All policy changes and updates are referenced below in the appropriate section of the Correspondent Lending Guide. These policy changes apply to everyone using the Chenoa Fund down payment assistance program and are effective beginning 3/11/2024, unless otherwise noted. 

Announcement: Chenoa Fund Down Payment Assistance Update(s):  

The forgiveness period on the 5% DPA has been changed to match the forgiveness period on the 3.5%  DPA. For both products, the forgiveness period is thirty-six (36) consecutive months of on-time first lien payments. 

Announcement: Subordination (s):  

We have changed the subordination period of the 5% DPA to match the 3.5% DPA. Forgivable second liens do not qualify for subordination prior to the initial thirty-six (36) payments being made on the first mortgage. This applies for both the forgivable 3.5% DPA and 5% DPA. 

The following sections in the Correspondent Lending Guide are affected by this change: 

4.2.1 Chenoa Fund Down Payment Assistance 

10.2.2 Forgivable Second Liens

The post Program Guidelines Update Announcement 3/8/2024 appeared first on Chenoa Fund.

All policy changes and updates are referenced below in the appropriate section of the Correspondent Lending Guide. These policy changes apply to everyone using the Chenoa Fund down payment assistance program and are effective beginning 2/27/2024, unless otherwise noted. This announcement, and previous announcements are available on the Announcements page of our website.

Announcement: Change in Sub-Servicer

CBC Mortgage Agency has engaged Midwest Loan Services for sub-servicing on its repayable 2nd lien portfolio. As a result, effective with ALL closings that take place on or after February 27, 2024, information for Midwest Loan Services must be used on applicable documents in the repayable 2nd lien closing package. This includes these repayable 2nd lien documents:

 The payments section in the 2nd lien Note.
 The Notice of Servicing Transfer.
 The First Payment Letter.

The following sections in the Correspondent Lending Guide are affected by this change:

6.17.1 Documentation—Further Requirements
10.4.2 Goodbye Letter: Repayable Second Mortgages
11.3.5 Repayable Second Mortgage Contract Servicer General Contact Information
11.3.6 Repayable Second Mortgage Contract Servicer General Mailing Address
11.4.3 Mortgagee Clause (FHA First Mortgages)
11.5.3 Repayable Second Mortgage Payment Address
11.7.1 FHA First Mortgages
11.7.2 All Repayable Second Mortgages
11.7.3 FHA First Mortgages and All Repayable Second Mortgages

The information for Midwest Loan Services is:

Correspondence, Payment, and Borrower Information (Repayable, 2nd Liens
Only):

Midwest Loan Services
P.O. Box 209
Hancock, MI 49930 www.midwestloanservices.com

Phone number: 800‐262‐6574
Hours of operation: 8:00AM to 8:00PM EST Monday‐Friday
Email Address: customerservice@midwestloanservices.com

Mortgagee Clause Info (Repayable, 2nd Liens Only)

LENDER/SERVICER, ISAOA/ATIMA
c/o Midwest Loan Services
P.O. Box 39159
Solon, OH 44139‐0159

Please note that lenders should continue to use the MERS information that is already in the program guidelines.

Announcement: New Post-Purchase Condition(s)
Effective with all loans purchased by CBC Mortgage Agency on or after 02/27/24, CBC Mortgage Agency will require a copy of the goodbye letter sent to the borrower(s) of the 1st lien loan. Correspondents will be required to upload this document in the QC section of the client portal.

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All policy changes and updates are referenced below in the appropriate section of the Correspondent Lending Guide. These policy changes apply to everyone using the Chenoa Fund down payment assistance program and are effective beginning 2/27/2024, unless otherwise noted.

This announcement, and previous announcements are available on the Announcements page of our website.

Announcement: Change in Sub-Servicer
CBC Mortgage Agency has engaged Midwest Loan Services for sub-servicing on its repayable 2nd lien portfolio. As a result, effective with ALL closings that take place on or after February 27, 2024, information for Midwest Loan Services must be used on applicable documents in the repayable 2nd lien closing package.

This includes these repayable 2nd lien documents:

• The payments section in the 2nd lien Note.
• The Notice of Servicing Transfer.
• The First Payment Letter.

The information for Midwest Loan Services is:

Correspondence, Payment, and Borrower Information (Repayable, 2nd Liens Only):

Midwest Loan Services
P.O. Box 209
Hancock, MI 49930 www.midwestloanservices.com

Phone number: 800‐262‐6574
Hours of operation: 8:00AM to 8:00PM EST Monday‐Friday
Email Address: customerservice@midwestloanservices.com

Mortgagee Clause Info (Repayable, 2nd Liens Only)
LENDER/SERVICER, ISAOA/ATIMA
c/o Midwest Loan Services
P.O. Box 39159
Solon, OH 44139‐0159

Please note that lenders should continue to use the MERS information that is already in the program guidelines.

Announcement: New Post-Purchase Condition(s)

Effective with all loans purchased by CBC Mortgage Agency on or after 02/27/24, CBC Mortgage Agency will require a copy of the goodbye letter sent to the borrower(s) of the 1st lien loan. Correspondents will be required to upload this document in the QC section of the client portal.

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Last spring, the California Housing Agency (CALHFA) announced it was offering $300 million in down payment assistance (DPA) under its California Dream for All program. A program created to help low-to-moderate income, first-time homebuyers purchase a home in California.  When the program was launched, it was first come, first served.

It was so popular that its funding was notably devoured in 11 days. According to the CALHFA website, the total number of borrowers who were able to receive help was little more than 2,000 across the state.

Additionally, while 33% of those who were able to get their hands on funding identified as Hispanic or Latino, only 3% identified as Black or African American, while a disproportionate 35% identified as White, according to CALFHA. These numbers clearly indicate that more needs to be done to spread awareness of the program in communities of color, specifically in African American communities.

A Dream for All or a Few?

The California Dream for All program aims to make homeownership more accessible for Californians. Yet, its impact will be felt by just a few thousand would-be homebuyers lucky enough to be picked in a lottery system. The program provides a full 20% down payment, prompting consideration of whether offering 10-15% down could spread its $250 million funding to help more than just a few thousand borrowers.

A traditional 20% down payment often allows a borrower to avoid purchasing mortgage insurance, a policy typically required when a down payment is less than 20% and designed to protect the lender in the event of a loan default.  Lenders generally agree that borrowers who invest their own funds in a property, often referred to as having ‘skin in the game,’ are more likely to be committed to repaying their loans. However, when a program doesn’t require any borrower investment or mortgage insurance, does it inadvertently lessen the incentive to uphold their financial responsibilities?

The California Dream for All program offers an entry point into homeownership; however it limits equity accumulation for borrowers, who could forfeit up to 20% of their home’s appreciated value. Home equity is crucial for communities historically marginalized in the housing market. Ensuring that participants in such programs can fully benefit from the equity built in their homes is essential for individual financial growth and broader economic equity.

What is California Dream for All?

The program provides borrowers with a shared appreciation loan, used concurrently with a conventional first mortgage, for up to $150,000, or 20% of the appraised value of a home or its purchase price, whichever is lower, to use toward the down payment and closing costs. Upon the sale or transfer of the home, the repayment of the down payment loan plus a share of the home’s appreciated value becomes due.

This spring, CALHFA will disperse around $250 million in funding to first-time homebuyers. To distribute the funds more evenly across the state, the recipients will be determined in a lottery, a change from the first come, first served system in the program’s pilot year, last year.

When the Down Payment Assistance Funds Run Dry

While buzz around the California Dream for All program makes its way through the industry. We want to remind lenders and borrowers alike that solid down payment assistance programs exist- programs that do not run out of cash because they do not rely on government funding, programs that do not have atypical and complex requirements like shared appreciation mortgage loans, and programs that preserve all the borrower’s equity.

Take the Chenoa Fund Down Payment Assistance program for example, our program provides:

• Straight forward guidelines applied across most states, not just in California.
• No first-time homebuyer eligibility requirement, any qualified borrower is welcome to apply.
• Down payment assistance up to 5%, we allow our DPA funds to be used toward the down payment and closing costs.
• Borrowers keep all of the equity that appreciates during the time they own the home.
• No income limits, we do not place a cap on a borrower’s income level to apply for the assistance.
• Program is always funded; we do not rely on government funding to keep our program running.

Reach out to us to learn how you can provide meaningful down payment assistance financing that is available year-round with guidelines that make it easy for first time homebuyers to realize their dream.

