20-10-02 Announcement—Quick Guidelines Update: Real Estate Taxes Due

October 2, 2020

Section 7.18 of the Correspondent Lending Guide has been updated to the following:

7.18 | Real Estate Taxes Due

All escrow disbursements (based on the IEADS provided to the borrower at closing) due the month following the loan purchase must be paid prior to loan purchase with evidence of payment documented (a copy of a check or a paid receipt) and an updated pay history. For example, if a loan is to be purchased in October and taxes are due in November, the November taxes must be paid prior to CBC Mortgage Agency purchasing the loan. An exception to this rule will be granted if a tax bill is not yet released.

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CBC Mortgage Agency
NMLS: 1186381
912 W. Baxter Drive, Suite 150
South Jordan, Utah 84095

Main: 866-563-3507
Servicing: 866-563-7572
Fax: 435-237-0022
NMLS 1186381. CBC Mortgage Agency is not affiliated with or acting on behalf of the FHA, VA, or USDA. CBC Mortgage Agency provides down payment assistance and does not originate mortgage loans. This site is for information purposes and is used by licensed industry professionals. The site and the information contained therein is not a solicitation to lend money to consumers. 

For licensing information, go to: www.nmlsconsumeraccess.org.
Licensees must also post their license number and the address and telephone number of the Commissioner: Illinois Department of Financial and Professional Regulation, Division of Banking, 100 West Randolph, 9th Floor, Chicago, IL 60601 1-888-473-4858. Georgia Residential Mortgage Licensee, License # 1186381