2. This Training Includes …
1 – All Chenoa Fund Programs Overview
Conventional / FHA
2 – How to Calculate AMI
3 – Pre-Registration: The URLA
Conventional / FHA
4 – Underwriting
5 – Lock Desk
6 – How to Lock a Loan
7 – How to Secure DPA Approvals
8 – How to Draw Documents
9 – Purchase Clearing: Uploading
10 – Purchase Clearing: Conditions and
Escalations
11 – Final Documents
12 – Servicing
13 – Why Use Chenoa Fund
Conventional / FHA
3. • Good Delivery is the moment:
• Complete loan images (credit/closing) are uploaded
for purchase review
• CBCMA receives collateral
• Locks that expire prior to good delivery will be
subject to a .375 lock reinstatement fee plus worst
case pricing
• Correspondents have 7 calendar days to meet
conditions once conditions are released.
• Roll fees (.025/day, .175/week) will be charged after
this 7-day period if conditions are not met.
• Expired or cancelled locks may be relocked 30 days
after being expired or cancelled.
• If we receive a relock request prior to the 30-day
deadline:
• The loan receives worst-case pricing of the current
day pricing, less .375, for the remaining period of the
original lock
OR
• The loan receives the original lock, less .375, for the
remaining period of the original lock
Lock Policy
4. CBCMA’s Lock
Desk closes:
• 5pm Eastern Time
• 4pm Central Time
• 3pm Mountain
Time
• 2pm Pacific Time
Lock Desk Closing Times
Loans cannot be locked after the lock desk closes. If you try, the following error message will appear:
Check your lock confirmation to see the locked rate for your loan.
