Last week CBC Mortgage Agency [1] (CBCMA) announced that $14 million in affordable home loans have been purchased to date via the company's online platform—CRA Note Exchange [2].
CBC Mortgage Agency is a nationally chartered housing finance agency founded in 2013. Its aim is to help low-moderate income consumers, often in minority neighborhoods, achieve the dream of homeownership.
The CRA Note Exchange was launched in 2018 and enables CBMA to sell second lien down payment assistance mortgages and in turn provide reduced-cost home financing for the lower-income families the agency serves.
"As a virtual marketplace for CRA-eligible notes, our CRA Note Exchange is an important tool for creating liquidity that enables us to continue to fund our down payment assistance programs," said CBC Mortgage Agency President Richard Ferguson. "Because most families who utilize our down payment assistance programs are minorities, people of color are the primary beneficiaries of the Exchange."
This online platform is also open for non-profit homebuilders, affordable housing organizations, and state housing finance agencies to sell CRA-eligible mortgage loans and in turn, raise capital for low or moderate-income residential construction projects or loan originations.
"Banks are able to review, select and purchase loans in specific areas that support their CRA lending objectives. In addition to providing an opportunity for banks to obtain CRA credits, the Exchange makes secondary market sales more efficient," the company said in a statement.