The Cleveland Realtist Association, Minority Homeownership, and Chenoa Fund

41%.   That number represents the homeownership rate of the black community in the United States. It’s among the lowest of homeownership rates in the nation—and it has been going down for years. Homeownership rates improve slightly for other minority groups, but they still aren’t good (45–55%). From this, it is clear that many underprivileged […]

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20-24: Undisclosed Debt Monitoring Policy

All FHA Programs: All borrowers must have at least one credit score. To be sure that there is no new adverse credit activity, new debt, or material inquiries, CBCMA requires a soft pull credit report or UDM (Undisclosed Debt Monitoring) report within ten days prior to close. CBCMA highly recommends correspondents utilize a debt monitoring […]

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The Cleveland Realist Association, Minority Homeownership, and Chenoa Fund

41%.   That number represents the homeownership rate of the black community in the United States. It’s among the lowest of homeownership rates in the nation—and it has been going down for years. Homeownership rates improve slightly for other minority groups, but they still aren’t good (45–55%). From this, it is clear that many underprivileged […]

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Conversation: DPA Doesn’t Cause Loans to Default.

Despite the focus of the world largely being on COVID-19 and quarantines right now, the battle for down payment assistance (DPA) continues to rage quietly in the background. In the most recent instance, HUD has expressed intent to limit (or shut down) national down payment assistance programs, which would effectively create regulatory monopolies in every […]

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Introducing Policy & Research

As you may have noticed in our last post, CBCMA has some strong opinions about how HUD and the other governmental authorities should fit and function in our industry. While sustainable housing is our mission, it is critical that law makers, legislatures, and others provide critical guidance and support to programs like ours. – Through […]

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Why does HUD want to end national down payment assistance programs?

by Clayton Jarvis | May 18, 2020 Originally published: MAP  With COVID-19 flattening the U.S. economy into a bleak and colorless landscape for prospective first-time buyers to navigate, it seems an odd time for the Department of Housing and Development to move forward in their efforts to shut down national down payment assistance plans.   […]

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20-22: MERS Transfer

All mortgage loans, first and second liens, must be transferred to CBC Mortgage Agency as Investor (owner/beneficiary) and Servicer through MERS at the same time the first mortgage is transferred, which will be within seventy-two (72) hours after the first mortgage is purchased, but never before purchase (MERS ORG #1012881). Review this in section 10.2. […]

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How to Teach Homebuyers About Wealth Accumulation

Recently, we’ve been talking a lot about how homeownership is a very effective tool for wealth accumulation, particularly for low- to moderate-income borrowers. However, not every borrower has a clear understanding of what it means to accumulate wealth through homeownership; they just know that it happens. This article is intended to help you teach them […]

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FHA Classic: The First Non-DPA Chenoa Fund Program

FHA Classic: Chenoa Fund’s First Non-DPA Program A lot has changed in the mortgage industry recently; quarantines and shutdowns have forced everyone to evolve quickly in response to the coronavirus pandemic, and the results haven’t always been good. In particular, borrowers with low credit have been hit hard, and many can’t find lenders willing or […]

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Conventional Homebuyer Education Reminder

For those who have Conventional loans locked with us, we want to remind you that on 10/2/19 Fannie Mae updated its homebuyer education requirements making homebuyer education mandatory on most loans with an LTV of 95% or greater.  Even though CBCMA may not require it, if your AUS approval requires it, you will need to include the completion certificate demonstrating […]

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