Program Guidelines Update Announcements 2/12/2024

All policy changes and updates are referenced below in the appropriate section of the Correspondent Lending Guide. These policy changes apply to everyone using the Chenoa Fund down payment assistance program and are effective beginning 2/27/2024, unless otherwise noted.

This announcement, and previous announcements are available on the Announcements page of our website.

Announcement: Change in Sub-Servicer
CBC Mortgage Agency has engaged Midwest Loan Services for sub-servicing on its repayable 2nd lien portfolio. As a result, effective with ALL closings that take place on or after February 27, 2024, information for Midwest Loan Services must be used on applicable documents in the repayable 2nd lien closing package.

This includes these repayable 2nd lien documents:

• The payments section in the 2nd lien Note.
• The Notice of Servicing Transfer.
• The First Payment Letter.

The information for Midwest Loan Services is:

Correspondence, Payment, and Borrower Information (Repayable, 2nd Liens Only):

Midwest Loan Services
P.O. Box 209
Hancock, MI 49930 www.midwestloanservices.com

Phone number: 800‐262‐6574
Hours of operation: 8:00AM to 8:00PM EST Monday‐Friday
Email Address: customerservice@midwestloanservices.com

Mortgagee Clause Info (Repayable, 2nd Liens Only)
LENDER/SERVICER, ISAOA/ATIMA
c/o Midwest Loan Services
P.O. Box 39159
Solon, OH 44139‐0159

Please note that lenders should continue to use the MERS information that is already in the program guidelines.

Announcement: New Post-Purchase Condition(s)

Effective with all loans purchased by CBC Mortgage Agency on or after 02/27/24, CBC Mortgage Agency will require a copy of the goodbye letter sent to the borrower(s) of the 1st lien loan. Correspondents will be required to upload this document in the QC section of the client portal.

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The Reality of the California Dream for All Program

Last spring, the California Housing Agency (CALHFA) announced it was offering $300 million in down payment assistance (DPA) under its California Dream for All program. A program created to help low-to-moderate income, first-time homebuyers purchase a home in California.  When the program was launched, it was first come, first served.

It was so popular that its funding was notably devoured in 11 days. According to the CALHFA website, the total number of borrowers who were able to receive help was little more than 2,000 across the state.

Additionally, while 33% of those who were able to get their hands on funding identified as Hispanic or Latino, only 3% identified as Black or African American, while a disproportionate 35% identified as White, according to CALFHA. These numbers clearly indicate that more needs to be done to spread awareness of the program in communities of color, specifically in African American communities.

A Dream for All or a Few?

The California Dream for All program aims to make homeownership more accessible for Californians. Yet, its impact will be felt by just a few thousand would-be homebuyers lucky enough to be picked in a lottery system. The program provides a full 20% down payment, prompting consideration of whether offering 10-15% down could spread its $250 million funding to help more than just a few thousand borrowers.

A traditional 20% down payment often allows a borrower to avoid purchasing mortgage insurance, a policy typically required when a down payment is less than 20% and designed to protect the lender in the event of a loan default.  Lenders generally agree that borrowers who invest their own funds in a property, often referred to as having ‘skin in the game,’ are more likely to be committed to repaying their loans. However, when a program doesn’t require any borrower investment or mortgage insurance, does it inadvertently lessen the incentive to uphold their financial responsibilities?

The California Dream for All program offers an entry point into homeownership; however it limits equity accumulation for borrowers, who could forfeit up to 20% of their home’s appreciated value. Home equity is crucial for communities historically marginalized in the housing market. Ensuring that participants in such programs can fully benefit from the equity built in their homes is essential for individual financial growth and broader economic equity.

What is California Dream for All?

The program provides borrowers with a shared appreciation loan, used concurrently with a conventional first mortgage, for up to $150,000, or 20% of the appraised value of a home or its purchase price, whichever is lower, to use toward the down payment and closing costs. Upon the sale or transfer of the home, the repayment of the down payment loan plus a share of the home’s appreciated value becomes due.

This spring, CALHFA will disperse around $250 million in funding to first-time homebuyers. To distribute the funds more evenly across the state, the recipients will be determined in a lottery, a change from the first come, first served system in the program’s pilot year, last year.

When the Down Payment Assistance Funds Run Dry

While buzz around the California Dream for All program makes its way through the industry. We want to remind lenders and borrowers alike that solid down payment assistance programs exist- programs that do not run out of cash because they do not rely on government funding, programs that do not have atypical and complex requirements like shared appreciation mortgage loans, and programs that preserve all the borrower’s equity.

Take the Chenoa Fund Down Payment Assistance program for example, our program provides:

  • Straight forward guidelines applied across most states, not just in California.
  • No first-time homebuyer eligibility requirement, any qualified borrower is welcome to apply.
  • Down payment assistance up to 5%, we allow our DPA funds to be used toward the down payment and closing costs.
  • Borrowers keep all of the equity that appreciates during the time they own the home.
  • No income limits, we do not place a cap on a borrower’s income level to apply for the assistance.
  • Program is always funded; we do not rely on government funding to keep our program running.

Reach out to us to learn how you can provide meaningful down payment assistance financing that is available year-round with guidelines that make it easy for first time homebuyers to realize their dream.

CBC Mortgage Agency – NMLS 1186381

For licensing information, go to www.nmlsconsumeraccess.org.

Illinois Residential Mortgage License #MB.6761292. Illinois Department of Financial and Professional Regulation, Division of Banking, 555 W. Monroe St., Suite 500, Chicago, IL 60661 – 1-888-473-4858. This information is provided by CBC Mortgage Agency and intended for real estate and mortgage professionals only. It is not intended for public use or distribution. Terms and conditions of programs and guidelines are subject to change at any time without notice. This is not a commitment to lend. Equal housing opportunity.

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CBC Mortgage Agency Introduces Temporary Rate Buydowns in Conjunction with Down Payment Assistance

Borrowers now receive additional support with lowered interest rates in the first years of homeownership, plus down payment assistance.

SOUTH JORDAN, Utah – December 05, 2023 – CBC Mortgage Agency (CBCMA), a Native American wholly owned and federally chartered housing finance agency, is introducing a buydown feature for its down payment assistance (DPA) program for FHA first mortgage financing. This new feature comes a few weeks after the company decreased the interest rate offered on its down payment assistance to minimize the impact of high first mortgage rates and high home prices on low-to-moderate borrowers.

The addition of the buydown feature – which is either a 2-1 buydown or a 1-0 buydown – lowers the interest in the first formidable years of homeownership, which may make a significant difference in helping borrowers purchase a home if they can make the payments once the interest rate increases.

“The addition of a 2-1 and a 1-0 buydown feature is CBC Mortgage Agency’s continued response to the ongoing effect of the higher interest rates,” said Cari Zwick, National Program Director. “We’ve had a lot of requests for a buydown feature, and we hope it provides some relief to buyers during the current state of the housing market”.

About CBC Mortgage Agency

Founded in 2013, CBC Mortgage Agency is a nationally chartered housing finance agency. As a leading source of down payment assistance, the company helps low-to-moderate income consumers, often in minority neighborhoods, achieve the dream of homeownership. CBC Mortgage Agency, recognized as one of the Top 25 Companies in Mortgage & Servicing by MReport, is a wholly owned subsidiary of Cedar Band Corp., a federally chartered tribal corporation founded by the Cedar Band of Paiute Indians. Visit chenoafund.org for more information.

CBC Mortgage Agency plays a crucial role in the housing market by establishing consistent guidelines that may be offered across the country (except NY), making it easier for lenders to implement across their lending platforms, which benefits the borrower in the long run. Down payment assistance is essential for many families, and CBC Mortgage Agency’s programs, including its forgivable down payment assistance program, offer an alternative to relying on gifts from relatives.

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Program Update Announcement December 4, 2023

All policy changes and updates are referenced below in the appropriate section of the Correspondent Lending Guide. These policy changes apply to everyone using the Chenoa Fund down payment assistance program and are effective beginning December 4, 2023, unless otherwise noted. This announcement, and previous announcements are available on the Announcements page of our website.

*Correction: Temporary Buydowns was moved from section 7.17.1 | Documentation – Further Requirements to 7.17 | Documentation – General Requirements.

Effective Monday, December 4, 2023, 2-1 and 1-0 buydowns are allowed for Chenoa Fund Down Payment Assistance. This change effects the following sections in the guide:

5.21.2 Seller Credits

CBC Mortgage Agency allows seller credits as long as they meet FHA/HUD Handbook 4000.1 requirements.

Keep in mind that converting seller credits to seller-paid fees must be done prior to or at closing. Seller credits used to offset points and fees must be disclosed on the initial and final CD; they cannot be corrected after closing and must be reflected on the purchase contract prior to closing.

The Interested Parties’ contribution of up to 6% of the sales price would include temporary interest rate buydowns.

7.17 | Documentation—General Requirements

CBC Mortgage Agency requires that each loan conforms to and complies with all applicable HUD and FHA underwriting, lending, selling, and servicing requirements, as well as all Ginnie Mae requirements for the inclusion of the mortgaged loan in a Ginnie Mae MBS pool.  In addition to all FHA credit qualifying and documentation requirements, the loan must also include:

  • An electronic fraud detection report covering standard areas of quality control, i.e., borrower validation, social security validation, property information, and MERS verification
  • Compliance testing for adherence to QM/ATR, APR, and Points and Fees for the first mortgage
  • The copy of the deed of trust, stamped as “True and Certified” by the settlement agent
  • A completed tax information sheet
  • The 4506-C address, set to match the last filed tax transcripts
  • Verbal verification of employment within ten (10) calendar days of the Note date, per agency guidelines, and an independently obtained phone number or address for employer with source documented
  • Evidence the FHA UFMIP has been paid
  • A W-9 where borrowers have selected a Federal Tax Classification
  • A Life of Loan flood certificate
  • Closing Protection Letter (CPL)
  • Final settlement ALTA statement, signed by the settlement agent
  • 1-0 or 2-1 Buydown Escrow Agreement
  • 1-0 or 2-1 Subsidy Payment Schedule

Additionally, the loan must be fully eligible for FHA insurance, and it must already be insured by HUD or will be insured by HUD within sixty (60) days of the purchase date for CBC Mortgage Agency.

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Choosing the Right Down Payment Assistance Strategy in a World of Options

At a time when home prices and interest rates are placing homeownership increasingly out of reach for first-time buyers, access to down payment assistance (DPA) has never been more important or valuable. In fact, according to a 2023 Bankrate Financial Security Survey, 40% of potential homebuyers cited not being able to afford a down payment was a major reason they haven’t been able to buy a home.

Thankfully, the number of DPA programs available for today’s borrowers continues to expand. Yet for correspondent lenders, navigating the vast array of options can be challenging, particularly if they do business in multiple markets. But there is a way to make everything much easier—not just for lenders, but for borrowers as well.

An Expanding Down Payment Assistance Landscape

Right now, there are more than 2,000 DPA programs nationwide that provide a plethora of options to aspiring low- and moderate-income homeowners. Most of these programs are administered by various state, county and city governmental agencies. However, a growing number of large lenders have also launched 100% financing options aimed at making homeownership more affordable to those who lack purchasing power, sufficient savings for a down payment, or financial help from family members.

Today’s DPA programs vary enormously in terms of how the assistance is structured. For example, some programs offer grants that do not require repayment, while others provide low-interest loans or forgivable loans that can convert into grants if specific conditions are met over a defined period. Some programs are structured as repayable second mortgages, while others offer silent second loans that are deferred until the property is sold or refinanced.

While all these programs share a common goal of facilitating homeownership, they differ tremendously in terms of program details and what borrowers need to qualify. Some options, for example, involve specific requirements involving the borrower’s credit score or income. Some may have geographical constraints, while others may only apply to public employees, such as police officers or teachers. And therein lies the catch.

Sorting Through Multiple Options

While today’s expanding number of DPA programs is generally great news for first-time homebuyers, for correspondent lenders, keeping up with the different options and nuances requires significant time and effort. This is even more challenging at a time when most lenders are trying to cut costs.

For correspondents, maintaining compliance with multiple DPA programs while making sure their lending practices align with the unique stipulations of each program can be especially burdensome. For instance, while there are many different local government programs available, leveraging them is very difficult because lenders have to learn and train their staff on each individual program.

The eligibility criteria and application process for different DPA programs can change often as well, sometimes with little notice. Because the terms are often difficult to understand, simply communicating the details of different DPA programs and how they work to underserved borrowers is yet another hurdle.

So, while DPA programs create excellent opportunities to meet the need of underserved borrowers, managing multiple programs requires a lot of work and meticulous attention to detail. But there is a simpler path.

The Potential Advantages of a Nationwide Down Payment Assistance Provider

A growing number of correspondent lenders are discovering a great way to leverage DPA for first-time homebuyers is to partner with a nationwide (except New York) DPA provider like CBC Mortgage Agency and its Chenoa Fund DPA program. By working with CBC Mortgage Agency, which administers the Chenoa Fund, lenders only have one uniform set of DPA guidelines to meet, so they are easy to administer regardless of where a lender does business.

The Chenoa Fund DPA program also stands apart by offering an array of DPA that caters to a wide spectrum of low- and moderate-income buyers trying to achieve their homeownership dreams. Lenders also have the ability to set flexible pricing, plus we offer delegated underwriting for eligible correspondent lenders.

Our nationwide (except New York) reach and repository of expertise, support and borrower resources can be instrumental in not only meeting the diverse needs of today’s consumers, but they can help correspondent lenders earn credits under the Community Reinvestment Act, too.

At a time when origination costs continue to rise, leveraging the Chenoa Fund Down payment assistance program empowers lenders to consolidate and simplify their operational processes while gaining a unique competitive advantage in an otherwise challenging environment.

For more information on partnering with CBC Mortgage Agency, give us a call at 866-563-7572 or drop us a note at info@chenoafund.org.

CBC Mortgage Agency – NMLS 1186381

For licensing information, go to www.nmlsconsumeraccess.org.

Illinois Residential Mortgage License #MB.6761292. Illinois Department of Financial and Professional Regulation, Division of Banking, 555 W. Monroe St., Suite 500, Chicago, IL 60661 – 1-888-473-4858. This information is provided by CBC Mortgage Agency and intended for real estate and mortgage professionals only. It is not intended for public use or distribution. Terms and conditions of programs and guidelines are subject to change at any time without notice. This is not a commitment to lend. Equal housing opportunity.

 

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CBC Mortgage Agency Reduces Interest Rates on Down Payment Assistance 2nd Mortgages

First rate reduction in company’s recent history will lower housing payments and bring more prospective homeowners into the fold

SOUTH JORDAN, Utah – November 14, 2023 – CBC Mortgage Agency (CBCMA), a federally chartered housing finance agency, is reducing its interest rate on repayable second mortgages used for its down payment assistance (DPA) program. For underserved and first-time homebuyers, the rate reduction will minimize the dual impact of significantly higher first mortgage interest rates and increased home prices to help create more homeownership opportunities.

The rate reduction aligns with the company’s mission to support families on their journey to homeownership. Lowering the cost of owning a home, especially on financing costs, can make a substantial difference for many borrowers, especially those in low-to-moderate income communities.

“We looked hard and long at how we could help solve the affordability problem in housing, which is locking many would-be homebuyers out of the market,” said CBCMA President Miki Adams. “Among the measures within our control is the note rate on our portfolio seconds. By meaningfully reducing our rate, more borrowers stand a better chance at qualifying.”

This initiative underscores CBCMA’s ongoing commitment as the leader in national down payment assistance programs that help homebuyers of all backgrounds become homeowners. Over the past decade, the company has assisted thousands of homebuyers, including many first-time and minority

borrowers. The company recently received approval to begin offering USDA loans, providing another powerful resource that is empowering low-to-moderate income buyers in rural areas to live the American Dream.

CBCMA plays a crucial role in the housing market by establishing consistent guidelines that may be offered across the country (except NY), making it easier for lenders to implement their program across all lending platforms, which benefits the borrower in the long run. Down payment assistance is essential for many families, and CBCMA’s programs, including its forgivable down payment assistance program, offer an alternative to those who do not have access to other forms of assistance, such as gifts from relatives.

“Homebuyers who are borderline eligible may find that even a small cut in their monthly housing payments is enough to shift from being renters to owners, opening the door to wealth accumulation through home equity,” said CBCMA’s Chief Operating Officer, Steve Stein.

Ultimately, the company hopes to facilitate more homeownership opportunities nationwide by lowering the interest rate on second mortgages.

About CBC Mortgage Agency

Founded in 2013, CBC Mortgage Agency is a Federally chartered housing finance agency. As a leading source of down payment assistance, the company helps low-to-moderate income consumers, often in minority neighborhoods, achieve the dream of homeownership. CBC Mortgage Agency, recognized as one of the Top 25 Companies in Mortgage & Servicing by MReport, is a wholly owned subsidiary of the Cedar Band Corp., a federally chartered tribal corporation founded by the Cedar Band of Paiute Indians. Visit chenoafund.org for more information.

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Program Guidelines Update Announcement November 13, 2023

All policy changes and updates are referenced below in the appropriate section of the Correspondent Lending Guide. These policy changes apply to everyone using the Chenoa Fund down payment assistance program and are effective beginning November 13, 2023, unless otherwise noted. This announcement, and previous announcements are available on the Announcements page of our website.

Announcement: Interest Rate Reduction

Effective Monday, November 13, 2023, we are reducing the interest on all repayable second mortgages. For all loans locked on or after Monday, November 13, 2023, the interest rate on repayable second loans will have a rate matching the interest rate of the FHA first mortgage loan.

5.2 | FHA Offerings

5.2.1 Chenoa Fund Down Payment Assistance

This second mortgage product is paired with an FHA first mortgage. The product offers 3.5% or 5% down payment assistance to borrowers with an annual income of 135% or less of the AMI for the county or MSA in which they are purchasing a home. (An option is available to higher income borrowers that has no income limits.)  All FHA guidelines must be met, as well as Chenoa Fund overlays. This product can be repayable or forgivable.  Repayable down payment second loans have a 10-year term with an interest rate matching the interest rate on the first mortgage.

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Announcement: November 8, 2023 Program Guidelines Update

New Program Announcements November 2023 

All policy changes and updates are referenced below in the appropriate section of the Correspondent Lending Guide. These policy changes apply to everyone using the Chenoa Fund down payment assistance program and are effective beginning November 8, 2023, unless otherwise noted. This announcement, and previous announcements are available on the Announcements page of our website. 

Announcement: Updated Lock Policy 

8.2 | Lock Policy 

A complete closed loan package must be uploaded through CBC Mortgage Agency’s loan portal on or prior to the interest rate lock expiration date in order to meet the lock requirements. Locks that expire on the date of submission or within six (6) days after submission will be extended for seven (7) days from the loan submission date to allow for purchase loan conditions to be released and submitted by the correspondent. After a complete loan image is uploaded, the loan package will be reviewed and, if required, purchase conditions will be issued. We will give a (7) calendar day(s) extension before roll fees begin from the latter of the lock expiration or conditions out date. Roll fees will accrue at .025 per day (.175 per week). All roll fees will be withheld from the purchase advice.  

Locks that are canceled or that expire and remain expired for thirty (30) days or more are eligible for relock at current-day pricing. If a loan is locked and then canceled (or expired), and then a relock request is received within thirty (30) days of the original lock, the loan pricing will be the worse-case of the current day pricing for the remaining lock period of the original lock less a .375 reinstatement fee and the lock period will be the remaining time on the original lock.  

The lock is associated with the property address. If a borrower chooses to purchase a different property than was selected at the time of lock, the lock will need to be canceled and a new lock request submitted for the new property. 

8.2.1 Renegotiation Policy: 

  • Per loan limit: one renegotiation per loan. 
  • The interest rate must improve by at least 0.125%. 
  • If the rate drops by 0.125%, the lender receives current market pricing less 37.5 bps. 
  • If the rate drops by 0.25% or more, the lender receives current market pricing less 25bps. 
  • The original commitment period and expiration date cannot move and must remain the same. 
  • The renegotiation price is based on the rate sheet and LLPAs that are in effect when the request is received less any prior accumulated extension, relock or other fees. 

Announcement: Updated Wire Instructions 

Effective as of November 1, 2023, we have updated our wire instructions. This change effects the following sections of the lending guide. 

12.6 | Wiring Instructions (First Mortgages) 

Please send new wires to:  

Zions Bank 

Acct: CBC Mortgage Agency 

ABA#124000054 

Account # 985250646 

Please reference the borrower’s full name and Account #. 

12.6.2 Forwarded Payoffs—Payoff Clearing Beneficiary 

Please send new wires to:  

Zions Bank 

Acct: CBC Mortgage Agency 

ABA#124000054 

Account # 985250646 

Please reference the borrower’s full name and Account #. 

Announcement: New Mailing Address for Essex Servicing 

Please update your records to reflect the new mailing address for Essex Servicing. This mailing address is applicable for all documentation, including payments and correspondence, and affects the following sections in the guide:    

7.17.2 Documentation—Second Loan Requirements 

11.4.1 Goodbye Letter: FHA First Mortgages 

12.3.6 Repayable Second Mortgage Contract Servicer General Mailing Address 

12.5.3 Repayable Second Mortgage Payment Address 

12.7.2 All Repayable Second Mortgages 

New mailing address: 

Essex Mortgage 

1417 N Magnolia Ave 

Ocala, Fl 34475 

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New CRA Changes Spell Opportunity for Serving LMI Borrowers

The Community Reinvestment Act, commonly known as the CRA, has been a pivotal law in the banking industry since 1977. Designed to curb discriminatory lending practices, the CRA requires banks to extend their services to every part of their community, including low- and moderate-income (LMI) areas.

These rules, which were last updated nearly 30 years ago, are currently being updated to meet the needs of today’s digital age. And while most correspondent lenders are non-banks, the new changes spell opportunities for lenders that expand their reach to underserved LMI communities.

What’s Different

Announced in October 2023, the final CRA rule changes reflect the rise of online and mobile banking and branchless bank models and seek to strike a balance between digital banking services with physical branches in LMI communities. They also specify eligible CRA activities, such as expanding affordable housing in underserved, native, and rural communities, and introduce metrics-based benchmarks for evaluating a bank’s retail lending business using peer and demographic data.

So how do these changes impact correspondent lenders?

With banks now more incentivized than ever to invest in low- and moderate-income communities, they will become increasingly selective in their loan acquisitions. As a result, they might actively seek out partnerships with correspondent lenders that can help them meet these new obligations.

In other words, if your loans have a direct positive impact on underserved communities, banks may see you as a valuable partner—which could lead to fresh business opportunities and a greater share of the market.

How CBC Mortgage Agency’s Chenoa Fund Down Payment Assistance Program Can Help

Given the new CRA rules, correspondent lenders would be wise to think creatively about how to serve homebuyers in underserved areas. One of the best tools for doing so is by adopting down payment assistance (DPA) programs targeted at low- to moderate-income homebuyers, such as those offered through by CBC Mortgage Agency.

When it comes to DPA, options abound. Some involve grants or forgivable loans that don’t require repayment, which makes them extremely attractive to first-time homebuyers who lack savings and don’t have access to gift funds from relatives. There are also second mortgage options available at low or zero interest rates, which enables borrowers to build home equity without being overwhelmed by high monthly payments.

Either way, Chenoa Fund down payment assistance is a win-win for everyone. For the homebuyer, they break down financial barriers to homeownership. For correspondent lenders and their banking partners, they provide a means to reach an underserved segment of the homebuyer market while aligning with the CRA’s renewed focus.

Honoring LMI Lending

If you’re starting to see the effectiveness of DPA programs in today’s CRA landscape, there are few DPA providers better suited to partner with than CBC Mortgage Agency. Over the past 10 years, we’ve helped more than 44,000 borrowers – including many LMI families – access DPA through the Chenoa Fund down payment assistance program to achieve and sustain homeownership. We also have approval from the USDA to provide USDA loans, which are another powerful tool for serving LMI borrowers in rural areas.

But that’s not all. To inspire other lenders to join us in our mission, we began recognizing companies that share our commitment to advancing homeownership opportunities. Our newly launched Kani Awards program recognizes lenders that support economic stability for homebuying families by offering innovative DPA programs that help LMI borrowers overcome the barriers to homeownership.

“Kani,” (K-AH-N-EE) the traditional Paiute word for home, embodies the spirit of the Kani Award. The meaning behind the Kani Award echoes CBCMA’s tribal roots and the company’s longstanding commitment to promoting inclusive homeownership since its inception 10 years ago.

Last month, our inaugural Kani Awards program honored five lenders based on their share of mortgages sold to LMI borrowers during the previous calendar year: Cardinal Financial Company, Everett Financial (Supreme Lending), Fairway Independent Mortgage Corporation, Nova Home Loans, and Paramount Residential Mortgage Group, Inc.

By offering Chenoa Fund down payment assistance programs through CBC Mortgage Agency, you can join these leaders in community investment—and make your loans more appealing to banks that are now motivated more than ever to serve these communities.

Interested in learning more? Give us a call at (866) 563-7572, email us at info@chenoafund.org, or click hereThis is intended for industry professionals only and is not intended for or directed at consumers.

CBC Mortgage Agency – NMLS 1186381

For licensing information, go to www.nmlsconsumeraccess.org.

Illinois Residential Mortgage License #MB.6761292. Illinois Department of Financial and Professional Regulation, Division of Banking, 555 W. Monroe St., Suite 500, Chicago, IL 60661 – 1-888-473-4858. This information is provided by CBC Mortgage Agency and intended for real estate and mortgage professionals only. It is not intended for public use or distribution. Terms and conditions of programs and guidelines are subject to change at any time without notice. This is not a commitment to lend. Equal housing opportunity.

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Salt Lake Tribune Names CBC Mortgage Agency A Winner Of The Wasatch Front Top Workplaces 2023 Award

For immediate release:

South Jordan, Utah, October 30, 2023 – CBC Mortgage Agency was named a Top Workplace 2023 by Salt Lake Tribune Top Workplaces, for its third year running. The award is based solely on employee feedback. The confidential survey uniquely measures 15 culture drivers that are critical to the success of any organization: alignment, execution, and connection, just to name a few.

“Earning a Top Workplaces award is a badge of honor for companies, especially because it comes authentically from their employees,” said Eric Rubino, Energage CEO. “That’s something to be proud of. In today’s market, leaders must ensure they’re allowing employees to have a voice and be heard. That’s paramount. Top Workplaces do this, and it pays dividends.”

CBC Mortgage Agency has been consistently named a Top Workplace, receiving recognition in the years of 2019, 2021, 2022 and 2023 by the Salt Lake Tribune.

“We are thrilled to be recognized as a Top Place to Work for the third year running. This achievement is a testament to the dedication and passion of our team at CBC Mortgage Agency,” said Miki Adams, president of CBC Mortgage Agency. “We remain committed to fostering a workplace where inclusion, collaboration and a shared place of purpose thrive, empowering us to continue to make a positive impact in the lives of our employees and the communities we serve.”

About

CBC Mortgage Agency was formed in 2013 by the Cedar Band Corporation, an enterprise wholly owned by the Cedar Band of Paiutes in Utah. CBC Mortgage Agency is a nationally chartered housing finance agency of the Cedar Band and provides down payment assistance for FHA loans and other affordable housing mortgage loan products to qualifying borrowers. CBC Mortgage Agency has used its unique business structure to offer a national down payment assistance program, where most State Housing Agencies operate only within one state.

CBC Mortgage Agency is approved as a Title II, Direct Endorsement Government Entity Mortgagee with the United States Department of Housing and Urban Development (HUD) with the authority to originate, hold and service FHA Title II and Section 184 mortgages. CBC Mortgage Agency is also approved to originate loans through the United States Department of Agriculture (USDA) and its USDA Section 502 Single Family Housing Guaranteed Loan Program. CBC Mortgage Agency operates its nationwide programs in compliance with HUD, FHA and USDA guidelines and takes great care to ensure that the borrowers it assists are capable of sustaining homeownership.

Since its inception, CBC Mortgage Agency has helped thousands of homebuying individuals and families obtain homeownership and has always had a focus on increasing minority homeownership, particularly within the African American, Hispanic and Native American communities.

Company Contact

CBC Mortgage Agency

kira.camozzi@chenoafund.org, 805-807-3384

chenoafund.org

Awards

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