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 

The post Announcement: November 8, 2023 Program Guidelines Update appeared first on CBC Mortgage Agency.

Change Locks After Moving In

One of the most important tasks after purchasing a home is changing the locks. You never know how many people may have keys to the property. Previous homeowners, real estate agents, or even contractors could still have access. Replacing the locks immediately ensures that only you and your family have access to the home. You can choose to rekey the existing locks or install brand-new ones. A professional locksmith can recommend the best option based on your security needs and budget.

Key Takeaway: Changing locks is a simple but essential step to protect your new home from unauthorized access. It’s a small investment for peace of mind.

Interesting Fact

Did you know that nearly 40% of first-time homebuyers are surprised by hidden costs during the purchasing process, such as closing fees and home inspections? Being well-prepared for these unexpected expenses can help you avoid last-minute stress and make your home-buying journey much smoother!

Locksmith Services for Smart Locks

As technology advances, more homeowners are choosing smart locks for convenience and security. Smart locks allow you to control your home’s access with a smartphone app, making it easier to manage who enters your home. A locksmith can help you choose and install the right smart lock system based on your needs. Whether you want a keyless entry system or a lock that integrates with your home security system, a locksmith can provide expert guidance.

Interesting Fact: Smart locks not only add convenience but can also help track who enters and exits your home, increasing overall security.

Install a Deadbolt for Extra Security

Many homes come with basic locks that provide minimal security. To enhance the safety of your home, consider installing a deadbolt. Deadbolts are more secure than standard locks and make it harder for intruders to break in. A locksmith can install a high-quality deadbolt, making your home more resistant to forced entry. In some cases, a locksmith may recommend installing additional security features, such as a smart lock or keypad system.

Interesting Fact: Deadbolts reduce the risk of break-ins by 50%, making them a valuable addition to any home security plan.

Security Assessment by a Locksmith

Before settling into your new home, it’s a good idea to have a professional locksmith conduct a security assessment. This involves evaluating the current locks, doors, windows, and other entry points to identify vulnerabilities. A locksmith can also suggest security upgrades, like reinforcing doors or installing window locks, to help prevent break-ins. Having this expert opinion will ensure that your home is as secure as possible from day one.

Key Takeaway: A security assessment offers peace of mind by identifying potential weak spots in your home’s defenses and recommending solutions tailored to your needs.

When to Call a Locksmith for Emergency Services

There are times when you might need a locksmith immediately, such as during a lockout or if you lose your keys. Emergency locksmiths are available 24/7 to help in these situations. It’s a good idea to have a reliable locksmith’s contact information saved in case of an emergency. Whether you’re locked out of your home or need to change the locks urgently, a professional locksmith can respond quickly and resolve the issue.

Conclusion

Hiring a locksmith is an essential step for homebuyers to ensure the security of their new property. From changing the locks after moving into installing deadbolts and smart locks, locksmith services provide critical solutions for safeguarding your home. In addition, a professional locksmith can offer a security assessment to identify and address any weak points in your home’s defenses. Whether you need emergency services or want to upgrade your locks, having a trusted locksmith on call is crucial for peace of mind. By taking these security measures, you can rest easy knowing your home is protected.

Remember, security isn’t just about locking the door; it’s about making sure the right people have access and the wrong ones don’t. Be proactive and hire a locksmith early in the home-buying process to avoid potential risks and enjoy your new home with confidence.

The post Homebuyers’ Tips: When and Why to Hire a Locksmith appeared first on CBC Mortgage Agency.