Pre-Purchase Counseling for Borrowers with Credit Scores 620 – 639 Required for all loan applications dated 11/1/18 and after
CBC Mortgage Agency requires borrowers with credit scores between 620 and 639 to participate in pre-purchase counseling prior to close beginning with all applications dated 11/1/18 and after.
Pre-purchase counseling must be completed prior to close. Lenders should refer their borrowers to the following link: https://www.borrowersuccess.org/prepurchase
Borrower may also choose to call and schedule pre-purchase counseling via telephone using the following toll free call number: 866-237-9001. Borrower(s) should be instructed to schedule their pre-purchase counseling within 14 to 21 days prior to closing to allow sufficient time for scheduling the appointment and completing the counseling session prior to closing.
***HURRICANE FLORENCE ANNOUNCEMENT***
Hurricane Florence is expected to make landfall within the week. This category 4 storm is predicted to bring extensive and possibly catastrophic damage. Correspondents are advised that most investors will stop purchasing loans in the affected areas until a re-inspection has taken place to insure there is not damage to any subject properties pending purchase. Since lenders will continue to own these loans, please be advised and prepared for delays in the purchasing of loans affected by Florence.