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"
As of January 1, 2018, we will require all loans uploaded to our client portal be stacked according to the new CBC Mortgage Agency Stacking Order. Please click here for the stacking order sheet.
We have published a stacking order for our loans. Please click here for the PDF.
As of Nov 1st, CBC Mortgage Agency will purchase first mortgages in Illinois. There are now only three states where CBCMA does not operate: NY, SD, & WV.
CBC Mortgage Agency has partnered with Hope Loan Port, a HUD approved counseling agency, to provide borrowers with information, free counseling, and support after the borrowers have received their home loans in order to help borrowers better understand how and when their loan will be sold, let them know to whom they need to make … Continue reading "17-07: HOPE LOAN PORT"