locking chfa loans and understanding the homeconnectionsm

pipeline

disclaimer

This Disclaimer applies to all content provided through CHFA webinars or other training events. The training content provided is intended to help explain CHFA’s programs, but should not be relied upon as an alternative to the CHFA Seller’s Guide. CHFA makes reasonable efforts to ensure that information provided in its trainings is up-to-date and accurate. If there are any discrepancies between information provided in a training event, including in slide presentations, and CHFA’s Seller’s Guide and/or eNews, the later documents should be relied upon.

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homeconnection login page

◼ Individual will receive two email from CHFA to access HomeConnection◼ Follow instructions to complete the process of logging in and setting up your

permanent password◼ While in HomeConnection you will have access to “links and forms”

and CHFA’s website – www.chfainfo.com

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homeconnection landing page

◼ Select “lock” to start the process of locking a CHFA loan

◼ You can only lock loans between 9:30am and 10:00pm Monday through Friday, excluding CHFA observed holidays

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selecting your chfa program

◼ Filter your selections to choose the correct program for your borrower

◼ Note: Uninsured option is for CHFA Preferred Programs with LTV ≤ 80%

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loan selection

◼ Screen will grey out and pop up box will open showing product selection

◼ If information is correct click on “Yes” and the lock process will begin

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confirm

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◼ You have selected your product, verify what you have selected is the program you want to continue with. If so, click next and start inputting your loan information for the process to complete the lock of your CHFA loan.

lock process

◼ Upload 1003 or data file to populate data

◼ If no data file is available, click “Next” to manual input

◼ Click “Next” upon upload or to move to the next screen

◼ “Current Lock” box confirms selected loan product8

loan information

◼ Input loan information, then click "Next" at top or bottom of screen

◼ The second loan amount will automatically calculate and autofill

◼ Can change to lower amount, but never higher than the allowed percentage

◼ If DPA is a Grant the verbiage will show as Grant Loan Amount

◼ Grant is only available with FHA, VA, & USDA-RD loans

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property information

◼ Input property information, then click "Next" at top or bottom of screen

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borrower information

◼ Input all applicable borrower information

◼ Items with * are required

◼ Hint: once you input number of dependents, the system will require you to input the ages of those dependents.

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borrowerinformation cont’d

◼ Continue inputting borrower information

◼ Reminder, items with * are required

◼ After completion of borrower information click “Next” at top or bottom of screen to continue

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lender information

◼ Input lender information by selecting correct Branch and loan officer

◼ Only Branch if applicable and Loan officer is required. Other staff does not need to be input at the time of lock.

◼ Click next and move to verify screen

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verify loan and borrower information

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• Review this screen carefully, make

sure that the borrower(s) names

are spelled correctly, middle

names and/or initials are added.

• Double check the address, make

sure it is correct, once you hit

submit lock and the lock is saved

you cannot go back and edit the

address field, this error will

require a CHFA form 704 be

completed, emailing the form

along with a copy of the contract,

requesting lockdesk correct the

address.

• If you’re satisfied all is correct, hit

submit lock and your loan is

locked.

lock complete

◼ Lock complete message will appear if there are no errors

◼ Click "Return to Pipeline" to get a copy of the reservation under the forms icon for the borrower

◼ Or "Start New Lock“ to lock another CHFA loan

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validation errors

◼ A "Validation Errors" message will appear if any errors were made during the process.

◼ Any error must be corrected prior to moving forward or to complete lock process.

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continuation of a lock

◼ If your screen timed out or you had to leave the lock process, the system will hold/cache the information you’ve already input

◼ Follow the information message at the top of the page to continue with lock process

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homeconnection pipeline page

◼ This page displays the pipeline of a lender's locks in HomeConnection 18

loan search

◼ Click on the "Advanced" tab

◼ Use the various search features to find the lock, i.e. branch, CHFA loan number, borrower name, property address, etc.

◼ Click "Search"

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new: self service◼ Lenders can now change the following while a loan is in

‘Reserved’ = Locked status:

◼ Change a program

◼ Change a loan product

◼ Update a loan, sales, or down payment amount

◼ Change a FICO score

◼ Extend a Lock

◼ Cancel a Lock

◼ Reinstate a Lock◼ within the 60-day lock window

◼ Re-lock a Cancelled Lock◼ must be for same borrower, same property with in 30-day lock window

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also new: self service

◼ Anyone that has access to update a lock can alter the self service fields

◼ Click on the applicable icon associated with the lock in the right column of the “Pipeline” screen in HomeConnection to make necessary edits.

◼ Important: Always click on the “Update Lock” button once all changes have been made.

◼ This saves your changes and ensures the lock still meets CHFA requirements.

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also new: self service

◼ Pay attention to pop-up boxes, as these messages confirm the edits and alert you to any changes in dates, rates, or fees.

◼ Again, this self service feature is only available to you while the lock is in “Reserved” status.

◼ Need to make an edit to a lock feature not mentioned above or the status has changed from “Reserved”?

◼ Submit CHFA Form 704: Change or Cancelation of Lock to the CHFA Lock Desk at chfaLockDesk@chfainfo.com.

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also new: self service

◼ Once all the fields are accurate and will not change, you can disable editing

◼ Click on the “Data Validation” icon in the pipeline view in HomeConnectionsm

◼ No one can edit the lock once this has occurred

◼ CHFA can release the lock by request only

◼ Individual making request will be notified

◼ Please ensure you have your company’s authority to make request

◼ For example, some companies only want underwriters making this request

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icon legend for self serve

24Relock only for same borrower and property

loan information

◼ While in the pipeline view you may expand the view of the loan by clicking on the plus arrow icon for additional loan information

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thank you

Contact us:

◼ www.chfainfo.com

◼ homeownership@chfainfo.com

◼ 888.320.3688

CHFA loans may be locked on all CHFA business days Monday through Friday from 9:30 am to 10:00 pm.All Lock Desk requests are processed in the order of receipt either by email and fax queue. All requests will be completed within 4 hours of receipt unless the request comes in after 3:00 pm, then it will be processed the following morning.

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