December 19, 2019: Chenoa Fund Correspondent Newsletter

Introduction to Newsletter

In the newsletter we seek to provide you with important information about the Chenoa Fund in the form of:

  • Program changes and updates
  • Announcements
  • Training updates, webinars, and more
  • Marketing resources you can use with borrowers and realtors
  • Answers to questions
  • News About Chenoa Fund
  • And more….

 

Chenoa Fund Releases Revised Program Guidelines 8.1

CBC Mortgage Agency is officially publishing its monthly update to the Chenoa Fund Program Guidelines. Welcome to 8.1!

 

CBCMA Correspondent Lending Guide Version 8.1
CBCMA Product Matrix 8.1
CBCMA Manufactured Housing Guidelines 8.1
All previous guidelines can be found under Archive: Program Guidelines.

 

CBC Mortgage Agency soft-released a document titled Borrower Residency and Eligibility Guide on the second of this month. We have determined, after receiving feedback from our correspondent lenders, to retract that document and expand upon the guidance already found in the CLG. Our expanded policies regarding borrower eligibility, including our views on EADs, can be found in section 5.28.

 

In section 5.7, our team discovered the need to update an outdated guideline regarding conventional income limits. This update can be found in section 5.7.

 

Chenoa Fund Training Modules have been Updated

Several of our training modules were recently updated with more information regarding our guidelines. Details can be found below.

 

Module #6: How to Lock a Loan – The listed Lock period was increased from 45 to 60 days.

Module #11: Final Documents – Slides teaching how to pull trailing documents reports were added into the back half of the presentation.

Module #12: Servicing – Slides containing our subordination policy and policies regarding early payment defaults were added into the back half of the presentation.

 

For any questions pertaining to these modules, please reach out to info@chenoafund.org.

 

Chenoa Fund News Releases

Chenoa Fund has released the following news releases in the past several weeks.

December 12, 2019-Press Release: Cedar Band of Paiutes Applauds New Resolution Calling for HUD to Consult with Tribes
December 10, 2019-Press Release: Cedar Band of Paiutes Applauds Sen. Tom Udall’s Remarks Reinforcing Sanctity of Tribal Consultations
December 9, 2019-Press Release: CBC Mortgage Agency Lauds Chairman Lacy Clay’s Questioning on Down Payment Assistance

 

 

New Mortgage Industry Report Seriously Challenges Down Payment Assistance Stigma of “High-Rates of Delinquency”

Over the last several years reports have surfaced stating that down-payment assistance exhibit “high rates of delinquency” as in the 2018 Department of Housing and Urban Development’s (HUD) report to Congress1,

 

“Mortgages with DPA generally exhibit higher rates of delinquency and default, and those with such assistance financed by self-identified governmental entities have higher rates of default than those with other forms of DPA.”

Continue reading…

 

 

Marketing Resource #2: Infographic and Blog Article

This week we are introducing a blog article and infographic that you can use in your communications with borrowers in mediums website, newsletter, email, blog, and social media. The PDF provides four versions to choose from. Each version provides you the ability to enter your personal information. See posted article in Chenoa Blog

 

The title of the article and PNG are: What to Expect When You Buy Your First Home. right click and save to desktop.

 

Go to Lenders webpage: Marketing Resources

 

Download from the following sections:

Infographic from: HOMEBUYER INFOGRAPHICS (PNG VERSION FOR SOCIAL SHARING)

Article: ARTICLES FOR BLOGS AND NEWSLETTERS (LENDERS)

 

Marketing Resources Have Four Versions

Chenoa Fund has created a variety of high quality marketing materials such as postcards, flyers, door hangers and yard signs that you can use for creating interest in CBC Mortgage Agency (CBCMA) products/programs. Each PDF for Lenders has four versions that provide you space for enter your contact information. Information includes:

  • Lending Partner
  • NMLS
  • Branch Location
  • Loan Officer
  • Phone
  • Email

 

Example 1

 

 

Chenoa Fund Releases New Marketing Down Payment Assistance Report

Chenoa Fund Released a new marketing resource in the form of a report entitled: 2019 State of Down Payment Assistance Report. Click Here

 

The white paper includes five sections:

  • Section One: The State of Down Payment Assistance Today
  • Section Two: National DPA Lender and Borrower Study
  • Section Three: Cost Benefit Analysis of DPA vs Renting
  • Section Four: Homeownership: Race and Risk
  • Section Five: Politics and Housing

 

Chenoa Fund in the News

The following articles have mentioned Chenoa Fund and/or CBC in the past several weeks.

December 16, 2019-Markets Insider: CBC Mortgage Agency President Richard Ferguson: National Down Payment Assistance Programs Offer Many Benefits for Large, Multi-State Lenders
November 13, 2019-National Mortgage Professional: Reports Conclude: Downpayment Assistance Programs Have No Impact on Loan Performance