FHA Price Improvement Today (20bps) & Expanded Guidelines

Carrington Mortgage has improved pricing 20bps on FHA Loans, purchase and refinance (including Streamline). Already in Pipeline Manager, submit a loan today.

Expanded Guidelines on FHA Programs Just Released

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FTHB (First Time Home Buyer), FHA Purchase:

  • No overlays with DU Approve/Eligible

Manufactured Housing, FHA Purchase and Refinance: Eligible Property/Collateral

  • Property must meet MPR (Minimum Property Requirements) or MPS (Minimum Property Standards) on manufactured housing per HUD’s guidelines.
  • The foundation must follow FHA guidelines as published in PFGMH (The Permanent Foundation Guide for Manufactured Housing). 
  • Property must have been constructed after 1993 – cannot be > 20 years old.
  • Must have minimum 400 sq ft floor area
  • Property must be classified as real estate and must be permanently affixed to the foundation.  The title policy must clearly state the manufactured home and land are classified as real estate.  Certification of purged title is required.
  • Any changes to the original home after leaving the factory require an inspection by the State Administrative Agency. 
  • The finished grade elevation beneath the manufactured home/lowest finished exterior grade (ie: basement) adjacent to the perimeter enclosure must be at or above the 100-year return frequency flood elevation (flood zones A or V) and flood insurance is required. 
  • The perimeter wall must be a continuous wall, adequately secured to the unit, separates the crawl space from back fill, allows for proper ventilation of the crawl space and keeps out vermin and water. 
  • Termite report is required
  • New construction requires final inspections completed in accordance with HUD’s Architectural Processing and Inspections for Home Mortgage Insurance.
  • Appraisal is to be completed of Fannie Mae Form 1004C or 1073 (if located in a condominium project).
  • Appraisal must demonstrate the marketability of the property and contain comparable sales of manufactured homes.
  • Engineers Certification on Foundation Compliance is required unless transaction is a Streamline Refi or HUD REO.
  • Maximum mortgage term is 30 years
  • No mobile homes allowed.

Carrington Mortgage Services Increases Wholesale Lending Sales Staff to Drive Growth

The Wholesale Lending Division of Carrington Mortgage Services, LLC (Carrington) today announced that it has increased its sales staff, adding 14 professionals focused on offering brokers and borrowers a competitive advantage in a tight housing market through expanded in-market service. Carrington’s latest hires include Fishers, IN Sales Manager James Torrence, along with 13 new account executives distributed as needed in locations across the U.S.

The recent boost in headcount is the latest development in Carrington’s strategy to bolster its wholesale lending business by expanding its breadth of product and extending its market reach. Earlier this year, the company launched two initiatives aimed at more effectively serving brokers and their realtor partners, allowing them to widen their markets and approach their businesses with confidence: a 30-Day Loan Closing Program providing consumers, brokers and their realtor partners with a shorter, more predictable timeline to secure financing, and an FHA Streamline Ready to Close Program enabling borrowers to close eligible refinance loans any day of the month with no additional interest, allowing them to take advantage of possible lower rates and expediting compensation timelines for brokers. FHA 203k loans are expected to become available through Carrington’s Wholesale Lending Division later this month, providing opportunities for purchase-focused brokers to work directly with real estate agents, consumers and investors throughout the front-end lifecycle of these loans, thereby maintaining involvement and increasing the potential for repeat or referral business.

“Carrington has worked diligently to refine its operational processes over the past year, enabling us and the brokers we partner with to offer an extended product portfolio backed by exceptional service,” said Ray Brousseau, Executive Vice President of Carrington Mortgage Services, LLC’s Mortgage Lending Division. “We have significantly grown our sales staff in order to more effectively share the benefits of these advancements with a larger base of brokers, realtors and borrowers, and to support the growing demand for quality loans and flexible, expeditious closings across these groups.”

In addition to facilitating Carrington’s bicoastal market expansion, the recent infusion of new sales personnel has provided opportunities for internal advancement for Carrington employees like Rich Marfino, who was recently promoted from Account Executive to Area Sales Manager for Florida. Other recent promotions within the division include Samuel Bjelac to Division Sales Manager for the Eastern U.S., Chris Dauria to Division Sales Manager for the Western U.S., Brad Winters to Inside Sales Manager for the Western U.S., and Christine Lacey to Sales Manager for the Western U.S.

