Most Current—September 15th, 2020 (v9.2)

1. CBCMA Training
Series

2. Topics
1 – All Chenoa Fund Programs Overview
Conventional / FHA
2 – How to Calculate AMI
3 – Pre-Registration: The 1003
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. • Our standard turn times for
approval are 30 minutes
• CBCMA’s submissions team
will review the file and approve
the down payment assistance
• Once the file has been
approved, an email will be sent
to the email address in the
“prepared by” field; you will
then be able to generate the
remaining documents
• Status is listed in the “Loans”
view
• You can’t edit submitted loans.
Submit change requests to
submissions@chenoafund.org
Wait for Approval

4. • Confirm with your admin that you
have been granted access as a
user
• If your admin has granted you
access, you will receive an email
notification with a link
• Follow the email’s on-screen
instructions regarding setting up a
new password
• When registering a Chenoa Fund
loan, or obtaining any relevant
closing documents, use the
Chenoa Fund portal in addition to
your usual process
• It is recommended to use Google
Chrome when using CAP
How to Retrieve Your Password
http://client.chenoafund.org/

5. What do I do once the
file has been approved?

6. • You will be notified once the file has been
approved
• If you have questions, desired changes,
or need copies, email
submissions@chenoafund.org
• The CBCMA Submissions Desk can
assist with the following documents:
• CBCMA Loan Registration (Float)
Confirmation or Lock Confirmation
• Funding Obligation Letter (FOL)
• Loan Estimate (for Secondary Financing).
• Initial CD
• Closing Package
• The following slides will show how to
generate these documents yourself
Look for a Notification

7. • Once the file has been approved, you will have the ability to generate the rest of the
documents
• Click “GO” to access interaction options
• Available options will depend on permissions granted
Interacting With a File

8. • The Funding Obligation Letter is required in
the Closed Loan package for all programs,
including:
• Soft Second
• Repayable Second
• Rate Advantage
• HomeReady 97
• Conventional 97
• The letter states:
• Where the down payment is coming from
• CBCMA’s promise to reimburse your
company for the secondary financing
• The borrower’s personal information
• The property address
• The form of assistance (DPA)
Funding Obligation Letter
600 N 100 E
Cedar City, UT 84721
Lender: ABC Lender
Loan Application Number: 151110001
FHA Case Number 123-230598230-704
Borrower(s): John Doe
Jane Doe
Purchase Price of Property: $200,000.00
Property Address: 123 Main Street
Anywhere, TN 34222
Form of Assistance: Soft Second
Amount of Assistance: $7,000.00
Interest Rate (If Applicable): 0
Term (If Applicable): 360
Monthly Payment Amount (If Applicable): $0.00
Commitment Date: 11/10/15
As of the commitment date, CBC Mortgage Agency has incurred a legally enforceable obligation to
provide the funds towards the Borrower(s)’ Minimum Required Investment. Lender should
deliver funds for the MRI to the closing entity prior to or at the time of loan closing. CBCMA will
reimburse Lender from funds legally belonging to CBCMA at or before closing under this
obligation once the following conditions are met:
• The first mortgage associated with this assistance must be closed and delivered to CBCMA
for purchase.
• All purchase conditions for the first mortgage associated with this assistance must be
satisfied.
If these items are not delivered to CBCMA, this obligation will be void. WARNING: Failure of
CBCMA to satisfy the obligation may result in a determination that the funds for the Borrower(s)’
MRI were provided by a prohibited source and the first mortgage obligation may not be insurable
under the FHA insurance program.
Sincerely,
MRI Funding Obligation
Image: Soft Second FOL