CEDAR CITY, Utah, Sept. 27, 2018 /PRNewswire/ -- CBC Mortgage Agency (CBCMA) is pleased to announce the sale of 1,500 Chenoa Fund second mortgage loans through its innovative CRA Note Exchange, a secondary market for public purpose entities to raise capital by selling paper to investors and banks striving to meet their Community Reinvestment Act (CRA) goals.
"By creating liquidity for down payment assistance loans, we are able to bring down costs to the borrower, both in terms of the first mortgage interest paid and overall monthly payments," said Richard Ferguson, President of CBCMA. "The web-based exchange has been overwhelmingly successful at facilitating the sale of second mortgage loans to depository institutions seeking to augment their CRA loan portfolio."
CBCMA has launched the innovative CRA Note Exchange Program. The CRA Note Exchange is an online portal that allows finance agencies to list CRA-eligible mortgage loans that meet geographic and/or borrower qualifications for favorable CRA consideration.
"We look forward to continuing to increase affordable, responsible and sustainable homeownership while offering new opportunities for banks in need of CRA credits," said Ferguson.
CBCMA is owned by the Cedar Band of Paiute Indian Tribe of Utah. As a HUD-approved Title II Government Lender, CBCMA operates the Chenoa Fund, a down payment assistance secondary financing program. CBCMA's mission is to increase affordable and sustainable homeownership, specifically for credit-worthy low and moderate-income individuals.
Contact: Doug Elmets
SOURCE CBC Mortgage Agency