All policy changes and updates are referenced to the appropriate section below. These policy changes are effective 03/15/2021 unless otherwise noted.
Additionally, CBCMA has compiled all of its announcements related to COVID-19 into one section immediately following the Recent Updates and Announcements section. To review the program guidelines changes made March 1, 2021, or earlier, please follow this link to the archived Program Guidelines.
CBC Mortgage Agency will no longer be allowing reverse bailees, although certain exceptions may be allowed (for example, if you work with a warehouse bank that is only able to process reverse bailees, an exception may be granted). If an exception is granted and a reverse bailee is allowed, the note for both mortgages must be delivered to CBCMA within three days after the reverse bailee is received.
This update affects the following sections: miscellaneous
Please note that a 0.25 hit will be applied to exceptions granted by the CBCMA Exceptions Desk; this does not apply to escrow holdbacks. This hit will only affect loans where the borrower has a FICO score ranging from 620 to 659. These clarifications affect the following sections:
A new sub-section was added to section 7.1. This new sub-section, 7.1.1. is titled “Conventional First Mortgage Pre-Registration,” and contains the following text:
Under “Loan Information,” the following Special Feature Code codes should be entered: 127, 118.
At this time CBCMA is not approved for HFA products. We cannot accept loans with the special product code “HFA Preferred.”
The Rate Advantage program was recently updated so that the Rate Advantage second mortgage had a 6% interest rate. This update has been reflected in sections 5.3.2 (Rate Advantage Program) and 5.6 (Brief Description of DPA Product Types).
The post 21-03-15 Announcement—March 15 2021 Program Guidelines Update appeared first on Chenoa Fund - Down Payment Assistance.