CBC Announces Closure Of 42,000 Second Mortgages

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CBC Announces Closure Of 42,000 Second Mortgages

May 26, 2023 | News | 0 comments

A correspondent investor specializing in acquiring loans for down payment assistance has successfully financed over 42,000 second-mortgage deals. The company has welcomed a number of high-ranking executives to its team in recent times.

CBC Mortgage Agency, based in Cedar City, Utah, celebrated its 10-year milestone by revealing that it has successfully financed over 42,000 transactions since its establishment in May 2023. The company specializes in acquiring FHA-insured first mortgages and piggyback second-mortgage down payment assistance (DPA) loans from its correspondent clients.

In addition to announcing a re-branding, the company highlighted that around three-quarters of the transactions it finances involve first-time homebuyers, with approximately half of them belonging to minority groups. CBC Mortgage Agency President Miki Adams expressed in the press release that their rebrand signifies a renewed dedication to expanding housing programs, particularly by offering down payment assistance to those who require it the most.

According to the announcement, the management team has recently welcomed the addition of six women, resulting in a 70 percent representation of females in management positions. Some of the newly filled roles include chief financial officer, loan servicing director, and national program director.

Established in 2013 by the Cedar Band of Paiutes, CBC Mortgage Agency was created as a subsidiary of the Cedar Band Corporation, a tribally owned enterprise. The formation of CBC Mortgage Agency aimed to expand the tribe’s business ventures and diversify its interests. In its pursuit of economic self-sufficiency, the Cedar Band Corporation operates nine subsidiaries, both within and beyond the reservation, to foster growth and development.

CBC Mortgage Agency is committed to promoting homeownership in varied communities. Thus far, we have supported more than 25,000 borrowers in their down payment needs, with 55% of them belonging to minority groups and 75% being first-time homebuyers. To ensure a smooth transition to homeownership for all our borrowers, we offer 18 months of post-purchase counseling through a counseling agency approved by the U.S. Department of Housing and Urban Development (HUD).