This bulletin supersedes CalHFA's wire account policy described in Program Bulletin #2016-23. Effective July 1, 2018, CalHFA will begin disbursing subordinate loan funds on a twice weekly basis using Automated Clearing House (ACH) transfers.
- No later than May 31, 2018, all lenders are required to complete and submit a new CalHFA ACH Authorization Form to firstname.lastname@example.org indicating which two ACH accounts will be active in CalHFA's Mortgage Access System (MAS). A copy of the new ACH Authorization Form is attached to this bulletin.
- Subordinate loan closing packages received prior to July 1, 2018 will be disbursed using current wire instructions selected at the time the file was received. No wiring fee will be assessed.
- Effective July 1, 2018, subordinate loan closing packages received by CalHFA will have funds disbursed using ACH account transfers on Wednesdays and Fridays. In the event a Federal holiday falls on one of the disbursement days, the funds will be disbursed on the following business day.
- If, after July 1, 2018, a lender chooses not to or fails to provide ACH instructions and would rather continue using previously selected wiring instructions for new files, CalHFA will assess a wiring fee in the amount of $50 per wire, per subordinate loan program. For example if a lender used all three CalHFA subordinate loan programs (MyHome Assistance Program, School Teacher and Employee Assistance Program, and Zero Interest Program (ZIP)) and they have two purchase days within a specific week, the lender can be charged: ($50 x 3) x 2 = $300. All wire fees will be net funded from the total disbursement amount.
See bulletin bellow for all the information:
Thank you for your continued partnership with CalHFA.