CBC Mortgage Agency (CBCMA) has entered a partnership with Habitat for Humanity to generate funds for its efforts toward building homes for families in need.
Under the collaboration, CBCMA officials will serve as facilitators for the organization’s sale of loans through CBCMA’s CRA Note Exchange, a digital marketplace for second mortgage loans.
Moreover, the mortgage agency will prepare loan files for compliance and loan pricing, as well as list loans on the exchange, identify prospective buyers, and assist with the other requirements related to the loan sale.
CBCMA has sold nearly $2 million in mortgages formerly held by eight Habitat affiliates and has listed an additional $2 million worth of home loans for sale on the exchange. Habitat affiliates offer loans to families and then collect mortgage payments with no interest.
"We're delighted to help advance Habitat for Humanity's success because we share the organization's mission of enabling people to achieve homeownership and enjoy its powerful benefits," said CBCMA President Richard Ferguson. "The CRA Note Exchange is the ideal vehicle for helping affiliates gain the liquidity they need to do more of what they do best – build and renovate homes for families."
"We are in a rural area, and we've lost a lot of businesses in recent years. So it's very difficult to get materials and even labor donated to complete our projects," Habitat for Humanity Chief Executive Officer Tracyann Reynolds said. "This opportunity [with CBCMA] has been our saving grace because it creates the cash we need to move forward."