Introduction to Newsletter
This is the first of what we are planning to be a weekly 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 8.0
Chenoa Fund released and posted to their website on November 15, 2019 under Program Guidelines the following:
- CBCMA Correspondent Lending Guide Version 8.0
- CBCMA Product Matrix 8.0
- CBCMA Manufactured Housing Guidelines 8.0
All previous guidelines can be found under Archive: Program Guidelines.
The new CBC Mortgage Agency Correspondent Lending Guide (CLG) has been dramatically overhauled since the previous version, 6.5. This improved CLG should provide lenders and other interested partners with greater ease while navigating through the document. Changes include reordering information, improving overall clarity based on feedback, consistently applying formatting, and placing related policies closer together.
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.”
As Seen in the Chrisman Report
Over the past month, Chenoa Fund has published a series of posts in the Chrisman Report. You can read the full series on the Chenoa Fund blog in the article: “As Seen in the Chrisman Report.” The most recent post is Monday, October 17.
DPA Does Not Contribute to Higher Defaults. A recent Harvard working paper prepared for the Center for Household Financial Stability at the Federal Reserve Bank of St. Louis by Michael Stegman, et al., using extensive data from 46,000 loans originated principally between 1995-2005 with high LTV (median 97%), found that the receipt of DPA appears to be unrelated to default risk, when controlling for other risk factors, such as credit score, DTI, and even race. Referencing HUD’s descriptive use of data in its 2018 report to Congress, where HUD concluded that government DPA is associated with higher risk of default, the paper stated that, “In contrast to [HUD’s] descriptive analyses, our multivariate analysis indicates that the receipt of DPA is not significantly associated with default risk.” CBC Mortgage Agency agrees with the working paper’s admonition that in setting guidelines around DPA, policy makers should take care not to close off opportunities to aspiring minority home buyers. Continue….
Marketing Resource #1: Infographic and Blog Article
This week we are introducing a blog article and infographic that you can use in your communications with borrowers such as 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 PDF are: Debunking Homebuyer Down-Payment Myths.
Go to Lenders webpage: Marketing Resources
Download from the following sections:
- Infographic from: HOMEBUYER INFOGRAPHICS (LENDER)
- Article: ARTICLES FOR BLOGS AND NEWSLETTERS (LENDERS)
Marketing Resources Have Four Versions
Chenoa Fund has created a variety of high quality marketing materials you can use for creating interest in CBC Mortgage Agency (CBCMA) products/programs. The resources include:
1. Chenoa Fund Program Flyers (Lenders)
2. Chenoa Fund Program Flyers (Lenders & Realtors)
3. DPA Flyer (No Contact Fields)
4. DPA Flyer (No Contact Fields) (Spanish)
5. DPA Postcards 6” X 4” (No Contact Fields)
6. DPA Postcards 6” X 4” (No Contact Fields) (Spanish)
7. DPA Postcards 11” X 6” (Lenders)
8. DPA Postcards 11” X 6” (Lenders & Realtors)
9. DPA Postcards 11” X 6” (No Contact Fields)
10. DPA Postcards 11” X 6” (No Contact Fields) (Spanish)
11. DPA Promotion Flyers (Lenders)
12. DPA Promotion Flyers (Lenders & Realtors)
13. DPA Door Hangers (Lenders)
14. DPA Door Hangers (Lenders & Realtors)
15. Homebuyer Infographics (Lenders)
16. Homebuyer Infographics (PNG Version for Social Sharing)
17. DPA Seminar and Lunch-N-Learn Flyers (Lenders)
18. DPA Seminar and Lunch-N-Learn Door Hangers (Lenders)
19. Chenoa Fund Homebuyer Videos (Lenders)
20. Chenoa Fund Social Media Guidelines for Lenders
21. Articles for Blogs and Newsletters (Lenders)
22. Sign Riders (English)
23. Sign Riders (Spanish)
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
Example 1
Example 2
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 News Releases
Chenoa Fund has released the following news releases in the past several weeks.
November 11, 2019-Press Release: Studies Find that Down Payment Assistance Programs Don’t Affect Loan Performance
November 7, 2019-News Release: Cedar Band of Paiutes Applauds New Resolution Passed by National Congress of American Indians
October 22, 2019-News Release: CBC Mortgage Agency Releases National Down Payment Assistance Study
Chenoa Fund in the News
The following articles have mentioned Chenoa Fund and/or CBC in the past several weeks.
November 13, 2019-National Mortgage Professional: Reports Conclude: Downpayment Assistance Programs Have No Impact on Loan Performance
November 11, 2019-DSnews: Down Payment Assistance Program’s Impact on Loan Performance
November 11, 2019-Mreport: Top Tech Providers, Women/Minority-Owned Businesses
November 5, 2019-Mreport: MReport’s 2019 Top 25 Companies in Mortgage and Servicing
October 28, 2019-Realtor Magazine: Study: Down Payment Assistance Grows Homeownership
October 24, 2019-Mortgage Professional America: Millions of Americans would fail to get a mortgage without DPA
Links to Lender Resources
Who We Are
2019 State of Down Payment Assistance Report
Become Approved as a Correspondent Lender
Daily Rate Sheet and Pricing
Program Guidelines
- Correspondent Lending Guide
- Product Matrix
- Manufactured Housing Guidelines
- Archive: Program Guidelines
Training Material
Marketing Resources
Homebuyer Programs
- Program Overview
- Providing Down Payment Assistance on FHA and Conventional Loans
- DPA Edge: Soft Second Product
- DPA Edge: Repayable Second Product
- Rate Advantage Program
- Conventional Program
Income Guidelines
Lender FAQs
Documentation
