All policy changes and updates are referenced below to the appropriate section of the CLG. These policy changes are effective 03/03/2022 unless otherwise noted.
To review the program guidelines changes made February 17, 2022, or earlier, please follow this link to the archived Correspondent Lending Guides.
These updates apply to everyone using the Chenoa Fund program—correspondents and TPO.
CBCMA would like to remind all correspondents that the subject property addresses on the 1st and 2nd Notes, as well as the Allonge, must match exactly. For example, if “Drive” is abbreviated to “Dr” on the 1st Note but not the 2nd, this does not meet the standard of matching exactly and one of these Notes would need to be updated.
Chenoa Fund overlays were relaxed on the Standard Conventional product with 90–95% LTV in the following areas:
Section 5.12 (Undisclosed Debt Monitoring and Soft-Pull Credit Refreshes) were updated to clarify that dates must be based off the disbursement date, not the Note date.
Section 5.34.15 (Appraisal Overlays) were updated to include the following:
All FHA Programs: CBCMA does not purchase loans with a Condition rating of C5.
Section 7.22 (Documentation—General Requirements) had text regarding UDMs or soft credit pulls updated to the following:
“Evidence of borrowers enrolled in a credit monitoring service (UDM) through disbursement with the results, or, alternatively, a tri-merge/three bureau soft-pull credit report within ten (10) days of disbursement”
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