tips for using chfa’s new document delivery system
In implementing our new Document Delivery System this week, we’ve identified some common mistakes and questions that we are seeing.
The tips below will help to ensure that your file can be checked in for CHFA’s review.
Please check the status of your loan and/or MCC four to six hours after uploading documents to confirm that status has changed:
- From “Reserved” to “Compliance in Process,” or
- From “Compliance Approved” to “Pre-Funding in Process.”
- Check your appraisal to determine if it is a secured document; if so, please remove the security feature. Otherwise, it cannot be processed.
- Do not include submission vouchers when you upload your documents.
- If you have a loan and an MCC, be certain to upload loan documents to the loan file, and MCC documents to the MCC file. Uploading documents to the incorrect file results in the loan not advancing into the queue to be reviewed.
- If you deliver individual documents to specific conditions, make certain that:
- You upload to the correct condition, and
- Only the specific documents that match the condition are uploaded. For example, if you add a letter of explanation
about your credit to the Credit Report condition, this will result in an invalid document and your loan will not advance to the queue to be reviewed.
- Don’t forget! Check the status of your loan four to six hours after uploading. If the status has not changed, take another look at the file in the Document Delivery System to see what is wrong.
turn times for file reviews
Thanks to your efforts, loan volumes at CHFA remain very high. Our team is working diligently to review and process files.
Currently, we are still meeting a 72-hour turn time for Program Compliance Reviews so that your closings will not be impacted.
However, Pre-purchase Review timelines are exceeding the norm.
making changes together to better serve borrowers
Together, we are making the dream of homeownership a reality for Coloradans.
Thank you for your partnership and patience as we work to implement new systems and processes that will make lending with CHFA more efficient and transparent.