Note that we only require borrowers to receive HBE counseling through Money Management International if their FICO score is below 620, but for all other borrowers we will accept any HUD-approved pre-purchase counseling course to meet the homebuyer education requirement. Also note that we only require homebuyer education for borrowers with a FICO score lower than 640 and that are getting an FHA first mortgage. (Fannie Mae may require homeownership education for borrowers using a FNMA conventional loan program.)
The loan must first be registered in the Correspondent Lender Login. If you would like a step-by-step process on how to register a loan, please visit the Chenoa Fund Training Series, sub-topic Using the Lender Portal.
If you have questions regarding this registration process, please contact your account executive or email submissions@chenoafund.org.
How do I schedule my client’s required Chenoa Fund™ pre-purchase counseling session, as offered by Money Management International?
This course is only for borrowers and co-borrowers who have a FICO score of 600–639. (Borrowers are not required to use Money Management International unless their FICO score is below 620, but CBC Mortgage Agency will pay for the course if the course is through Money Management International and if the borrower has a FICO score of 600–639.)
It is recommended that you start working on this process at least 10 days before close, right after you soft pull the borrower’s credit report.
- Before you can schedule a pre-purchase counseling session, you must register the loan in the Correspondent Lender Portal. More information on that process can be found in training the Chenoa Fund Training Series, sub-topic Using the Lender Portal
- Once the loan is registered with CBC Mortgage Agency, you should secure a confirmation from CBC Mortgage Agency with a CBC Mortgage Agency loan number
- You will then need to wait 24 hours to schedule an appointment as the registration makes its way over to Money Management International’s system
- The client or loan officer may then schedule an appointment by going to this link
- A CBC Mortgage Agency loan number is necessary to schedule an appointment
If you have questions regarding this process, please contact your assigned account executive or email info@chenoafund.org.
When should I schedule my client’s required Chenoa Fund™ pre-purchase counseling session, as offered by Money Management International?
At the very latest, counseling should be scheduled and completed a minimum of three (3) days prior to closing. However, sometimes the schedule is so full that Money Management International may not have an opening for up to a week away; make sure you get your borrower scheduled as soon as possible after registration.
Immediate sessions by phone are not guaranteed due to call volume and scheduling conflicts.
It is the borrower and/or lender’s responsibility to schedule an appointment. Counselors do not schedule appointments for clients.
If you have questions regarding this process, please email your assigned account executive. If you don’t know your account executive, please reach out to info@chenoafund.org.
What should I expect from a Chenoa Fund® pre-purchase counseling session, as offered by Money Management International?
The session is completed by phone and any borrowers or co-borrowers with a FICO score of 600–639 must be present.
The counselor will call the borrower for the scheduled appointment.
The counselor will complete the pre-purchase session and provide the required certificate.
If you are not able to find an appointment that meets your needs, or if you have questions regarding this process, please email info@chenoafund.org.
