chfa updates: changes related to loan transfers and power of attorney
CHFA no longer allows reservation/rate lock transfers from one Participating Lender to another Participating Lender. If a borrower chooses to change Participating Lenders, the original Participating Lender will need to cancel the existing reservation by submitting CHFA Form 704 to the CHFA Lock Desk.
The new Participating Lender will need to request a new reservation/rate lock for the borrower by submitting CHFA Form 707 to the
CHFA Lock Desk. The new reservation will reflect the current market rate. For questions regarding this change, please contact the CHFA Lock Desk at 800.877.2432 or email
power of attorney (poa)
CHFA recently removed its requirements relating to the use of a power of attorney (POA) in the execution of
CHFA’s single family mortgage loan program documents. Participating Lenders must now simply comply with the applicable guidelines of the insurer, guarantor, or
Fannie Mae or Freddie Mac, as well as any and all other legal requirements relating to the use of POAs.