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 … Continue reading "18-10: ULI # AT REGISTRATION, FINAL APPLICATION ON ALL PROGRAMS & MIN # ON 2ND CLOSING DOCS"
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.
On April 5th, 2018 CBC Mortgage Agency will cease offering GIFTS as a form of down payment assistance in preparation for an enhanced product offering that will bring higher yields on our loans. The last day to register a loan with a GIFT will be April 4th. As of April 5th the GIFT option will … Continue reading "18-08: GIFT OPTION NO LONGER AVAILABLE (AS OF 4:5:18)"
As of March 6th, CBC Mortgage Agency will purchase first mortgages in West Virginia. There are now only two states where CBCMA does not operate: NY & SD.
NOTICE: All companies preparing their own second mortgage documents MUST show the first payment due to our sub-servicer in the second mortgage first payment letter: Statebridge P.O. Box 5990 Denver, CO 80217-5990 CBC Mortgage Agency has all ready implemented this change internally so all second mortgages documents drawn by CBCMA will have this as the … Continue reading "18-06: MORTGAGEE CLAUSE FOR THE SECOND MORTGAGE"
As a reminder, when registering a loan we require that you upload a FNMA 3.2 file. Beginning February 16th, our system will no longer allow you to register a loan without uploading a FNMA 3.2 file.
CBC Mortgage Agency is updating its subordination policy in preparation for some exciting new products. We have not changed our policy on Soft Seconds. Soft Seconds will not be subordinated. Beginning on all loans closed March 1, 2018, and later, repayable second mortgages will be eligible for subordination only after the borrower has made their … Continue reading "18-04: SUBORDINATION POLICY"
Many counties have taxes due in the month of March. CBCMA wants to remind you that if you have a tax payment due the month after a loan is being prepped for purchase, we will delay purchasing your loan until we have evidence that tax payments have been paid or proof is provided that you … Continue reading "18-03: Taxes"
The IRS exempts lenders from delivering form 1098 INT if the lender has not received more than $600 in interest from a borrower. In most cases, CBCMA does not receive $600 in interest from most borrowers, so CBCMA will not send form 1098 INT in these circumstances. The information will be available to borrowers who … Continue reading "18-02: FORM 1098 INT"
Beginning January 1, 2018, CBC Mortgage Agency will require all Loan Applications taken after January 1, 2018 to include the Universal Loan Identifier (ULI) number along with the new Demographic Information Addendum. This information is required under HMDA effective the first day of January 2018. CBC Mortgage Agency understands the new, Updated Fannie Mae Form … Continue reading "18-01: UNIVERSAL LOAN IDENTIFIER (ULI) & NEW DEMOGRAPHIC"