11/02/2020 All policy changes and updates are viewable in the Correspondent Lending Guide. These policy changes are effective 11/02/2020 unless otherwise noted. Additionally, CBCMA has compiled all of its announcements related to COVID-19 into one convenient section in these guidelines. This section can be found immediately after this Recent Updates and Announcements section. To review … Continue reading "20-11-02 Announcement—November 2 2020 Program Guidelines Update"
If you want to get a mortgage, you’re going to need a mortgage lender. Fortunately, the current mortgage market has an absolute wealth of lenders to choose from: lenders that focus on low rates, on low fees, or refinances, and the list goes on. As a result, it can be very difficult to find a … Continue reading "Quick Tips—How to Choose a Lender"
Buying a home can be a long and complicated process! For many, especially first-time homebuyers, it’s often filled with a lot of headaches as they try to sift through mountains of information, new vocabulary, lender options, rates, and more. To top it all off, the current market puts even more stress on borrowers as they … Continue reading "A Helping Hand for Homebuyers: Chenoa Fund’s Homebuyer Guide, Edition 1"
10/14/2020 All policy changes and updates are referenced to the appropriate section in the Program Guidelines. These policy changes are effective 10/14/2020 unless otherwise noted. Additionally, CBCMA has compiled all of its announcements related to COVID-19 into one convenient section in the Program Guidelines. This section can be found immediately after the Recent Updates and … Continue reading "20-10-14 Announcement—October 2020 Program Guidelines Update"
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 … Continue reading "20-10-02 Announcement—Quick Guidelines Update: Real Estate Taxes Due"
Rates are low, and staying there; Purchase activity goes up, up, up; Refinance now, but don’t forget the purchase market Looking for some direction in this insane market? Unfortunately, there are no big answers, but we can find plenty of small ones, and small answers can point us in the right direction for the long-term. … Continue reading "LenderConnect: DPA Audible #1: COVID & Rates with Rich Swerbinsky of The Mortgage Collaborative"
This is a reminder that our loan purchase and sales agreement requires that a MIN be transferred to CBCMA within 72 hours after a loan is purchased. Any Interim Funder should be removed prior to transfer. About 20% of the loans that we purchase are being transferred late and/or the Interim Funder is not released … Continue reading "20-08 MIN Transfer Announcement (72 Hours or Less)"
Program Updates: All policy changes and updates are linked to the appropriate section below. Additionally, CBCMA has compiled all of its announcements related to COVID-19 into one convenient section in these guidelines. This section can be found immediately after this Recent Updates and Announcements section. 5.1 (Chenoa Fund): Chenoa Fund offers 3.5% down payment assistance … Continue reading "20-08 Program Guidelines Updates"
CBCMA invites you to join us in a discussion panel sponsored by The Mortgage Collaborative entitled: Bridge the Wealth Gap While Growing Your Business: DPA is the Key. (Click the link to register for the webinar.) This discussion panel will focus on how we as an industry can play a role in assisting minorities to … Continue reading "20-07-30 Bridge the Wealth Gap While Growing Your Business: DPA is Key"
Announcement: On Monday, July 20th CBC Mortgage Agency will re-release its conventional DPA offering for both standard conventional and HomeReady loans. CBCMA qualifies as a Community Second (R) provider and our secondary financing conforms to Fannie Mae’s(R) Community Second(R) checklist.* Our program guidelines have not changed and are available on our website at chenoafund.org. In … Continue reading "07-15-2020—DPA for Conventional Loans Returning July 20th"