lender will fund KHC’s Down payment          Ten-day docs and MERS transfer complete          +0.25%
       Assistance Program (DAP) loans but the DAP will continue      90 days: All post closing and legal              +0.25%
       to close in KHC’s name.                                       documents complete
 FHA Mortgagee Lenders will print KHC closing forms. These          Total paid when file is complete                 .50% delivery fee
  documents are customized to the loan type. They are located
  on KHC’s Web site, under Lender’s Loan Connection Services,        Ten-day docs and MERS transfer complete         +0.25%
  Post Closing Section, “Print KHC Closing Forms”. The FHA           120 days: All post closing and legal            +0.125%
  Mortgagee Lender will be required to enter the closing date.       documents complete
    o FHA Mortgagee Lenders will give borrowers, at closing,         Total paid when file is complete                0.375% delivery fee
       KHC’s Temporary Payment Coupons to make the first
       payment to KHC.
 Within five business days of closing, FHA Mortgagee Lenders        Ten-day docs and MERS transfer complete         +0.25%
  will complete an online Purchase Request in Loan Connection        121 till 149 days: All post closing and legal   +0
  Services, and upload the fully executed first mortgage note and    documents complete
  HUD-1(s) for both first and second mortgage loans.                 Total paid when file is complete                0.25% delivery fee
 Post Closing will review the HUD-1(s) to verify the purchase
  request amounts entered matches the HUD-1(s) for both first        Ten-day docs and MERS transfer complete          +0.25%
  and second mortgages.                                              150+ days to get all post closing and legal     -0.25%
 If correct, Post Closing will process the wire to the lender.      docs                                            ( forfeit any earned )
    o Post Closing turnaround time: Two business days.               KHC is now DUE a penalty fee                     0.25% of loan
    o The amount wired to the lender will be net of loan amount,                                                     amount due KHC in
       lender compensation, interest and escrow, interest owed to                                                    30 days
       lender (per diem), principle reduction (if applicable), and   180 days, if there are any outstanding fees     Lender
       other miscellaneous fees/expenses.                            or documents due to KHC.                        repurchases the
    o KHC will only pay up to 10 days of per diem interest                                                           loan in full and/or
       and will NOT purchase a loan 30 days after the closing                                                        reservations cut
       date.                                                                                                         off.


Closed Loan Delivery Schedule for FHA
Mortgagee Lenders
 Five-Business Day Package – FHA Mortgagee Lenders must
  complete Online Purchase Request and upload the fully
  executed note and HUD-1(s) for both first and second mortgage
  loans.
 Ten-Business Day Package – All loans must be received by
  KHC on or before the tenth business day following loan closing.
  All required documents are identified on the closed loan
  checklist. Print this form from KHC’s Web site, under “Print
  KHC Closed Loan Checklist.” MUST PROVIDE ORIGINAL
  NOTE TO KHC.
 90-Calendar Day Package – The lender is required to deliver
  the recorded mortgage, title policy, and insuring certificate
  (FHA, VA, and RHS) to KHC within 90 days of closing.




Closing and Post Closing – KHC Program Guide – March 30, 2011                                           Page 6 of 6

				
DOCUMENT INFO
Shared By:
Stats:
views:13
posted:4/9/2011
language:English
pages:7