In regards to Homebuyer Education,
CBC Mortgage Agency offers pre-purchase counseling through Hope Loan Port, also known as Money Management International. This pre-purchase counseling is provided for borrowers with a FICO score of 620 to 639, which also means this counseling is only required for our DPA Edge products.
The aforementioned counseling courses are paid for by CBC Mortgage Agency. As such, correspondent-lenders should never direct their borrowers with FICO scores 640+ to go to https://www.borrowersuccess.org/prepurchase. If borrowers without the proper FICO score attempt to access this course, they will be turned away, which has already caused much stress, frustration, and confusion on many borrowers’ parts.
For your borrowers that have a FICO score of 620 to 639, note that they will not be able to access the course until …
1.) they have been registered and/or locked in CBC Mortgage Agency’s portal.
2.) they have allowed for 24 hours to pass after the LO receives the relevant confirmation letter.
If you wish for your borrower with a FICO score 640+ to take Homebuyer Education through Hope Loan Port anyway, please utilize this link instead. https://www.moneymanagement.org/buying-ahome/online-homebuyer-courses. Here, the courses range from $75-$99.
Feel free to contact info@chenoafund.org for more information on Homebuyer Education.