Up until Monday July 30th when new transactions were registered with CBC Mortgage Agency, the LE provided for the secondary financing was a locked LE. Since our Conventional second mortgage rate is determined by the first mortgage interest rate, our systems have been updated to prevent a locked LE from being generated on the secondary […]
Announcement: 1. A separate 1003 is required for ALL secondary financing loans regardless of loan program type. Second Mortgage Disclosures must be dated within 3 days of the date of the 2nd 1003. 2. CBC Mortgage Agency Quality Control Release Document is a required document & must be signed by the borrower(s) as part of […]
First, we want to thank you for being a valuable partner with CBC Mortgage Agency in facilitating responsible homeownership throughout the country. We value our relationship highly and look forward to working with you in the months and years to come. Those who have sold loans to CBCMA for a while have seen a big […]
It has been our process to require a copy of the signed 1003 for the 2nd mortgage on Rate Advantage loans prior to approving the down payment assistance. Effective immediately, we will not require a signed copy of the 1003 prior to DPA approval of Rate Advantage loans. This will allow the 1003 and LE […]
***VERY IMPORTANT ANNOUNCEMENT*** It is critical to ensure that transactions are properly structured, and points and fees charged on a transaction are properly reflected on the CDs for the first mortgage to avoid fees charged to the borrower that exceed the QM 3% maximum points and fees rule, sometimes resulting in very large refunds to […]
CBC Mortgage Agency recently updated its policy for the collection of Mortgage Insurance Premiums. Previously, CBCMA would collect monthly MIP based on their investor policy, which often resulted in collecting monthly MIP on any future payments received by the correspondent and would leave with the correspondent any monthly MIP on payments collected by the correspondent […]
As of April 23rd, CBC Mortgage Agency will purchase first mortgages in South Dakota. There is now only one state where CBCMA does not operate: NY.
As of 4/20/18 we have added 2 new fields in our pricing engine portal for the ULI (Universal Loan Identifier) numbers. Please start providing a ULI for the 1stand the 2nd at the time of registration. Some of our investors have started requiring that we provide this number, and we will be making this a […]
Effective immediately, CBC will no longer be generating the MIN that is to be placed on the 2nd mortgage closing docs. The 2nd Mortgage MIN number is required in order to generate closing docs, and will need to be provided by the correspondent.
