February 3, 2020: Chenoa Fund Correspondent Newsletter

In the newsletter we will provide you with important information about Chenoa Fund. In this issue you will find:

  1. FHFA Announcement
  2. Program Guidelines 8.2 Published on January 15, 2020
  3. CBC Mortgage Agency on the Road
  4. Chenoa Fund News Releases
  5. Chenoa Fund in the News
  6. Chenoa Fund Blog Posts
  7. Marketing Resources Have Four Versions

FHFA Announcement

FHFA makes annual adjustments to the Conventional Loan Limits, and the 2020 Conventional Loan Limits have been announced. Additionally, HUD also announced that they were updating the FHA loan limits in 2020. Accordingly, CBCMA would like to formally confirm that we will be adhering to the updated 2020 Conventional Loan Limits as well as the updated 2020 FHA Loan Limits.

 

Program Guidelines 8.2 Published on January 15, 2020

CBC Mortgage Agency officially published its monthly update to the Program Guidelines on January 15, 2020

All previous guidelines can be found under Archive: Program Guidelines.

 

CBC Mortgage Agency On The Road

CBC Mortgage Agency went coast to coast this month meeting with new lenders, realtors, and homebuyers!

The first stop was Sacramento, CA, for our homebuyer event in conjunction with the UHOUSI project. With over 60+ interested homebuyers in attendance, there were several speakers who touched on the different aspects of making the leap to homeownership. CBCMA’s Tai Christensen spoke about how using down payment assistance makes the American Dream of homeownership possible.

 

Pastor Gouddeaux speaking to potential home buyers on down payment assistance

 

Next up, the team headed to Las Vegas for the IBS (International Home Builders Show). Corporate Account Executives’ Dominique and Emenyo met with home builders from all over the country and worked with them on how to offer Chenoa Fund to their buyers. We saw heavy attendance from Ohio, Texas, Georgia, Florida, and many more states from the south.

 

 

Our final stop for the month was the Big Apple for Inman Connect. A conference built for realtors, this show was amazing! With friends like Finance of America, Direct Link, and many others, it was great to meet with realtors from all over the country and educate them on the program. We connected with Presidents from each state from the National Association of Realtors and are looking forward to working with them to provide training on how to better equip their realtors with down payment assistance options.

 

 

We had a busy month on the road, but we’re excited to head to the following in February:

  • National Association of Realtors Affordability Forum (Washington, DC)
  • National Association of Registered Agents and Brokers (Las, Vegas, NV)

 

Have an event or training you think we should be at? Let us know at lendermarketing@chenoafund.org!

 

Be sure to follow our instagram to keep up with all the things happening at CBCMA!
(@chenoafundofficial)

Chenoa Fund News Releases

CBC Mortgage Agency made the following press releases over the past several weeks.

 

January 14, 2020-Press Release: CBC Mortgage Agency Applauds Congressional Black Caucus and Hispanic Caucus Letter Encouraging HUD to collect Individual FHA Loan Performance Data

 

December 23, 2019-Press Release: Cedar Band of Paiutes Lauds Bipartisan Letter Urging HUD to Follow Longstanding Tribal Consultation Policy

 

December 12, 2019-Press Release: Cedar Band of Paiutes Applauds New Resolution Calling for HUD to Consult with Tribes

 

December 10, 2019-Press Release: Cedar Band of Paiutes Applauds Sen. Tom Udall’s Remarks Reinforcing Sanctity of Tribal Consultations

 

December 9, 2019-Press Release: CBC Mortgage Agency Lauds Chairman Lacy Clay’s Questioning on Down Payment Assistance

Chenoa Fund in the News

The following articles have mentioned Chenoa Fund and/or CBC Mortgage Agency in the past several weeks.

 

January 29, 2020-MReport: Mortgage Agency Celebrates Five Years of Service

 

January 27, 2020-National Mortgage Professional Magazine (NMP): CBC Mortgage Agency Celebrates Five Year Anniversary

 

January 23, 2020-Whittier Daily News: FHA Commissioner Montgomery, leave down payment assistance alone

 

January 23, 2020-Orange County Register: FHA Commissioner Montgomery, leave down payment assistance alone

 

January 3, 2020-Mortgage Bankers Association (MBA): CBC Mortgage Agency Releases National Down Payment Assistance Study

 

December 22, 2019-Banker & Tradesman: Odd Lots: Don’t Let Clients Go Radio Silent

Chenoa Fund Blog Posts

January 30, 2020: As Seen in the Chrisman Report

 

January 29, 2020: How to Help Renters become Homebuyers with Down Payment Assistance

 

January 29, 2020: How to Spend $1 A Day to Generate More Mortgage Leads

 

January 29, 2020: How Realtors Can Spend $1 A Day to Generate More Leads

 

January 29, 2020: Five Tips on How to Engage Potential Hispanic Homeowners

 

January 24, 2020: Ten Questions Homebuyers Ask When Choosing a Loan Officer

Marketing Resources Have Four Versions

Chenoa Fund has created a variety of high-quality marketing materials (Click for Marketing Resources), including postcards, flyers, door hangers, and yard signs that you can use for creating interest in CBC Mortgage Agency (CBCMA) products and programs. Each PDF for Lenders has four versions that provide you with space for entering your contact information. Information includes:

  • Lending Partner
  • NMLS
  • Branch Location
  • Loan Officer
  • Phone
  • Email

This example shows the version that can include both lender and realtor information.

 

Click to download example on a program flyer.

CF3-Flyer-EdgeSoftSecond-LenderRealtorV1-printer_0319

 

The post February 3, 2020: Chenoa Fund Correspondent Newsletter appeared first on Chenoa Fund – Down Payment Assistance.

Five Tips on How to Engage Potential Hispanic Homeowners

The homeownership rate for Hispanics has jumped recently, a fact that could buoy the housing market for years, according to a recent Wall Street Journal1 article.

 

The homeownership rate of Hispanics is on the rise, according to a recent Wall Street Journal article. It was only three years ago that homeownership for this group was at a fifty-year low. Today, census data shows that it has risen 3.3%, which surpasses the homeownership growth rate of 1.3%. Further, while Hispanics account for only 18% of the U.S. population, they accounted for 65% of the homeowner gains. 

