Most Current 2/16/21

1. CBCMA Training
Series:
Site Exception
Requests

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

4. Begin By Registering
the Loan

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

9. Finishing Registration
and the Exception
Tab

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

15. A Final Note
• There is a 0.25% fee for
exceptions for DPA Edge and
Rate Advantage loans with a 660
or lower FICO score