All policy changes and updates are referenced below in the appropriate section of the Correspondent Lending Guide. These policy changes apply to everyone using the Chenoa Fund down payment assistance program and are effective beginning 2/27/2024, unless otherwise noted. This announcement, and previous announcements are available on the Announcements page of our website.
Announcement: Change in Sub-Servicer
CBC Mortgage Agency has engaged Midwest Loan Services for sub-servicing on its repayable 2nd lien portfolio. As a result, effective with ALL closings that take place on or after February 27, 2024, information for Midwest Loan Services must be used on applicable documents in the repayable 2nd lien closing package. This includes these repayable 2nd lien documents:
The payments section in the 2nd lien Note.
The Notice of Servicing Transfer.
The First Payment Letter.
The following sections in the Correspondent Lending Guide are affected by this change:
6.17.1 Documentation—Further Requirements
10.4.2 Goodbye Letter: Repayable Second Mortgages
11.3.5 Repayable Second Mortgage Contract Servicer General Contact Information
11.3.6 Repayable Second Mortgage Contract Servicer General Mailing Address
11.4.3 Mortgagee Clause (FHA First Mortgages)
11.5.3 Repayable Second Mortgage Payment Address
11.7.1 FHA First Mortgages
11.7.2 All Repayable Second Mortgages
11.7.3 FHA First Mortgages and All Repayable Second Mortgages
The information for Midwest Loan Services is:
Correspondence, Payment, and Borrower Information (Repayable, 2nd Liens
Only):
Midwest Loan Services
P.O. Box 209
Hancock, MI 49930 www.midwestloanservices.com
Phone number: 800‐262‐6574
Hours of operation: 8:00AM to 8:00PM EST Monday‐Friday
Email Address: customerservice@midwestloanservices.com
Mortgagee Clause Info (Repayable, 2nd Liens Only)
LENDER/SERVICER, ISAOA/ATIMA
c/o Midwest Loan Services
P.O. Box 39159
Solon, OH 44139‐0159
Please note that lenders should continue to use the MERS information that is already in the program guidelines.
Announcement: New Post-Purchase Condition(s)
Effective with all loans purchased by CBC Mortgage Agency on or after 02/27/24, CBC Mortgage Agency will require a copy of the goodbye letter sent to the borrower(s) of the 1st lien loan. Correspondents will be required to upload this document in the QC section of the client portal.
