{"id":13989,"date":"2023-11-08T21:59:10","date_gmt":"2023-11-08T21:59:10","guid":{"rendered":"https:\/\/chenoafund.org\/?p=13989"},"modified":"2023-11-09T18:42:19","modified_gmt":"2023-11-09T18:42:19","slug":"announcement-november-8-2023-program-guidelines-update","status":"publish","type":"post","link":"https:\/\/chenoafund.org\/announcement-november-8-2023-program-guidelines-update\/","title":{"rendered":"Announcement: November 8, 2023 Program Guidelines Update"},"content":{"rendered":"

New Program Announcements November 2023<\/span><\/b>\u00a0<\/span><\/p>\n

All policy changes and updates are referenced below in the appropriate section of the Correspondent Lending Guide. These policy changes apply to everyone using the Chenoa Fund down payment assistance program and are effective beginning <\/span>November 8, 2023,<\/span><\/b> unless otherwise noted.\u00a0This announcement, and previous announcements are available on the <\/span>Announcements<\/span><\/a> page of our website.<\/span>\u00a0<\/span><\/p>\n

Announcement: Updated Lock Policy<\/span><\/b>\u00a0<\/span><\/p>\n

8.2 | Lock Policy<\/span><\/b>\u00a0<\/span><\/p>\n

A complete closed loan package must be uploaded through CBC Mortgage Agency\u2019s loan portal on or prior to the interest rate lock expiration date in order to meet the lock requirements. Locks that expire on the date of submission or within six (6) days after submission will be extended for seven (7) days from the loan submission date to allow for purchase loan conditions to be released and submitted by the correspondent. After a complete loan image is uploaded, the loan package will be reviewed and, if required, purchase conditions will be issued. We will give a (7) calendar day(s) extension before roll fees begin from the latter of the lock expiration or conditions out date. Roll fees will accrue at .025 per day (.175 per week). All roll fees will be withheld from the purchase advice. <\/span>\u00a0<\/span><\/p>\n

Locks that are canceled or that expire and remain expired for thirty (30) days or more are eligible for relock at current-day pricing. If a loan is locked and then canceled (or expired), and then a relock request is received within thirty (30) days of the original lock, the loan pricing will be the worse-case of the current day pricing for the remaining lock period of the original lock less a .375 reinstatement fee and the lock period will be the remaining time on the original lock. <\/span>\u00a0<\/span><\/p>\n

The lock is associated with the property address. If a borrower chooses to purchase a different property than was selected at the time of lock, the lock will need to be canceled and a new lock request submitted for the new property.<\/span>\u00a0<\/span><\/p>\n

8.2.1 Renegotiation Policy:\u00a0<\/span><\/p>\n