First, and foremost, Happy St.Patrick’s Day from everyone here at CBC Mortgage Agency!
In this issue of the Chenoa Report, you will find the following updates and information:
- Program Guidelines Updates
- CBC Mortgage Agency On the Road
- Chenoa Fund in the News
- Chenoa Fund blog posts
- Marketing Resources
Program Guidelines Update:
On behalf of CBC Mortgage Agency, we do apologize for our late release of this month’s Program Guidelines. Thank you for your understanding and patience. Thanks for checking in on the 8.4 update for CBC Mortgage Agency’s Correspondent Lending Guide. This month’s updates are few, but detailed. Please also note that this announcement page should not be used in lieu of the official policies found in the proper section in the Correspondent Lending Guide.
Regarding Flood Certificates, if there is not a Core Logic certificate in the file, CBCMA will pull the certificate and charge $15 to the lender on the PA. More details can be found in section 5.34.4.
Our Escrow Holdback requirements were clarified to be more in line with FNMA and FHA guidelines. The most notable change to our overlays is that Escrow Holdbacks no longer need to be pre-approved by firstname.lastname@example.org. However, Escrow Holdbacks still need to be weather-related. For more details on this policy, please read 5.34.10.
CBCMA’s subordination policy, found in 11.2, was updated following feedback from our investors. Some policies to consider:
- On amortized loans, CBCMA does not allow for subordinations in the thirty-six months beginning with the first payment on the loan.
- On soft seconds, CBCMA does not allow for subordinations. The note specifically dictates that a refinance of the first mortgage would trigger a payoff of the second mortgage.
- If it is discovered that the original loan has a loan defect, this may be cured by the original maker of the loan via a refinance, and CBC Mortgage Agency would subordinate this refinance.
Please take the time to review the full policy in detail.
CBC Mortgage Agency On The Road:
We’ve had a quiet month on the road for CBCMA! We have also just issued a travel ban until further notice in efforts to do our part in not allowing the virus to spread. If someone from our organization was supposed to attend and your event is still happening, please reach out to Matt Pettit (email@example.com) for guidance on how we can still participate.
Chenoa Fund In the News:
Chenoa Fund was proudly included in the following publications:
Down Payment Assistance Helps To Bridge Homeownership:
We are now posting to the blog 2x a week! With new updates, tips and tricks and content you can use to promote your business, we’re proud to introduce the Chenoa Post.
See this weeks postings here:
Two Questions Real Estate Agents Should Ask About Lenders
7 Lender Tips for Building Relationships with Real Estate Agents
Interested in co-writing or guest writing on our blog? Email firstname.lastname@example.org for more information!
We have materials in Spanish! This question has been coming up a lot lately so we figured we’d help our bilingual friends out by doing a quick “How to find these resources.”
From the homepage, select the Lender tab. From there, on the left menu you’ll see the Marketing Resources tab:
On this page, you’ll enter your email address. Once the page is unlocked, scroll until you see several tabs that have (Spanish) in parentheses. You’ll find several versions of the material there in Spanish for your use.
See a flyer that we don’t have in Spanish yet that you would like to use? Email email@example.com with your request!