8.L How to Draw Documents
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The document outlines topics for a CBCMA Training Series including an overview of all Chenoa Fund programs, how to calculate AMI, pre-registration using the URLA, underwriting, using the lock desk, how to lock a loan, how to secure DPA approvals, how to draw documents, purchase clearing by uploading documents and resolving conditions and escalations, final documents, servicing, and why to use Chenoa Fund. It provides instructions for accessing the Chenoa Fund portal, generating and retrieving documents, and making changes to documents.
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This document provides instructions for a training series on Chenoa Fund programs. It outlines the topics that will be covered in the training, including an overview of Chenoa Fund conventional and FHA programs, how to calculate area median income, the pre-registration and underwriting processes, how to lock and draw documents, purchase clearing procedures, and servicing. It provides important details on registering loans in Chenoa Fund's portal, including selecting the correct program, filling out required fields, and obtaining registration or lock confirmations.
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This document provides guidelines for qualifying borrowers for FHA and conventional loans based on their FICO score and other factors. For FHA loans, borrowers with scores of 620-639 must meet additional requirements depending on whether they have a current housing payment. Borrowers with scores of 640+ have more flexible debt-to-income ratio and payment shock requirements. For conventional loans, borrowers with scores of 640-659 must meet additional debt ratio guidelines if approved above 50% by an automated underwriting system. Borrowers at 660+ must meet the debt ratios determined by the AUS. The document outlines alternative qualification options for borrowers exceeding certain debt and payment shock limits.
14.0 Important Contacts
This document provides important contact information for CBC Mortgage Agency, including submitting and locking loans, pricing locks, underwriting, purchase clearing specialists, collateral and shipping, and borrower payments. Key contacts listed are for requesting company account executive information, registering and locking loans and drawing initial and closing packages, pricing locks, underwriting scenarios, and final collateral and shipping documentation.
13.F Why Use Chenoa Fund
This document provides an overview of a training on Chenoa Fund programs that includes 13 sessions covering topics like program overviews, income calculations, the URLA, underwriting, locking loans, securing down payment assistance approvals, purchasing processes, servicing, and why to use Chenoa Fund programs. It also compares Chenoa Fund to other state and local HFA programs and provides marketing ideas. The training is designed to help lenders understand and utilize Chenoa Fund, a down payment assistance program through CBC Mortgage Agency, to increase homeownership by offering zero down payment options to qualified borrowers.
13.C Why Use Chenoa Fund
This training covers Chenoa Fund programs including an overview of conventional and FHA loan programs, how to calculate AMI, pre-registration, underwriting, locking loans, securing down payment assistance approvals, document drawing, purchase clearing, final documents, servicing, and why use Chenoa Fund. It also compares Chenoa Fund to other state and local HFA programs and provides marketing ideas. The document outlines features and benefits of Chenoa Fund, such as down payment assistance with zero down payments to increase homeownership, flexibility in borrower qualifications, and consistently available funding.
13.A Why Use Chenoa Fund
The document provides an overview of a CBCMA training series on Chenoa Fund programs. It lists 13 topics that will be covered in the training, including an overview of all Chenoa Fund programs, how to calculate AMI, the URLA pre-registration process, underwriting, locking loans, securing down payment assistance approvals, and servicing. It also suggests comparing Chenoa Fund to other state and local HFA programs and provides marketing ideas. Finally, it outlines some key features and benefits of Chenoa Fund's conventional and FHA down payment assistance programs.
12.0 Servicing
This document provides information about CBCMA Training topics, payment addresses, and policies. The training series covers all Chenoa Fund programs, underwriting, locking loans, securing down payment assistance, and more. It lists payment addresses for first and second mortgages. The document also discusses early payment default policy, subordination policy, and requirements.
11.L Final Documents
The document provides information on CBCMA's training series topics, document requirements, and how to pull outstanding document reports. It discusses 14 topics in the training series including an overview of all Chenoa Fund programs, how to calculate AMI, pre-registration, underwriting, locking loans, securing down payment assistance approvals, and why to use Chenoa Fund. It provides details on document requirements for collateral, trailing documents, insuring documents, MERS registration, and FHA loans. It also explains how to pull outstanding reports for trailing documents and mortgage insurance certificates from the client portal without needing login credentials.
10.L Purchase Clearing - Conditions and Escalations
This document provides an overview of CBCMA's training series on their purchase clearing process. It describes the topics covered in the training, including an overview of Chenoa Fund programs, how to calculate AMI, pre-registration, underwriting, locking loans, securing down payment assistance, and more. It provides contact information for CBCMA's purchase clearing department and explains their typical 2-3 business day review process before conditions are released. It outlines how to log back into the system after review, search for an uploaded loan, access and clear conditions by uploading documents, and how to email the purchase clearing specialist for escalations.
9.L Purchase Clearing - Uploading
This document provides an overview and instructions for CBCMA's training series on their lending programs. It outlines 12 topics that will be covered in the training, including an overview of all CBCMA programs, how to calculate AMI, the URLA registration process, underwriting, locking loans, securing down payment assistance approvals, and document drawing. It also provides general instructions for interacting with CBCMA's purchase clearing and final documents departments. Important reminders are given about due diligence reviews and the loan delivery checklist. Initial upload instructions and a list of commonly missed documents are also included.
5.0 Lock Desk
This document provides an overview of CBCMA Training which includes 13 modules covering all aspects of the loan process when using Chenoa Fund programs. It outlines good delivery requirements, lock policies, and lock desk closing times. Loans must be locked before the lock desk closes each day or a reinstatement fee will be charged. Conditions must be cleared within 7 days or roll fees will be assessed. Expired locks can be relocked after 30 days with worst case pricing.
