All policy changes and updates are referenced below to the appropriate section of the CLG. These policy changes are effective 10/19/2021 unless otherwise noted.
To review the program guidelines changes made October 5, 2021, or earlier, please follow this link to the archived Correspondent Lending Guides.
These updates apply to everyone using the Chenoa Fund program—correspondents and TPO.
We have received many questions from our correspondents as to whether our 2nd mortgages should be entered as “conventional” or “other” in AUS: “other” is the preferred choice.
Section 5.34.12 (Gaps in Employment), has been updated with the following text:
All Programs: FHA guidelines require all loan applications to contain a complete two-year history of employment on the 1003. CBCMA requires an LOE for any gaps larger than thirty (30) days or for files with less than two (2) years of employment history. The start date for this two-year history is the application date for the 1003.« How Lenders May Be Able To Turn Renters Into Homeowners