faster chfa closings are coming!



​Lock to Purchase Process 
Effective on locks made on or after September 1, 2020: CHFA will no longer be reviewing CHFA Preferredsm and CHFA SmartStepsm mortgage loans for CHFA program compliance prior to closing. Participating Lenders will lock these mortgage loans in HomeConnectionsm and then directly deliver these loans upon closing, skipping the CHFA program compliance review step. 

We call this the "Lock to Purchase" process. 

why?

    • Speed: CHFA wants to get you and your borrower to the closing table faster.
    • Efficiency: 50% of loans reviewed during the CHFA Purchase Review have been revised from CHFA Program Compliance Review.
    • It’s the norm: CHFA aims to align with other investors.

CHFA has implemented this process as a pilot with two Participating Lenders and it is working seamlessly.

CHFA program compliance review will still be performed on all other CHFA mortgage loans.

homeconnectionsm rules ensure CHFA program compliance

HomeConnection business rules will help ensure your CHFA loans meet our guidelines up-front, so you don’t have to worry about losing the reassurance of CHFA’s program compliance review.

lock to purchase training

During training CHFA will explain what’s changing, why it’s changing, and who it affects. 

We highly encourage everyone working on CHFA mortgage loans—loan officers, underwriters, processors, shippers, and closers—to participate in one of these trainings prior to September 1, 2020.

Register today!