This document provides an overview of a training that includes 13 modules on Chenoa Fund programs, including how to calculate AMI, pre-register loans, undergo underwriting, lock loans, secure down payment assistance approvals, and finalize documents. It outlines requirements for TRID compliant disclosures on both the first and second mortgages. It also provides guidance on properly reflecting the secondary/down payment assistance financing on various URLs, disclosures, and in the Encompass loan origination system.

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. Secondary Financing on URLA (1st Mortgage) (Cont.)
• If you are having difficulties in Encompass,
do the following:
• Go to “Tools”
• Go to “Piggyback”
• Enter your two loans (first and second)
• Link and Sync
• Your second loan should be populated in
section 4b
• If this doesn’t work:
• Unlink the two loans
• Make corrections
• Link again, but do not sync

6. 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)

7. Reflecting Secondary Financing in Encompass️ (1st Mortgage)
Running an FHA or Conventional loan—Fannie Mae Additional Data
• In “Fannie Mae Additional
Data,” select Secured
Borrowed Funds
• This is also available in the
92900-LT
• The explanation is always
CBCMA, not Chenoa Fund

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

9. • 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)

10. 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

11. Printing the URLA

12. • Go to “Print Screen”
• Print all pages:
• URLA
• Lender Loan Information (will not
automatically print with “All Pages”)
Print Screen in Encompass