Author Archives: chenoaadmin

Despite the focus of the world largely being on COVID-19 and quarantines right now, the battle for down payment assistance (DPA) continues to rage quietly in the background. In the most recent instance, HUD has expressed intent to limit (or shut down) national down payment assistance programs, which would effectively create regulatory monopolies in every […]

As you may have noticed in our last post, CBCMA has some strong opinions about how HUD and the other governmental authorities should fit and function in our industry. While sustainable housing is our mission, it is critical that law makers, legislatures, and others provide critical guidance and support to programs like ours. – Through […]

by Clayton Jarvis | May 18, 2020 Originally published: MAP  With COVID-19 flattening the U.S. economy into a bleak and colorless landscape for prospective first-time buyers to navigate, it seems an odd time for the Department of Housing and Development to move forward in their efforts to shut down national down payment assistance plans.   […]

All mortgage loans, first and second liens, must be transferred to CBC Mortgage Agency as Investor (owner/beneficiary) and Servicer through MERS at the same time the first mortgage is transferred, which will be within seventy-two (72) hours after the first mortgage is purchased, but never before purchase (MERS ORG #1012881). Review this in section 10.2. […]

Recently, we’ve been talking a lot about how homeownership is a very effective tool for wealth accumulation, particularly for low- to moderate-income borrowers. However, not every borrower has a clear understanding of what it means to accumulate wealth through homeownership; they just know that it happens. This article is intended to help you teach them […]

FHA Classic: Chenoa Fund’s First Non-DPA Program A lot has changed in the mortgage industry recently; quarantines and shutdowns have forced everyone to evolve quickly in response to the coronavirus pandemic, and the results haven’t always been good. In particular, borrowers with low credit have been hit hard, and many can’t find lenders willing or […]

For those who have Conventional loans locked with us, we want to remind you that on 10/2/19 Fannie Mae updated its homebuyer education requirements making homebuyer education mandatory on most loans with an LTV of 95% or greater.  Even though CBCMA may not require it, if your AUS approval requires it, you will need to include the completion certificate demonstrating […]

Today CBC Mortgage Agency begins offering a traditional FHA loan not associated with a down payment assistance loan to help with the void created as many aggregators pulled out of the market or significantly cut back their YSP schedule. This product is available for purchase, rate and term refinance, or streamline refinance, FHA insured loans. […]

Last week we discussed several financial reasons why borrowers with good credit need down payment assistance. I had several other points that I wanted to make, but they didn’t fit the scope and length of that article. As a result, this week’s article includes some miscellaneous reasons and data why borrowers with good credit need […]

Richard Ferguson, President, CBC Mortgage Agency   Q: The Urban Institute recently released a report entitled “Breaking Down the Black-White Homeownership Gap.” What is your key takeaway from the report? A: The report brings into focus a huge racial disparity in homeownership, with nearly 72 percent of white adults owning property while less than 42 […]