CBC Mortgage Agency

NMLS: 1186381
912 W. Baxter Drive, Suite 150
South Jordan, Utah 84095

Main: 866.563.3507
Servicing: 866.563.7572
Fax: 435.237.0022


March 25, 2020 By

Everyone in our industry should be aware of the extreme volatility that exists in the financial marketplace today. Mortgage Servicing rights have lost all of their value and custom pools no longer carry the pickups they did prior to the global response to COVID-19. We at Chenoa Fund have made valiant efforts to maintain the YSP schedule published January 2, 2019, but in the midst of this commotion and the significant reduction in yields generated when loans are securitized, we would not be making prudent decisions that will ensure the longevity of our program if we don’t respond to the current market environment by lowering the price we pay for loans delivered to us. Effective March 26th, 2020 the attached YSP schedule will go into effect for all loans locked March 26th or later. Effectively, we have had to reduce premiums by 50 bps on the majority of our programs.

A small positive to the market change is that the yield on the 3 to 4.5 coupons are almost identical. With little to no custom pool pickup, we have been able to dramatically lower the interest rate on our DPA EDGE Program.

Please click here for the updated YSP schedule.

Thank you,

CBC Mortgage Agency