CHENOA FUND BY CBC MORTGAGE AGENCY

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2 CHENOA FUND BY CBC MORTGAGE AGENCY Issued in conjunction with FHA insured loan FHA insured first mortgage must be sold to CBC Mortgage Agency 3.5% Gift, Soft Second, or Amortized Second No Borrower Investment Required (With Seller paid Closing Costs) Added YSP possible on FHA first mortgage. See rate sheet Up-front fees only limited by QM guidelines

3 CHENOA FUND ADVANTAGES No borrower investment required FICO Scores down to 620 Non-occupant co-borrowers OK >115% AMI OK (requires DPA repayment) Premium pricing (1 st Mtg) to cover closing costs Only Qualifying Income used for AMI calculations DTI per AUS or FHA manual underwriting guides Your underwriter underwrites the file

4 CHENOA FUND FHA OVERLAYS Single-family property only (no 3-4 units) SFR, PUD, Townhome, Condo, Attached, Detached No Manufactured Homes FICO Score 620 or higher HPML (Rebuttable Presumption)=OK, but no High Cost Mortgages

5 CHENOA FUND GIFTS <= 115% AMI Gift Letter (provided by CBCMA) must be signed by borrower Allowed in all states EXCEPT: IL, MS, NY, SD, WV Higher Early Payoff Penalty

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7 GIFT-DESKTOP ORIGINATOR/UNDERWRITER DU/DO Section 2-Types, Terms & Property DU/DO Section 5-Assets

8 CHENOA FUND SOFT SECOND No Payment 0% Interest Rate and 30-year Term Forgiven after 36 consecutive on-time payments on FHA 1 st Mortgage Section H of 1003 must indicate down payment borrowed Requires Funding Obligation Letter Issued prior to closing-only CBCMA signature Qualifying Income <= 115% AMI

9 CHENOA FUND REPAYABLE SECOND Qualifying Income > 115% AMI 10-Year term 0% interest rate 30-Year term 5% interest rate Requires monthly payment Payment must be included in housing ratio Borrower must indicate down payment borrowed in declarations section of 1003 (question H)

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11 SECONDARY FINANCING ON 1003

12 DECLARATIONS PAGE OF 1003

13 SECONDARY FINANCING DO/DU Page 2-Types, Terms, & Property Page 7-Transaction Details

14 GIFT-LOAN PROSPECTOR LP Assets Section 2

15 SECONDARY FINANCING LP

16 Your FHA First Mortgage will NOT BE INSURABLE if you do not have an executed assignment of the Second Mortgage to CBC Mortgage Agency BEFORE you request a MIC.

17 FHA TRANSMITTAL-GIFT OR SECONDARY FINCANCING Enter the CBC Mortgage Agency Tax ID number. Select Gov t Enter the amount of the assistance

18 Go to ChenoaFund.org Select Client Portal Login at the top center of the webpage.

19 ENTER YOUR LOGIN CREDENTIALS

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21 SELECT LOAN REGISTRATION/LOCK/PRICING FROM THE SIDE BAR MENU

22 SELECT ADD NEW LOAN FROM THE LEFT SIDE BAR MENU.

23 Select Choose File (1) Locate the 3.2 file you want to upload Select Upload (2) Complete remaining fields - (*)fields are mandatory

24 To calculate the base loan amount and the DPA amount, place your curser in the Purchase price field and press Tab. The field will auto populate.

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26 To register the loan, complete all asterisked (*) items above the black line (arrow 1) and then select the Price button

27 The Loan Price Results screen will show you your price. At this point you may: FLOAT the first mortgage by selecting Register LOCK the first mortgage by selecting Lock Price Or you may REJECT the pricing and return to the input screen to select a different rate.

28 ONCE YOU REGISTER OR LOCK YOUR LOAN, YOU USE THE PRINT CONFIRMATION BUTTON TO OBTAIN YOUR REGISTRATION CONFIRMATION OR LOCK CONFIRMATION

29 This is a sample Registration confirmation. This form of confirmation means that the first mortgage is floating.

30 A Lock Confirmation indicates that your first mortgage is locked

31 AFTER PRINTING THE REGISTRATION OR LOCK, CLOSE THE TAB, WHICH WILL RETURN YOU TO THE PREVIOUS SCREEN.

32 For Gift Transactions to obtain a Gift Letter: You must wait until CBCMA reviews and approves your request. You will receive an notification when this occurs. To obtain a Gift Letter, Select Global Loan Status from the left side menu.

33 YOUR GIFT LETTER WILL BE FOUND BY CLICKING THE OPEN FOLDER ICON.

34 IMPORTANT! Upload a 3.2 file, do not hand-enter information in the data fields The data fields above the line are for the first mortgage registration The data fields below the line are for Secondary Financing Gifts transactions will eliminate the fields below the line The DPA amount will auto-enter when you click on the Loan Amount field You can register and lock the first mortgage without completing Secondary Financing information (information below the line) For secondary financing, be prepared to enter the data needed to complete the LE and select Upfront in the Doc Set Request line to receive your LE

35 Once you have registered and/or locked your loan, you cannot make any additional changes to the information in the data entry form above the black line. To receive an LE, you must complete the asterisked (*) data below the black line

36 FOR THE LE, ENSURE THAT THE DOC SET REQUEST FIELD SHOWS UPFRONT

37 Ensure that you check the box by each fee charged for closing the secondary financing by the closing agency. Also insure the fee is placed in the correct column as to the party paying it.

