Carrington Mortgage Services, LLC Wholesale Lending Division

Easter Weekend Holiday Hours

For the upcoming holiday weekend:

  • Thursday, March 24th, 2016 – Lock Desk hours will be 7:30 AM to 12:00 PM PST.
  • Friday, March 25th, 2016 – In observance of Good Friday, the Lock Desk will be closed.
  • Monday, March 28th, 2016 – Normal Lock Desk hours will resume.

    As a reminder, pursuant to the Lock Policy, all lock extensions must be requested prior to expiration. If a lock expires on Friday, March 25th, 2016, it will need to be extended no later than Thursday, March 24th, 2016.

    Issues related to locks should be sent via email to lockdesk@carringtonms.com

MLK Holiday – Operations and Lock Desk Hours

The Lock Desk at Carrington Mortgage Services will be closed Monday, January 18, 2016 in observance of Martin Luther King Day, which is a Federal Holiday. Normal Lock Desk hours will resume on Tuesday, January 19, 2016.

Carrington Mortgage Services (CMS) offices will be open normal business hours.

Locks that expire on the holiday will automatically roll to the next business day.

In addition, there are some important disclosure considerations associated with the holiday:

  • Monday, January 18, 2016 cannot be included in the rescission period for refinance
  • Monday, January 18, 2016 cannot be included in the seven (7) business day waiting period between the date the initial TIL was provided to consummation
  • When re-disclosure of the TIL is required, Monday, January 18, 2016 cannot be included in the three (3) day business waiting period between the date the revised TIL was provided to the borrower and the consummation of the loan

Issues related to locks should be sent via email to lockdesk@carringtonms.com.

December-January Holiday Hours

Carrington Mortgage Services will be closed:

  • Thursday, December 24 and Friday, December 25, 2015 for the Christmas holiday
  • Friday, January 1, 2016 for New Year’s Day.

December 25, 2015 and January 1, 2016 are Federal holidays.

The Lock Desk will be closing at 11:00 AM PST on Thursday, December 31, 2015. Normal lock hours will resume on Monday, January 4, 2016.

Locks that expire on the holidays will automatically roll to the next business day.

There are important disclosure considerations associated with the holidays:

  • Friday, December 25, 2016 and Friday January 1, 2016 cannot be included in the rescission period for refinances.
  • Friday, December 25, 2015 and Friday, January 1, 2016 cannot be included in the seven (7) business day waiting period between the date the initial TIL was provided to consummation.
  • When re-disclosure of the TIL is required, December 25, 2015 and January 1, 2016 cannot be included in the three (3) day business waiting period between the date the revised TIL was provided to the borrower and the consummation of the loan

Potential Pipeline Manager issue with Internet Explorer 11

Ellie Mae has posted a notification regarding Pipeline Manager issues. They have identified a TPO Log In issue with clients using Internet Explorer 11. Users may experience the Log In page becoming un-responsive and may potentially hang the browser session. The suggested workaround is to use Internet Explorer 10, a prior version of Internet Explorer, or a different browser completely. I.e., Chrome or Firefox.

Thanksgiving Holiday Hours

Thanksgiving

Carrington Mortgage Services, LLC (CMS) will be closed 11/26/2015 and 11/27/2015 for the Thanksgiving holiday.

The Lock Desk will be closing at 2:00 PM Pacific Time on Wednesday, November 25, 2015. Normal lock hours will resume on Monday, November 30, 2015.

As a reminder, pursuant to the Lock Policy all lock extensions need to be requested prior to expiration. In addition there are some important disclosure considerations associated with the holiday:

  • Thursday, November 26, 2015 cannot be included in the rescission period for refinances
  • Thursday, November 26, 2015 cannot be included in the seven (7) business day waiting period between the dates the initial TIL or LE, as applicable was provided to consummation
  • When re-disclosure of the TIL or LE is required, November 26, 2015 cannot be included in the three (3) day business waiting period between the date the revised TIL or LE was provided to the borrower and the consummation of the loan

Issues related to locks should be sent via email to lockdesk@carringtonms.com.

