CHFA eNews: Home Finance
chfa enews - home finance 
  January 16, 2019

effective immediately: new reservation policy following canceled reservation

If a Participating Lender would like to re-reserve a canceled reservation, on the same borrower and property, the following options are available:
  1. The Participating Lender may have the canceled reservation reinstated. All terms including interest rate and reservation expiration date of the canceled reservation apply.

  2. If re-reserving within 10 calendar days, of the reservation cancellation date, the Participating Lender may request a new reservation subject to worst case pricing and a relock fee of $250.00. A new reservation expiration date will be established.

  3. If re-reserving after 10 calendar days but within 30 calendar days of the reservation cancelation date, the Participating Lender may request a new reservation subject to worst case pricing and a cost of 0.35 percent of the first mortgage loan original principal balance. A new reservation expiration date will be established.

  4. The Participating Lender may make a new reservation at current market rate 31 calendar days from the reservation cancellation date.
Remember: Reservations are not transferable between lenders, borrower(s) or properties. Should the lender, borrower(s) or property change, the original loan will need to be canceled and a new loan can be locked at current market rate by submitting CHFA Form 707 to the CHFA Lock Desk.

Technical assistance is available by emailing chfaLockDesk@chfainfo.com or calling 800.877.2432
CHFA Lock Desk
chfaLockDesk@chfainfo.com 
800.877.2432


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