In this week's episode of DS5: Inside the Industry, the show is joined by Richard Ferguson, President of CBC Mortgage Company.
Ferguson operates the Chenoa Fund [1], provided through CBC, which is a federally chartered government agency. CBCMA’s mission is to increase affordable and sustainable homeownership, specifically for creditworthy, low and moderate-income individuals.
In an earlier press release, Ferguson said, "State and local DPA programs have made it possible for many minority homebuyers to achieve the American dream. However, a state-by-state approach is not realistic for large lenders who operate in multiple states. Programs like ours enable correspondent lenders to operate with one set of DPA guidelines so they can originate and close loans they are confident will be purchased."
Here, Ferguson discusses the ways he and his team are "leveraging technology" in the era of COVID-19 and changing perceptions related to down-payment assistance.