All policy changes and updates are referenced below to the appropriate section of the CLG. These policy changes are effective 05/12/2022 unless otherwise noted.
To review the program guidelines changes made May 2, 2022, or earlier, please follow this link to the archived Correspondent Lending Guides. (You are also able to review the DPA Edge and Rate Advantage products guidelines from the archived March 3, 2022 guidelines.)
This announcement, and previous announcements, are also available on the Announcements page of our website.
These updates apply to everyone using the Chenoa Fund program—correspondents and TPO.
5.29.16 (Flood Certificate) had the following line added:
“Flood policies must be in effect at closing.”
Section 5.30.4 has been corrected to state “Interest Credit” rather than “Prepaid Interest.”
Section 7.21 (Documentation—General Requirements), “business days” has been changed to “calendar days” in the following:
“Evidence of borrowers enrolled in a credit monitoring service (UDM) through disbursement with the results, or, alternatively, a tri-merge/three bureau soft-pull credit report within ten (10) calendar days of disbursement”
A new section, 8.6.2 (Hybrid Closings, eClosings, and RONs) has been added:
Hybrid closings and eclosings are allowed, provided that all promissory Notes and mortgages are wet signed.
Remote Online Notaries (RONs) are not allowed.