Important Announcement Chenoa (CBC Mortgage)
On January 1st, 2019 Chenoa will expire its current published pricing and begin offering only one rate for each FICO band for each of their products. This change will bring them in line with how other state housing finance agencies price their loans. You will still be able to see rates and lock through Optimal Blue, but it will show a par rate like below.
There are no other changes to the programs currently besides the change in how rates/pricing works on the first mortgage. You will still be able to charge standard fees and origination if it is within atr/qm points and fees test. There is no change to how the second mortgage rates are determined either (rate advantage 8% fixed 10-year term, HomeReady 2% above 1st mortgage rate 10-year term). Should you have a loan in the pipeline that you wish to lock under the current pricing structure you will need to submit those for lock prior to 2pm EST on 12/31/18.
Should you have any questions or concerns please reach out to secondary@ vandykmortgage.com.