Carrington Mortgage Services, LLC Wholesale Lending Division

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

 

Carrington Introduces “The Carrington Loan” Through Its Wholesale Lending Division

Loan program eliminates 100% of closing costs, simplifying loan process for mortgage broker partners and their borrowers

 MAY 27, 2015 – SANTA ANA, CA – Carrington Mortgage Services, LLC (Carrington) today announced that beginning May 2015, it will make The Carrington Loan available through its national wholesale lending division. Developed in support of Carrington’s commitment to serve the “underserved” market and first time home buyers, The Carrington Loan offers borrowers a more transparent, simplified home loan process with no closing costs or upfront financing fees to facilitate home purchases.

“The Carrington Loan simplifies the loan process and improves the experience to help remove the anxiety often associated with a mortgage loan, particularly for those who do not have sufficient cash on hand to pay upfront financing fees, appraisal and closing costs,” said Carrington Mortgage Services- Mortgage Lending Division Executive Vice President, Ray Brousseau. “With The Carrington Loan, there is no need for a mortgage broker to modify the rate after it is presented to the borrower to offset loan costs and loan closing fees, and unexpected increases to estimated closing costs are not an issue. Removing these barriers simplifies the process for our mortgage broker partners and their borrowers who desire to fulfill their dream of homeownership.”

This initiative presents additional opportunities for purchase-focused brokers to work directly with real estate agents, consumers and investors to extend their purchase home loan offerings. In addition, mortgage brokers who specialize in refinance opportunities provide The Carrington Loan as an option for FHA/VA borrowers.  Carrington has started providing Carrington Loan training to its broker partners throughout the program’s launch period. Mortgage brokers can sign up for the company’s “Daily Rate Report” and view the webinar schedule at www.CarringtonWholesale.com or connect with a Carrington account executive for upcoming training dates and times.

The Carrington Loan is unique in that:

  • There are no closing costs, appraisal fees, or lender financing fees.
  • Carrington pays all eligible loan costs as lender credits.
  • If any unanticipated lender costs arise, Carrington will issue a credit to cover them. This may include additional title or escrow service charges from the title or settlement company.

According to industry experts, one in three consumers has a FICO credit score below 650. For these consumers, and the brokers and agents working with them, obtaining access to appropriate financing options can be a challenge – one that Carrington is uniquely equipped to handle. Last year, Carrington lowered its minimum credit score requirement to 550, and expanded its guidelines on FHA, VA and USDA loan programs, extending eligibility to more property types and reducing overlays.

As advocates of borrower education and in support of the company’s commitment to meeting the needs of the underserved market, Carrington developed patent-pending MyLoanDetailTM, a proprietary online loan review resource designed to improve the financial literacy of its customers by walking every customer through the details of their loan. This education initiative will help to ensure borrower understanding of loan terms and responsibilities. Carrington requires all of its customers to complete MyLoanDetail prior to funding.

To learn more about The Carrington Loan visit www.CarringtonWholesale.com. The Carrington Loan is a government insured loan program, and any upfront mortgage insurance or funding fee that may be required by a government agency may either be financed into the loan amount or paid by the borrower in cash at closing. Borrowers are responsible for any services requested by the borrower that are not required as part of the loan, including, but not limited to rate-lock extension fees, survey fees, and home warranty costs.

About Carrington Mortgage Services – Mortgage Lending Division

Carrington Mortgage Services, LLC (Carrington; NMLS ID 2600) is a residential retail and wholesale lending subsidiary of Carrington Holding Company, LLC. Founded in 2007, the company is based in Santa Ana, California and is an equal housing opportunity lender licensed to originate loans in 46 states, the District of Columbia and Puerto Rico. With an experienced team focused on producing high quality loans and error-free transactions, Carrington’s advanced technology platform and high-touch customer service provide superior loan origination experiences for consumers at all credit levels, including those in traditionally underserved markets. The company’s commitment to borrower education and use of its proprietary online loan review resource, MyLoanDetail™, enhance their ability to provide customized solutions for borrowers, including FHA, conventional, jumbo, VA and USDA loans. To learn more about Carrington’s wholesale lending division, visit www.CarringtonWholesale.com.

About The Carrington Companies:

The Carrington Companies own and operate multiple businesses that cover virtually every aspect of single family residential real estate transactions through investments in U.S. real estate and international mortgage markets, loan origination and servicing, asset management and property preservation, real estate brokerage, title and escrow services. To read more visit: www.carringtonhc.com.

Through its collective associates made up of Carrington leaders and employees, the company’s non-profit organization, Carrington Charitable Foundation, seeks to promote giving back to the community through causes that reflect the interests of Carrington Associates. For more information about Carrington Charitable Foundation and the organizations and programs it supports through specific fundraising efforts, please visit: http://carringtoncf.org.

Media Contact:
Christine Stricker
Office: (949) 517-7313
Mobile: (714) 873-4275
Christine.Stricker@carringtonmh.com

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.

VA IRRRL Lender Credit

Due to the approaching Memorial Day holiday and to facilitate earlier funding of VA IRRRL loans in the month of May, CMS will issue a lender credit for per diem interest on all VA IRRRL loans closing in the month of May.  The credit for the per diem interest must be disclosed on the HUD.

FEMA Disaster Declaration for NY

Due to recent severe winter storm, snowstorm, and flooding in New York, FEMA has declared the following counties a disaster:

  • Cattaraugus
  • Chautauqua
  • Erie
  • Genesee
  • Jefferson
  • Lewis
  • Orleans
  • Saint Lawrence
  • Wyoming

Please note:

  • If an appraisal was completed prior to the incident date of the disaster, a re-inspection will be required.
  • If an appraisal was not required due to a property inspection waiver or product type, an inspection report is still required.
  • Regardless of whether or not the transaction requires an original appraisal, an inspection will be required up to and including 90 days from the date the natural disaster occurred, prior to the Note date.

For further guidance and loan property requirements refer to the CMS “Declared Disaster Policy” which is published on the Intranet at: Declared Disaster Policy.

Please contact your Account Executive with any questions.

 

USDA Eligible Area Update

Effective February 2, 2015, the USDA will update the eligible area maps. This reclassification will mostly involve areas that are going from rural to non-rural; however any areas that should have previously been made rural will now become eligible.

If the property is no longer eligible based on the new area maps, the file must be conditionally approved by Rural Development (RD) prior to February 2, 2015. Otherwise, the file property eligibility must be rechecked before submitting to RD.

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