v9.5.1—Most Current as of November 16th

1. CBCMA Training
Series:
CAP Exception
Requests

2. Begin By Registering
the Loan

3. • Log on to chenoafund.org
• Click “Correspondent Lender
Login: CAP”
• Log in
• If you need login information,
see Training Series 6: How to
Lock a Loan for more
information, or contact your
account executive
• Contact info@chenoafund.org
if you don’t know your account
executive
Begin by Logging Into CAP

4. • Select “Register New Loan”
• Select Upload FNM 3.2
• Navigate to the 3.2 file
• Select Open
Where to Begin Registrations

5. • Uploading the FNM will pre-fill
most of the fields for you
• Fill out the remaining fields
• Complete all required fields;
anything marked with a red
asterisk should be completed
• Verify that all information has
been uploaded and entered
accurately after completing the
form
• Please note that emails will
need to be in proper format,
including no spaces before or
after the email
• Filler information, such as TBD
or NA, in required fields will
cause your loan to be delayed
Adding New Loan

6. Select the Correct Program
• Select the correct program and DPA
type
• Note:
• Each program has its own DTI, credit
score, and income requirements
• It is your responsibility to understand
the qualifications for each program
• See Training Series 6: How to Lock a
Loan for more information on
registration
• Alternative qualifications do not require
an exception; email
submissions@chenoafund.org to push
through a loan using alternative
qualification requirements
• After this, submit the exception request
before locking or floating the loan

7. Submitting an
Exception

8. Unable to Float or Lock
• Loans cannot be registered if
they do not meet Chenoa Fund
guidelines. This means:
• You cannot “Save, Register,
Float”
• You cannot “Save, Register,
Lock”
• You cannot draw a Lock or
Float confirmation, or a
Funding Obligation Letter
• Some common areas
preventing registration:
• FICO
• DTI
• Example: The borrower to the
right is registering for a Soft
Second. The FICO score is not
within Chenoa Fund
guidelines.

9. Preparing an Exception Request
• Open the “Exception Requests”
tab to submit an exception
request
• Click “Add Exception”
• Complete the form that appears
afterward
• Note: always include the
following documents when
submitting an exception request:
• 1003
• 1008/9200 LT
• AUS
• Credit Report
• VA Residual Income Worksheet
• If this form is not completed
entirely, including the documents,
your request will be delayed

10. Submitting an Exception Request
• Submit one exception request
for each area the borrower
doesn’t meet Chenoa Fund
guidelines
• You only need to submit
supporting documents once
• Click “Save, Register, Float” or
“Save, Register, Lock”
• You’ll be able to draw a
Lock/Float confirmation, but
not a Funding Obligation Letter
• The FOL can be drawn after
the exception is approved
• A notification will automatically
be sent to our Exceptions Desk
• We will reach out to the point
of contact in the file with our
decision