 

Some key factors in the gain were attributed to the Hispanic gains in income, education, and understanding of the U.S. mortgage market, as well as the increasing population of Millennial homebuyers. Some challenges that face Hispanic and other minority groups have been the lack of starter-home inventory and home affordability in concentrated areas. Despite what the WSJ describes as “a growing population of young Latinos increasingly eager to buy homes,” homeownership rates for this group remain well below non-Hispanics—47%, compared with the non-Hispanic 73%, in the first quarter of the year. The latest National Association of Hispanic Real Estate Professionals (NAHREP) State of Hispanic Homeownership Report, says this group accounts for 32.4% of overall U.S. household formation.3

 

While 55% of the nation’s Hispanic people live in Texas, California, and Florida, the Hispanic population of eleven other states has grown 10% since 2000: Connecticut, Rhode Island, Utah, Oregon, Washington, Idaho, Kansas, Massachusetts, Nebraska, Hawaii, and Oklahoma. Hispanic people will compose 56% of all new homebuyers by 2030, according to the Urban Institute.4

 

There appears to be an education and communication barrier between lenders and Hispanic borrowers. Hispanic consumers commonly believe that a minimum down payment to buy a home is 20 percent of the sales price. About 56 percent think it’s difficult to get a home loan in today’s environment, yet more than 80 percent think that owning a home is a good long-term investment. From this data, home ownership is a long-term goal for most Hispanic households, yet their perceptions about obtaining a loan keeps them from speaking with a loan officer, much less applying for a loan.

 

At Chenoa Fund, we see many correspondents who tailor their offerings to provide Hispanic buyers with down-payment assistance in the form of second mortgages, for the purpose of increasing affordable and sustainable homeownership, specifically for creditworthy, low- and moderate-income individuals.

 

Here are five tips on how you can reach the potential Hispanic homeowner and develop strong relationships:

 

1. Partner with Local Hispanic Organizations

In almost every city there are events and celebrations throughout the year for the Hispanic community and culture. You can support these local organizations by sponsoring events, attending luncheons, and participating in events. The NAHREP (National Association of Hispanic Real Estate Professionals, https://nahrep.org/) a resource with over 30,000 members, is a great match for lenders to connect with at a national or local chapter level. Reach out to these professionals and consider putting on a series of home buying seminars about first-time home buying, FHA loans, and other housing assistance programs.

 

2. Understand the Hispanic Homebuyer

It is important to understand the needs and profile of the Hispanic homebuyer and what sets them apart from other homebuyers. Many are bicultural, bilingual, and live in extended family situations that can include several generations. Hispanics are known to be brand loyal, tech-savvy, and 58 million strong. According to Forbes, half of the Hispanic community is under the age of 296. Hispanic Millennials make about 20% of Millennials, according to a Brookings Report5. As a bicultural group they can easily speak and read Spanish at home but just as easily watch a movie in English.

 

Start by speaking about the goal of homeownership and available product offerings though communication vehicles that communicate to a Hispanic audience. A Spanish-language radio ad may help you reach baby boomer grandparents, while a Snapchat filter can help you reach “il-linenials” or Hispanic Millennials. 

 

3. Include Hispanics in General Marketing Efforts

According to the Harvard Center for Housing Studies2, it is estimated that by 2025 three-quarters of all new US household formations will be minorities. When you think about creating marketing campaigns, you might be tempted to create a niche marketing campaign to reach Hispanics. Rather, it is recommended that you be inclusive in your general campaigns to reach the greater community you serve. Stay away from stereotyping. For example, use images that reflect varied ethnic cultures and races.

 

According to the Forbes article, more than half of the respondents said that they use English online, even if they generally spoke Spanish at home. While they consume content in English, this doesn’t mean you shouldn’t be making the effort to incorporate Spanish into your marketing campaigns. It was noted that 56% of Spanish-speaking Hispanics said that they were more loyal to companies that advertise in Spanish, which underscores the need for campaigns to connect with Hispanics in their own language. They continued by stating that it’s also important, in marketing, to transmit elements of Hispanic culture, even if it’s in English, because it makes individuals feel that you understand them and their cultural backgrounds. Social media represents an important touchpoint for Hispanic consumers, especially for much-sought-after Millennials, since almost 50% of Hispanic millennials said they had talked about a brand online with others or used a brand’s hashtag, compared to 17% of non-Hispanics. Brands should take care to use social media to cultivate brand loyalty among Hispanics.

 

4. Give Choices

It’s important to have loan officers in the office that can speak both Spanish and English. Many Hispanics prefer to speak Spanish instead of English, and there are many who buy homes who don’t speak English. On a website and mobile app, consider giving people a chance to review the webpage in English or Spanish. Your blogs and articles can also be printed in both languages. Always prominently include the phrase, “Se habla Espanol” on all media.

 

5. Consistently Invest in the Community

Create a plan and stick to it. If you are going to include the Hispanic community in your business development strategy, do not take the “one and done” approach. You need to be consistent and sincere in your outreach to develop long-lasting relationships throughout the year. Like any potential homebuyer, Hispanic homebuyers interact with those who are sincere and authentic in their communications. Enter new prospect information in your database and add them to your marketing campaign. Send them regular emails, newsletters, and tweets that cater to the Hispanic market.

 

 

The Hispanic community wants to be homeowners, yet many feel they just won’t be able to qualify. By using these strategies, you may begin to connect with the Hispanic audience to build a loyal relationship with long lasting dividends.

 

 

1. Wave of Hispanic Buyers Shores Up U.S. Housing Market, July 15, 2019

https://www.wsj.com/articles/wave-of-hispanic-buyers-boosts-u-s-housing-market-11563183000?mod=hp_lead_pos7

 

2. State of the Nation’s Housing report-2018

https://www.jchs.harvard.edu/state-nations-housing-2018

 

3. 2018 State of Hispanic Homeownership Report

https://nahrep.org/shhr/

 

4. Urban Institute

https://www.urban.org/sites/default/files/2000257-headship-and-homeownership-what-does-the-future-hold.pdf

 

5. Booking Report

https://www.brookings.edu/wp-content/uploads/2018/01/20180124_metro_millennialreport_pressrelease.pdf

 

6. Six Facts About The Hispanic Market That May Surprise You

https://www.forbes.com/sites/forbesagencycouncil/2018/01/09/six-facts-about-the-hispanic-market-that-may-surprise-you/#6ae2e5985f30

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How to Spend $1 A Day to Generate More Mortgage Leads

As a mortgage originator, you are constantly seeking to generate a flow of quality mortgage leads to keep your loan officers productive and engaged throughout the work week. In this article, we are going to focus on how you can generate more leads for $1 a day. We will discuss and introduce Facebook ads and why they could be a good addition to or replacement for some of your current marketing efforts.

