Effective October 5, 2017, Carrington Mortgage Services, LLC (CMS) enhanced BrokerIQ Pricing engine with an option to include the CMS Lender Fee into the pricing.
In some cases, the CMS Lender Fee plus the Broker’s chosen compensation structure causes the loan to exceed the ATR/QM fee threshold. Brokers can now select the Buyout Lender Fee option, if applicable, to include the CMS Lender Fee into the pricing. The Buyout Lender Fee option converts the fee into a price adjustment and may reduce the total fees amount below the ATR/QM fee threshold.
To buy out the Lender Fee, the Broker should select YES from the Buyout Lender Fee dropdown in the BrokerIQ Pricing Engine.
In cases where the Buyout Lender Fee wasn’t selected at lock, the Broker or CMS Account Executive/Account Manager must send a request via email to the Lock Desk at firstname.lastname@example.org to buy out the Lender Fee.
Please note: Once the Lender Fee is bought out, it cannot be added back since the re-disclosed Loan Estimate (LE) has zero tolerance for Lender Fee increases.
Carrington Mortgage Services, LLC (CMS) is pleased to announce that pre-closing soft pull credit reports are no longer required for Government Loans (FHA, VA and USDA). This change is effective immediately and is being implemented as part of the initiative to reduce overlays and make closing loans with CMS even easier.
Please note: Pre-closing soft pull credit reports are still required for Conventional Loans (FNMA and FHLMC).
The Lock Desk will be closed on Monday, September 4, 2017, for Labor Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, September 5, 2017.
Additionally, the Lock Desk will close early on Friday, September 1, 2017, at 10:00 A.M. PST due to the early close of the financial markets.
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, September 4, 2017, cannot be included in the rescission period for refinance transactions.
- Monday, September 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, Monday, September 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, Monday, September 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 email@example.com.
Give your business a BIG boost with our minimum credit score reduction to 500 on FHA/VA loans and our improvement on pricing that starts today!
- Minimum 500 FICO on FHA and VA loans
- 25 bps Special on FHA and VA High Balance < 640
- Significant reductions in LLPAs on FHA and VA loan sizes < $150K
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Talk to one of our Account Executives today for the details. This is a limited time offer and will be subject to change at any time.
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: