Update: Forbearance, even COVID-related forbearance, always resents the waiting 36-month period before a Chenoa Fund second mortgage can be subordinated. Clarification on COVID-19 Forbearance Agreements and Early Payment Default Penalties For all FHA loans locked on or after February 2, 2020, CBC Mortgage Agency will not charge an EPD penalty to a correspondent if a … Continue reading "20-17: FORBEARANCE AGREEMENTS AND EARLY PAYMENT DEFAULT PENALTIES"
Announcement: EXTREMELY URGENT: Temporary Suspension of Conventional DPA Programs Beginning TODAY April 6th, 2020 at the end of business, Chenoa Fund will temporarily suspend its conventional DPA programs due to Fannie Mae’s policy regarding loans in forbearance. All conventional loans locked prior to the end of business today will be honored. Any conventional loans registered … Continue reading "20-15: TEMPORARY SUSPENSION OF CONVENTIONAL DPA PROGRAMS"
Announcement: Version 8.5 of the Correspondent Lending Guide brings us a small update to one of our overlays. On our Rate Advantage program and product, we allowed borrowers to have income that did not exceed 115% of the AMI. With this April 6th update, we are increasing that limit to 135% of the AMI, effective … Continue reading "20-14: RATE ADVANTAGE AMI UPDATE TO 135%"
Announcement: RE: Update to DocProbe announcement originally sent on 4/1/20. CBC Mortgage Agency recently partnered with DocProbe to manage our trailing documents. All trailing documents (e.g., Title Policy and Deed of Trust/Mortgage for both the first and second liens) for loans closed April 15th or later should be sent to DocProbe: CBC Mortgage Agency C/O … Continue reading "20-13: UPDATE TO DOCPROBE"
ANNOUNCEMENT SENT ON 04/01/20 Attention: We no longer require verbal verification of employment to be done within two days of the note date. This overlay has returned to requiring verbal verification of employment to occur within ten days of the note date. Attention: FHA has since extended this policy per FHA Info 20-79. Please review … Continue reading "20-12: RE-VERIFICATION OF EMPLOYMENT"
TRAILING DOCS ADDRESS UPDATE: ANNOUNCEMENT SENT ON 04/01/20 Announcement: CBC Mortgage Agency has partnered with a new vendor, DocProbe. They will be handling all trailing docs starting April 15, 2020. Trailing docs should be sent to their location in Lakewood, New Jersey. Starting April 15, 2020, please update document shipping from CBCMA’s Utah location to … Continue reading "20-11: Trailing Docs Address Update"
Everyone in our industry should be aware of the extreme volatility that exists in the financial marketplace today. Mortgage Servicing rights have lost all of their value and custom pools no longer carry the pickups they did prior to the global response to COVID-19. We at Chenoa Fund have made valiant efforts to maintain the … Continue reading "20-10: URGENT – UPDATED YSP SCHEDULE"
Chenoa Fund wants to assure all of our Origination Partners that the coronavirus has not adversely impacted our ability to purchase loans. Even after the recent 5.7 magnitude earthquake that happened Wednesday morning in Salt Lake City, all of our operations continue. We maintain regular contact with our warehouse facilities and they have all assured … Continue reading "20-08: CBCMA PURCHASING LOANS DURING PANDEMIC/CORONAVIRUS"
Chenoa Fund wants to assure all of our Origination Partners that the coronavirus has not adversely impacted our ability to purchase loans. Even after the recent 5.7 magnitude earthquake that happened Wednesday morning in Salt Lake City, all of our operations continue. We maintain regular contact with our warehouse facilities and they have all assured … Continue reading "20-07: CBCMA IN FULL OPERATIONS DURING PANDEMIC: CORONAVIRUS & WORKING REMOTE"
CBC Mortgage Agency (“CBCMA”) wants to thank you for your company’s continued partnership as a Correspondent Lender of CBCMA and for helping to make homeownership possible for responsible buyers. CBCMA would like to remind lenders that all Correspondent Lenders are required to provide to CBCMA their unaudited interim financial statements within forty (40) days after … Continue reading "20-06: FINANCIALS FOR CORRESPONDENT LENDERS OF CBC MORTGAGE AGENCY"