CHFA eNews: Home Finance
chfa enews - home finance 
 
December 20, 2017
new: home finance procedural changes

Effective December 21, 2017, CHFA Home Finance is implementing the following procedural changes.

Reservations/Locks No Longer Follow the Borrower

Historically, CHFA reservations were tied to the borrower, not a particular property. This will no longer be the case and reservations will be tied to both a specific property and borrower. Should a borrower no longer be purchasing the property listed on the reservation, the lender must cancel the loan and make a new reservation. With this system change, property address errors or misspellings will be required to be updated using CHFA Form 704: Change or Cancellation of Reservation.

Additionally, reservations are not transferable to a new lender or new borrower (with the exception of adding a borrower or editing a borrower name).

Reserved loans can be canceled in HomeConnectionsm or by using CHFA Form 704. A new loan can be locked by submitting CHFA Form 707. New reservations will be locked at the current market rate. Technical assistance is available by emailing chfaLockDesk@chfainfo.com.

Day One Certainty

CHFA will accept Desktop Underwriter (DU) Day 1 CertaintyTM validation for employment, income, and assets. However, CHFA will continue to require appraisals for all of its mortgage loan programs; property inspection waivers in lieu of appraisals are not permitted.

Terms and Conditions of Using HomeConnectionsm

CHFA has updated its terms and conditions for use of HomeConnection, and its practices regarding CHFA Home Finance eNews registration. By accessing HomeConnection, you consent to receive CHFA Home Finance eNews email communications, which provide information about CHFA programs, guideline updates, trainings, and events. You may opt out at any time, but in doing so, you may miss timely notifications related to CHFA Home Finance products and operations.

Please note, this change is related to CHFA Home Finance eNews only. To receive CHFA’s daily interest rates via email, you must subscribe by clicking here.

Please contact us with any questions or for more information.

CHFA Home Finance
303.297.7376 or 888.320.3688 Denver
970.241.2341 or 800.877.8450 Western Slope


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