This training covers Chenoa Fund's conventional and FHA loan programs. It includes 13 modules that cover an overview of Chenoa Fund programs, how to calculate AMI, how to complete the 1003 application, 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. Both the first and second mortgages require TRID compliant disclosures. The secondary financing from Chenoa Fund must be disclosed accurately on the 1003 application and Closing Disclosure for the first mortgage.

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:
• 1003
• LE
• Initial CD
• Final CD
• See our Correspondent Lending Guide,
page 43, 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