{"id":12276,"date":"2022-03-03T16:22:54","date_gmt":"2022-03-03T16:22:54","guid":{"rendered":"https:\/\/chenoafund.org\/?p=12276"},"modified":"2024-06-11T15:59:00","modified_gmt":"2024-06-11T15:59:00","slug":"12276-2","status":"publish","type":"post","link":"https:\/\/chenoafund.org\/12276-2\/","title":{"rendered":"22-03-03 Announcement\u2014March 3 2022 Program Guidelines Update"},"content":{"rendered":"\r\n<p><strong>03\/03\/2022<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Version 11.12<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>All policy changes and updates are referenced below to the appropriate section of the CLG. These policy changes are effective 03\/03\/2022 unless otherwise noted.<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>To review the program guidelines changes made February 17, 2022, or earlier, please follow <a href=\"https:\/\/chenoafund.org\/lender\/archive-program-guidelines\/\">this link<\/a> to the archived Correspondent Lending Guides.<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>These updates apply to everyone using the Chenoa Fund program\u2014correspondents and TPO.<\/strong><\/p>\r\n\r\n\r\n\r\n<p><mark class=\"has-inline-color has-white-color\" style=\"background-color: rgba(0, 0, 0, 0);\">.<\/mark><\/p>\r\n\r\n\r\n\r\n<p><strong>Announcements<\/strong><\/p>\r\n\r\n\r\n\r\n<p>CBCMA would like to remind all correspondents that the subject property addresses on the 1st and 2nd Notes, as well as the Allonge, must match exactly. For example, if \u201cDrive\u201d is abbreviated to \u201cDr\u201d on the 1st Note but not the 2nd, this does not meet the standard of matching exactly and one of these Notes would need to be updated.<\/p>\r\n\r\n\r\n\r\n<p><mark class=\"has-inline-color has-white-color\" style=\"background-color: rgba(0, 0, 0, 0);\">.<\/mark><\/p>\r\n\r\n\r\n\r\n<p><strong>Guidelines Updates<\/strong><\/p>\r\n\r\n\r\n\r\n<p>Chenoa Fund overlays were relaxed on the Standard Conventional product with 90\u201395% LTV in the following areas:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>5.25 (Non-occupant Borrowers): Standard Conventional: Allowed per FNMA guidelines for loans with a 90\u201395% LTV.<\/li>\r\n<li>5.30 (Private Mortgage Insurance [MI] Coverage): Standard Conventional: Per FNMA guidelines. No HFA.<\/li>\r\n<li>5.34.13 (Additional Properties Owned): Standard Conventional: Allowed per FNMA guidelines for loans with a 90\u201395% LTV.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p><mark class=\"has-inline-color has-white-color\" style=\"background-color: rgba(0, 0, 0, 0);\">.<\/mark><\/p>\r\n\r\n\r\n\r\n<p>Section 5.12 (Undisclosed Debt Monitoring and Soft-Pull Credit Refreshes) were updated to clarify that dates must be based off the disbursement date, not the Note date.<\/p>\r\n\r\n\r\n\r\n<p><mark class=\"has-inline-color has-white-color\" style=\"background-color: rgba(0, 0, 0, 0);\">.<\/mark><\/p>\r\n\r\n\r\n\r\n<p>Section 5.34.15 (Appraisal Overlays) were updated to include the following:<\/p>\r\n\r\n\r\n\r\n<p>All FHA Programs: CBCMA does not purchase loans with a Condition rating of C5.<\/p>\r\n\r\n\r\n\r\n<p><mark class=\"has-inline-color has-white-color\" style=\"background-color: rgba(0, 0, 0, 0);\">.<\/mark><\/p>\r\n\r\n\r\n\r\n<p>Section 7.22 (Documentation\u2014General Requirements) had text regarding UDMs or soft credit pulls updated to the following:<\/p>\r\n\r\n\r\n\r\n<p>\u201cEvidence of borrowers enrolled in a credit monitoring service (UDM) through disbursement with the results, or, alternatively, a tri-merge\/three bureau soft-pull credit report within ten (10) days of disbursement\u201d<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>03\/03\/2022 Version 11.12 All policy changes and updates are referenced below to the appropriate section of the CLG. These policy changes are effective 03\/03\/2022 unless&#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":[188,334],"class_list":{"0":"post-12276","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-updates-and-announcements","7":"tag-cbc-mortgage-agencys-chenoa-fund","8":"tag-program-guidelines"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>22-03-03 Announcement\u2014March 3 2022 Program Guidelines Update - CBC Mortgage Agency<\/title>\n<meta name=\"description\" content=\"Access policy changes that apply to everyone using the Chenoa Fund down payment assistance program and are effective beginning 3\/03\/2022.\" \/>\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\/12276-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"22-03-03 Announcement\u2014March 3 2022 Program Guidelines Update - 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