Podcast: One-On-One With Miki Adams, President Of CBC Mortgage Agency

The president of CBC Mortgage Agency says down payment assistance can be a game-changer for prospective homebuyers."In today's world, we are so challenged with affordability issues. We're not making any improvements in terms of home ownership rates, particularly in the African American demographic. I think we need all the resources out there to help achieve homeownership. I really am a big supporter of anything that we can do to support down payment assistance," Miki Adams said.Adams recently sat down with The Mortgage Note's Scott Kimbler to talk about CBC Mortgage Agency, what they offer homebuyers, and the importance of educating the public about the availability of down payment assistance."I often come across an Uber driver or taxi driver or even someone in the dental office who asks me what I do. And I talk about it, and they're just surprised. They're stunned. They've been trying to save up their money for a down payment. They figure they'll be ready in about three years. And they're surprised to learn that there is help out there and that they can get started on their home ownership journey now. They don't have to wait three years," Adams said.Adams said CBC Mortgage Agency was founded by the Cedar Band Corporation in May of 2013. It is headquartered in Cedar City, Utah, and offers down payment resources for buyers in 49 states.CBC Mortgage Agency's financial assistance can come in the form of a second mortgage that is forgivable after 36 months of on-time payments of the first mortgage.What makes CBC Mortgage Agency different from other down payment resources is the fact that some of their programs have no income limits. They also offer post-purchase counseling for 18 months, Adams said."Since over 90% of our borrowers are first-time home buyers, we recognize the need that they may want a little bit more coaching through their first year and a half or so of owning a home," Adams said.Adams said CBC Mortgage Agency works with homebuyers from all walks of life, but there is a special interest in helping minorities reach their home ownership goals.“We focus on it, and that's a big part of why we're here. Because there's a huge need. There's a gap in homeownership for some of our minority communities. Right now, roughly 60% of our down payment assistance goes to minority communities. And low moderate-income communities were roughly about 40% or so. So that is a mission of ours. That's a real focus of ours,” Adams said.Adams, who has more than 35 years of experience in mortgage banking, started at CBC Mortgage Agency in November of 2016. She was promoted to president in January of 2021.Kimbler asked Adams what keeps her passionate about her profession, and she said she gets a lot of satisfaction from her job."It’s rewarding. It really is, when you can help people, and help people get into homes," Adams said."This is probably the best way to close out those last years that I may have. And that's because I have this wonderful opportunity to work with a Native American tribe and continue to help people into homeownership.”