February 22, 2021

lock expiration: automatic cancelation possible

The below policy is effective for CHFA Locks made on or after March 1, 2021:

CHFA Locks in “Reserved” status will automatically be canceled and a possible fee assessed unless one of the following actions has taken place prior to the Lock’s Expiration Date:

Cancel Lock: If the Lock is no longer required, please cancel the Lock to avoid a cancellation fee of $100.
Deliver Missing Documentation: If the Lock is still required and you will meet the expiration deadline, submit required documentation immediately.
Extend Lock: If additional time is needed, you may request a 30-day extension for 0.35 percent of the Original Principal Balance of the First Mortgage Loan. CHFA will allow a maximum of two 30-day extensions.

Login to HomeConnection^sm to perform one of the above actions. You may also submit CHFA Form 704 to chfaLockDesk@chfainfo.com.

A warning email and Lock Expiration Warning Letter will be provided 15 days prior to the Lock’s Expiration Date.

It is the Participating Lender’s responsibility to monitor their pipeline. Locks no longer valid, should be canceled immediately.

Please note, a Lock does not move from “Reserved” to the next applicable status until a complete submission package is delivered.

Should you have comments or questions, please contact us.

CHFA Home Finance
Homeownership@chfainfo.com
303.297.7376 or 888.320.3688 Denver
970.241.2341 or 800.877.8450 Western Slope

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