CBC Mortgage Agency – NMLS 1186381

For licensing information, go to www.nmlsconsumeraccess.org.

Illinois Residential Mortgage License #MB.6761292. Illinois Department of Financial and Professional Regulation, Division of Banking, 555 W. Monroe St., Suite 500, Chicago, IL 60661 – 1-888-473-4858. This information is provided by CBC Mortgage Agency and intended for real estate and mortgage professionals only. It is not intended for public use or distribution. Terms and conditions of programs and guidelines are subject to change at any time without notice. This is not a commitment to lend. Equal housing opportunity.

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Borrowers now receive additional support with lowered interest rates in the first years of homeownership, plus down payment assistance.

SOUTH JORDAN, Utah – December 05, 2023 – CBC Mortgage Agency (CBCMA), a Native American wholly owned and federally chartered housing finance agency, is introducing a buydown feature for its down payment assistance (DPA) program for FHA first mortgage financing. This new feature comes a few weeks after the company decreased the interest rate offered on its down payment assistance to minimize the impact of high first mortgage rates and high home prices on low-to-moderate borrowers.

The addition of the buydown feature – which is either a 2-1 buydown or a 1-0 buydown – lowers the interest in the first formidable years of homeownership, which may make a significant difference in helping borrowers purchase a home if they can make the payments once the interest rate increases.

“The addition of a 2-1 and a 1-0 buydown feature is CBC Mortgage Agency’s continued response to the ongoing effect of the higher interest rates,” said Cari Zwick, National Program Director. “We’ve had a lot of requests for a buydown feature, and we hope it provides some relief to buyers during the current state of the housing market”.

About CBC Mortgage Agency

Founded in 2013, CBC Mortgage Agency is a nationally chartered housing finance agency. As a leading source of down payment assistance, the company helps low-to-moderate income consumers, often in minority neighborhoods, achieve the dream of homeownership. CBC Mortgage Agency, recognized as one of the Top 25 Companies in Mortgage & Servicing by MReport, is a wholly owned subsidiary of Cedar Band Corp., a federally chartered tribal corporation founded by the Cedar Band of Paiute Indians. Visit chenoafund.org for more information.

CBC Mortgage Agency plays a crucial role in the housing market by establishing consistent guidelines that may be offered across the country (except NY), making it easier for lenders to implement across their lending platforms, which benefits the borrower in the long run. Down payment assistance is essential for many families, and CBC Mortgage Agency’s programs, including its forgivable down payment assistance program, offer an alternative to relying on gifts from relatives.

The post CBC Mortgage Agency Introduces Temporary Rate Buydowns in Conjunction with Down Payment Assistance appeared first on Chenoa Fund.

All policy changes and updates are referenced below in the appropriate section of the Correspondent Lending Guide. These policy changes apply to everyone using the Chenoa Fund down payment assistance program and are effective beginning December 4, 2023, unless otherwise noted. This announcement, and previous announcements are available on the Announcements page of our website.

Correction to Announcement: Temporary Buydowns Allowed

*Correction: Temporary Buydowns was moved from section 7.17.1 | Documentation – Further Requirements to 7.17 | Documentation – General Requirements.

Effective Monday, December 4, 2023, 2-1 and 1-0 buydowns are allowed for Chenoa Fund Down Payment Assistance. This change effects the following sections in the guide:

5.21.2 Seller Credits

CBC Mortgage Agency allows seller credits as long as they meet FHA/HUD Handbook 4000.1 requirements.

Keep in mind that converting seller credits to seller-paid fees must be done prior to or at closing. Seller credits used to offset points and fees must be disclosed on the initial and final CD; they cannot be corrected after closing and must be reflected on the purchase contract prior to closing.

The Interested Parties’ contribution of up to 6% of the sales price would include temporary interest rate buydowns.

7.17 | Documentation—General Requirements

CBC Mortgage Agency requires that each loan conforms to and complies with all applicable HUD and FHA underwriting, lending, selling, and servicing requirements, as well as all Ginnie Mae requirements for the inclusion of the mortgaged loan in a Ginnie Mae MBS pool.  In addition to all FHA credit qualifying and documentation requirements, the loan must also include:

• An electronic fraud detection report covering standard areas of quality control, i.e., borrower validation, social security validation, property information, and MERS verification
• Compliance testing for adherence to QM/ATR, APR, and Points and Fees for the first mortgage
• The copy of the deed of trust, stamped as “True and Certified” by the settlement agent
• A completed tax information sheet
• The 4506-C address, set to match the last filed tax transcripts
• Verbal verification of employment within ten (10) calendar days of the Note date, per agency guidelines, and an independently obtained phone number or address for employer with source documented
• Evidence the FHA UFMIP has been paid
• A W-9 where borrowers have selected a Federal Tax Classification
• A Life of Loan flood certificate
• Closing Protection Letter (CPL)
• Final settlement ALTA statement, signed by the settlement agent
• 1-0 or 2-1 Buydown Escrow Agreement
• 1-0 or 2-1 Subsidy Payment Schedule

Additionally, the loan must be fully eligible for FHA insurance, and it must already be insured by HUD or will be insured by HUD within sixty (60) days of the purchase date for CBC Mortgage Agency.

The post Program Update Announcement December 4, 2023 appeared first on Chenoa Fund.

At a time when home prices and interest rates are placing homeownership increasingly out of reach for first-time buyers, access to down payment assistance (DPA) has never been more important or valuable. In fact, according to a 2023 Bankrate Financial Security Survey, 40% of potential homebuyers cited not being able to afford a down payment was a major reason they haven’t been able to buy a home.

Thankfully, the number of DPA programs available for today’s borrowers continues to expand. Yet for correspondent lenders, navigating the vast array of options can be challenging, particularly if they do business in multiple markets. But there is a way to make everything much easier—not just for lenders, but for borrowers as well.

An Expanding Down Payment Assistance Landscape

Right now, there are more than 2,000 DPA programs nationwide that provide a plethora of options to aspiring low- and moderate-income homeowners. Most of these programs are administered by various state, county and city governmental agencies. However, a growing number of large lenders have also launched 100% financing options aimed at making homeownership more affordable to those who lack purchasing power, sufficient savings for a down payment, or financial help from family members.

Today’s DPA programs vary enormously in terms of how the assistance is structured. For example, some programs offer grants that do not require repayment, while others provide low-interest loans or forgivable loans that can convert into grants if specific conditions are met over a defined period. Some programs are structured as repayable second mortgages, while others offer silent second loans that are deferred until the property is sold or refinanced.

While all these programs share a common goal of facilitating homeownership, they differ tremendously in terms of program details and what borrowers need to qualify. Some options, for example, involve specific requirements involving the borrower’s credit score or income. Some may have geographical constraints, while others may only apply to public employees, such as police officers or teachers. And therein lies the catch.

Sorting Through Multiple Options

While today’s expanding number of DPA programs is generally great news for first-time homebuyers, for correspondent lenders, keeping up with the different options and nuances requires significant time and effort. This is even more challenging at a time when most lenders are trying to cut costs.

For correspondents, maintaining compliance with multiple DPA programs while making sure their lending practices align with the unique stipulations of each program can be especially burdensome. For instance, while there are many different local government programs available, leveraging them is very difficult because lenders have to learn and train their staff on each individual program.

The eligibility criteria and application process for different DPA programs can change often as well, sometimes with little notice. Because the terms are often difficult to understand, simply communicating the details of different DPA programs and how they work to underserved borrowers is yet another hurdle.

So, while DPA programs create excellent opportunities to meet the need of underserved borrowers, managing multiple programs requires a lot of work and meticulous attention to detail. But there is a simpler path.

The Potential Advantages of a Nationwide Down Payment Assistance Provider

A growing number of correspondent lenders are discovering a great way to leverage DPA for first-time homebuyers is to partner with a nationwide (except New York) DPA provider like CBC Mortgage Agency and its Chenoa Fund DPA program. By working with CBC Mortgage Agency, which administers the Chenoa Fund, lenders only have one uniform set of DPA guidelines to meet, so they are easy to administer regardless of where a lender does business.

The Chenoa Fund DPA program also stands apart by offering an array of DPA that caters to a wide spectrum of low- and moderate-income buyers trying to achieve their homeownership dreams. Lenders also have the ability to set flexible pricing, plus we offer delegated underwriting for eligible correspondent lenders.

Our nationwide (except New York) reach and repository of expertise, support and borrower resources can be instrumental in not only meeting the diverse needs of today’s consumers, but they can help correspondent lenders earn credits under the Community Reinvestment Act, too.

At a time when origination costs continue to rise, leveraging the Chenoa Fund Down payment assistance program empowers lenders to consolidate and simplify their operational processes while gaining a unique competitive advantage in an otherwise challenging environment.

For more information on partnering with CBC Mortgage Agency, give us a call at 866-563-7572 or drop us a note at info@chenoafund.org.

CBC Mortgage Agency – NMLS 1186381

For licensing information, go to www.nmlsconsumeraccess.org.

Illinois Residential Mortgage License #MB.6761292. Illinois Department of Financial and Professional Regulation, Division of Banking, 555 W. Monroe St., Suite 500, Chicago, IL 60661 – 1-888-473-4858. This information is provided by CBC Mortgage Agency and intended for real estate and mortgage professionals only. It is not intended for public use or distribution. Terms and conditions of programs and guidelines are subject to change at any time without notice. This is not a commitment to lend. Equal housing opportunity.

The post Choosing the Right Down Payment Assistance Strategy in a World of Options appeared first on Chenoa Fund.

First rate reduction in company’s recent history will lower housing payments and bring more prospective homeowners into the fold

SOUTH JORDAN, Utah – November 14, 2023 – CBC Mortgage Agency (CBCMA), a federally chartered housing finance agency, is reducing its interest rate on repayable second mortgages used for its down payment assistance (DPA) program. For underserved and first-time homebuyers, the rate reduction will minimize the dual impact of significantly higher first mortgage interest rates and increased home prices to help create more homeownership opportunities.

The rate reduction aligns with the company’s mission to support families on their journey to homeownership. Lowering the cost of owning a home, especially on financing costs, can make a substantial difference for many borrowers, especially those in low-to-moderate income communities.

“We looked hard and long at how we could help solve the affordability problem in housing, which is locking many would-be homebuyers out of the market,” said CBCMA President Miki Adams. “Among the measures within our control is the note rate on our portfolio seconds. By meaningfully reducing our rate, more borrowers stand a better chance at qualifying.”

This initiative underscores CBCMA’s ongoing commitment as the leader in national down payment assistance programs that help homebuyers of all backgrounds become homeowners. Over the past decade, the company has assisted thousands of homebuyers, including many first-time and minority

borrowers. The company recently received approval to begin offering USDA loans, providing another powerful resource that is empowering low-to-moderate income buyers in rural areas to live the American Dream.

CBCMA plays a crucial role in the housing market by establishing consistent guidelines that may be offered across the country (except NY), making it easier for lenders to implement their program across all lending platforms, which benefits the borrower in the long run. Down payment assistance is essential for many families, and CBCMA’s programs, including its forgivable down payment assistance program, offer an alternative to those who do not have access to other forms of assistance, such as gifts from relatives.

“Homebuyers who are borderline eligible may find that even a small cut in their monthly housing payments is enough to shift from being renters to owners, opening the door to wealth accumulation through home equity,” said CBCMA’s Chief Operating Officer, Steve Stein.

Ultimately, the company hopes to facilitate more homeownership opportunities nationwide by lowering the interest rate on second mortgages.

About CBC Mortgage Agency

Founded in 2013, CBC Mortgage Agency is a Federally chartered housing finance agency. As a leading source of down payment assistance, the company helps low-to-moderate income consumers, often in minority neighborhoods, achieve the dream of homeownership. CBC Mortgage Agency, recognized as one of the Top 25 Companies in Mortgage & Servicing by MReport, is a wholly owned subsidiary of the Cedar Band Corp., a federally chartered tribal corporation founded by the Cedar Band of Paiute Indians. Visit chenoafund.org for more information.

The post CBC Mortgage Agency Reduces Interest Rates on Down Payment Assistance 2nd Mortgages appeared first on Chenoa Fund.

All policy changes and updates are referenced below in the appropriate section of the Correspondent Lending Guide. These policy changes apply to everyone using the Chenoa Fund down payment assistance program and are effective beginning November 13, 2023, unless otherwise noted. This announcement, and previous announcements are available on the Announcements page of our website.