Lock Desk Closed for Columbus Day Holiday

The Lock Desk at Carrington Mortgage Services, Wholesale Lending Division, will be closed Monday, October 12, 2015 in observance of Columbus Day, which is a Federal Holiday.

Normal Lock Desk hours will resume on Tuesday, October 13, 2015. Carrington Mortgage Services (CMS) offices will be open normal business hours on Monday, October 12th, 2015.

As a reminder, pursuant to the Lock Desk Policy all lock extensions need to be requested prior to their expiration.

In addition, there are some important disclosure considerations associated with the holiday:

  • Monday, October 12, 2015 cannot be included in the rescission period for refinance.
  • Monday, October 12, 2015 cannot be included in the seven (7) day business day waiting period between the date the initial TIL was provided to consummation.
  • When re-disclosure of the TIL is required,Monday, October 12, 2015 cannot be included in the three (3) day business waiting period between the date the revised TIL was provided to the borrower and the consummation of the loan.

Issues related to locks should be sent via email to lockdesk@carringtonms.com.

LOS unavailable 10/3 – 10/4 due to System Maintenance

Encompass will not be available all day Saturday October 3rd through Sunday October 4th and Carrington personnel will not be available in centers to work on files.

Pipeline Manager will be available to accept submissions and new files

 

New AMC Available – Appraisal Links

Carrington Mortgage Services, LLC is pleased to announce the addition of a new appraisal vendor; Appraisal Links effective September 11, 2015.  Appraisal Links is a national company that utilizes one of the nation’s largest networks of certified appraisers.

You can access the Appraisal Links AMC at the company’s website Appraisal Links.  Credentials for current Retail Associates will be created and emailed to each Associate directly from Appraisal Links.  New Associates will have credentials issued by MLD Administration at the time of onboarding.

As a reminder, the process for applicants to pay for the appraisal upfront is as follows:

  • The Applicant must provide their personal credit card information to the approved AMC directly.
  • All CMS associates are prohibited from collecting the applicant’s credit card information when ordering an appraisal under any circumstances.
  • CMS may never have the applicant’s personal credit card information on file.

For loans where the applicant pays for the appraisal upfront, the appraisal request may only be submitted with the following AMC’s:

  • Solution Star
  • Nationwide
  • Streetlinks
  • ServiceLink
  • Appraisal Links

Refer to the Retail Appraisal Management Procedures for detailed instructions regarding ordering appraisals.

Serving the Underserved Initiative Reaches 10,000 Borrowers

ANAHEIM, Calif., Aug. 4, 2015 /PRNewswire/ — Carrington Mortgage Services, LLC (Carrington) today announced that the company’s “Serving the Underserved” initiative launched in 2014 has now aided over 10,000 borrowers with their home financing. Driven by Carrington’s commitment to create a more transparent and manageable home loan process, the program offers simplified loan offerings for first-time home buyers, many of whom have a FICO credit score below 640. As of July 2015, Carrington has originated over $1.8 billion in home loans for borrowers with credit scores below 640. Fifty-seven percent of the home purchase loan originations were from first-time home buyers.  This growth aligns with a national trend reflected in the percentage of Federal Housing Administration loans originated for borrowers with credit scores below 640, which is up 125% in just two years.

“Our goal is to simplify the path to home ownership wherever feasible and demystify the complexity that often surrounds the loan process,” said Carrington Mortgage Services Mortgage Lending Division Executive Vice President Ray Brousseau. “Our tailored programs help those who do not have sufficient cash on hand or may feel like their credit score isn’t strong enough to fulfill their dream of homeownership.”   … Read More on Yahoo Finance

 

Up to Max Credit Scores for Government Loans!

Carrington Mortgage Services Wholesale Lending Division is now offering loans from 550 FICO to max credit for your clients on FHA, VA and USDA Purchase and Refinance Programs. Newly Expanded guidelines include manufactured housing, manual  underwriting and use of non-traditional credit.  Contact your Account Executive for details.

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