Can I Sign Kentucky Banking Permission Slip

How do i industry sign banking kentucky permission slip

thank you for joining PM DS training department today we will be discussing the requirements for the Kentucky association of counties program this training was reported on August 15th 2018 and the information is correct and up-to-date at the time of the recording however before we begin we would like to advise that while every effort has been made to ensure the reliability of the webinar content Pam Gees product profiles and their updates are the official statements of P R M G and in the event of discrepancies between the information in the webinar and the product profiles the product profiles will always supersede the information provided here the K Co program first mortgage offers a 30 year FHA first mortgages with a fixed interest rate and is fully amortise inconsistently the program is available in the state of Kentucky the purchase price and income limits vary based on the county you can email sharon gonzalez with hilltop securities for limits the borrower receives a down payment assistance grant ranging from 2% to 4% of the total first mortgage loan amount we will go over the details of the downpayment assistance in the upcoming slides the KCAL program is available to the retail channel only please note this product must be referred to the PRM GAF s department a standard referral fee will be paid to the referring loan officer the referring loan officer will need to send an email to AFS at PRM Jeunet with the borrower details please complete and submit the af-s referral form this form can be found on the Resource Center under forms these loans will be fulfilled by the Florida ops team pricing is available through ft 360 optimal blue and this product will be launched on Thursday August 16 2018 now let's go over the details of the down payment assistance grant the assistance ranges from 2% to 4% of the total of the first mortgage loan amount since the down payment is a grant there is no need to create a second loan at Ft 360 funds are used for down payment and/or closing costs the down payment assistance amount is calculated once the loan is reserved in lender online portal hilltop securities will complete a pre and post closing compliance approval on all loans upon pre-compliance approval a copy of the grant letter will be generated from lender online please note PNG is not her eyes too close the first mortgage until he'll stop securities has completed a pre and post compliance approval US citizens permanent resident aliens and non permanent resident aliens are allowed non occupying co borrowers are not allowed non occupying co-signers are allowed the minimum credit score is 640 and the max debt to income ratio is 45% the borrower may or may not be a first-time homebuyer and they may have an ownership in other residential dwellings at the time of closing however all borrowers utilizing this program must occupy this property as their primary residence within 60 days of closing homebuyer education counseling is not required for borrowers securing a first mortgage with this program it is recommended but not a requirement if a borrower decides on taking a homebuyer education course the borrower will have to complete it through a HUD approved counseling agency you can refer to HUDs website for the list eligible property types are single-family residences attached and detached to units condominiums attached and detached which are HUD approved and puds attached and detached which are had approved the property must be residential units only you can contact hilltop securities for maximum purchase price limits vary by county the borrower may own other properties at the time of closing however this property must be occupied as the borrower's primary residence for FHA loans the property types of sit here are not allowed now let's go over the program fees for the first mortgage you can charge half a percent of the origination fee standard PMG underwriting and processing fees are to be charged the lender may charge usual and reasonable standard fees to the borrower for example at the appraisal fee credit report fee flood certification Freight documentation preparation funding fees of $400 for master servicer is to be paid by the buyer or seller a compliance or admin fee of two hundred and twenty-five dollars payable to hilltop securities can be paid by the buyer or seller there are no fees allowed for the grant and there is no second lien you can refer to the product profile for more details Keiko posts the first mortgage interest rates daily on their lender online reservation portal pricing will be available in ft 360 we will go over details shortly on registering and locking the loans on lender online and FT 361 full appraisal report is required and must be uploaded to lender online what are the first lien requirements well this program requires a desktop underwriter approve eligible no exceptions a copy of the a US must be included in the loan file please be advised that manual underwriting is not allowed with this product and Freddie Mac's loan product advisor is also not allowed you can combine the keiko program with the grant with other downpayment assistance programs and mortgage credit certificate you will log in to keiko lender online to register lock and upload the loan documents and forms you will also be able to monitor your pipeline and extend and cancel your lock when necessary please note only AFS and close closing will have access to lender online to obtain access you will need to send an email to PRM to support at support appear in g net let's go over the rate lock reservation process all loans must be reserved through Keiko lender online reservations may be made after a sales contract has been executed between the buyer and the seller and the loan has been approved do not reserve early you can reserve your loan from 9:30 a.m. to 7:00 p.m. Monday through Friday accept holidays and weekends or on holidays when the financial market is closed the AFS team will register and lock the loan in lender online loans will only be reserved and locked in by the AFS team once the underwriter has issued conditional approval once the loan is locked with the portal the AFS team member will forward the locked registration confirmation to secondary to complete the lock process in st 316 here is the reservation timeline the reservation is complete after a loan number has been assigned and lender online loan reservations are valid for 60 days reservation to closing is 15 to 30 days and closing to u.s. bank purchase is 30 to 45 days locks expire on the day of the expiration date the lock period is 60 days and the loan must close before the expiration date to receive the lock interest rate here is the rate lock extension process a one-time extension can be purchased you can refer to the daily rate sheet posted on the K : der online reservation system rates are subject to intraday pricing changes complete and submit the extension request form found in the lender online portal under the PDF Docs icon hilltop securities will email the approval to the requesting lender and be sure to notify PMD secondary Department of the rate lock extension request to cancel the loan AFS will immediately cancel the loan in Keiko lender online then you will email PMD secondary Department with the cancellation request and finally you will upload your cancellation confirmation into FG 360 here are some advantages of the program for the home buyer the borrower may qualify for a down payment assistance grant ranging from 2% to 4% of the total of the first mortgage loan amount the borrower may or may not be a first-time homebuyer the credit score may be as low as 640 and the property can be located anywhere in the state of Kentucky here are some advantages for the realtor or the lender being able to offer the Keiko program is a major selling tool in the mortgage industry you are able to offer the home buyer a down payment assistance option to meet their financial needs you have the flexibility of financing by having this program available you are able to qualify more borrowers which equals more closed loans and finally you have an increase in referrals which will increase your business more importantly the borrower realizes their dream of homeownership you can obtain a step-by-step training guide illustrating detailed screenshots on how to enter the grant FT 360 this is available in the Resource Center we encourage you to review the Keiko product profile detailing the program requirements the product guidelines are available in the Resource Center under product profiles you can also obtain guidelines from their website finally you may order marketing material through PR mg's marketing department these housing authority programs have additional documentation and review requirements so it is important to set proper expectations with the borrowers and the Realtors and plan for the time it's going to take to get these loans through the system due to the additional review requirements and the reservation timelines we encourage you to review the product profile in detail as you become familiar with the requirements the Keiko product profile is available in the resource center under the bond Housing Authority program section as a reminder the KCAL program must be originated by PRM Jews AFS team they're referring loan officer will need to email AFS at AFS p.m. Juna as this program cannot be originated at the branch level a standard referral fee will be paid to the referring loan officer if you have any questions you can email DPA requests up here mg net thank you for taking the time to view this training if you have any questions regarding this presentation you can email PMT University up here mg net