38 TO SUBMIT THE REQUEST, SELECT UPDATE OR UPDATE AND REPRICE

39 To obtain the Funding Obligation Letter and LE: You must wait until CBCMA reviews and approves your request. You will receive an notification when this occurs. The LE will be ed to you. To obtain the Funding Obligation Letter, Select Global Loan Status from the left side menu.

40 Your loan will be located in either the Locked/DPA Approved or Registered/DPA Approved status. Click either to locate your loan or simply type the loan number in the Search bar.

41 YOUR FUNDING OBLIGATION LETTER WILL BE FOUND BY CLICKING THE OPEN FOLDER ICON. REMINDER: THE LE WILL BE ED TO YOU.

42 YOU WILL THEN RECEIVE: CBCMA loan Registration Confirmation or Lock Confirmation (if lock requested)-there will be a link to open this document in a new window Funding Obligation Letter (for Gifts the Gift Letter also serves as a Funding Obligation Letter)-this will be available by clicking the icon of the open folder next to the loan (after searching for it) The following will be ed to you. Loan Estimate and initial state disclosures (for Secondary Financing)

43 RECOMMENDED ADDITIONAL DISCLOSURE

44 CALCULATING AREA MEDIAN INCOME Go to the HUD Area Median Income Site. This can be found online at: Select the MOST RECENT fiscal year

45 Select the state, select the county, click the button View County Calculations

46 The generic median income number is located on the left-hand side of the results screen under the column heading Median Income. This result multiplied by 115% is what should be used in most cases. 66,200 X 115% = 76,130

47 38,400 X 2 = 76,800 X 115% = 88,320 for family of 6

48 NEXT STEPS Process your loan file as usual Submit to your underwriter Clear conditions Request loan closing documents from CBCMA for Secondary Financing (no additional closing documentation for Gifts) 1. Closing Disclosure-2 nd Mortgage 2. Closing Documents-2 nd Mortgage

49 RETURN TO THE DATA FIELDS UNDER THE BLACK LINE.

50 BEFORE YOU COMPLETE ANY DATA FIELDS, CHANGE THE FIELD IN THE DOC SET REQUEST TO FINAL. THIS WILL CREATE SOME NEW FIELDS AND ADD ADDITIONAL ASTERISKS ON THE DATA FIELDS REQUIRED TO COMPLETE THE LOAN DOCUMENTS.

51 ONCE ALL FIELDS ARE COMPLETE AND YOUR ENSURE YOUR FEES ARE CORRECT, SELECT UPDATE OR UPDATE AND REPRICE. THE LOAN DOCUMENTS WILL THEN BE ED TO YOU.

52 UNDERWRITING FHA Guidelines TRID compliance Industry Standards (example 4506-T (W-2 only ok), Fraud Guard Reports) LOE for Employment Gaps 30 Days or More

53 CLOSING DISCLOSURE CD disclosing must follow TRID Initial CD must be issued 3 days prior to funding just like the first mortgage and is sent with the final CD and closing documents

54 SECONDARY FINANCING CLOSES IN YOUR COMPANY S NAME AND IS TRANSFERRED TO CBC MORTGAGE AGENCY AFTER CLOSING BY AN ASSIGNMENT

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56 CONTACT INFO Matt Pettit Trevor Ross

57 POST CLOSING PROCESS

58 UPLOAD CLOSED LOAN

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60 (POTENTIAL) MULTIPLE INVESTORS

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64 FILE UPLOAD GUIDELINES File name must start with Seller (your) Loan Number then underscore: EXAMPLE: _Smith_Credit File.pdf Recommend upload appraisal separately 50 MEG maximum PER upload

65 UPLOAD PURCHASE CONDITIONS

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73 COMMONLY MISSED ITEMS Soft Pull Credit within 10 days of Close or Evidence of Credit Monitoring The MRI Funding Obligation Letter. For Gift funds an executed gift letter. With the Soft Second and Amortized Seconds a copy of the second Note and Deed.

74 IMPORTANT IDS FHA ID: MERS ID: NMLS ID: Tax ID:

75 IMPORTANT ADDRESSES Mortgagee Clause CBC Mortgage Agency ISAOA ATIMA 3713 W. South Jordan Parkway Ste South Jordan, UT Regular Payment Address: CBC Mortgage Agency Attn: Payment Processing 3713 W. South Jordan Parkway Ste South Jordan, UT Customer Service extension 0

76 IMPORTANT ADDRESSES (CONTINUED) Payment Address CBC Mortgage Agency Attn: Payment Processing Overland Road PMB#403 Boise, ID Urgent Overnight Mail: CBC Mortgage Agency 912 W Baxter Drive Suite 150 South Jordan, UT extension 0

77 QUESTIONS?

78 CONTACT INFO Matt Pettit Office Trevor Ross