Clients will now find the following:

Purchase Conditions: A tab for any deficiencies that must be cleared prior to CBC Mortgage Agency purchasing the first lien. 

Post Purchase Conditions: A new tab for any deficiencies that need to be cleared for investors or any items post purchase for CBC Mortgage Agency. If items are in this tab before CBC Mortgage Agency has purchased the loan, they do not need to be cleared prior to purchase.

Servicing: A new tab where a copy of the goodbye letter for the transfer of the first lien to CBC Mortgage Agency may be found.

QC Conditions: Any deficiencies found in a quality control audit that need to be cleared. 

A training video on this new process is available in the micro training section of the Client Access Portal. Please note you will only be able to access the training if you have a login to CAP. 

If you have any questions on this new process, please contact Director of Operations, Dianah Hart, dianah.hart@chenoafund.org or Purchase Clearing team, purchaseclearing@chenoafund.org.

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The post Program Guidelines Update: Early Payment Default Policy appeared first on CBC Mortgage Agency.

Tax amounts that are due within thirty (30) days of the Purchase Date must be paid by the Seller with evidence of the tax payment provided to CBCMA. 

This announcement affects the following sections in the Seller Guide: 

6.12 | Real Estate Taxes Due the Following Month After Loan Purchase 

All tax amounts that are due and payable at closing must be paid at closing. If taxes are due and the tax bill has not been released, the Settlement Statement must show monies held for later payment by the title company/closing attorney. Documentation must be included in the loan file when submitted for purchase. 

Tax amounts that are due within thirty (30) days of the Purchase Date must be paid by the Seller with evidence of the tax payment provided to CBCMA. 

All policy changes and updates are referenced below in the appropriate section of the Correspondent Seller Guide. These policy changes apply to everyone using the Chenoa Fund down payment assistance program and are effective beginning 12/15/2025, unless otherwise noted. 

The post 12/15/25 Program Guidelines Announcement: Tax Disbursements appeared first on CBC Mortgage Agency.

The post Expanded Rate Sheet Pricing Announcement 11/7/2025  appeared first on CBC Mortgage Agency.

This announcement affects the following sections in the Seller Guide:

4.2.1 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. 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 1% higher than the interest rate on the first mortgage.

The forgivable option has a 30-year term, no interest rate, and no monthly payments.

All policy changes and updates are referenced below in the appropriate section of the Correspondent Seller Guide. These policy changes apply to everyone using the Chenoa Fund down payment assistance program and are effective beginning 04/01/2025, unless otherwise noted.

The post Interest Rate Update: Program Guidelines – Effective 02/24/25 appeared first on CBC Mortgage Agency.

4.27.17 Disaster Certificates 

All FHA: In counties that have been deemed disaster areas by FEMA (Federal Emergency Management Agency), CBCMA will require a 1004D disaster certificate, with exterior photos required. Per FHA the certificate must be dated after the incident period. Appraisals performed prior to the incident end date or within up to 14-days from the incident start date, whichever is earlier: a disaster certification is required. 

It is solely the Seller’s responsibility to be aware of and act upon any mortgage loans that were, prior to the sale to CBCMA, impacted by disasters. The Seller should contact the appropriate source (e.g., a state office, regional Federal Emergency Management Agency (FEMA) office, news agency, etc.) to determine whether properties located in its origination regions are included in a disaster area. 

CBCMA’s Disaster Policy applies to any of the following: 

• FEMA-declared disaster areas eligible for Individual Assistance 

• Areas identified by CBCMA 

• Properties that the Seller has reason to believe sustained damage in a disaster 

CBCMA does not have the responsibility to provide notification to the seller of disaster areas and will not purchase a loan if it is damaged. If, at any time after loan purchase, CBCMA or a subsequent investor determines that the subject property was damaged and not in fully marketable condition at time of sale, the loan may be subject to repurchase. 

The post FEMA Designated Disaster Area Guidelines 10/02/24 appeared first on CBC Mortgage Agency.

Correspondent Lending Guide is now known as the Correspondent Seller Guide.
Please kindly note that our Correspondent Lending Guide will now be known as the Correspondent Seller Guide.
This update reflects our ongoing commitment to providing clear and relevant information to our partners. While the
name has changed, the comprehensive information and support you rely on remain the same. Please update your
records accordingly.

Single-wide units are allowed for manufactured housing.
We now allow single-wide units according to FHA guidelines. This change effects the following sections of the
Correspondent Seller’s Guide:

4.5 | First Mortgage

The mortgage type must be FHA 203 (b) 1–2 units, primary residence only. The following property types are
allowed: SFR, PUD, townhome, condo, attached, detached, modular, and manufactured. (Note that manufactured
homes must meet the requirements outlined in Section 5 [Manufactured Housing] of this guide.)

Addendum A Supplement to Correspondent Mortgage Loan Purchase Agreement added to Correspondent
Seller Guide.

