Carrington Wholesale Lending

Effective March 1st, Per Diem Interest on FHA & VA IRRRL Loans

Per Diem Interest on FHA Streamline and VA IRRRL Loans, Effective March 1st, 2018

Effective March 1, 2018, Carrington Mortgage Services, LLC (CMS) will no longer offer an interest credit to cover the per diem interest on FHA Streamline and VA IRRRL loans.

New Streamline/IRRRL submissions received on or after March 1, 2018 will no longer offer automatic lender credit to cover per diem interest amount.

Contact your Account Executive or login to BrokerIQ

Regarding Survey Fees, Effective February 23rd, 2018

Carrington Mortgage Services, LLC requires survey coverage in Florida, Ohio, New Mexico, New York and Texas for all loan transactions with the exception of condominium transactions.

Effective for all new loan submission on and after February 23, 2018, Survey fees must be added to all loans from these five states.

Contact your Account Executive or login to BrokerIQ

2018 Presidents Day Holiday Lock Desk Hours

The Lock Desk will be closed on Monday, February 19, 2018 for Presidents Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, February 20, 2018.
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, February 19, 2018 cannot be included in the rescission period for refinance transactions.
  • Monday, February 19, 2018 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, February 19, 2018 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, February 19, 2018 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 lockdesk@carringtonms.com.

Great News for self-employed borrowers!

Bank statements now acceptable in place of IRS Tax documents for Carrington’s Non-Prime Loans.


PURCHASE & REFINANCE
LOAN DETAILS


UP TO $1.5 MILLION
FICO DOWN TO 500 | 70% LTV


UP TO $500K CASH-OUT
FICO DOWN TO 500 | 70% LTV


UP TO $1 MILLION
INVESTMENT PROPERTIES
FICO DOWN TO 620 | 75% LTV


UP TO $1.5 MILLION
INVESTMENT PROPERTIES
FICO DOWN TO 640 | 70% LTV


UP TO $500K INVESTMENT
PROPERTIES WITH CASH-OUT
FICO DOWN TO 640 | 70% LTV

This is a great opportunity to re-energize your pipeline with self-employed borrowers who you may have previously had to turn away. Not only are we now offering Non-Prime* loan products for those with recent credit events to help you expand your pipeline, but we are now “accepting bank statements to verify income in place of IRS tax documents for self-employed borrowers.

NON-PRIME LOAN PROGRAM HIGHLIGHTS FOR SELF-EMPLOYED BORROWERS

  • 24 months of bank statements are required Multiple bank accounts may be used, but a combination of business and personal accounts is prohibited
  • Exclusively for self-employed borrowers
  • Primary, second, and investment homes
  • Purchase and refinance loans

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View the Guidelines and Matrix



*Non-prime product requirements vary depending on the consumer’s credit grade, LTV, DTI, and FICO scores and may require reserves from 3 to 6 months. Ask your Account Executive for additional details and requirements. Not available with our On-Time Closing Promise Offer and in AK, MA, NY, ND, and WV.

Announcement: Non-Prime Loan Products

Expand Your Pipeline with Non-Prime Loan Products

Purchase, refinance and cash-out available

Give your business the boost it needs by adding Non-Agency loans to your product offerings.

NON-PRIME LOAN PROGRAM HIGHLIGHTS*

  • Primary and second homes
  • Purchase, refinance and cash-out loans available
  • Loan amounts up to $1.5 million
  • Minimum credit score of 500 (75% LTV)
  • Maximum 85% LTV with no MI
  • Recent credit events Ok
  • Non-warrantable condos Ok
  • Investment properties Ok
  • 30 year fixed, 5/1, 7/1 ARMS available

Become an Approved Broker           Login to BrokerIQ

*The non-prime product requirements vary depending on the consumer’s credit grade, LTV, DTI, and FICO scores and may require reserves from 3-6 months. Ask your Account Executive for additional details. Note: Not available in AK, MA, NY, WV & ND.

Martin Luther King Day Lock Desk Hours

The Lock Desk at Carrington Mortgage Services, LLC (CMS) will be closed on Monday, January 15, 2018 for Martin Luther King Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, January 16, 2018.

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 15, 2018 cannot be included in the rescission period for refinance transactions.
  • Monday, January 15, 2018 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, January 15, 2018 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, January 15, 2018 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 lockdesk@carringtonms.com.

Holiday Lock Desk Hours

During the holiday season Carrington Mortgage Services, LLC (CMS) will observe the following schedule:

  • Friday, December 22, 2017 – MLD open regular business hours
  • Monday, December 25, 2017 – Closed for the Christmas holiday
  • Monday, January 1, 2018 – Closed for New Year’s Day holiday

The Lock Desk will be closed December 25, 2017 and January 1, 2018 which are Federal holidays.  Due to the holidays, the Lock Desk will be closing early on Friday, December 22, 2017 and Friday, December 29, 2017 at 10:00 AM PST.  Normal Lock Desk hours will resume December 26, 2017 and January 2, 2018.

Rate Locks that expire on the holidays will automatically roll to the next business day.  In addition there are some important disclosure considerations associated with the holidays:

  • Monday, December 25, 2017 and Monday January 1, 2018 cannot be included in the rescission period for refinances.
  • Monday, December 25, 2017 and Monday January 1, 2018 cannot be included in the seven (7) business day waiting period between the between the date the initial Loan Estimate (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.

Wholesale Underwriting Fees Update

Effective December 4, 2017, Carrington Mortgage Services will no longer accept broker-disclosed submissions that do not include the $399 underwriting fee ($99 in North Carolina) on their initial Loan Estimate. New Jersey loans are exempted, as the lender is not permitted to charge an Underwriting Fee.

If the loan was pre-locked with the Underwriting Fee Buyout option selected, Carrington will accept the loan and disclose with no underwriting fee on the lender’s Loan Estimate.

When Loan Setup receives a broker-disclosed submission without the disclosed Underwriting Fee and the loan has not been locked, Setup will give the broker/AE an opportunity to pre-lock the loan with a Fee Buyout prior to rejecting the submission.

 

Wholesale Fee Schedule

State Underwriting Fee
NJ No Fee
NC $99
All Others $399

Thanksgiving Holiday Lock Desk Hours

Overview

The Lock Desk at Carrington Mortgage Services, LLC (CMS) will be closed Thursday, November 23, 2017 and Friday, November 24, 2017 in observance of Thanksgiving, which is a federal holiday. Due to the holiday, the Lock Desk will be closing early on Wednesday, November 22, 2017 at 11:00 AM PST (early market closure of 2:00 PM EST). Normal Lock Desk hours will resume on Monday, November 27, 2017.

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:

  • Thursday, November 23, 2017 cannot be included in the rescission period for refinance transactions.
  • Thursday, November 23, 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, Thursday, November 23, 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, Thursday, November 23, 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 lockdesk@carringtonms.com.

Veteran’s Day Holiday Lock Desk Hours

Great News! The Lock Desk at Carrington Mortgage Services, LLC (CMS) will be open Friday, November 10, 2017 for normal Lock Desk hours.

Because Veteran’s Day, November 11, 2017, which is a Federal Holiday, falls on a weekend this year there are some important disclosure considerations associated with the holiday:

  • Friday, November 10, 2017 is a business day for rescission/TRID purposes.
  • Saturday, November 11, 2017 cannot be included in the rescission period for refinance transactions.
  • Saturday, November 11, 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, Saturday, November 11, 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, Saturday, November 11, 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 lockdesk@carringtonms.com.

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