Announcement:
1. A separate 1003 is required for ALL secondary financing loans regardless of loan program type.
- Second Mortgage Disclosures must be dated within 3 days of the date of the 2nd 1003.
2. CBC Mortgage Agency Quality Control Release Document is a required document & must be signed by the borrower(s) as part of the closing package.
- See attached document
3. The President’s Letter from CBCMA to the Borrower(s) is a required document & must be sent out with the initial disclosures.
- See attached document
There are two versions of The Letter from the President and they would be used as follows:
1. Letter from President #1 is to be used for:
- Soft Second Product
- Rate Advantage Program
2. Letter from President #2 is to be used for:
For all repayable Second Mortgages (10 year term @ 0% and 30 year term at 5%) – for borrowers over the income limits.
