CalHFA works with dozens of partner lending institutions to offer low interest rate loans to low and moderate income homebuyers. Becoming a CalHFA approved lender may take some time, and the time is worth it, both to your bottom line and to your community. We hope you read further about the benefits of becoming a CalHFA approved lender, and what the process entails.
How to become a CalHFA-approved lender:
The following questions are provided to help you determine whether your company is ready to do business with CalHFA. If you answer "yes" to the following questions, you may be eligible to become a CalHFA-approved lender.
- Is your company approved to do business as a Seller/Servicer with Fannie Mae (an exception may be considered on a case by case basis; however if an exception is made, the applicant must still comply with all Fannie Mae Seller/Servicer policies and procedures)?
- Does your company act as a "direct lender" and fund loans from its own resources or maintain a warehouse line of credit of at least $1,000,000?
- Is your company duly organized, validly existing, and properly licensed, as a mortgage banker, bank, savings and loan or credit union (in good standing) or otherwise authorized to conduct business in each of the jurisdictions in which it originates, sells, and services residential mortgages, including California?
- Has your company been in business for at least one (1) year?
- Does your company have an adjusted net worth of $1 million and maintain liquid assets of twenty percent (20%) of adjusted net worth or $100,000 whichever is less?
- Does your company have in effect a fidelity bond and errors and omissions insurance policies of at least $300,000?
- Is your company an active member of Mortgage Electronic Registration System (MERS)?
- Does your company have the ability to use Fannie Mae's Desktop Underwriter® (DU®), Freddie Mac Loan Prospector® (LP®), and/or Guaranteed Underwriting System (GUS) for USDA loans?
- Once approved, each CalHFA-approved lender is required to complete a mandatory annual recertification. For more details regarding this process, please review the section "How to remain a CalHFA-approved lender".
The following documents are required when applying to become a CalHFA-approved lender:
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How to remain a CalHFA-approved lender:
CalHFA requires each approved lender to complete the annual recertification process to maintain their
"approved" status. This process will allow the Agency to review and evaluate each approved lender's financial stability,
compliance with current licensing and insurance requirements and overall viability of the
organization. We encourage you to view Program Bulletins #2007-32, #2011-14 & #2011-22 for more details.
All CalHFA-approved lenders are required to complete an annual recertification package on an annual basis. A CalHFA lender Administration/Relations/Recertification Associate will email your company’s Corporate Contact when the recertification is needed and provide the most current Annual Lender Recertification form and Checklist. Samples of these forms are available below.
How to become a CalHFA MCC participating lender:
How to remain a CalHFA MCC participating lender:
CalHFA requires each Participating Lender to complete, sign and return the CalHFA MCC Tax Credit Participating Lender Certification Form on an annual basis. A CalHFA lender Administration/Relations/Recertification Associate will email your company’s Corporate Contact when the recertification is needed and provide the most current CalHFA MCC Tax Credit Participating Lender Certification Form.
I am already a CalHFA-approved lender – how do I also become a CalHFA MCC Participating Lender:
Please return all completed documents and required attachments to:
U.S. Postal Address:
CalHFA
Single Family Lending – MS 150
P.O. Box 4034
Sacramento, CA 95812-4034
Overnight Delivery Address:
CalHFA
Single Family Lending – MS 150
1040 Riverside Parkway, Suite 110
West Sacramento, CA 95605
For additional information about this subject, please contact CalHFA Single Family Division by phone 916.326.8033 by fax 916.327.8452 or by email at SFLending@calhfa.ca.gov.
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