 

Competition for leads can be fierce, especially when you consider market ad noise from companies like LendingTree and Quicken Loans. The question is how to compete, stand apart, And improve mortgage lead generation?

 

You probably believe that you are doing all the right things: talking to real estate agents, attending networking meetings, and updating Facebook regularly to make every NMLS login worth it. Perhaps even a little cold calling that generated a few actual conversations. But are you really getting quality leads?

 

What sets you apart from the giant mortgage companies? You are focused on delivering the best possible rates, service, and turn-around and return times. You know your products and rates will save homebuyers thousands of dollars over the life of a loan.

 

But the questions still rise. How do you get a message to stick in a very crowded market place? How do you get quality mortgage leads? Let’s start by addressing the message. Just because you are making noise does not mean that you are being heard. It is probably safe to say that most of your messages are going to people who are NOT actively searching for a mortgage.

 

Put yourself in the shoes of the homebuyer and and ask yourself how they look for a home. Here is a typical sequence of events:

  •  Most homebuyers start by visiting Trulia, Zilliow or Realtor.com to look for and find a home they like. This phase is high with emotion and desire to find the home with the right color of paint, kitchen cabinets, neighborhood, and layout.
  • When they find the home they like, they call an agent who will then send them to MLS to look at the listing in closer detail.
  •   If the homebuyer is interested, the agent will show the home.
  •   If the homebuyer wants the home, it’s at this stage when they start looking for financing.

 

The home search starts as emotional search. Once the agent is involved, it transitions to a transactional search. Understanding this process is critical in focusing your message to the right people.

 

Yes, it would be great if the homebuyer started by securing financing first and then looking for a home, but the typical homebuyer does not know this process. Filling out forms online requires a commitment and creates a huge barrier for the homebuyer. They are concerned about giving up sensitive personal information and being badgered by telemarketers. This is why the real estate agent usually gets the lead first. The real estate agent is the most powerful asset in generating mortgage leads. And that is why so much of marketing is focused on building relationships with realtors.

 

Is there a way that you as a mortgage lender can change the process and begin to get the leads from buyers directly? Facebook Ads could be the tool to consider.

 

Unlike other forms of advertising (e.g., radio and TV), Facebook ads allow for specific targeting for a minimum of $1 per day; this averages out to around $.25 cents per 1000 impressions. By using Facebook ads, you will most likely get in front of 4,000 people that would not have seen your message otherwise.

 

Most people spend their online time browsing their social media pages. Platforms such as Facebook, Instagram, and Twitter are used for socializing and finding products and services.

 

The idea of finding a trusted brand has moved from “Google Search” to Facebook. In my local community of 1500 homes, the Facebook community is active with over a 100 posts each day from people actively discussing and looking for recommendations for every conceivable need,including home repair, realtors, and lenders.

 

A Google search will return websites without endorsements attached. Facebook business pages and ads display the names of friends who like the brand. People generally view Facebook ads as being less disruptive and annoying in their social browsing activities. With Facebook ads you can…

 

Be very specific about who will see your ads. Facebook ads are based on clicks, impressions (number of people who see the ad), and conversions (number of people who take a specific action). You have the ability refine who actually sees your ads through selection criteria for Facebook ads, such as:

  • Location
  • Demographic characteristics (level of education, income)
  • Behaviors (newlywed, new parents, newly divorced)
  • Interests (users who liked real estate company pages or platforms like Trulia, Zilliow, or Realtor.com)

 

For example, did you know that you can target someone as specific as a 35-year-old married man who lives in a specific suburb in your city, has a university degree, and reads business and investment magazines? The possibilities are limitless.

 

When you are targeting people that are interested in mortgage loans, Facebook is looking at websites that these people visit to put them in a market.

 

You also have the ability to upload a list of subscribers and Facebook will identify user accounts that you can target with ads. In addition, you can install the Facebook™ Pixel on your website and target visitors.

 

Statistically speaking, it takes an average of 7 to 10 touches in order to convert a lead into a customer.

 

Make Friends before you sell. Facebook is about socializing and being known. People usually don’t go with the first lender they find online. They are careful to find a lender they can trust. A portion of your Facebook ads should be about awareness. For example, rather than asking your audience for a mortgage evaluation, ask then to download a link that will provide them with information educating them on what they can do to maximize their chances of being approved for a loan.

 

Focus on homebuyer pain points and provide them the solution. Homebuyers are focused on

  •   Finding a mortgage loan with affordable rates and flexible conditions
  • Being able to move into a home as soon as possible
  •  Being able to close on the deal they have discussed with the realtor

 

Your ad should focus on your lending conditions, smooth approval process, and your ability to work with a realtor to help them close as soon as possible. Use words in your ad copy like: “you”, “save”, “results”, and “now.”

 

Cut down or even eliminate professional bragging, such as “5-star professional service as confirmed by X business magazine,” or a list of your professional capacities and markets you’ve served.

 

Design ads for visual engagement. Facebook ads are visual. Most of the ad area is reserved for a photo or video. Focus on promoting a specific property or pre-approved properties for sale in your ads. Every now and then feature yourself and your team using actual team photographs. Stay away from stock photos because they come across as being fake.

 

Where to capture the lead… landing page vs Facebook lead ad. Some lenders will use the Facebook ad to drive to a landing page. Others will use Facebook lead ads that will capture the lead right there within Facebook.

 

Lead ads can be an extremely effective option because they reduce the amount of work a potential prospect has to do in order to “take the next step.” Facebook pre-fills the form in the ad with the information that the user has already given to Facebook—such as phone number, email, name, etc.

 

Essentially, people only have to tap the submit button—the form is filled out for them by Facebook. This is important because the majority of people are now operating on a mobile device, and filling out a form on a landing page is more difficult than a pre-filled lead ad. When an offer is good and the target audience selection is right, lead ads work great.

 

This is where the help from a Facebook ad specialist can guide you on whether to drive leads to a landing page, a Facebook lead ad, or a combination of both to see what works best for you.

 

Adjust and test your ads to drive the right leads. With Facebook ads, you have the ability to test different ads with different messages for your target audience. Getting the right message and format is critical for reducing the overall cost per lead. Factors that affect the quality of the ad include:

  • Your offer—providing something people can get excited about will have a direct impact on the response to your ads
  •  Your ad copy—are you writing effective direct response marketing copy?
  •  The number of fields of information you ask for—form fills decrease with the more information you ask for; in other words, asking for only an email will get more leads than asking for an email, phone, and address
  • The size of your target audience in Facebook—this is determined by:
    • The population in the geographic area you’re targeting—larger populations allow Facebook more opportunities to find the ideal prospects
    • Targeting within Facebook—what interests, demographics, and behaviors are you layering on? Keeping audience size larger or as large as possible is the best strategy as it allows the Facebook algorithm more room to find the ideal candidates.

