This training covers 13 topics related to Chenoa Fund 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 why to use Chenoa Fund. The document provides instructions on TRID disclosures, documenting secondary financing from Chenoa on the URLA, reflecting it in the AUS, and on the closing disclosures. It emphasizes delivering disclosures according to TRID guidelines.

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 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. • Both the first and second mortgages
require a full set of TRID compliant
disclosures:
• Signed Initial URLA
• 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 on the URLA
• Under “Creditor Name” put “CBCMA” (never “Chenoa” or “Chenoa Fund”)
Secondary Financing on URLA (1st Mortgage)

5. Image: Where to disclose the DPA.
Put “No” for “C” if no other money besides subordinate funding
(4b) was disclosed. This section is not to be used for Chenoa
Fund’s down payment contribution.
Declarations Page of URLA (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 URLA
• Digital signatures are acceptable