Section 7.18 of the Correspondent Lending Guide has been updated to the following:
7.18 | Real Estate Taxes Due
All escrow disbursements (based on the IEADS provided to the borrower at closing) due the month following the loan purchase must be paid prior to loan purchase with evidence of payment documented (a copy of a check or a paid receipt) and an updated pay history. For example, if a loan is to be purchased in October and taxes are due in November, the November taxes must be paid prior to CBC Mortgage Agency purchasing the loan. An exception to this rule will be granted if a tax bill is not yet released.