 

Ads work because when you get these factors right:

  •  Value proposition—ocus the ads on messages like, “buy your first home” and show in the images people in the target market with moving boxes, or in empty homes with a realtor.
  • The Offer—convey that your mortgage product is a “deal” that not every lender can offer, such as Chenoa Fund Down Payment Assistance. Say what is unique about the product, such as the fact that the product offers specific savings (worded “save up to”).
  • Urgency—state in the ad that this program is limited and only valid for people who qualify.
  • Call to action—your call to action button can say, “Tell me if I qualify?”

 

For example, the following are some sample messages:

  •   “Interest rates are at their lowest, find out how much you qualify for.”
  •   “Did you know Renting is more expensive than Buying? You qualify for more than you think.”
  •   “Save up to $___ with our exclusive loan program for people in the [city] area.”
  •   “You can own a home for less you are paying in Rent.”
  •   “Do you need assistance with down payment? We can help.”
  •   “Why are you renting?”
  •   “Tired of Renting? Ready to own a home? Yes.”

 

Targeting events—design an ad for an upcoming home buying seminar, such as

  •   How to qualify for a home
  •   The homebuying process
  •   How to buy a home with no down payment

 

 Coordinate the brand design of your landing page into the ads—if you choose to drive people to a landing page, your ads should match the look and feel of your landing page. When a person clicks on an ad and they reach a similar page, they have the reassurance that they have found the right page.

 

In addition, don’t forget to make your landing page simple and easy to read. Clearly address benefits, concerns, value, your unique selling proposition, and a call to action.

 

Show them testimonials and images of past customers. Your calls to action can include a free rate quote, letting them know how much they’ll qualify for and what rate they can expect to pay, or a free consultation. Make sure that the images you use in your Google ads and landing page reflect the real people you work with.

 

Manage the Facebook ads yourself or hire out—there is a learning curve to running Facebook ads. More often than not it’s a wise decision to identify a member of the team to prioritize these ads, or hire an expert to do it for you—just as you wouldn’t advise your clients to figure out how to manage the mortgage themselves. The key to hiring an expert is finding a person who has plenty of experience working with mortgage lenders, someone with a solid list of case studies and success stories. With such an expert, you won’t have to worry about Facebook, tracking campaigns, optimizing the “funnel,” or any other complicated technology-related decisions. You can focus on dealing with leads. 

 

Take the next step and learn about how Facebook ads can become part of your lead-generating activities.

 

 

The post How to Spend $1 A Day to Generate More Mortgage Leads appeared first on Chenoa Fund – Down Payment Assistance.

Ten Questions Homebuyers Ask When Choosing a Loan Officer

As a Mortgage Professional, you know that 50–70% of your income comes from your past clients through repeat business and referrals. That first engagement is the building block for current and future income. Loan officers should be prepared to answer ten questions that savvy homebuyers ask before making a decision on who will help them realize their dream of owning their future home.

 

Question 1: How many transactions do you work on per month, per year?
Transactions can be viewed as upvotes and likes. The more transactions a loan officer is working on or has closed, the better a potential homebuyer assesses your experience and track record for helping others like them successfully get loans. Include in the conversation the number of referrals you receive because that suggests happy customers. When you talk about transactions, discuss the level of the difference between normal and excessive transactions and what that means to the borrower in terms of service they will receive.

 

Question 2: What is your Net Promoter Score?
As you know, the Net Promoter Score is used by many lenders to track their loan officers’ performance on every closed loan transaction. Every loan officer is going to tell potential homebuyers that they give great service.

 

Help the borrower know that a Net Promoter Score (NPS) is an objective measurement of your customer’s willingness to recommend your product to their friends or co-workers. It’s’ a holistic way to measure the satisfaction of your customers. A Net Promoter Score is an index that ranges from -100 to 100. Often an NPS is based on a single-question survey delivered post-closing after their buying journey has finished. For example, on a scale of 1-10, “How likely are you to recommend our services to your friends and family?” Responses from 0-6 are “detractors.” Responses from 7-8 are neutral, and responses from 9-10 are your promoters.

 

Help the potential homebuyer understand the scoring and where you place in the scoring. A loan officer with a very weak score of less than 50 has less than 50% of consumers recommend the loan officer to a friend and should be a sign that homebuyer walk away from that loan officer. Low scores could reflect issues that consumers have identified with the loan officer, such as (1) closing delays, (2) not being responsive to phone calls or emails, (3) lack of transparency into the process, and (4) other negative experiences.

 

Question 3: What is your experience working with consumers like me?
Yes, every loan is unique. When you are engaging with a potential homebuyer you are learning about their situation. But you have experience with homebuyers in similar situations. For example, if the homebuyer is a marketing manager working at a startup and receives annual bonuses and incentive stock options, you will want them to know that you have experience working their profile and structuring and closing comparable transactions. Help them understand what that experience means to them.

 

Question 4: Can you explain your process and turn-times for working with applicants to get my loan from application to approval?
You should be able to explain the mortgage process concisely and clearly so that potential homebuyers can be sure that you understand how to help them navigate the process and that you are not a newbie. Be upfront; if it is going to take two weeks for an underwriter to review a loan file, share that so the homebuyer can write a purchase contract with enough time for closing on your loan. If you are only in charge of the initial sale and will not oversee the loan from start to finish, they need to know that so they are clear what to expect. There should be no surprises, and being upfront helps the customer trust you through the process.

 

Question 5: What is your track record of on-time mortgage closings?
Talk about the importance of closing loans on time and what that means to the borrower, especially when they can be held liable for a breach of contract by the seller for not closing on time. Honestly share your record for closing loans on time and the process you follow to make that happen.

 

Question 6: Tell me why you chose this profession?
Are you passionate about your profession? Top producing loan officers are dedicated and will go the extra mile to deliver a compelling experience for their customers, and to make the mortgage process as seamless and user-friendly as possible. Simply the way you talk on the phone or interact with your customer says a lot about you.

