Chenoa Fund Blog

All FHA Programs: All borrowers must have at least one credit score. To be sure that there is no new adverse credit activity, new debt, or material inquiries, CBCMA requires a soft pull credit report or UDM (Undisclosed Debt Monitoring) report within ten days prior to close. CBCMA highly recommends correspondents utilize a debt monitoring … Continue reading "20-26: All FHA Programs Credit Score Guidance"

We’ve recently seen an increase in confusion regarding CBCMA’s requirements for credit refresh or a UDM 10 days prior to note date. Some lenders are using credit monitoring services that do not conform to Fannie Mae’s LQI criteria. The purpose of the credit-refresh is to ensure the loan approval (AUS) remains accurate and the borrower … Continue reading "20-25: Credit Refresh And UDM"

All FHA Programs: All borrowers must have at least one credit score. To be sure that there is no new adverse credit activity, new debt, or material inquiries, CBCMA requires a soft pull credit report or UDM (Undisclosed Debt Monitoring) report within ten days prior to close. CBCMA highly recommends correspondents utilize a debt monitoring … Continue reading "20-24: Undisclosed Debt Monitoring Policy"

Beginning Tuesday, May 26, CBC Mortgage Agency will require the ULI (Universal Loan Identifier) number for the 1st lien at the time of registration.

All mortgage loans, first and second liens, must be transferred to CBC Mortgage Agency as Investor (owner/beneficiary) and Servicer through MERS at the same time the first mortgage is transferred, which will be within seventy-two (72) hours after the first mortgage is purchased, but never before purchase (MERS ORG #1012881). Review this in section 10.2. … Continue reading "20-22: MERS Transfer"

Due to improving market conditions CBCMA has increased the YSP schedule on all loans locked today, May 7th and later, restoring original YSPs to pre-Covid levels. Additionally, the FHA Classic High Balance product has been added to our YSP schedule and to our rate sheet. Questions have been raised as to the appropriate amount of … Continue reading "20-21: Updated YSP Schedule And Origination Fee"

UPDATE: This temporary guidance has been rescinded as of April 9, 2021. However, MICs will still be required prior to purchase for manufactured housing and loans with a credit reject. The original announcement is preserved below. Due to the many risks associated with the current economic environment, beginning May 4th, 2020, CBC Mortgage Agency will … Continue reading "20-20: Mortgage Insurance Certificates"

Today CBC Mortgage Agency begins offering a traditional FHA loan not associated with a down payment assistance loan to help with the void created as many aggregators pulled out of the market or significantly cut back their YSP schedule. This product is available for purchase, rate and term refinance, or streamline refinance, FHA insured loans. … Continue reading "20-19: FHA CLASSIC PROGRAM"

Due to improving market conditions and as promised, CBC Mortgage Agency is improving the YSP offered on the Rate Advantage and DPA EDGE products by .25 beginning tomorrow April, 15th. We will continue to monitor the market conditions and hope to be able to restore our original YSP schedule shortly. Please click HERE for updated … Continue reading "20-18: UPDATED YSP SCHEDULE"

For those who have Conventional loans locked with us, we want to remind you that on 10/2/19 Fannie Mae updated its homebuyer education requirements making homebuyer education mandatory on most loans with an LTV of 95% or greater.  Even though CBCMA may not require it, if your AUS approval requires it, you will need to include the completion certificate demonstrating … Continue reading "20-16: Conventional Homebuyer Education Reminder"