CBC Mortgage Agency updates our policies to protect credit risk for our correspondents, as well as strengthen the management of risk to Chenoa Fund.
Starting today, on January 8, 2020, exception requests are only officially granted once a CBCMA loan number is assigned. If the lender requests a scenario review on a hypothetical file, then that is not considered an exception review.
If the lender submits an exception request on a specific file, but has not yet registered the loan, then an exception review is allowed. However, this review is considered a fly-by, and not a full exception approval. However, once that file is registered, and the file is assigned a CBCMA loan number, then the exception is granted a full approval.
09Of course, any exception requests that are submitted after registration are eligible for a full exception review.