Can Better Financial Education Help Prevent Foreclosures?

By KIMBERLEY HAAS Foreclosure starts are up nationally and some industry leaders say that better financial literacy could help prevent homeowners from becoming distressed. Lenders started the foreclosure process on 22,575 properties last month. That’s up 11% from a year ago, according to the February 2024 U.S. Foreclosure Market Report by ATTOM. There were a total of 32,938 properties with foreclosure filings – default notices, scheduled auctions, or bank repossessions – according to the report, and lenders repossessed 3,397 properties through completed foreclosures last month. Donna Schmidt, managing director and owner of DLS Servicing in Grand Rapids, Michigan, said in a recent interview with The Mortgage Note that the people most likely to be foreclosed on this year are people…

CBC Adds Rate Buydowns To Its FHA DPA Program

CBC Mortgage Agency introduced temporary rate buydowns to its down payment assistance program for FHA first mortgage financing, the lender announced in a press release. Borrowers have access to either a 2-1 or 1-0 buydown, easing the financial burden on first-time buyers for the first few years of homeownership. “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.” This feature comes just weeks after CBC lowered the interest rate on its…

CBC Mortgage Agency Approved To Offer USDA Loans

CBC Mortgage Agency is now offering USDA loans for borrowers in rural areas, the company announced in a press release. The U.S. Department of Agriculture has approved CBCMA to provide USDA 30-year mortgages for borrowers outside of urban and suburban areas. These loans offer 100% financing, so the company’s correspondent lenders can now help low- to moderate-income families in these areas achieve homeownership without having to empty their life savings for a down payment. “Our lending partners can now help eligible borrowers buy a home with no money down instead of having to scrape together their own funds or take out a second mortgage for down payment assistance,” CBC Mortgage Agency President Miki Adams said.  “We are thrilled to receive…

Guaranteed Rate’s Mark Leslie Joins CBC Mortgage Agency

Mark Leslie is joining CBC Mortgage Agency as director, capital markets, the company announced in a press release. “During my 22 years as a mortgage trader, I’ve worked through several extreme mortgage market cycles that taught me invaluable lessons that apply to today’s high-rate environment,” Leslie said.  “I look forward to using this experience to help CBC continue to provide down payment assistance programs that enable low- to moderate-income families across America to achieve homeownership.” CBC is a national housing finance agency, recognized as one of the Top 25 Companies in Mortgage & Servicing by MReport. It is the provider of Chenoa Fund, a down payment assistance program offering up to 3.5% of the purchase price. Leslie brings two decades…

CRA Note Exchange Helps Provide Vital Capital To Florida, South Carolina Habitat For Humanity Affiliates

Habitat for Humanity Affiliates in Florida and South Carolina will be able to build more affordable homes after the recent sale of mortgage notes on their behalf. Leaders at CBC Mortgage Agency, a nationally chartered housing finance agency and a source of down payment assistance for first-time homebuyers, announced its CRA Note Exchange platform had completed the sale on Sept. 12.   CRA Note Exchange enables the sale of Community Reinvestment Act-eligible loans through an online portal to free up capital for additional affordable home construction. Banks and other financial institutions can review, select and purchase loans in specific areas that support their CRA or other lending objectives. The exchange was launched in 2018. Habitat for Humanity is a global nonprofit housing organization…