4.0 Underwriting
The document provides an overview of a CBCMA training series that covers various topics related to Chenoa Fund programs, including an overview of all Chenoa Fund programs, how to calculate AMI, the pre-registration URLA process, underwriting, the lock desk, how to lock a loan, how to secure DPA approvals, how to draw documents, purchase clearing by uploading documents and addressing conditions and escalations, final documents, servicing, and why use Chenoa Fund. It also includes sections on general program guidelines, closing and MERS requirements, second lien documentation requirements, commonly missed documents for the credit and closing packages, admin fee clarifications, rate sheet clarification, displaying second lien loan fees on the closing disclosure,
3.F FHA Pre-registration The URLA
This training series covers the Chenoa Fund lending programs including an overview of conventional and FHA programs, how to calculate AMI, how to complete the URLA, underwriting, locking loans, securing down payment assistance approvals, drawing documents, purchase clearing, final documents, servicing, and benefits of using Chenoa Fund. The training covers requirements for TRID compliant disclosures on both the first and second mortgages including how to reflect the secondary financing from Chenoa Fund accurately on the URLA, closing disclosures, and in the Encompass system.
3.C Conventional Pre-registration The URLA
This document provides an overview of a training that includes 13 modules covering Chenoa Fund programs, calculating AMI, the URLA, underwriting, locking loans, securing down payment assistance approvals, document drawing, purchase clearing conditions and escalations, final documents, servicing, and the benefits of using Chenoa Fund. It provides instructions for various steps in the origination process when using Chenoa Fund assistance, including disclosing the assistance on various loan documents and the Desktop Underwriter submission process.
3.A All Pre-registration The URLA
This document provides an overview of a training series on Chenoa Fund programs. It lists 13 topics that will be covered, including an overview of all Chenoa Fund programs, how to calculate AMI, how to complete the URLA, underwriting, locking loans, securing down payment assistance approvals, and servicing. It provides instructions for completing the URLA and disclosure documents for loans using Chenoa Fund down payment assistance. Key steps include disclosing the assistance on the URLA and closing documents.
1.C Conventional Chenoa Fund Programs Overview
This document provides an overview and summary of a training series on Chenoa Fund programs. The training includes modules on Chenoa Fund programs, calculating area median income, the URLA, underwriting, locking loans, securing down payment assistance approvals, document drawing, purchase clearing conditions and escalations, final documents, servicing, and an overview of why to use Chenoa Fund programs. It also includes a matrix comparing the Conventional Standard 97% LTV and HomeReady products.
1.A All Chenoa Fund Programs Overview
This document provides an overview and details of Chenoa Fund programs offered by CBC Mortgage Agency. It includes 13 training topics that cover all aspects of the programs from initial registration to loan servicing. The programs offered are Rate Advantage (FHA), DPA Edge: Repayable Second (FHA), DPA Edge: Soft Second (FHA), Conventional Standard 97% LTV Loans, and HomeReady® (Conventional). Each program is described in 1-2 paragraphs outlining key details such as eligible property types, minimum credit score, income limits, loan terms, and down payment assistance amount.
1.C Conventional Chenoa Fund Programs Overview
This document provides an overview and summary of a training on Chenoa Fund programs. The training includes 13 sessions covering various topics related to Chenoa Fund programs like how to calculate AMI, the URLA, underwriting, locking loans, securing down payment assistance approvals, and servicing. It also provides a general overview of Chenoa Fund, including that it offers 3.5% down payment assistance through second mortgages. The document includes matrices comparing the Conventional Standard 97% LTV and HomeReady programs and discusses program requirements.
1.A All Chenoa Fund Programs Overview
This document provides an overview and summary of Chenoa Fund programs offered through CBC Mortgage Agency, including conventional, FHA, and down payment assistance options. Key details summarized include eligible property types, minimum credit scores, income limits, DTI requirements, terms of the secondary financing, and documentation requirements for verifying housing expenses and credit.
15.0 DTI and FICO Flowchart
This document provides guidelines for qualifying borrowers for FHA and conventional loans based on their FICO score and debt-to-income (DTI) ratio. It outlines the basic requirements for borrowers between 620-639, 640-659, and 660+ FICO scores. For borrowers outside the standard DTI or payment shock limits, alternative qualifications include having two years of employment, two months of reserves, a front-end DTI of 31% or meeting the VA Residual Income Test. The document directs the user to exception requests or additional support for scenarios that do not meet requirements.
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10.L Purchase Clearing - Conditions and Escalations
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8.L How to Draw Documents
- 2. Topics 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. • 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/
- 4. • Select “Loans” Where to Begin Generating
- 5. • Use the “Go” button on the relevant loan file • Select the action you wish to perform • Example: “Prepare Closing Package” To Generate Documents (1)
- 6. • (0) Fill out all fields marked with (*) • (1) Select “Save Changes & (Create/Request the desired document you’re attempting to generate)” • Example: “Save Changes & request CP” • (2) The docs will then auto-generate • (3) Click on doc to review To Generate Documents (2)
- 7. Access the Documents • Generated documents may be downloaded in the Loans tab • Any recently generated documents will have their relevant button turn green for thirty minutes
- 8. • You can edit and generate packages without limits • Email submissions@chenoafund.org for help with making changes to the docs • Please ensure that any changes to the documents do not violate TRID guidelines Making Changes