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Decreasing Loan Purchase Turn Times
CalHFA's Subordinate Loan Purchase Unit is currently suspending more than 90% of our lenders' purchase files due to three factors:
- Errors in the doc drawing & closing process
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Incomplete submission files
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Multiple suspense conditions submitted separately
This creates longer review times and delays final payment to lenders. Our goal is to purchase your files as quickly as possible so you get paid. You can help lower that suspension rate. Once we have all suspended items, files are cleared in 48-72 hours.
Main causes of errors in the doc draw & closing process
- Wrong Note and/or Deed used
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Vesting and spelling errors on the Note and Deeds
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Incorrect final loan amounts
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Incorrect recording position of Deeds
Main causes of incomplete files
- Missing Assignment, Allonge and/or Original Note
- Missing recorded copy of Deed (Copy of Deed with Deed-specific proof of recording OK)
- Missing proof of purchase for 1-year home warranty
We have tools to help you eliminate these suspense issues!
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- A special live webinar at 10am on February 16 will address all these issues, and is essential for your doc drawers, funders, shippers and post-closing teams.
"How to Draw CalHFA Docs Correctly" webinar
Once again, our goal is to purchase your loans as quickly and efficiently as possible and your cooperation is greatly appreciated.
Thank you for your continued partnership with CalHFA.
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