Policy Announcement: Required Itemized Written List of Providers

June 29, 2017rashtonBulletins

Overview

Effective June 27, 2017, Carrington Mortgage Services, LLC (CMS) Wholesale Loan Setup will be required to obtain a Written List of Providers (Settlement Service Provider List) with Itemized Fees matching the amounts disclosed on the Broker’s Loan Estimate or Broker’s Fee Sheet.

The Itemized Written List of Providers will be required on CMS disclosed submissions and Wholesale Loan Setup will match the Carrington Loan Estimate to the Broker’s Fee Sheet and Written List of Providers.

Broker Disclosed submissions may be accepted for up to 30 days with corrected lists. After 30 days, submissions will be rejected if the Written List of Providers is inaccurate, or cannot be corrected within three (3) business days of the Loan Application.

Grace Period begins 07/05/17 and ends 08/07/17.

Target Audience/Customer

All Wholesale Brokers

Contacts

For any questions contact BrokerIQ support.

Accurate Example (Fees are itemized)

Inaccurate Example (Fees are bundled)

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