Effective August 15, 2015, the Carrington Mortgage Services, LLC (CMS) Wholesale Loan Setup requirement to obtain a Written List of Providers (Settlement Service Provider List) with Itemized Fees matching the amounts disclosed on the Broker’s Loan Estimate was temporarily suspended.
The temporary suspension means the Written List of Providers will NOT be required to have Itemized Fees matching the Loan Estimate on Broker disclosed submissions. Wholesale Loan Setup will not be required to match the Broker Loan Estimate to the Written List of Providers until further notice. Submissions will continue to be rejected if the Broker Disclosed Loan did not provide a Written List of Providers within three (3) business days of the Application Date.
Carrington Mortgage Wholesale Lending continues to remain loyal to the underserved market, while competitors continually move away from this segment. To further expand our support, Carrington is offering a 25bps LLPA adjustment on FHA/VA Full Doc loans with credit scores less than 640 throughout August, Jumbos excluded. Carrington remains the tough loans leader, closing loans others can’t through expanded guidelines and manual underwriting capabilities. View our rates.
Carrington Mortgage Services, LLC (CMS) is pleased to announce that Alaska has been added as an approved state for the Wholesale channel, effective July 20, 2017.
Effective for all loans in production immediately, Carrington Mortgage Services, LLC (CMS) will apply the following guidance for VA IRRRL transactions:
Effective immediately, Carrington Mortgage Services, LLC (CMS) will apply the following guidance for FHA loans in a standard IRS repayment plan (may not be part of a lien or judgment):
In addition, the following applies:
- It is acceptable for the current year owed to be added to an existing repayment plan
- No change in guidance for borrowers who have filed an extension for the current year due
Effective July 6, 2017 Carrington Mortgage Services, LLC (CMS) now offers the FHLMC Conventional Home Possible and Home Possible Advantage programs. These programs support CMS’ commitment to the underserved market and have the following key benefits:
Program Codes for the Home Possible and Home Possible Advantage programs are in the pricing engine and are:
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.
All Wholesale Brokers
For any questions contact BrokerIQ support.
Accurate Example (Fees are itemized)
Inaccurate Example (Fees are bundled)
Join us August 18th-20th in Las Vegas
Carrington will be exhibiting at the Originators Connect Conference, August 18th-20th at Planet Hollywood in Las Vegas, Nevada.
Come talk to the Go-to-Lender for Government and Conventional loans. Stop by booth #311 and learn how to Grow Your Business with Carrington.
We are the experts at Serving the Underserved borrower with loans for those with less-than-perfect credit. First-time homebuyer programs also available.
Product Showcase – Carrington Mortgage Services
- Saturday, Aug 19th from 1:30pm-1:50 pm in Showcase Room 1
- Sunday, Aug 20th from 3:00pm-3:20 pm in Showcase Room 1
The Lock Desk will be closed on Monday and Tuesday, July 3rd & 4th, 2017 for the 4th of July Holiday. Normal lock hours will resume on Wednesday, July 5, 2017.
The Lock Desk will close at its usual time (4 pm PT) on Friday, June 30th.
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:
- July 3-4, 2017 cannot be included in the rescission period for refinance transactions.
- July 3-4, 2017 cannot be included in the seven (7) business day waiting period between the date the initial Loan Estimate (LE) was provided to the borrower and the consummation of the loan
- When re-disclosure of the LE is required, July 3-4, 2017 cannot be included in the four (4) business day waiting period between the date the revised LE was provided to the borrower and the consummation of the loan.
- When re-disclosure of the CD is required, July 3-4, 2017 cannot be included in the three (3) business day waiting period between the date the revised CD was provided to the borrower and the consummation of the loan.
Issues related to locks should be sent via email to firstname.lastname@example.org.
Reduced Streamline LLPAs on FICO<600
Give your business the boost it needs by working with your go-to-lender for those tough loans, including Streamlines! We’ve reduced LLPAs on FHA Streamlines and VA IRRRLs for FICO < 600. That means an even bigger reason to stop turning away clients who may have low FICO scores.
- No Income documentation required
- Reduced documentation compared to standard FHA loans
- Must have a current FHA loan to be eligible
- No income documentation required**
- Mortgage history – no late payment in the last 12 months
- Loan programs available: 30, 25, 20 and 15 year fixed
- This offer only good for loans locked through June 30, 2017.
Call us to learn more about this offer at 866-453-2400