CHFA eNews: Home Finance September 19, 2019 chfa second mortgages can only be subordinated to chfa refinance program mortgage loans The refinance business is booming and CHFA is seeing an uptick in utilization of our refinance mortgage loan programs. Please note: CHFA Second Mortgage Loans can only be subordinated when using the CHFA FHA Streamline or CHFA Preferredsm Refinance Programs. A CHFA Second Mortgage cannot be subordinated with any other Investor product. CHFA Second Mortgage Loans may not be subordinated if vesting changes; all original borrowers must remain on the new CHFA First and on the CHFA Second Mortgage Loans. CHFA will review subordination requests and provide approval, if applicable, as part of its Program Compliance Review. chfa form 724: subordination agreement Use this form for those CHFA Second Mortgage Loans which CHFA has approved for subordination under a refinance. This form only becomes available once a lock has been made in HomeConnectionsm. The lender completes applicable data fields, then CHFA executes and notarizes the form. Once fully completed, CHFA will send the form to the originating lender via regular mail, unless a prepaid label for overnight delivery is provided by the lender. No other entities besides the originating lender and CHFA may complete this form. There is no CHFA subordination fee. want to learn more? Register for our upcoming webinar on both the CHFA FHA Streamline and CHFA Preferred Refinance Programs. Wednesday, October 2, 2019 9:30am to 10:30amRegister CHFA Home FinanceHomeownership@chfainfo.com 303.297.7376 or 888.320.3688 Denver 970.241.2341 or 800.877.8450 Western Slope Connect with CHFA!