 

Question 7: How do I keep track of the status of my loan and at what milestones will I receive updates?
Communication is everything. Sometimes, as loan officers, we forget just how stressful applying for a mortgage loan is for the homebuyer. Let the potential customer know how you will communicate with them throughout the 30-day mortgage process, and help them through each step and to track the progress of the loan. This becomes especially important if they sense that you will be working on too many files. Share what kind of updates they will receive; for example, routine versus immediate communication, such as when a further documentation is needed. If you have online portals for consumers to track the status of their loan, make this a clear value proposition.

 

Question 8: What do you think my chances of loan approval are?
You know what your institution can and cannot approve. You should be able to clearly articulate whether you believe a borrower can get a loan approved or not and why. Be transparent. If the borrower needs to change aspects of their financial situation to get a loan approved, they should know that. Most loan officers use an automated decision engine to see if the potential homebuyer can be approved at point of sale even if the loan officer is not sure, or the loan officer can call an underwriter to get an opinion on a lending rule or guideline upfront. Talk about the tools and some of the key factors in the decision process.

 

Question 9: What city and state is your processing center and underwriting center located at?
Help the potential homebuyer understand your closing process with the processor and underwriter. Homebuyers are told that it is always better to have local processing and underwriting (or at least within the same time zone) because it is easier to get questions answered. If processing or underwriting is not local, let the borrower know what hours are available for them to contact the appropriate person for questions and how this might impact their loan closing, especially in case you need to submit additional items.

 

Question 10: Is there anything that we have not discussed that I should be aware of?
Based on your conversation with the potential borrower, help them understand that their loan is top priority to you and that you will help them through this complex process. Be willing to disclose the positive and the negative. Help them uncover questions that they should be asking and the answers to those questions. Often, it’s these moments that determine if the borrower will become your customer.

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CBC Mortgage Agency Applauds Congressional Black Caucus and Hispanic Caucus Letter Encouraging HUD to collect Individual FHA Loan Performance Data

 

16 Members Signed onto Letter Urging HUD Not to Impede on “Well-Performing Programs”

 

Today, CBC Mortgage Agency (CBCMA) applauded a letter sent by the Congressional Black Caucus and the Congressional Hispanic Caucus to U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson highlighting the importance of down payment assistance programs to low-to-moderate income and minority homebuyers. Over a dozen members signed onto the letter, sponsored by Congressman Emmanuel Cleaver (D-MO), underscoring concerns with HUD’s recent actions that could potentially reduce the availability of down payment assistance programs and calling for further data before taking future action.

 

Additional signers on the letter include: William Lacy Clay (D-MO), Joyce Beatty (D-OH), Alcee L. Hastings (D-FL), Barbara Lee (D-CA), Marcia L. Fudge (D-OH), Bennie G. Thompson (D-MS), Vicente Gonzalez (D-TX), Rashida Tlaib (D-MI), Al Lawson, Jr. (D-FL), Nanette Diaz Barragán (D-CA), Debbie Dingell (D-MI), Robin L. Kelly (D-IL), Darren Soto (D-FL), Lucille Roybal Allard (D-CA), and Bobby Rush (D-IL).

 

The letter noted, “Additionally, HUD indicated…that it is considering limiting national scope governmental entities providing secondary financing. It is critical that well-run programs, regardless of their scope of operation, be allowed to continue their mission of assisting minority borrowers. We ask that HUD collect performance data on individual government DPA programs so that it can identify those programs that are not performing well rather than eliminating programs simply because of their scope of operation.”

 

“As a provider of down payment assistance to homebuyers across the country, I commend Rep. Cleaver’s leadership on this issue, and the Congressional Black and Hispanic Caucuses for their continued support of Americans interested in buying a home,” said Michael Whipple, senior vice president of CBC Mortgage Agency“Without accounting for the performance of the individual governmental DPA programs, broad-brush elimination tactics will ultimately harm homebuyers seeking financial assistance, and do nothing to protect the taxpayer.”

 

The letter also recognizes HUD’s responsibility to ensure the solvency of the Mutual Mortgage Insurance Fund (MMIF) and support HUD’s efforts to properly administer its programs. However, the letter urges HUD that if restrictions on secondary financing are necessary to protect the MMIF, those restrictions would not necessarily hinder well-performing programs who are responsibly assisting qualified borrowers.

 

“HUD has provided no data to support its claim that through eliminating the scope of programs such as CBCMA, it will improve the solvency of the MMIF,” said Whipple, who noted that CBCMA data shows that CBCMA-assisted loans perform as well as the general pool of government entity assisted FHA loans.

 

This letter is among a recent series of congressional actions urging HUD to collect data on the entire list of down payment assistance program providers.

 

About CBC Mortgage Agency

CBCMA provides secondary financing to borrowers, who are receiving loans insured by the Federal Housing Administration (FHA). CBCMA takes great care to ensure that the FHA loans perform well, including providing education as well as 12 months of counseling to borrowers after the purchase of their home. In addition, CBCMA regularly reviews its credit standards to ensure that the borrowers it assists are credit worthy.

 

CBCMA is a wholly owned subsidiary of Cedar Band Corporation, a federally chartered tribal corporation wholly owned by the Cedar Band of Paiutes, a federally recognized American Indian band. For more information about CBCMA and its programs, visit chenoafund.org.

 

The post CBC Mortgage Agency Applauds Congressional Black Caucus and Hispanic Caucus Letter Encouraging HUD to collect Individual FHA Loan Performance Data appeared first on Chenoa Fund – Down Payment Assistance.

Cedar Band of Paiutes Lauds Bipartisan Letter Urging HUD to Follow Longstanding Tribal Consultation Policy

Congressional Letter Calls on Agency to “Engage in Meaningful Tribal Consultation” Prior to Issuing Rules Affecting Tribal Nations

 

CEDAR CITY, Utah – The Cedar Band of Paiutes today applauded a letter (attached) sent to U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson regarding Mortgagee Letter 2019-06. The letter, co-sponsored by Reps. Cindy Axne (D-IA) and Tom Cole (R-OK), underscored the serious bipartisan concern over HUD’s April 18th ruling which, if implemented, would have caused a “significant detrimental impact on one or more tribal nations.”

 

The letter also highlighted how the agency “must follow federal policy on consultation with tribal nations…which provides that federal agencies shall not make regulations, policy statements, or take actions that have substantial direct effects on one or more Indian tribes and that impose substantial direct compliance costs.”

 

Additional signers of the letter include: Reps. Sharice Davids (D-KS), Raul Grijalva (D-AZ), Deb Haaland (D-NM), Kendra Horn (D-OK), Ben Ray Lujan (D-NM), Betty McCollum (D-MN), and Xochitl Torres Small (D-NM).

 

“By undermining the rulemaking process which requires any federal agency to consult with tribal nations before drafting policies, HUD has set a dangerous precedent in disregarding its own ‘Government-to-Government Tribal Consultation Policy’ and Executive Order 13175, the ‘Consultation with Indian Tribal Governments requirement’” said Michael Whipple, executive with the Cedar Band of Paiuteshousing agency. “We thank Congresswoman Axne and Congressman Cole, as well as each other Member of Congress who signed onto this letter, for their leadership on this issue and for defending the sovereignty of tribal nations.”

 

To date, HUD has failed to fulfill its obligations to engage in tribal consultation in its attempts to either eliminate or severely limit down payment assistance programs provided by governmental entities, including down payment assistance programs offered by Native American tribes. Although HUD ultimately withdrew the Mortgagee Letter after litigation brought on by the Cedar Band of Paiutes, the agency recently announced plans for a proposed rulemaking that would have a similar devastating impact on tribal nations.

 

The Cedar Band of Paiutes wholly owns and operates Cedar Band Corporation, which wholly owns CBC Mortgage Agency (CBCMA), a provider of secondary financing to homebuyers receiving loans from the Federal Housing Authority. The Band heavily relies on the revenues generated from CBCMA and other Band enterprises to support its essential governmental programs.

 

“HUD’s action issuing Mortgagee Letter 19-06 in every way tramples on the self-determination of the Cedar Band, and threatens the sovereignty of all tribal nations throughout the country,” added Whipple. “We hope that HUD adheres to both Executive Order 13175 and its own policies when considering implementing future rules that affect the sovereignty of all Tribal nations.”

 

About CBC Mortgage Agency

 

CBCMA provides secondary financing to borrowers, who are receiving loans insured by the Federal Housing Administration (FHA). CBCMA takes great care to ensure that the FHA loans perform well, including providing education as well as 12 months of counseling to borrowers after the purchase of their home. In addition, CBCMA regularly reviews its credit standards to ensure that the borrowers it assists are credit worthy.

 

CBCMA is a wholly owned subsidiary of Cedar Band Corporation, a federally chartered tribal corporation wholly owned by the Cedar Band of Paiutes, a federally recognized American Indian band. For more information about CBCMA and its programs, visit chenoafund.org.

The post Cedar Band of Paiutes Lauds Bipartisan Letter Urging HUD to Follow Longstanding Tribal Consultation Policy appeared first on Chenoa Fund – Down Payment Assistance.

What to Expect When You Buy Your First Home

For most people, the biggest purchase they will make in life – by far – is buying a home. It’s an exciting process, but it also can be daunting and fraught with stress.

 

A bit of anxiety is inevitable. But with some solid planning and research, you can ensure your journey to the day you unpack boxes at your new address is a predictable one.

 

Once you’ve found the house of your dreams, the homebuying process should begin with some serious self-evaluation: are my finances in good order, and can I afford this?

 

The best way to fully answer those questions is to talk to a loan specialist. These folks work in all sorts of settings, from mortgage brokers’ offices to banks and credit unions. Find one you trust (personal referrals are always best) and have a frank discussion about your income, expenses, and credit history.

 

Assuming all systems look like a go, you will then fill out a loan application and get “pre-qualified” for your mortgage. Obtaining a letter certifying that you are pre-qualified helps you determine how much home you can afford. It also validates for the seller that you can, in fact, get a loan to buy the house you say you want. That gives the seller peace of mind – and can give you leverage in negotiations.

 

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As part of the loan application process, your credit history will be disclosed and given a hard look by lenders and other parties. Brace yourself. Credit reports essentially are evaluations of how you’ve managed your financial life, and they can hold some unpleasant surprises. Among other things, you can be dinged for late payments on credit cards as well as large and maxed out balances on accounts, unpaid debts sent to a collection agency, and events such as bankruptcies.

 

To avoid hitches in your homebuying journey, it’s a good idea to make sure you’re familiar with your FICO score before you start the loan process. Because lower FICO scores typically translate into higher interest rates and fees, it sometimes pays to wait on seeking a home loan until your credit picture improves.

 

Once the loan application process is underway, your lender or mortgage broker will ask for a long list of supporting documents. These include copies of pay stubs; Social Security numbers and birthdates for all borrowers; proof of your work history for the previous 24 months; copies of W-2 forms, and even banking and investment statements. If applicable, you’ll also need a divorce decree detailing any child support or alimony obligations.

 

Handing over all of this information can feel intrusive, but don’t take it personally. For one thing, you’ve got no choice. More importantly, it’s just your lender’s way of validating that you are a good risk deserving of a large loan.

 

Once you’ve been pre-qualified for a loan, you or your real estate agent can usually take the next big step down the homebuying road – ordering an appraisal of the home. An appraisal is required by lenders to prevent them from loaning you more money than the house is worth, and the appraisal fee will be included in your closing costs.

 

Now we’re getting near the finish line. But first, your loan package must be “submitted to underwriting.” Sounds fancy, but in fact it’s just a comprehensive review by the lender of all the elements influencing your loan, from your financial documents to the title search and appraisal.

 

After that’s complete, you’ll arrive at that wonderful place called closing. It’s the last step on the home-buying trail, the final hurdle before you get the keys and pop the champagne. Set aside some time for this appointment, because you’ll be reviewing and signing a lot of documents. There’s loads of fine print, so make sure you understand what you’re signing, and that the terms match your expectations.

 

In some cases, you’ll be required to set up an impound account to cover property taxes and homeowners insurance, in addition to your monthly mortgage payment. This is dependent on the terms of your loan, so be sure to ask questions if the process is unclear.

 

Along with the paperwork, you’ll need to wire funds or provide a certified or cashier’s check to cover the down payment, closing costs, prepaid interest, taxes, and insurance. If you’re receiving down payment assistance, the details may vary a bit.

 

Once you’ve wrapped up your signing and payment process, your lender will distribute your loan funds to the closing agent, a process called “funding the loan.” Those are the magic words – your cue to pick up your keys and call in the moving vans.

 

Completing a home purchase is a complicated process, one requiring inner fortitude and patience. But the rewards – your very own house and the chance to build equity for your family’s future – are well worth it.

The post What to Expect When You Buy Your First Home appeared first on Chenoa Fund – Down Payment Assistance.

December 19, 2019: Chenoa Fund Correspondent Newsletter

Introduction to Newsletter

In the newsletter we seek to provide you with important information about the Chenoa Fund in the form of:

  • Program changes and updates
  • Announcements
  • Training updates, webinars, and more
  • Marketing resources you can use with borrowers and realtors
  • Answers to questions
  • News About Chenoa Fund
  • And more….

 

Chenoa Fund Releases Revised Program Guidelines 8.1

CBC Mortgage Agency is officially publishing its monthly update to the Chenoa Fund Program Guidelines. Welcome to 8.1!

 

CBCMA Correspondent Lending Guide Version 8.1
CBCMA Product Matrix 8.1
CBCMA Manufactured Housing Guidelines 8.1
All previous guidelines can be found under Archive: Program Guidelines.

 

CBC Mortgage Agency soft-released a document titled Borrower Residency and Eligibility Guide on the second of this month. We have determined, after receiving feedback from our correspondent lenders, to retract that document and expand upon the guidance already found in the CLG. Our expanded policies regarding borrower eligibility, including our views on EADs, can be found in section 5.28.

 

In section 5.7, our team discovered an outdated guideline regarding conventional income limits that had missed our attention. This mistake has been corrected.

 

Chenoa Fund Training Modules have been Updated

Several of our training modules were recently updated with more information regarding our guidelines. Details can be found below.

 

Module #6: How to Lock a Loan – The listed Lock period was increased from 45 to 60 days.

Module #11: Final Documents – Slides teaching how to pull trailing documents reports were added into the back half of the presentation.

Module #12: Servicing – Slides containing our subordination policy and policies regarding early payment defaults were added into the back half of the presentation.

 

For any questions pertaining to these modules, please reach out to info@chenoafund.org.

 

 

New Mortgage Industry Report Seriously Challenges Down Payment Assistance Stigma of “High-Rates of Delinquency”

 

Over the last several years reports have surfaced stating that down-payment assistance exhibit “high rates of delinquency” as in the 2018 Department of Housing and Urban Development’s (HUD) report to Congress1,

 

“Mortgages with DPA generally exhibit higher rates of delinquency and default, and those with such assistance financed by self-identified governmental entities have higher rates of default than those with other forms of DPA.”

Continue reading…

 

 

Marketing Resource #2: Infographic and Blog Article

This week we are introducing a blog article and infographic that you can use in your communications with borrowers such as website, newsletter, email, blog, and social media. The PDF provides four versions to choose from. Each version provides you the ability to enter your personal information. See posted article in Chenoa Blog

 

The title of the article and PNG are: What to Expect When You Buy Your First Home. Save this image to desktop and share.

 

Go to Lenders webpage: Marketing Resources

 

Download from the following sections:

Infographic from: HOMEBUYER INFOGRAPHICS (PNG VERSION FOR SOCIAL SHARING)

Article: ARTICLES FOR BLOGS AND NEWSLETTERS (LENDERS)

 

Marketing Resources Have Four Versions

Chenoa Fund has created a variety of high quality marketing materials you can use for creating interest in CBC Mortgage Agency (CBCMA) products/programs. The resources include:

1. Chenoa Fund Program Flyers (Lenders)
2. Chenoa Fund Program Flyers (Lenders & Realtors)
3. DPA Flyer (No Contact Fields)
4. DPA Flyer (No Contact Fields) (Spanish)
5. DPA Postcards 6” X 4” (No Contact Fields)
6. DPA Postcards 6” X 4” (No Contact Fields) (Spanish)
7. DPA Postcards 11” X 6” (Lenders)
8. DPA Postcards 11” X 6” (Lenders & Realtors)
9. DPA Postcards 11” X 6” (No Contact Fields)
10. DPA Postcards 11” X 6” (No Contact Fields) (Spanish)
11. DPA Promotion Flyers (Lenders)
12. DPA Promotion Flyers (Lenders & Realtors)
13. DPA Door Hangers (Lenders)
14. DPA Door Hangers (Lenders & Realtors)
15. Homebuyer Infographics (Lenders)
16. Homebuyer Infographics (PNG Version for Social Sharing)
17. DPA Seminar and Lunch-N-Learn Flyers (Lenders)
18. DPA Seminar and Lunch-N-Learn Door Hangers (Lenders)
19. Chenoa Fund Homebuyer Videos (Lenders)
20. Chenoa Fund Social Media Guidelines for Lenders
21. Articles for Blogs and Newsletters (Lenders)
22. Sign Riders (English)
23. Sign Riders (Spanish)

Each PDF for Lenders has four versions that provide you space for enter your contact information. Information includes:

  • Lending Partner
  • NMLS
  • Branch Location
  • Loan Officer
  • Phone
  • Email

 

Example 1

 

Example 2

 

Chenoa Fund Releases New Marketing Down Payment Assistance Report

Chenoa Fund Released a new marketing resource in the form of a report entitled: 2019 State of Down Payment Assistance Report. Click Here

 

The white paper includes five sections:

  •  Section One: The State of Down Payment Assistance Today
  • Section Two: National DPA Lender and Borrower Study
  • Section Three: Cost Benefit Analysis of DPA vs Renting
  • Section Four: Homeownership: Race and Risk
  • Section Five: Politics and Housing

 

Chenoa Fund News Releases

 

Chenoa Fund has released the following news releases in the past several weeks.

December 12, 2019-Press Release: Cedar Band of Paiutes Applauds New Resolution Calling for HUD to Consult with Tribes
December 10, 2019-Press Release: Cedar Band of Paiutes Applauds Sen. Tom Udall’s Remarks Reinforcing Sanctity of Tribal Consultations
December 9, 2019-Press Release: CBC Mortgage Agency Lauds Chairman Lacy Clay’s Questioning on Down Payment Assistance

 

Chenoa Fund in the News

The following articles have mentioned Chenoa Fund and/or CBC in the past several weeks.

December 16, 2019-Markets Insider: CBC Mortgage Agency President Richard Ferguson: National Down Payment Assistance Programs Offer Many Benefits for Large, Multi-State Lenders
November 13, 2019-National Mortgage Professional: Reports Conclude: Downpayment Assistance Programs Have No Impact on Loan Performance

 

Links to Lender Resources

Who We Are
2019 State of Down Payment Assistance Report
Become Approved as a Correspondent Lender
Daily Rate Sheet and Pricing
Program Guidelines

Training Material
Marketing Resources
Homebuyer Programs

Income Guidelines
Lender FAQs

Documentation

What People Are Saying
Blog
Newsletter

 

The post December 19, 2019: Chenoa Fund Correspondent Newsletter appeared first on Chenoa Fund – Down Payment Assistance.

Cedar Band of Paiutes Applauds New Resolution Calling for HUD to Consult with Tribes

The United South and Eastern Tribes Calls HUD’s Exclusion of Tribal Nations ‘Antithetical’ to Federal Policy

 

The Cedar Band of Paiutes today commended the United South and Eastern Tribes Sovereignty Protection Fund (USET-SPF) resolution responding to the April 18, 2019 Department of Housing and Urban Development (HUD) issuance of Mortgagee Letter 19-06. The HUD Mortgagee Letter endeavored to establish that tribes may act in their governmental capacity only on their reservations or when working with enrolled members. While HUD’s Mortgagee Letter was ultimately withdrawn in response to successful litigation brought by the Cedar Band of Paiutes, HUD has indicated that it intends to advance rule changes affecting tribal nations through rulemaking.

 

The resolution, entitled “Urging Consultation Prior to Proceeding with Rule Making on Tribal Down Payment Assistance Programs”, was adopted at the USET-SPF Annual Meeting on the Sovereign Territory of the Mississippi Band of Choctaw Indians. In the resolution, USET-SPF called on HUD to engage in meaningful government-to-government consultation with tribal nations before rulemaking or any other action that “would undermine the inherent sovereignty of Tribal Nations to act in a governmental capacity…”

 

The Cedar Band of Paiutes wholly owns and operates Cedar Band Corporation, which wholly owns CBC Mortgage Agency (CBCMA), which provides secondary financing to homebuyers receiving loans from the Federal Housing Authority. The Band heavily relies on the funds generated from CBCMA and other Band enterprises to support its essential governmental programs.

 

“Our Band operates within existing federal regulations pertaining to sovereign tribal nations. It is paramount that organizations such as USET support and defend the sovereignty of the hundreds of tribal nations affected by HUD’s rulemaking on down payment assistance,” said Delice Tom, chairwoman of the Cedar Band of Paiutes.

 

Chairwoman Tom also pointed to a similar resolution recently passed by the National Congress of American Indians, underscoring that “HUD has the full attention of the tribal nations community, which expects the agency to promote and protect the inherent sovereign rights of all tribal nations.”

 

While HUD has issued a Notice for Proposed Rulemaking confirming it intends to proceed with rulemaking, the Band maintains the importance—and requirement—of tribal consultation in the early stages of the rulemaking process.

 

About CBC Mortgage Agency

 

CBCMA provides secondary financing to borrowers, who are receiving loans insured by the Federal Housing Administration (FHA). CBCMA takes great care to ensure that the FHA loans perform well, including providing education as well as 12 months of counseling to borrowers after the purchase of their home. In addition, CBCMA regularly reviews its credit standards to ensure that the borrowers it assists are credit worthy.

CBCMA is a wholly owned subsidiary of Cedar Band Corporation, a federally chartered tribal corporation wholly owned by the Cedar Band of Paiutes, a federally recognized American Indian band. For more information about CBCMA and its programs, visit chenoafund.org.

The post Cedar Band of Paiutes Applauds New Resolution Calling for HUD to Consult with Tribes appeared first on Chenoa Fund – Down Payment Assistance.

Cedar Band of Paiutes Applauds Sen. Tom Udall’s Remarks Reinforcing Sanctity of Tribal Consultations

The Cedar Band of Paiutes applauds Senator Tom Udall’s (D-N.M.) recent remarks reprimanding a federal agency for its failure to conduct tribal consultations with regard to programs impacting Indian tribes.

 

In response to the agency representative’s assertion that it did not engage in consultation with tribes because it was not statutorily required to do so, Senator Udall stated, “I would really take issue with your statement. Consultation is the bedrock of a strong government-to-government relationship with Tribes . . . [the agency] knows very well that any direction it’s given to act is to be done with consultation. To say that the statute does not direct it runs counter to all Indian law principles, existing executive orders, and the spirit and the language of the law that’s before us.”

 

“On behalf of the Cedar Band of Paiutes, I thank Senator Udall for his thoughtful insights and supportive stance on the importance of tribal consultations involving federal agency actions,” said Delice Tom, Chairwoman of the Cedar Band of Paiutes. “Engaging in meaningful consultation with tribal nations before commencing rulemaking is paramount to respecting the sovereignty of tribal nations.”

 

The Cedar Band of Paiutes wholly owns and operates Cedar Band Corporation, which wholly owns CBC Mortgage Agency (CBCMA), which provides secondary financing to homebuyers receiving loans from the Federal Housing Authority. The Band relies on the revenues derived from CBCMA and other Band enterprises to sustain essential Tribal governmental programs.

 

“This isn’t the only instance where a federal agency has disregarded consultation with tribal governments on decisions which significantly impact them,” continued Chairwoman Tom. “Our Band experienced this very overreach when the Department of Housing and Urban Development issued Mortgagee Letter 19-06 earlier this year. In issuing the mortgagee letter, which significantly impacted our Band, HUD violated its own tribal consultation policies as well as long established federal policy.”

 

While HUD’s Mortgagee Letter 19-06 was eventually withdrawn in response to successful litigation brought by CBCMA, Cedar Band Corporation, and the Cedar Band of Paiutes, the Band maintains that the letter was issued without the required consultation with affected American Indian tribes and bands.

 

“We applaud Senator Udall for his unwavering support and commitment to holding federal agencies accountable for their failure to consult with tribes and upholding longstanding policies that protect, preserve, and promote the sovereignty of tribal nations,” Chairwoman Tom concluded.

 

About CBC Mortgage Agency

CBCMA provides secondary financing to borrowers, who are receiving loans insured by the Federal Housing Administration (FHA). CBCMA takes great care to ensure that the FHA loans perform well, including providing education as well as 12 months of counseling to borrowers after the purchase of their home. In addition, CBCMA regularly reviews its credit standards to ensure that the borrowers it assists are credit worthy.

 

CBCMA is a wholly owned subsidiary of Cedar Band Corporation, a federally chartered tribal corporation wholly owned by the Cedar Band of Paiutes, a federally recognized American Indian band. For more information about CBCMA and its programs, visit chenoafund.org.

The post Cedar Band of Paiutes Applauds Sen. Tom Udall’s Remarks Reinforcing Sanctity of Tribal Consultations appeared first on Chenoa Fund – Down Payment Assistance.

Chenoa Fund

This site is for informational purposes and is for use by licensed industry professionals.
This site and the information contained therein is not a solicitation to lend money to consumers.

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