{"id":8945,"date":"2019-06-26T17:52:52","date_gmt":"2019-06-26T17:52:52","guid":{"rendered":"https:\/\/chenoafund.org\/?p=8945"},"modified":"2026-03-17T18:24:01","modified_gmt":"2026-03-17T18:24:01","slug":"mers-requirements-announcement-sent-on-06-25-19-6-26-19","status":"publish","type":"post","link":"https:\/\/chenoafund.org\/mers-requirements-announcement-sent-on-06-25-19-6-26-19\/","title":{"rendered":"MERS Requirements Update: Announcement Sent 06\/25\u201306\/26\/2019"},"content":{"rendered":"
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Announcement 1:<\/strong><\/p>\n

It has come to CBC Mortgage Agency\u2019s attention that some of our correspondents are having issues with certain parts of our MERS requirements. This announcement is to address these issues and remind all correspondents of our required MERS process. Below are CBC\u2019s expectations of all correspondents.<\/p>\n

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    1. Correspondents should generate a unique MIN number for both the 1st and 2nd liens, and include those on the closing documents.<\/li>\n
    2. All 1st and 2nd MINs must be sent within 3 days of purchase. Every day after 3 business days will incur a $10 late fee for each loan not sent.<\/li>\n
    3. Following the sale of the first mortgage to CBC, the 2nd mortgage MIN must be registered in MERS. When registering the 2nd MIN:<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n

      – The loan can either be registered directly into CBC\u2019s name, or transferred via a TOS\/TOB batch. Both the servicing and investing rights must be sent<\/p>\n

      – The 2nd lien MIN should be selected as a \u201c2nd lien\u201d, not a first, during the process of registering the MIN in MERS.<\/p>\n

      – The 2nd MIN registered in MERS must match the 2nd Mortgage documents. Please check the documents to confirm the 2nd MIN number is the same as the one that is being registered.<\/p>\n<\/div>\n

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      Announcement 2:<\/strong><\/p>\n

      Subject: CORRESPONDENT UPDATE: Take Survey and Sign Petition<\/p>\n

      Can you please assist CBC Mortgage Agency by taking 2 minutes or less to fill out a short survey and sign a petition in support for withdrawal of the HUD Mortgagee Letter 2019-06.<\/p>\n

      Step 1. Click on the following link.<\/p>\n

      HUD Mortgagee Letter 2019-06<\/a><\/p><\/blockquote>\n