12/22/2020
All policy changes and updates are linked to the appropriate section below. These policy changes are effective 12/22/2020 unless otherwise noted. These updates are additional to the updates published on 12/21/2020.
Additionally, CBCMA has compiled all of its announcements related to COVID-19 into one section immediately following the Recent Updates and Announcements section in the Correspondent Lending Guide. To review the program guidelines changes made December 21 or earlier, please follow this link to the archived Program Guidelines.
Many servicing-related updates were made recently, requiring this additional announcement. These changes impact both First and Second Mortgage Servicing.
In an effort to simplify the servicing process for borrowers, CBC Mortgage Agency has contracted with a Master Servicer to service loans sold to CBCMA going forward. On first mortgages, this servicer will assume the servicing burden the moment a loan is sold to CBCMA so that borrowers do not experience two servicing transfers within a short period of receiving their loan. Upon implementation, transfer of the first mortgage will happen only once, when CBCMA purchases the loan.
Second mortgages follow a slightly different process than first mortgages since they are owned by CBCMA the moment they are created. (The correspondent advances funds on behalf of CBCMA, the government entity, at closing). Second mortgages drawn through CBCMA’s document service provided free to correspondents will show the servicing address as the Master Servicer. Documents prepared by any other provider can either incorporate our Master Servicer when the documents are prepared or the servicing on the second can be transferred to Essex Mortgage when CBCMA reimburses the correspondent for the funds advanced to the borrower on behalf of CBCMA at closing.
Beginning as soon as possible, but NO LATER THAN JANUARY 31, 2021, when a loan is purchased/reimbursed by CBCMA, please transfer servicing rights to our Master Servicer.
These updates have changed many sections of our program guidelines. In an effort to be thorough and comprehensive, here are all the changes made (in detail):
5.34.4 (Flood Certificates):
All Programs: Any flood certification from a valid vendor is acceptable as long as the flood certification in the file matches the appraiser’s flood information; this must include a life of loan certification. If there is a discrepancy between the two, CBCMA will pull a CoreLogic flood certificate and bill the correspondent the $15 fee on the PA.
All FHA Programs: Please note that a property is not eligible for FHA insurance if a residential building and related improvements to the property are located within SFHA Zone A (a Special Flood Zone Area) of Zone V (a coastal area) and insurance under the National Flood Insurance Program (NFIP) is not available in the community.
A property is not eligible for FHA insurance if the improvements are or are proposed to be located within a Coastal Barrier Resource System (CBRS).
For more information, please refer to FHA 4000.1.
First Mortgage: Flood certifications must be from CoreLogic and Service Link; this must include a life of loan certification. If the correct flood certificate is not present, CBCMA will pull a CoreLogic flood certificate and bill the correspondent the $15 fee on the PA.
7.22 (Documentation—General Requirements): A bullet point in the original section was altered.
- Life of Loan flood certificate from a valid vendor
- In some cases we will require the originator to transfer this certificate; if required, this will be found in the due diligence conditions prior to purchase
- First mortgage flood certificates must be from CoreLogic and Service Link
10.2 (Mortgage Electronic Registration Systems [MERS]): The MERS ORG ID number was updated (1014821).
11.4.1 (Loan Package Contents and Delivery): Information about the “Goodbye Letter” has been updated for the first mortgage, the repayable second mortgage, and the forgivable second mortgage. The text is included in its entirety below.
In order to confirm an accurate notice of transfer of servicing, a “Goodbye Letter,” CBCMA requires a sample copy of the notice of transfer of servicing to be included in the loan package at time of delivery. This applies to all first mortgages.
The information of CBC Mortgage Agency’s Master Servicer (address, contact information, etc) to be used for the notice of transfer of servicing, the “Goodbye Letter” for the first mortgage, may be found in sections 12.3.3 (1st Mortgage Master Servicer General Contact Information), 12.3.4 (1st Mortgage Master Servicer General Mailing Address), 12.5.1 (1st Mortgage Payment Address), 12.5.2 (First Mortgage Overnight Delivery), and 12.7.1 (First Mortgages [Qualified Written Requests]). The general mailing address is included below:
Essex Mortgage
Its Successors and/or Assigns ATIMA
PO Box 100077
Duluth, GA 30096
The primary, toll free customer service number is (855) 748-2722. Hours are Monday through Friday, 8:30am–5:00pm PT. Payments may also be made online at http://www.essexmortgage.com/MyAccount.
The information of CBC Mortgage Agency’s Master Servicer (address, contact information, etc) to be used for the notice of transfer of servicing, the “Goodbye Letter” for the second mortgage (repayable seconds only), may be found in sections 12.3.5 (Repayable 2nd Mortgage Master Servicer General Contact Information), 12.3.6 (Repayable 2nd Mortgage Master Servicer General Mailing Address), 12.5.3 (Repayable 2nd Mortgage Payment Address), 12.5.5 (Overnight Deliveries 2nd Mortgages), and 12.7.2 (Second Mortgages [Repayable] [Qualified Written Requests]). The general mailing address is included below:
ATTN: Cashiering
2100 SE 17th Street #112
Ocala, FL 34471
The primary, toll free customer service number is (888) 892-0881. Hours are Monday through Friday, 8:30am–5:00pm PT. Payments may also be made online at http://www.essexmortgage.com/MyAccount.
CBC Mortgage Agency’s address and contact information to be used for the notice of transfer of servicing, the “Goodbye Letter” for the second mortgage (forgivable seconds only), is as follows:
CBC Mortgage Agency
Its Successors and/or Assigns ATIMA
912 W Baxter Drive, #150
South Jordan, UT 84095
The primary, toll free customer service number is (866) 563-3507. Hours are Monday through Friday, 8:00am–5:00pm MST. Payments do not apply for forgivable seconds.
12.2 (CBCMA Codes): The MERS ORG ID number was updated, and a HUD Servicer ID was added.
- MERS ORG ID: 1014821
- HUD Servicer ID: 00772-000-4
12.3 (Contact Information): This section has been updated with Master Servicer information, which created four new sections: 12.3.3 (1st Mortgage Master Servicer General Contact Information), 12.3.4 (1st Mortgage Master Servicer General Mailing Address), 12.3.5 (Repayable 2nd Mortgage Master Servicer General Contact Information), 12.3.6 (Repayable 2nd Mortgage Master Servicer General Mailing Address).
12.3.3 (1st Mortgage Master Servicer General Contact Information)
Essex Mortgage
Website: http://www.essexmortgage.com/MyAccount
Email: support@myessexmortgage.com
Toll Free Numbers:
- Customer Service: 855-748-2722
- Collections/Payment Assistance: 855-775-2931
- Loss Mitigation or SPOC: 855-766-6540
- Foreclosure Team: 855-781-3901
- Property Tax Team: 833-662-0238
- Property Tax Fax Number: 817-310-7507
- Insurance Team: 833-811-3064
12.3.4 (1st Mortgage Master Servicer General Mailing Address)
Essex Mortgage
Its Successors and/or Assigns ATIMA
P.O. Box 100077
Duluth, GA 30096
12.3.5 (Repayable 2nd Mortgage Master Servicer General Contact Information)
Essex Mortgage
Website: http://www.essexmortgage.com/MyAccount
Email Address: loanservicing@essexmortgage.com
General Contact Number: 888-892-0881
12.3.6 (Repayable 2nd Mortgage Master Servicer General Mailing Address)
ATTN: Cashiering
2100 SE 17th Street #112
Ocala, FL 34471
12.4.3 (Mortgagee Clause): The mortgagee clause for first and second mortgages (repayable and forgivable) has been updated.
Essex Mortgage
Its Successors and/or Assigns ATIMA
PO Box 29411
Phoenix, AZ 85038-9411
12.5 (Borrower Payment Addresses): This section has been updated with Master Servicer information: 12.5.1 (1st Mortgage Payment Address), 12.5.2 (1st Mortgage Overnight Delivery), 12.5.3 (Repayable 2nd Mortgage Payment Address), 12.5.5 (Overnight Deliveries 2nd Mortgage). Section 12.5.4 (Forgivable 2nd Mortgage Payment Address) will be included for consistency, though it has not changed.
12.5.1 (1st Mortgage Payment Address)
Essex Mortgage
Its Successors and/or Assigns ATIMA
PO Box 105178
Atlanta, GA 30348-5178
12.5.2 (1st Mortgage Overnight Delivery)
ATTN: Lockbox 105178 Services – Essex
3585 Atlanta Avenue
Hapeville, GA 30354-1705
12.5.3 (Repayable 2nd Mortgage Payment Address)
ATTN: Cashiering
2100 SE 17th Street #112
Ocala, FL 34471
12.5.4 (Forgivable 2nd Mortgage Payment Address)
CBC Mortgage Agency
Its Successors and/or Assigns ATIMA
912 W Baxter Drive, #150
South Jordan, UT 84095
12.5.5 (Overnight Deliveries 2nd Mortgages)
ATTN: Cashiering
2100 SE 17th Street #112
Ocala, FL 34471
12.6 (Wiring Instructions [First Mortgages]): This is a new section with information regarding wiring.
12.6.1 (Forwarded Payments—Payment Clearing)
Beneficiary Name: ServiceMac, LLC Bank
Name: Wells Fargo
City, State: Atlanta, GA
Beneficiary Account #: 4728377680
ABA Routing #: 121000248
ATTN: Reference to transaction, Company Name or loan number
12.6.2 (Forwarded Payoffs—Payoff Clearing Beneficiary)
Name: ServiceMac, LLC
Bank Name: Wells Fargo
City, State: Atlanta, GA
Beneficiary Account #: 4749659454
ABA Routing #: 121000248
ATTN: Reference loan number(s)
12.7 (Qualified Written Requests): This is a new section with information regarding qualified written requests for both first and second (repayable) mortgages.
12.7.1 (First Mortgages)
Qualified Written Requests (QWRs) are required to be submitted to the address listed below. When Essex Mortgage is in receipt of a Qualified Written Request (as defined by RESPA), an acknowledgment notice is sent within five (5) business days. We will respond to you within thirty (30) business days of receipt of your written notice, unless otherwise defined by RESPA guidelines.
Essex Mortgage
PO Box 100078
Duluth, GA 30096
12.7.2 (Second Mortgages [Repayable])
Qualified Written Requests (QWRs) are required to be submitted to the address listed below. When Essex Mortgage is in receipt of a Qualified Written Request (as defined by RESPA), an acknowledgment notice is sent within five (5) business days. We will respond to you within thirty (30) business days of receipt of your written notice, unless otherwise defined by RESPA guidelines.
ATTN: Customer Care
2100 SE 17th Street #112
Ocala, FL 34471
The post 20-12-22 Announcement—December 22 2020 Program Guidelines Update appeared first on Chenoa Fund – Down Payment Assistance.