The following updates are effective immediately for all loans currently in the loan reservation system pipeline for the ReCoverCA HBA (DR-HBA) Program.
Preferred Language Information
For data collection purposes and as part of our commitment to equity and inclusion, we kindly request that Lenders specify the Preferred Language Spoken by the Applicant(s) on the DR-HBA002 - Application and Affidavit.
Pre-Screen Commitment Requirement
To provide clarity on the timing of a Residential Purchase Agreement (RPA) under the DR-HBA Program, we have implemented the following updates:
- Applicants are prohibited from executing an RPA until the Pre-Screen Commitment has been issued.
- Program funds cannot be used for fees accrued due to extension of the RPA.
Lenders must now confirm compliance with the above requirements on the DR-HBA002 - Application and Affidavit.
Updated Forms
The following Program forms have been updated to reflect these changes and clarification in the DR-HBA Lender Participation Guide:
Please ensure these changes are incorporated into your processes moving forward.
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