{"id":10390,"date":"2021-03-15T14:40:06","date_gmt":"2021-03-15T14:40:06","guid":{"rendered":"https:\/\/chenoafund.org\/?p=10390"},"modified":"2024-06-12T18:35:06","modified_gmt":"2024-06-12T18:35:06","slug":"21-03-15-announcement-march-15-2021-program-guidelines-update","status":"publish","type":"post","link":"https:\/\/chenoafund.org\/21-03-15-announcement-march-15-2021-program-guidelines-update\/","title":{"rendered":"21-03-15 Announcement\u2014March 15 2021 Program Guidelines Update"},"content":{"rendered":"\r\n<p><strong>All policy changes and updates are referenced to the appropriate section below. These policy changes are effective 03\/15\/2021 unless otherwise noted.<br \/>Additionally, CBCMA has compiled all of its announcements related to COVID-19 into one section immediately following the Recent Updates and Announcements section. To review the program guidelines changes made March 1, 2021, or earlier, please follow <a href=\"https:\/\/chenoafund.org\/lender\/archive-program-guidelines\/\">this link<\/a> to the archived Program Guidelines.<\/strong><\/p>\r\n\r\n\r\n\r\n<p>CBC Mortgage Agency will no longer be allowing reverse bailees, although certain exceptions may be allowed (for example, if you work with a warehouse bank that is only able to process reverse bailees, an exception may be granted). If an exception is granted and a reverse bailee is allowed, the note for both mortgages must be delivered to CBCMA within three days after the reverse bailee is received.<\/p>\r\n\r\n\r\n\r\n<p>This update affects the following sections: miscellaneous<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>5.34.7 (Required Documents): CBCMA does not normally allow reverse bailees. In the event that an exception is granted, the notes for both mortgages using a reverse bailee must be delivered to CBCMA within three (3) days after the reverse bailee is received.<\/li>\r\n<li>7.19 (Mortgage and Note): CBCMA does not normally allow reverse bailees. In the event that an exception is granted, the notes for both mortgages using a reverse bailee must be delivered to CBCMA within three (3) days after the reverse bailee is received.<br \/>The text in sections 7.22.2 (Second Loan Documentation Requirements) and 10.1 (Collateral Package Documents) remain unchanged. Both state that the notes for both mortgages must be delivered within three days of reverse bailee delivery if a reverse bailee is used.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p>Please note that a 0.25 hit will be applied to exceptions granted by the CBCMA Exceptions Desk; this does not apply to escrow holdbacks. This hit will only affect loans where the borrower has a FICO score ranging from 620 to 659. These clarifications affect the following sections:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>5.16 (Alternative Qualification Requirements): Additional exceptions may be considered on a case-by-case basis by our Exceptions Team. Exception requests should be submitted while registering a loan on the client site; for loans already registered, use the Exceptions Request Form. (Exceptions place a non-cumulative hit of 0.25 on loans where the borrower has a FICO score ranging from 620\u2013659.) Gift funds may not be used to meet the PITI reserves requirement. All borrowers on a loan must meet alternative qualification requirements if alternative qualification requirements are used to qualify for a Chenoa Fund product.<\/li>\r\n<li>5.34.10 (Escrow Holdbacks): Prior, written approval by CBC Mortgage Agency is not required unless a true exception to this policy is required. It is preferred that exception requests be submitted through the client site while registering a loan. When this isn\u2019t an option, it is preferred that exception requests be submitted through the Exception Request Form. (The exception hit of 0.25 does not apply to escrow holdbacks.)<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p>A new sub-section was added to section 7.1. This new sub-section, 7.1.1. is titled \u201cConventional First Mortgage Pre-Registration,\u201d and contains the following text:<br \/>Under \u201cLoan Information,\u201d the following Special Feature Code codes should be entered: 127, 118.<br \/>At this time CBCMA is not approved for HFA products. We cannot accept loans with the special product code \u201cHFA Preferred.\u201d<\/p>\r\n\r\n\r\n\r\n<p>The Rate Advantage program was recently updated so that the Rate Advantage second mortgage had a 6% interest rate. This update has been reflected in sections 5.3.2 (Rate Advantage Program) and 5.6 (Brief Description of DPA Product Types).<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>All policy changes and updates are referenced to the appropriate section below. These policy changes are effective 03\/15\/2021 unless otherwise noted.Additionally, CBCMA has compiled all&#8230;<\/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":[338],"class_list":{"0":"post-10390","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-updates-and-announcements","7":"tag-program-guidelines-update"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>21-03-15 Announcement\u2014March 15 2021 Program Guidelines Update - CBC Mortgage Agency<\/title>\n<meta name=\"description\" content=\"Stay updated with the latest program guidelines from Chenoa Fund as of March 15, 2021, empowering your journey towards homeownership.\" \/>\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\/21-03-15-announcement-march-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=\"21-03-15 Announcement\u2014March 15 2021 Program Guidelines Update - 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