Lock Desk Closed on Friday, March 29

The Lock desk will be closed on Friday, March 29th and retuirn to normal business hours on Monday, April 1st.

Additionally, on Friday, March 29, 2013 FHA Case Number Requests will not be accepted after 1:00 PM PST. Case Number requests received after 1:00 will be ordered on Monday, April 1, 2013.

UPDATE to Carrington Mortgage’s Appraisal Management Companies

As of Monday, March 25, 2013 Appraisal Management Solutions and HVCC Appraisal Ordering will not be accepted by Carrington. Please make arrangements due to these changes.

View our complete list of AMCs here in our broker center.

Notice: Comergence Unavailable 3/15-3/17

Notice to our broker community.  Carrington Mortgage Services’ partner in broker signup, approval, and recertification has closed their services via their site starting Friday, 3/15 through Sunday 3/17 and will resume operations Monday, 3/18 during normal business hours.

If you require assistance, please contact your Account Executive for more information.

Carrington Mortgage Services Offers 30-Day Loan Closings Through its Wholesale Lending Division

Shorter processing times offer brokers and borrowers a competitive advantage in today’s tight market

MARCH 12, 2013 – SANTA ANA, CA — The Wholesale Lending Division of Carrington Mortgage Services, LLC (Carrington) today announced a new program offering 30-day loan closings for borrowers looking to purchase properties. Designed to significantly reduce closing times compared to industry averages, the new program applies to FHA and conventional purchase loans. Effective immediately, Carrington commits to process any qualifying loan from the time that a file is submitted to underwriting to the time that it funds within 30 calendar days, or the company will apply a $995 closing credit to the loan at the time of closing.

In 2012, the mortgage industry’s average time to close a purchase loan was 46 days, while the average time to close a refinance loan was 49 days according to an Ellie Mae Origination Insight Report. In many cases, processing can take longer – up to 60-90 days. Carrington’s 30-day closing program provides consumers, brokers and their realtor partners a shorter, more predictable timeline to secure financing, giving them a competitive edge in a tight market. Expedited processing allows brokers to be compensated faster and helps alleviate concern among real estate agents over sales lost due to a homebuyer’s inability to close in a timely manner.

“We’re proud to offer shorter turn times through our wholesale lending division and to bolster broker, agent and consumer confidence with this 30-day closing commitment,” said Ray Brousseau, executive vice president of Carrington Mortgage Services, LLC’s Mortgage Lending Division. “Over the past year, we’ve worked diligently toward refining and expanding our operational processes to deliver maximum efficiency and give wholesale brokers an edge over traditional retail lending institutions. By redefining the way we do business and continuing to challenge industry norms, Carrington is well-positioned as the go-to lender for anyone looking to close quality loans expeditiously.”

The new program compliments Carrington’s ongoing “FHA Streamline Ready to Close” program, which offers closings on eligible refinance loans any day of the month with no additional interest cost to the borrower regardless of when the loan is funded. Enabling borrowers to close on their own schedule allows them to take advantage of possible lower rates and expedites compensation timelines for brokers.

Carrington’s 30-day loan closing offer excludes certain products, including jumbo loans, HomePath®, VA loans, short sales, new construction and flips. For complete details on this and other programs currently offered through Carrington’s Wholesale Lending Division, contact a Carrington account executive at (866) 453-2400 or visit www.CarringtonWholesale.com.

About Carrington Mortgage Services – Mortgage Lending Division

Carrington Mortgage Services, LLC – Mortgage Lending Division is the residential wholesale and retail loan origination division of Carrington Holding Company.  The company originates loans in 40 states and the District of Columbia, 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 retail and wholesale customers alike.  Founded in 2007, Carrington Mortgage Services is based in Santa Ana, California and is an equal housing opportunity lender. To learn more about Carrington Mortgage Services’ wholesale lending division, visit www.CarringtonWholesale.com.

About Carrington Holding Company

Carrington Holding Company owns and operates multiple businesses that cover virtually every aspect of single family residential real estate transactions – investments in U.S. real estate and mortgage markets, loan origination and servicing, asset management and property preservation, real estate sales and rental, and title and escrow services.

