This training covers Chenoa Fund's conventional and FHA loan programs. It includes 13 modules that overview the programs, teach how to calculate AMI, complete the 1003 application, undergo underwriting, lock loans, secure down payment assistance approvals, draw documents, purchase clearing conditions and escalations, and final documents. The training emphasizes TRID disclosure requirements, listing the down payment assistance as secondary financing on the 1003, reflecting it in the AUS, and disclosing it properly on closing documents. Borrowers must receive disclosures per TRID guidelines with the LE mail-stamped or signed within 3 days of the 1003.

1. CBCMA Training
Series

2. This Training Includes …
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. • Both the first and second mortgages
require a full set of TRID compliant
disclosures:
• Signed Initial 1003
• LE (and COC LE if you don’t lock initially)
• Initial CD
• Final CD
• See our Correspondent Lending Guide,
section 5.34.7 and 7.22, for a full list
(chenoafund.org)
Required Documents

4. • List the secondary financing
as shown on the 1003
Secondary Financing on 1003 (1st Mortgage)

5. Image: Where to disclose the DPA.
Declarations Page of 1003 (1st Mortgage)

6. Reflecting Secondary Financing in AUS️ (1st Mortgage)
Running an FHA loan—Borrowers Summary Screen
• Page 2, “Source of
Down Payment”: select
Secured Borrowed
Funds
• The explanation is
always CBCMA, not
Chenoa Fund
Equity from Subject Property

7. The DPA must be listed as “CBC Mortgage Agency 2nd Lien” or “CBCMA
2nd Lien” between sections L.04 and L.07.
1st Lien Closing Disclosure (1st Mortgage)

8. • If you take out the net proceeds from
the second lien, make sure you put the
principal balance in parentheses on the
CD for the first mortgage.
• Top screenshot (example): Principal
balance without net proceeds taken
out.
• Bottom screenshot (example): Principal
balance with net proceeds taken out.
1st Lien Closing Disclosure (1st Mortgage)

9. Important Reminder
• You must deliver disclosures to borrower per TRID
guidelines
• The LE must be mail-stamped or signed by borrower
within 3 days of the 1003
• Digital signatures are acceptable