CalHFA's goal is to purchase the lender's pipeline of CalHFA compliant subordinate loans as soon as possible, freeing up the lender's warehouse lines. Unfortunately, we suspend more than 80% of lender purchase packages as a result of incomplete or incorrect files. CalHFA receives about 1,200 purchase files a month, which means about 1,000 are suspended each month. This leads to serious delays in overall processing, which delays the purchasing of your subordinate loans.
Going forward, CalHFA purchase reviewers will not be returning emails or phone calls directly so they can focus on the submitted file backlog.
Please help us help you. Here are best practices to improve the situation:
- Use CalHFA's Closing Doc Wizard in MAS. Suspense rates for lenders using the CalHFA Closing Doc Wizard are far lower than for lenders who do not. If your company draws docs in another system, you should run CalHFA loans through the Closing Doc Wizard for reference before populating your system's CalHFA docs.
- CalHFA will continue to alert lenders of any suspenses on loans via email from CalHFA's Mortgage Access System (MAS). Detailed loan level suspense items are posted in MAS. Majority of lenders have resolved suspense items on their own utilizing the tools in MAS and the CalHFA website.
- Files will only be reviewed when ALL suspended items are uploaded and submitted. Lenders should refer to the MAS email or the suspense item list in MAS and upload ALL suspense items at once in MAS.