To align our Correspondent Loan Purchase Agreement with the Correspondent Seller Guide, we have added Addendum A Supplement to Correspondent Mortgage Loan Purchase Agreement. This Addendum incorporates our
standard Representations and Warranties into the Correspondent Seller Guide.

Update to address and support email for Third-Party Vendor for sending Trailing Documents.
Our Third-party vendor, DocProbe, has updated the address and support email for trailing documents. Please see
below for updated information:

The post Program Guidelines Updates and Announcements 08/09/24 appeared first on CBC Mortgage Agency.

Announcement: Update to Mortgagee Clause for 2nd Lien, Repayable Loans 

The Mortgagee Clause for all 2nd liens must read: 

CBC Mortgage Agency, ISAOA/ATIMA 

c/o Midwest Loan Services 

P.O. Box 690748 

San Antonio, TX 78269 

Announcement: Update to Early Payment Default Policy 

There is an “Early Payment Default” with respect to any Mortgage Loan when:  

• The first payment due Purchaser becomes thirty (30) days or more delinquent. 

• Any of the second through sixth payments become sixty (60) days or more delinquent. 

A payment is considered delinquent if a payment is not received within thirty (30) days of the due date designated on the mortgage note (first or second), including escrows or other amounts required to be paid, on or prior to the last day of the calendar month in which such Monthly Payment is due Purchaser.  Aa payment for which Purchaser deducted funds at the time it purchased the Mortgage Loan from Seller shall not be considered the first payment due Purchaser. 

In the event of an Early payment Default, at CBC Mortgage Agency’s option,, CBC Mortgage Agency  may require Seller to: (1) repurchase the related Mortgage Loan; or (2) pay CBC Mortgage Agency the Premium for such Mortgage Loan and any related costs and expenses actually incurred by CBC Mortgage Agency as a result of the Early Payment Default of the Mortgage Loan provided that if CBC Mortgage Agency chooses option (2) and a Subsequent Transferee requires a repurchase of the Mortgage Loan due to an Early Payment Default, CBC Mortgage Agency may still require Seller to repurchase the related Mortgage Loan at the Repurchase Price minus any amounts paid pursuant to option  (2). Whether CBC Mortgage Agency chooses option (1) or option (2), in addition to the premium paid for such Mortgage Loan, related costs and expenses charged to Seller shall be limited to expenses that are actually incurred by CBC Mortgage Agency.    

Announcement: Interest Credit Option 

Please note the following update to the Interest Credit Option: Loans disbursed on or before the seventh (7th) day of the current month may use an interest credit option. This change affects the following sections in the correspondent lending guide:  

6. | Origination Through Closing

Section 6.5 | Interest Credit Option 

Section 6.11.3 | Per Diem Interest and Interest Credits 

Announcement: Flood zones removed from ineligible features and properties for manufactured housing.  

This change affects the following sections in the correspondent lending guide: 

5. | Manufactured Housing

      5.2.5 | Ineligible Features and Properties 

In addition to the announcements noted above, there are a number of small updates to sections 10 and 11 in the correspondent lending guide. Please see the changes to our guidelines in the following sections that reflect updated information and addresses: 

     10 | Servicing 

10.1 | First and Early Payment Defaults 

10.4 | Transfer of Servicing 

10.4.1 Information for Goodbye Letter 

   11 | CBC Mortgage Agency Key Contact Information 

11.3.3 FHA 1st Mortgage Servicer General Contact Information 

11.3.4 FHA 1st Mortgage Servicer General Mailing Address 

11.3.5 Servicer Contact and Mailing Information for Repayable Second Mortgage  

11.4 | Shipping Addresses 

11.4.3 Mortgagee Clause for FHA First Mortgages 

11.4.4 Mortgagee Clause for Repayable, 2nd Liens 

11.5 | Borrower Payment Addresses 

11.5.2 Repayable Second Mortgage Payment Address 

11.5.3 Forgivable Second Mortgage Payment and Overnight Address 

11.6 | Wiring Instructions 

11.6.3 Forwarded Payments and Payoffs for 2nd Lien, Repayable Loans 

The post Program Guidelines Update Announcement 06/17/2024 appeared first on CBC Mortgage Agency.

Announcement: Update to Mortgagee Clause Address

Our guidelines have been updated in the following sections to reflect the updated address for the mortgagee clause:

10.4.2 Goodbye Letter: Repayable Second Mortgages

11.4.3 Mortgagee Clause (FHA First Mortgages)

The updated information is:

Mortgagee Clause Info (Repayable, 2nd Liens Only)

LENDER/SERVICER, ISAOA/ATIMA

c/o Midwest Loan Services

P.O. Box 690748

San Antonio, TX 78269

The post Program Guidelines Update Announcement 05/10/2024 appeared first on CBC Mortgage Agency.

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 CBC Mortgage Agency.