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From the beginning of the requirement of the Kentucky Homeownership Center form we were told that this form is to be given on any consumer and business purpose loans secured by a dwelling, no matter if it was a primary dwelling or not. I was also told in the beginning there was not a whole lot of guidance given as far as the rules for this form so I didn’t know if there is now. One of our loan officers is closing a loan to a LLC to construct a home to resale. His thoughts are that we would not disclose this because this is a vacant lot in the beginning of the loan but more importantly that this is not for a loan customer on their primary dwelling. Is this a program going to help a loan in default to a business entity or a customer that it is not their primary dwelling? If it is required for business purpose loans too can you please give an explanation to why? Thanks so much for your help!
Hi, I was wondering if you all have an answer to my post “Kentucky Homeowner Protection Center” that I posted October 1,2020 in regards to disclosing the Protect My Kentucky for to business residential loans?
I apologize we missed your question previously. This recent Q&A addresses the same issue and will provide with the information we know on this topic and our thoughts: https://mycomplianceresource.com/forums/topic/protect-my-kentucky-home-notice/
Additionally, the Protect My Kentucky Home website states the following:
Kentucky Department of Financial Institutions
“The state’s Department of Financial Institutions supervises the financial services industry.
Beginning January 1, 2009, all mortgagees shall provide the “Notification to Homeowners of the Kentucky Homeownership Protection Center” document to all Kentucky borrowers, as required by KRS 286.2-020. This form is available to download by going to http://www.kfi.ky.gov/nondepository/khpc.htm.”
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Unfortunately, neither here nor in the definitions for the applicable section of the KRS (286) does it define “homeowner” or “borrower”. Without relevant definitions, an exclusion, or some other clarification, I think it needs to be given. Again, you might be able to get additional clarification from the KDFI.
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