On January 1, 2019, CBC Mortgage Agency (“CBCMA”) will no longer offer a selection of interest rates for the first mortgages it purchases. Instead, each of CBCMA’s programs (Edge, Rate Advantage, Conventional) will have one single interest rate for each FICO band at which CBCMA will purchase the associated first mortgage. Each rate will pay a flat premium. The premium paid will be based on the program. The rates will be published on our website and will be sent to all parties who currently receive rates from CBCMA, or who wish to in the future. These rates will also be provided through Optimal Blue. CBCMA will no longer provide individual rate sheets with a corporate margin included on a correspondent basis. These changes are being implemented to bring CBCMA’s pricing structure more in line with the pricing structures of other governmental entities and to facilitate better compliance of its correspondent lending program.
Those companies currently participating in the OneRate program will not see a change as the new pricing will be the OneRate pricing. Those who wish to switch prior to January 1 are able to do so by contacting their Account Representative or our lock desk.