Beginning today, October 20th, all second mortgage documents will be MOM documents. This means that the assignment will no longer be required and the secondary financing can be registered with MERS and transferred to CBC Mortgage Agency immediately after closing. Our MERS org ID is: 1012881. EXTREMELY IMPORTANT! Remember that your entity funds the down … Continue reading "17-06: MERS REGISTERED"
As of Sept 21, CBC Mortgage Agency will purchase first mortgages in Mississippi. There are now only four states in which CBCMA does not operate: NY, IL, SD, & WV.
Lenders must, in accordance with all applicable laws, rules and regulations, provide the following: • All borrowers and insurance providers: A notification that the loan has been transferred to CBC MORTGAGE AGENCY, and • All Borrowers: The name, address and toll-free telephone number for an employee or department of both companies involved in the transfer. … Continue reading "17-04: Transfer of Servicing Letters"
Our Due Diligence Provider has notified us that Due to high loan volumes loan review turn times may increase by an additional 24 hours (up to 72 hours for initial review and up to 48 hours for conditions) for the next week or two.
Beginning July 1, CBC Mortgage Agency will begin requiring a signed initial and final loan application on all secondary financing. All disclosures must follow federal and state guidelines regarding time frames. Please begin implementing this process immediately so you do not delay loan closings. CBCMA will be closing our lock desk early on Monday, July … Continue reading "17-02: REQUIRING A SIGNED INITIAL AND FINAL LOAN APPLICATION"
Please note that our Administration fee has been reduced from $444 to $399 in anticipation of our online registration portal. All new registrations will receive the lower admin fee beginning today, 2/8/17. Our new online registration portal will be available beginning Thursday the 16th of February. Your company will need to be trained and credentials … Continue reading "17-01: Admin Fee"