Learn more about becoming a CHFA Participating Lender. Let us help you grow your business and set yourself apart from the competition. Below are the steps to become an authorized CHFA Participating Lender.
Utilize our application guide to understand the approval process and determine your organization’s readiness to become a CHFA Participating Lender.
Complete and submit our Pre-application Assessment and verify your company meets CHFA’s minimum Participating Lender criteria. If the Assessment is incomplete, or if your organization does not meet the criteria, the Participating Lender Application will not be provided.
If your company meets CHFA’s minimum Participating Lender criteria, you will receive an invitation to submit a full application, including a CHFA Application Questionnaire and Required Documents Checklist outlining all requirements in detail. In addition, a $1,000 application fee will be required. Applications are processed through Comergence/Optimal Blue. Application documents include, but are not limited to:
- Policies and Procedures
- Quality Control Reports
- Financial Documents
CHFA conducts a thorough review of each applicant’s financial information, organizational structure, compliance and risk management program, compliance and quality control programs, and written policies and procedures that are relevant to the types of loans that the applicant intends to originate and sell to CHFA. For CHFA to review all Applications in a timely and efficient manner, CHFA will only review an applicant the lesser of:
- Ninety days from receipt of a completed Application, or
- A maximum of three times.
If/When your organization has met CHFA Participating Lender criteria, CHFA will issue an approval letter to your organization to begin originating CHFA loans. It will be at this time that lender must enter into a Mortgage Purchase Agreement with CHFA.
Training will be provided to your organization by an assigned Business Development Specialist. Training is available for both operational and originating staff.
CHFA will provide ongoing program and technical support by an assigned Business Development Specialist.
Any Participating Lender will be subject to a yearly review to ensure that Participating Lenders maintain CHFA eligibility, as well as renewal fee of $500.
CHFA has helped a lot of my customers achieve their goal of homeownership. Also, 97 percent of clients are monolingual or speak English as a second language and having CHFA’s website in Spanish helps them understand even more and guide them on their journey.