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CBCMA Training
Series:
Site Exception
Requests
Part 1: Exception
Requests Through
the Client Site
• Exception decisions are only
final for loans registered
through the client site
• Exception decisions are
considered hypothetical for
unregistered loans
• Please register your loan
before submitting an exception
request
• If the parameters of a loan
change after receiving an
exception, the loan must be re-
submitted for exception review
Exception Requests for Unregistered Loans
Begin By Registering
the Loan
• Log on to client.chenoafund.org
• 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
• Select “Register New Loan”
• Select Upload MISMO 3.4
• Navigate to the 3.4 file
• Select Open
Where to Begin Registrations
MISMO 3.4
• 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
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
• Following this, submit the exception
request before locking or floating the
loan
Finishing Registration
and the Exception
Tab
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.
MISMO 3.4
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
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, and the file, 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
Part 2: Exception
Requests Through
the Exceptions
Form
Exception Request Form
• Use the Exception Request Form
for loans that have already been
registered
• Access the form via this link, or
via the Lenders tab of
chenoafund.org
• Entirely fill out the form, including
the required documents
• Even though we do not do VA
loans we require a VA Residual
Income analysis to helps us
determine credit risk
• Hit “Submit” to finish
• Our exceptions team will respond
after receiving and reviewing the
completed form

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16.0 Exception Requests CAP

  • 2. Part 1: Exception Requests Through the Client Site
  • 3. • Exception decisions are only final for loans registered through the client site • Exception decisions are considered hypothetical for unregistered loans • Please register your loan before submitting an exception request • If the parameters of a loan change after receiving an exception, the loan must be re- submitted for exception review Exception Requests for Unregistered Loans
  • 5. • Log on to client.chenoafund.org • 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
  • 6. • Select “Register New Loan” • Select Upload MISMO 3.4 • Navigate to the 3.4 file • Select Open Where to Begin Registrations MISMO 3.4
  • 7. • 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
  • 8. 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 • Following this, submit the exception request before locking or floating the loan
  • 10. 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. MISMO 3.4
  • 11. 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
  • 12. 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, and the file, 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
  • 13. Part 2: Exception Requests Through the Exceptions Form
  • 14. Exception Request Form • Use the Exception Request Form for loans that have already been registered • Access the form via this link, or via the Lenders tab of chenoafund.org • Entirely fill out the form, including the required documents • Even though we do not do VA loans we require a VA Residual Income analysis to helps us determine credit risk • Hit “Submit” to finish • Our exceptions team will respond after receiving and reviewing the completed form