CEDAR CITY, Utah, Aug. 1, 2018 /PRNewswire/ -- Seeking to maintain and strengthen its efforts to expand responsible homeownership, the CBC Mortgage Agency (CBCMA) is asking borrowers and lending industry professionals for feedback on the value and effectiveness of its down payment assistance programs.
The outreach effort, distributed as a formal "Request for Comment," was launched to mark an upcoming milestone in the agency's history – the completion of 10,000 mortgage transactions since 2015.
"We're proud of our record and honored to have helped 10,000 credit-worthy buyers realize the dream of owning their own home," said Richard Ferguson, CBCMA president. "We also know that we're a young agency and we can always do better, and that's why we're reaching out for input from consumers, partners, and experts we trust."
Based in Cedar City, Utah, CBCMA is a federally-chartered tribal government agency offering a variety of programs that provide down payment help to borrowers. The agency is owned and operated by the Cedar Band of Paiute Indians, and revenues help fund essential governmental functions and programs for health care benefits, elder care, scholarships, and other needs in the band's rural community.
Along with three distinct programs for consumers who qualify for FHA-insured mortgages, the agency also offers eligible buyers a conventional loan option with a low-interest second mortgage to cover down payment and closing costs.
CBCMA's mission is to increase affordable and sustainable homeownership, specifically for low- and moderate-income individuals and people in underserved areas where mortgages may be harder to obtain. In support of that mission, the agency provides all borrowers with one year of post-purchase support from Hope Loan Port, a national nonprofit that helps buyers sustain homeownership.
The agency mainly strives to assist borrowers in ways that enhance the traditional offerings of state housing finance agencies. Overall, nearly three out of four loans provided by CBCMA are to people outside the program offerings of most state housing programs.
The Request for Comment seeks input from borrowers, lending industry professionals, and state housing finance agencies. Ferguson said CBCMA hopes to get a clear picture from respondents about how the Chenoa Fund compares to other down payment assistance programs in terms of its ease of use, accessibility, underwriting standards, risk management, and possible regulatory impediments.
"As part of this endeavor, we also hope to gather suggestions for possible changes to our programs to make them more responsive to the needs of borrowers," Ferguson said. "We know we operate in a constantly changing arena, and our milestone of reaching 10,000 transactions is an opportune time to take stock of our progress and do some listening."
To view and complete the Request for Comments, please visit https://chenoafund.org/rfc/
Contact: Doug Elmets
SOURCE CBC Mortgage Agency