{"id":10198,"date":"2021-01-15T16:21:53","date_gmt":"2021-01-15T16:21:53","guid":{"rendered":"https:\/\/chenoafund.org\/?p=10198"},"modified":"2026-03-17T14:34:17","modified_gmt":"2026-03-17T14:34:17","slug":"21-01-15-announcement-january-15-2021-program-guidelines-update","status":"publish","type":"post","link":"https:\/\/chenoafund.org\/21-01-15-announcement-january-15-2021-program-guidelines-update\/","title":{"rendered":"Program Guidelines Update \u2013 January 15, 2021 | Chenoa Fund"},"content":{"rendered":"

01\/15\/2021<\/strong><\/h2>\n

All policy changes and updates are referenced to the appropriate section below. These policy changes are effective 01\/15\/2021 unless otherwise noted.<\/strong><\/p>\n

Additionally, CBCMA has compiled all of its announcements related to COVID-19 into one section immediately following the Recent Updates and Announcements section in the Correspondent Lending Guide. To review the program guidelines changes made January 4, 2021, or earlier, please follow <\/strong>this link<\/strong><\/a> to the archived Program Guidelines.<\/strong><\/p>\n

Over the last couple of weeks, CBC Mortgage Agency has announced loan servicing changes that will create a better borrower experience: Essex Mortgage has been contracted to sub-service FHA and repayable second mortgage loans\u00a0delivered to\u00a0CBC Mortgage Agency.<\/strong> We would like to clarify that\u00a0this change only affects our FHA products and our repayable second mortgages.\u00a0Conventional first mortgages and\u00a0forgivable second mortgages will still be transferred to CBC Mortgage Agency for servicing.<\/strong> Minor textual changes in the Program Guidelines have been added to make this more clear.<\/p>\n

Additionally,\u00a0<\/strong>CBC Mortgage Agency will still be your point of contact for any Escrow concerns<\/strong>,\u00a0or concerns\u00a0regarding the Purchase Advice,\u00a0balances, etc. CBC Mortgage Agency will be your intermediary for Essex Mortgage.<\/p>\n

The following paragraph was added to section 2 (Why Use Chenoa Fund?):<\/p>\n

In addition, CBCMA offers exceptional customer service. As part of our commitment, we offer a variety of resources to help answer your questions and to assure a smooth experience. For instance, our Scenario and Exception teams are available for video conferencing and screen sharing, and they can walk you through second mortgage input.<\/p>\n

The following sections and documents were changed to emphasize that the Note needs to be received (by CBCMA) within 3 days of purchase if the mortgage loan is using a reverse bailee:<\/p>\n

    \n
  1. 34.7 (Required Documents): [line added at end] The notes for mortgages using a reverse bailee must be delivered to CBCMA within three (3) days after the reverse bailee is received.<\/li>\n
  2. 19 (Mortgage and Note): [line added at end] For mortgages using a reverse bailee, the note must be delivered to CBCMA within three (3) days after the reverse bailee is delivered.<\/li>\n
  3. 22.2 (Second Loan Documentation Requirements): [middle bullet point edited] 2nd<\/sup> Lien Note\u2014payment address for repayable 2nds must reflect CBCMA\u2019s servicing address shown above; must be delivered to CBCMA within three (3) days of reverse bailee delivery if reverse bailee is used<\/li>\n
  4. 10 (Final Documents): [line added at end of 2nd<\/sup> to last paragraph] (However, the notes for both mortgages must be delivered within three [3] days of reverse bailee delivery if a reverse bailee is used.)<\/li>\n
  5. Loan Delivery Checklist: [bullet point edited] Note with Allonge, 1st<\/sup> and 2nd<\/sup> (2nd<\/sup> to be endorsed to CBCMA; must be delivered within 3 days of reverse bailee delivery if reverse bailee is used)<\/li>\n<\/ol>\n

    The following line was added to Section 5.17 (Present Housing Expense & Verification of Housing Payment), fourth paragraph and following the first sentence:<\/p>\n

    (This gap may be included in the 12-month verification of housing payment or expense.)<\/p>\n

    The following bullet point was added to section 5.34.9 (Ineligible Features):<\/p>\n

      \n
    1. Illegal Accessory Units (please follow all HUD guidelines and all zonings laws on allowable features)<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

      01\/15\/2021 All policy changes and updates are referenced to the appropriate section below. These policy changes are effective 01\/15\/2021 unless otherwise noted. Additionally, CBCMA has…<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[104],"tags":[433],"class_list":{"0":"post-10198","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-updates-and-announcements","7":"tag-chenoa-fund-program-guidelines"},"yoast_head":"\nProgram Guidelines Update \u2013 January 15, 2021 | Chenoa Fund - CBC Mortgage Agency<\/title>\n<meta name=\"description\" content=\"Discover the latest updates to the Chenoa Fund program guidelines announced on January 15, 2021, enhancing homeownership opportunities.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/chenoafund.org\/21-01-15-announcement-january-15-2021-program-guidelines-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Program Guidelines Update \u2013 January 15, 2021 | Chenoa Fund - 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