Announcement: Interest Rate Reduction

Effective Monday, November 13, 2023, we are reducing the interest on all repayable second mortgages. For all loans locked on or after Monday, November 13, 2023, the interest rate on repayable second loans will have a rate matching the interest rate of the FHA first mortgage loan.

5.2 | FHA Offerings

5.2.1 Chenoa Fund Down Payment Assistance

This second mortgage product is paired with an FHA first mortgage. The product offers 3.5% or 5% down payment assistance to borrowers with an annual income of 135% or less of the AMI for the county or MSA in which they are purchasing a home. (An option is available to higher income borrowers that has no income limits.)  All FHA guidelines must be met, as well as Chenoa Fund overlays. This product can be repayable or forgivable.  Repayable down payment second loans have a 10-year term with an interest rate matching the interest rate on the first mortgage.

The post Program Guidelines Update Announcement November 13, 2023 appeared first on Chenoa Fund.

New Program Announcements November 2023 

All policy changes and updates are referenced below in the appropriate section of the Correspondent Lending Guide. These policy changes apply to everyone using the Chenoa Fund down payment assistance program and are effective beginning November 8, 2023, unless otherwise noted. This announcement, and previous announcements are available on the Announcements page of our website. 

Announcement: Updated Lock Policy 

8.2 | Lock Policy 

A complete closed loan package must be uploaded through CBC Mortgage Agency’s loan portal on or prior to the interest rate lock expiration date in order to meet the lock requirements. Locks that expire on the date of submission or within six (6) days after submission will be extended for seven (7) days from the loan submission date to allow for purchase loan conditions to be released and submitted by the correspondent. After a complete loan image is uploaded, the loan package will be reviewed and, if required, purchase conditions will be issued. We will give a (7) calendar day(s) extension before roll fees begin from the latter of the lock expiration or conditions out date. Roll fees will accrue at .025 per day (.175 per week). All roll fees will be withheld from the purchase advice.  

Locks that are canceled or that expire and remain expired for thirty (30) days or more are eligible for relock at current-day pricing. If a loan is locked and then canceled (or expired), and then a relock request is received within thirty (30) days of the original lock, the loan pricing will be the worse-case of the current day pricing for the remaining lock period of the original lock less a .375 reinstatement fee and the lock period will be the remaining time on the original lock.  

The lock is associated with the property address. If a borrower chooses to purchase a different property than was selected at the time of lock, the lock will need to be canceled and a new lock request submitted for the new property. 

8.2.1 Renegotiation Policy: 

• Per loan limit: one renegotiation per loan. 
• The interest rate must improve by at least 0.125%. 
• If the rate drops by 0.125%, the lender receives current market pricing less 37.5 bps. 
• If the rate drops by 0.25% or more, the lender receives current market pricing less 25bps. 
• The original commitment period and expiration date cannot move and must remain the same. 
• The renegotiation price is based on the rate sheet and LLPAs that are in effect when the request is received less any prior accumulated extension, relock or other fees. 

Announcement: Updated Wire Instructions 

Effective as of November 1, 2023, we have updated our wire instructions. This change effects the following sections of the lending guide. 

12.6 | Wiring Instructions (First Mortgages) 

Please send new wires to:  

Zions Bank 

Acct: CBC Mortgage Agency 

ABA#124000054 

Account # 985250646 

Please reference the borrower’s full name and Account #. 

12.6.2 Forwarded Payoffs—Payoff Clearing Beneficiary 

Please send new wires to:  

Zions Bank 

Acct: CBC Mortgage Agency 

ABA#124000054 

Account # 985250646 

Please reference the borrower’s full name and Account #. 

Announcement: New Mailing Address for Essex Servicing 

Please update your records to reflect the new mailing address for Essex Servicing. This mailing address is applicable for all documentation, including payments and correspondence, and affects the following sections in the guide:    

7.17.2 Documentation—Second Loan Requirements 

11.4.1 Goodbye Letter: FHA First Mortgages 

12.3.6 Repayable Second Mortgage Contract Servicer General Mailing Address 

12.5.3 Repayable Second Mortgage Payment Address 

12.7.2 All Repayable Second Mortgages 

New mailing address: 

Essex Mortgage 

1417 N Magnolia Ave 

Ocala, Fl 34475 

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