Skip to Main Content
Carrington Mortgage Services, LLC
Skip to Main Content

Wholesale Locking Policy Under New QM Guidelines

January 16, 2014

Locking Carrington Loans Under the New QM Guidelines
IMPORTANT:
When locking loans with submission dates of 1/10/2014 or later,  the CMS underwriting fee is now included in your QM points and fees test (3% Cap rule).  
If you wish to have the CMS underwriting fee excluded from your points and fees test, Carrington will apply a corresponding LLPA to the final price of the loan equal to the amount of the fee.  
To have the Underwriting Fee applied as an LLPA, please email the CMS lock desk at lockdesk@carringtonms.com at time of lock.  Subject line: Underwriting Fee. Indicate that you choose to have the underwriting fee applied as an LLPA to the final price.
Regarding Changes to Locked Loans:
If the loan has been locked and you wish to change your selection, contact your Account Manager or Account Executive immediately. CMS may need to re-disclose the loan to the borrower. 
Automating the UW Fee Selection:
CMS is working to automate the process in Pipeline Manager's pricing engine. When completed we will notify you immediately.

CAREERSINVESTORSABOUT USCORRESPONDENT

Equal Housing Opportunity An Equal Housing Opportunity Lender. Copyright 2007 - 2024 . Carrington Mortgage Services, LLC headquartered at 1600 South Douglass Road, Suites 110 & 200-A, Anaheim, CA 92806. NMLS ID # 2600. Toll Free # 800-561-4567. All rights reserved. Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines.  Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site: www.nmlsconsumeraccess.com.

The content of this website is intended for licensed third party originators or brokers only and may not be duplicated or disseminated to the public. Carrington Mortgage Services is one of the leading wholesale mortgage lenders.

Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00

linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram