Most Current—September 15th, 2020 (v9.2)

1. CBCMA Training
Series

2. Topics
1 – All Chenoa Fund Programs Overview
Conventional / FHA
2 – How to Calculate AMI
3 – Pre-Registration: The 1003
Conventional / FHA
4 – Underwriting
5 – Lock Desk
6 – How to Lock a Loan
Conventional / FHA
7 – How to Secure DPA Approvals
8 – How to Draw Documents
9 – Purchase Clearing: Uploading
10 – Purchase Clearing: Conditions and
Escalations
11 – Final Documents
12 – Servicing
13 – Why Use Chenoa Fund
Conventional / FHA

3. • Our 2nd Mortgagee Clause is
CBC Mortgage Agency
ISAOA ATIMA
912 W. Baxter Dr.
Ste. 150
South Jordan, UT 84095
Note: This is only necessary for
amortized loans.
Address

4. Send Second Mortgage Payments: Amortized
Second Mortgage Payment
Address
Statebridge Company, LLC
6061 South Willow Drive
Suite 300
Greenwood Village, CO 80111

5. Send Second Mortgage Payments: Soft
Second Mortgage Payment
Address
CBC Mortgage Agency
Attn: Payment Processing
912 Baxter Dr, Suite 150
South Jordan, UT 84095

6. First Mortgage Payments
1st Mortgage Payment
Address
CBC Mortgage Agency
Attn: Payment Processing
912 Baxter Dr, Suite 150
South Jordan, UT 84095
• CBC Mortgage Agency (CBCMA) sells
first mortgages to investors following the
initial close
• CBCMA doesn’t always service first
mortgages
• Make sure your borrowers understand
that they may need to make payments
elsewhere either on or after the first
month
• Borrowers should expect to receive a
Goodbye Letter from CBC Mortgage
Agency when their first lien has been sold
Servicing Line
866-563-7572

7. Reminders
• First and second mortgage
payments are not
combined; please help
borrowers understand this
• Hours of Operation:
• 8:00 AM–6:00 PM MT
• Monday through Friday

8. Early Payment Default
• Early Payment Defaults
happen when one of the
first 6 payments due on the
mortgage note becomes
30+ calendar days
delinquent
• Delinquency is defined as
happening when a
payment is not received
on or before the due date
designated on the
mortgage note

9. Early Payment Default (cont.)
• If a mortgage is prepaid in
full, other than by a
refinancing, before the 8th
monthly payment following
the closing date, the seller
will
• Refund the premium paid
by the purchaser
(“premium” means the
amount paid by purchaser
that exceeds the principal
balance of the mortgage);
and
• Refund the amount of the
grant or gift (if a grant or
gift has been provided
through the purchaser)

10. Subordination Policy
• CBC Mortgage Agency accepts
subordination requests for
some programs, with the
following requirements and
restrictions:
• On loans closed prior to March
1st, 2018, we require a 13-
month waiting period policy
• ON loans closed after March
1st, 2018, we have a 36-month
waiting period policy
• To qualify, the loans must have
made either 13 or 36
payments on both the primary
and secondary loans with no
late payments

11. Subordination Policy (cont.)
• Payments may not be paid
forward; all payments must
have been made prior to
subordination approval (no
exceptions allowed)
• Soft seconds do not qualify for
subordinations; the note
dictates that a refinance of the
1st mortgage would trigger a
payoff of the 2nd mortgage

12. Subordination Policy (cont.)
• If a loan qualifies for
subordination, the following is
required
• The requesting party should
email a copy of the
subordination agreement to
servicing@chenoafund.org for
review and acceptance
• A $150 processing fee
(payable to CBCMA)
• A return shipping label
• A subordination document to
be executed
• All documents may not be
executed until we have verified
the payment as received