December 21, 2021
update: adjustment fees CHFA is now making a distinction and providing clarity by implementing a Service Release Premium Adjustment Fee. A Service Release Premium Adjustment Fee may be charged if a Lock expires and the Mortgage Loan has not been sold to CHFA, and for which the Participating Lender has accepted four or more payments from the Borrower. The Service Release Premium Adjustment Fee will be determined at CHFA’s sole discretion and will be based upon market conditions and pricing at the time the Mortgage Loan is purchased. A Rate Adjustment Fee is still in place. However, a Rate Adjustment Fee will be applied when the Mortgage Loan is closed at the wrong Interest Rate, where the Note Interest Rate is lower than the locked Interest Rate. The Rate Adjustment Fee will equal the cost to buy down the locked Interest Rate to the Note Interest Rate over the term of the Mortgage Loan. Please see Section 406 and Section 708 of CHFA’s Seller’s Guide for further details. Please contact CHFA Home Finance with any questions regarding these changes. CHFA Home Finance Homeownership@chfainfo.com 303.297.7376 or 888.320.3688 Denver 970.241.2341 or 800.877.8450 Western Slope
Connect with CHFA!