10.L Purchase Clearing - Conditions and Escalations (10.0)
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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.
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10.l (v8.2) purchase clearing - conditions and escalations
This document provides an overview of CBCMA's purchase clearing training series, which covers topics related to Chenoa Fund loan programs, underwriting, locking loans, securing down payment assistance, and final documents. It describes CBCMA's purchase clearing department responsibilities, the typical review timeline, how to access loan conditions after review, and how to upload documents to clear conditions. Contact information is provided for general questions.
10.l (v8.3) purchase clearing - conditions and escalations
This document provides an overview of CBCMA's purchase clearing training series and process. It discusses the topics covered in the training, who to contact with different types of questions, how to access uploaded loans and clear conditions by uploading documents, and how to escalate conditions by emailing the assigned specialist. The purchase clearing department handles uploading documents to clear conditions on loans and notifying lenders when conditions have been released.
10.L Purchase Clearing - Conditions and Escalations (v9.2)
This document provides an overview of CBCMA's purchase clearing training series, which covers topics related to purchasing loans through Chenoa Fund programs. It outlines CBCMA's purchase clearing department responsibilities, review timelines, how to log into the clearing portal and access conditions, and how to upload documents to clear conditions. Buyers are instructed to contact their assigned purchase clearing specialist if they have any questions or need to escalate conditions.
10.L Purchase Clearing - Conditions and Escalations
The document outlines the CBCMA Training Series topics which include an overview of all Chenoa Fund programs, how to calculate AMI, pre-registration using the URLA, underwriting, the lock desk, how to lock a loan, how to secure DPA approvals, how to draw documents, purchase clearing by uploading documents, final documents, servicing, and why to use Chenoa Fund. It provides instructions for purchase clearing, including who to contact, the review timeline, how to log back in after review, searching for an uploaded loan, accessing and clearing conditions by uploading documents to conditions, and escalating conditions by emailing the assigned specialist.
10.L Purchase Clearing - Conditions and Escalations
The document outlines the topics covered in the CBCMA 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 more. It provides instructions on purchasing clearing, including uploading files, accessing and clearing conditions, uploading documents to clear conditions, and escalating issues by emailing the assigned purchase clearing specialist.
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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 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 information about registering loans in Chenoa Fund's portal before approval, the documents accessed after approval, and how to retrieve passwords and begin the registration process.
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This document provides an overview of CBCMA's purchase clearing training series, which covers topics related to Chenoa Fund loan programs, underwriting, locking loans, securing down payment assistance, and final documents. It describes CBCMA's purchase clearing department responsibilities, the typical review timeline, how to access loan conditions after review, and how to upload documents to clear conditions. Contact information is provided for general questions.
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This document provides an overview of CBCMA's purchase clearing training series, which covers topics related to purchasing loans through Chenoa Fund programs. It outlines CBCMA's purchase clearing department responsibilities, review timelines, how to log into the clearing portal and access conditions, and how to upload documents to clear conditions. Buyers are instructed to contact their assigned purchase clearing specialist if they have any questions or need to escalate conditions.
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The document outlines the CBCMA Training Series topics which include an overview of all Chenoa Fund programs, how to calculate AMI, pre-registration using the URLA, underwriting, the lock desk, how to lock a loan, how to secure DPA approvals, how to draw documents, purchase clearing by uploading documents, final documents, servicing, and why to use Chenoa Fund. It provides instructions for purchase clearing, including who to contact, the review timeline, how to log back in after review, searching for an uploaded loan, accessing and clearing conditions by uploading documents to conditions, and escalating conditions by emailing the assigned specialist.
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The document outlines the topics covered in the CBCMA 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 more. It provides instructions on purchasing clearing, including uploading files, accessing and clearing conditions, uploading documents to clear conditions, and escalating issues by emailing the assigned purchase clearing specialist.
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This document provides instructions for a training series on Chenoa Fund programs. The training covers an overview of Chenoa Fund conventional and FHA programs, how to calculate area median income, how to complete a pre-registration 1003, underwriting, the lock desk, how to lock a loan, how to secure down payment assistance approvals, how to draw documents, purchase clearing by uploading documents and addressing conditions and escalations, final documents, servicing, and why use Chenoa Fund conventional and FHA programs. It provides details on the registration process, documents received after approval, how to gain access to Chenoa Fund's portal, how to register or lock a file in the portal, and samples of registration and lock confirmations
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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 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 information about registering loans in Chenoa Fund's portal before approval, the documents accessed after approval, and how to retrieve passwords and begin the registration process.
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This document provides instructions for completing CBCMA's online training on their Chenoa Fund programs. It outlines the topics that will be covered in the training, including an overview of their conventional and FHA loan programs, how to calculate AMI, how to pre-register a loan, the underwriting process, how to lock a loan, and how to obtain down payment assistance approvals. It also provides details on how to access CBCMA's portal to register or lock loans, what information needs to be filled out in the registration form, and samples of the registration/float confirmation and lock confirmation documents users will receive.
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1. Submitting exception requests through the client site for loans registered in the system. It describes registering loans first before submitting exception requests.
2. Submitting exception requests through an exception request form for loans already registered. It describes entirely filling out the form and submitting required documents.
3. Exporting Fannie Mae (FNMA) loan files from the Encompass loan origination system. It provides step-by-step instructions for navigating to a file and saving it.
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This document provides an overview of a training series for the 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 area median income, the loan pre-registration and underwriting processes, how to lock and secure down payment assistance approvals, how to draw documents and manage the purchase clearing process, final documents, servicing, and why to use Chenoa Fund programs. It also provides brief instructions on what to do after a file has been approved for down payment assistance and how to generate necessary documents like the funding obligation letter.
