CalHFA Needs Your Help to
Reduce Compliance Review Turn Times
What's the Problem?
CalHFA is experiencing very high numbers of incomplete loan submission files resulting in longer review turn times. These incomplete loan submissions delay the review of all submitted files including those loans submitted correctly that are complete and ready for review.
What is CalHFA doing about it?
In order to alleviate this practice, CalHFA will be implementing its "Notice of Incomplete File Sent - Status 220" process.
What does this mean?
Any loan that is submitted incomplete (e.g., uploaded blank forms, incorrect document uploaded into wrong category or notes saying "doc coming soon") will automatically be rejected and the lender will be alerted. This incomplete submitted loan will NOT be placed in line for review.
Why will this help?
The result of this process will allow those loans submitted correctly and completely, with all the applicable documents, to be reviewed by CalHFA as quickly as possible.
How can you help?
Ensure that you upload and submit ALL required documents on the CalHFA Loan Submission Checklist in the Mortgage Access System (MAS).
For those needing help uploading and submitting loans to CalHFA via MAS, please visit our handy MAS User Guide.
Thank you for your partnership with CalHFA and your continued commitment to help more Californians have a place to call home.
|
