TRUESHARE What is TrueShare?
TrueShare is a secure cloud –based document storage site, to help facilitate large file sharing. TrueShare allows participating members to submit HSP documents through a secure electronic submission. How do we register for TrueShare?
Complete the TrueShare Registration Form found on our website under “Links”. Email the completed form to HCDfiletransfer@fhlbtopeka.com. Do we have to submit our documents to FHLBank via TrueShare?
Yes, submitting documents to TrueShare will ensure that HSP Staff receives and processes documentation in the order that it was received. REGISTRATION Do we have to register to participate in HSP?
Yes, members must register annually to participate in the HSP. Registration Agreements can be found on our website under “Forms” and are accepted once they are made available through November 14, 2016. Do we have to register all of our branch locations to participate in HSP?
No, we only require one registration per member. All branch locations can participate under the member registration. Who is an authorized signer?
An authorized signer is a member representative who is authorized to sign for FHLBank Topeka transactions. The member representative’s signature must be on the Credit Authorization or Credit Resolution form, on file at FHLBank Topeka. RESERVATION Does FHLBank reserve/allocate $25,000.00 in funds per member each month?
No, HSP grant funds are available on a first-come, first served basis. Members are neither allocated nor guaranteed $25,000.00 per month. I have pre-approved a couple for a home loan, but only one of them is a first time homebuyer. Will they still qualify for the grant?
Yes, we only require one borrower to be a first time homebuyer. When can we start submitting reservations?
Reservations will be accepted March 7, 2016 through November 14, 2016. What do you need for the reservation?
For the reservation we need a completed HSP Reservation Workbook which includes the HSP Funds Reservation Form and Income Calculation Worksheets for all household members. You will also need to provide income verification documents. Refer to the Income Calculation Manual, found on our website, for further requirements. We are working with a homebuyer who has just started looking to purchase a home. Can we submit a reservation for them while they are looking?
No, you will need to submit the reservation with the address of the property that they are going to purchase. We reserve funds for the homebuyer and the property address. Can we change the property address after we have submitted the reservation request?
No, you will need to withdraw the reservation request and submit a new request with the new property address. Does the homebuyer need to have a contract on a property to reserve funds?
No, we only need the property address. How is income figured?
For employment income we look at both base pay and YTD earnings. For YTD income, we will need to know of any overtime, shift differential, tips, commissions, bonuses, etc. that the applicant receives. Refer to the Income Calculation Manual, found on our website, for further detail. How current does the income documentation need to be?
The income documentation must be dated no more than 60 days prior to the date FHLBank received the reservation. If income documentation is older than 60 days, we will request new documentation with current income. In certain circumstances, we may ask for additional documentation. Does FHLB have any underwriting criteria beyond income limitations?
No, we don’t have any underwriting criteria beyond income. However, the property for which the HSP funds are being used must be within our four state district which includes Colorado, Kansas, Nebraska and Oklahoma. Is there a minimum loan amount required to be eligible for the HSP grant?
No, there is not a minimum loan amount requirement. However, we do require a minimum mortgage term of five (5) years and a maximum mortgage term of forty (40) years. What is the turnaround time for reservation/income approval?
Our goal is to have the reservation and income documentation reviewed and approved within 20 business days of receipt. The reservation process may take longer if we have to request additional documentation or income corrections from the member. How do you calculate income if a bonus was received early in the year and it is a one-time bonus?
We will annualize all income in the absence of documentation that states otherwise. If the employer can provide documentation stating that the bonus is received once a year, we can add it as a one-time sum to the annualized regular pay calculation. HOMEBUYER EDUCATION Where can we find information about the homebuyer education?
We have links to each state organization on our website. The homebuyer education classes must be taken by a provider that is on the state organization list and located in the state that the property is being purchased. When should the homebuyer participate in a Homebuyer Education course?
We recommend that the homebuyer education course is completed before the loan closing. The homebuyer education course must be completed before disbursement. Does the homebuyer education certificate need to be signed?
The certificate must be signed or initialed by the provider unless the course is taken online. If the course is taken online, the certificate must be signed by the homebuyer. Does FHLBank Topeka allow a fee to be charged for homebuyer education?
Yes, but the fee cannot exceed $500.00. CLOSING Does your grant need to be shown on the Closing Disclosure?
Yes, our funds must be shown on the Closing Disclosure and labeled as FHLBank Grant or HSP Grant. Can fees paid before closing be part of the down payment requirement?
Yes, as long as they are paid by the borrower. If there are paid before closing fees on the Closing Disclosure, make sure that they are labeled so we know who paid them (borrower, seller, lender, etc.). Can a principal reduction be shown on the closing disclosure so the homebuyer doesn’t receive cash back?
Yes, you can show the principal reduction to the first mortgage loan, but it needs to be clearly labeled on the Closing Disclosure. Under no circumstances can the homebuyer receive cash back. Where do we get the funds at closing for the grant?
As the member, you will provide the HSP subsidy and we will reimburse you after the disbursement request has been received, reviewed and approved. DISBURSEMENT Do we have a time limit after closing to submit the disbursement request?
We need to have all disbursement requests by December 5, 2016. Keep in mind that we will only disburse the funds after the disbursement documents have been received, reviewed and approved by FHLBank staff. We must disburse all HSP funds by December 31, 2016. What do you need for the disbursement?
For disbursement we need the HSP Disbursement Request form, final Closing Disclosure, the recorded Real Estate Retention Agreement and the homebuyer education certificate. Our Closing Checklists can be found on our website under “Forms”. These checklists will help you make sure that you don’t miss anything. What is the turnaround time for disbursement approval?
Our goal is to have everything reviewed and approved within 15 business days of receipt of the disbursement request. Do we need to wait until the recorded Real Estate Retention Agreement has been received before submitting the disbursement request?
Yes, we will need the recorded Real Estate Retention Agreement submitted with the disbursement request.   
  
| 
