We have updated our program guidelines. Please visit our website chenoafund.org for the most recent version of the 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.
The team managing CBCMA’s training materials is now also in charge of managing the CLG. Similar shared creative decisions were made across both projects. While considering these factors and the fact that this version of the CLG is organized and presented very differently from previous versions, it was decided to give this version a number that matched with the current version of the trainings: 8.0.
In addition to visual overhauls and an updated progression of information, Chenoa Fund underwent some policy changes, updates, and clarifications since the previous version of the CLG. These are listed below.
All policy changes and updates to the appropriate section are listed below.
The servicing address for repayable second mortgages has been updated:
Statebridge Company, LLC
6061 South Willow Drive
Greenwood Village, CO 80111
This change can be found in sections 7.23.2, 11.4.1, and 12.4.
All MICs must be delivered to CBC Mortgage Agency within sixty (60) days of the note date. This is a rollback from a previous overlay CBCMA had instituted, which was shorter than the timeframe currently required by FHA. This change can be found in sections 5.34.14 and 10.4.
In the previous version of the guidelines, there was a line that indicated borrowers could not exceed a payment shock of 200%, even with an exception. This line has been removed, and the guidance found therein no longer applies to Chenoa Fund products. This change can be found in section 10.1.
The Electronic Signature section has been updated with clarifications. This change can be found in section 8.6.