All policy changes and updates are referenced below to the appropriate section of the CLG. These policy changes are effective 05/25/2022 unless otherwise noted.
To review the program guidelines changes made May 12, 2022, or earlier, please follow this link to the archived Correspondent Lending Guides. (You are also able to review the DPA Edge and Rate Advantage products guidelines from the archived March 3, 2022 guidelines.)
These updates apply to everyone using the Chenoa Fund program—correspondents and TPO.
5.29.16 (Flood Certificate) had its language updated to the following:
All Programs (First Mortgage): Flood certifications must include a life of loan certification. Flood certification information must be drawn from a company that uses the CoreLogic or Service Link database. If the flood certificate that does not draw from the CoreLogic or Service Link database is present, CBCMA will pull a CoreLogic flood certificate and bill the correspondent the $5 fee on the Purchase Agreement.
Flood policies must be in effect at closing.
5.29.8 (Ineligible Features) and 6.2.5 (Ineligible Features and Properties) have had “leasehold estates” removed and the following text added:
Leasehold estates are permissible provided FHA guidelines are met.