All policy changes and updates are referenced to the appropriate section below. These policy changes are effective 01/15/2021 unless otherwise noted.
Additionally, CBCMA has compiled all of its announcements related to COVID-19 into one section immediately following the Recent Updates and Announcements section in the Correspondent Lending Guide. To review the program guidelines changes made January 4, 2021, or earlier, please follow this link to the archived Program Guidelines.
Over the last couple of weeks, CBC Mortgage Agency has announced loan servicing changes that will create a better borrower experience: Essex Mortgage has been contracted to sub-service FHA and repayable second mortgage loans delivered to CBC Mortgage Agency. We would like to clarify that this change only affects our FHA products and our repayable second mortgages. Conventional first mortgages and forgivable second mortgages will still be transferred to CBC Mortgage Agency for servicing. Minor textual changes in the Program Guidelines have been added to make this more clear.
Additionally, CBC Mortgage Agency will still be your point of contact for any Escrow concerns, or concerns regarding the Purchase Advice, balances, etc. CBC Mortgage Agency will be your intermediary for Essex Mortgage.
The following paragraph was added to section 2 (Why Use Chenoa Fund?):
In addition, CBCMA offers exceptional customer service. As part of our commitment, we offer a variety of resources to help answer your questions and to assure a smooth experience. For instance, our Scenario and Exception teams are available for video conferencing and screen sharing, and they can walk you through second mortgage input.
The following sections and documents were changed to emphasize that the Note needs to be received (by CBCMA) within 3 days of purchase if the mortgage loan is using a reverse bailee:
The following line was added to Section 5.17 (Present Housing Expense & Verification of Housing Payment), fourth paragraph and following the first sentence:
(This gap may be included in the 12-month verification of housing payment or expense.)
The following bullet point was added to section 5.34.9 (Ineligible Features):