After reviewing feedback and studying loan turn times, CBC Mortgage Agency will be changing its loan purchase review process beginning 10-5-18 in order to significantly reduce and ultimately eliminate post-purchase conditions. Overall loan purchase times should not change.
Currently, CBCMA runs a Due Diligence Review and once all due diligence conditions are cleared, purchases the loan, and then forwards the loan to a takeout investor for purchase who then reviews the loan. Too often this process results in post-purchase conditions. Under the new process, loan images will be uploaded for review in the same fashion as they are now. CBCMA will then run its Due Diligence review and Takeout Investor review simultaneously, however, conditions will not be released independently. All conditions will be released at the same time. This will result in a longer initial review period but should eliminate most all post-purchase conditions on the file and you will find your purchase times will remain consistent.
Due to the longer review period, CBCMA will be updating its lock policy. The current policy requires locks to be good through the date loans are cleared for purchase. The new lock policy will require that locks be good through the date collateral is received and a complete credit and closing package is uploaded for purchase review.