11.l (v8.4) final documents
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This document provides instructions for submitting exception requests through the Chenoa Fund client site. It outlines the following key points:
- Exception decisions are only final for loans that have been registered through the client site. Unregistered loans receive hypothetical decisions.
- To submit an exception request, you must first register the loan by logging into the client site, selecting "Register New Loan", uploading the MISMO 3.4 file, and filling out the remaining required fields.
- When registering, select the correct Chenoa Fund program and ensure the borrower meets the qualifications for that program such as FICO, DTI, and income requirements. If they do not, an exception request is necessary.
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16.0 Exception Requests CAP
This document provides instructions for submitting exception requests through the Chenoa Fund client site. It outlines the following key points:
- Exception decisions are only final for loans that have been registered through the client site. Unregistered loans are considered hypothetical.
- To submit an exception request, you must first register the loan by logging into the client site, selecting "Register New Loan", uploading the MISMO 3.4 file, and filling out the remaining required fields.
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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.
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This document provides an overview of a training series for CBCMA programs. It lists 13 topics that will be covered in the training, including an overview of all Chenoa Fund programs, how to calculate area median income, the URLA pre-registration process, underwriting, locking loans, securing down payment assistance approvals, drawing documents, purchase clearing conditions and escalations, final documents, servicing, and why to use Chenoa Fund programs. It also provides brief instructions on waiting for down payment assistance approvals, how to retrieve passwords, what to do after file approval, and interacting with approved files.
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This document provides instructions for submitting exception requests through the Chenoa Fund client site. It outlines the following key points:
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This document provides instructions for submitting exception requests through the Chenoa Fund client site. It outlines the following key points:
- Exception decisions are only final for loans that have been registered through the client site. Unregistered loans are considered hypothetical.
- To submit an exception request, you must first register the loan by logging into the client site, selecting "Register New Loan", uploading the MISMO 3.4 file, and filling out the remaining required fields.
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The document provides information about CBCMA's training series topics, contact information, document requirements, and how to pull outstanding document reports. The training series covers an overview of all Chenoa Fund programs, how to calculate AMI, the pre-registration and underwriting processes, how to lock and secure DPA approvals, and document drawing, purchasing clearing, final documents, and servicing. It provides shipping addresses for collateral and trailing documents. It outlines requirements for collateral documents, trailing documents, insuring documents, MERS registration, and FHA documentation. It also provides instructions for correspondents to pull outstanding trailing document and MIC reports through the client portal without a username or password.
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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.
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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.
8.L How to Draw Documents
This document provides an overview of the topics covered in the CBCMA Training Series on using the Chenoa Fund portal. It outlines 13 topics that will be covered, including an overview of Chenoa Fund programs, how to calculate AMI, the URLA pre-registration process, underwriting, locking loans, securing down payment assistance approvals, drawing documents, purchase clearing uploads and conditions, final documents, servicing, and the benefits of using Chenoa Fund. It also provides instructions on accessing the Chenoa Fund portal, beginning to generate documents, filling in required fields, troubleshooting ULI and document date fields, accessing generated documents, and making changes to documents.
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.
2.0 How to Calculate AMI
This document provides an overview of a training series on Chenoa Fund programs. The training covers topics such as an overview of conventional and FHA programs, how to calculate area median income through HUD resources, how to complete the URLA, underwriting, locking loans, securing down payment assistance approvals, drawing documents, purchase clearing, final documents, servicing, and why to use Chenoa Fund programs. It also provides two methods for calculating area median income using HUD data by county to determine eligibility for different down payment assistance programs.
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 (10.0)
- 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. • CBCMA’s Purchase Clearing department does not handle: • Trailing documents • Collateral • FHA • MERS • Our Final Docs department answers questions about those documents • Our Purchase Clearing Department handles conditions • General questions can be emailed to purchaseclearing@chenoafund.org Who to Contact
- 4. • Review typically takes 2–3 business days to complete before conditions are released • Your assigned Purchase Clearing Specialist (PCS) will reach out to you and advise when conditions have been released • This specialist will reach out to the contact designated in the file • Email your PCS or info@chenoafund.org if you are not receiving Wait for a Review
- 5. • Use the same login process to log in after file review • Please refer to the training “Purchase Clearing— Uploading” for more on uploading files • It is recommended to use Google Chrome when using CAP Log Back In
- 6. Searching for an Uploaded Loan • Select “Reports and Uploads”
- 7. Accessing and Clearing Conditions • Loans with pre-purchase conditions are located in “Purchase Conditions” • Post-purchase conditions are located in “QC Conditions” • Select “Upload Loan Images” to view the conditions and to upload images to clear the conditions
- 8. Uploading Documents to Clear Conditions • You can view a list of any outstanding conditions that need to be cleared • Purchase conditions are conditions we see while trying to purchase the loan; QC conditions are conditions we find after we’ve already purchased the loan. • Clear conditions by uploading the needed documents into the Purchase Conditions tab • Accomplish this by dragging and dropping documents to the grey bar beneath the list of deficiencies • Uploaded documents will be marked “cleared,” “waved,” or “unable to clear.” If unable to be cleared, the reason why will be noted.
- 9. Uploaded Documents Added to List • Uploaded documents will be added and sorted alphabetically • Each document will include a date and a time stamp • Do not send documents via email
- 10. Email Your PC Specialist for Escalations • If you feel a condition is unclear, or if you disagree with the validity of the condition, you may escalate • Email your file’s assigned PC specialist to escalate