Version 7.1.1

1. CBCMA Training
Series:
Miscellaneous

2. Topics
1 – Exception Requests Through the Client
Site
2 – Exception Requests Through the
Exception Form
3 – Exporting FNMA Files From Encompass

3. 1: Exception
Requests Through
the Client Site

4. • 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. Begin By Registering
the Loan

6. • 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

7. • Select “Register New Loan”
• Select Upload MISMO 3.4
• Navigate to the 3.4 file
• Select Open
Where to Begin Registrations
MISMO 3.4

8. • 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

9. 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. Finishing Registration
and the Exception
Tab

11. 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

12. 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

13. 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

14. 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
• This adjustment will not be
applied to most escrow holdbacks

15. 2: Exception
Requests Through
the Exceptions
Form

16. 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

17. 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
• This adjustment will not be
applied to most escrow holdbacks

18. 3: Exporting
FNMA Files From
Encompass

19. Open “Services” Tab, Click “Access Lenders”

20. Select “Export to Other Partners,” then “Continue”

21. Go to “Export Purpose,” Select “Other,” Then “Continue”

22. Select “Fannie Mae 3x,” Then “Continue”

23. Select “Fannie Mae 3x,” Then “Continue”

24. Navigate to A File and Save