With more than three decades of experience and guided by a consistent philosophy, Carrington has built the infrastructure necessary to maximize value during any market cycle. Its affiliate companies include Carrington Capital Management, LLC, Carrington Investment Services, LLC, Carrington Mortgage Services, LLC, Carrington Property Services, LLC, Atlantic & Pacific Real Estate, LLC, White Van Real Estate Services, L.P., Telsi Escrow, Inc., and Telsi Real Estate Solutions, LLC. Carrington Mortgage Services, LLC is an equal housing opportunity lender. To learn more about Carrington Holding Company, visit our website at www.carringtonhc.com.

Editor’s Note: HomePath is a registered trademark of Fannie Mae.

Carrington Mortgage has Expanded Guidelines

Carrington Mortgage Services has expanded  guidelines on specific loan programs to help you increase your business and serve more customers.

Pipeline Manager will be updated on Monday, February 26th.   To take advantage of these changes and lock under the new guidelines – contact our lock desk.

FHA Loan Programs, Conventional and High Balance Loan Amounts

  • Lowered the  Minimum FICO to 600
  • Bankruptcy: High Balance reduced seasoning requirement from 7 years to 2 years
    • With re-established credit paid as agreed or documented ability to manage finances if borrower elects not to re-establish credit.
  • Foreclosure/Short Sale:  High Balance reduced seasoning requirement from 7 years to 3 years with no subsequent derogatory credit.
  • Cash Out:  FICO > 620 allow up to Loan LTV.  FICO < 620 allow up to $50,000 cash out proceeds. 

Expanded Guidelines for First Time Home Buyers with FHA Purchase Loans

  • Lowered the Minimum FICO to 600
  • Rental Rating Requirements Expanded:
    • Conforming loan amount, FICO > 620, follow AUS Findings for VOR requirements.
    • High Balance, FICO >640, follow AUS Findings for VOR requirements.
  • Maximum ratios:
    • FICO 600 – 619, maximum ratios increased 5% to  45%/50% regardless of AUS approved ratios
    • FICO > 620, follow AUS Findings for ratios

FHA Streamline Refinance:   Close any time during the month.

  • Minimum FICO now 600 for conforming and high balance loan amounts
  • Requirement for AVM FICO  < 640 has been eliminated
  • Loans with prior modification, pre-foreclosure/foreclosure, NOD on subject property are now eligible on a credit qualifying streamline

VA Conforming & High Balance Loans:

  • Minimum FICO now 600 for conforming and high balance loan amounts
  • Bankruptcy: High Balance reduced seasoning requirement from 7 years to 2 years
  • Foreclosure/Short Sale:  High Balance reduced seasoning requirement from 7 years to 4 years
  • Cash Out: Max LTV increased from 90% LTV to 100% LTV.
    • LTV > 90%, cash out limited to the lessor of 1.5% of the loan amount or $5,000. 
    • Paying off an unseasoned 2nd TD is not included in the amount of cash out proceeds
  • Manual Underwrites allowed on VA purchases and cash out refinances

VA IRRRL:

  • Bankruptcy: High Balance reduced seasoning requirement from 7 years to 4 years
  • Foreclosure/Short Sale:  High Balance reduced seasoning requirement from 7 years to 4 years
  • Appraisal Requirements:
    • No 2055 or AVM required on VA loans currently serviced by CMS
    • For CMS non-serviced loans with loan amount <= $417,000, maximum 115% LTV. 
    • For CMS non-serviced loans with loan amount > $417,000 – a 2055 is required, maximum 115% LTV.

 

Martin Luther King, Jr. Holiday

Carrington Mortgage Services, LLC (CMS) is closed Monday, January 21, 2013 for Martin Luther King Day, which is a Federal Holiday.

The Lock Desk will be closed on Monday and normal lock hours will resume on Tuesday, January 22, 2013.

As a reminder, pursuant to the Lock Policy all lock extensions need to be requested prior to their expiration. If a lock expires on Monday, January 21, 2013, it will need to be extended no later than Friday January 11, 2013.

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

  • Monday, January 21, 2013 cannot be included in the rescission period for refinances.
  • Monday, January 21, 2013 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, January 21, 2013 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.

Carrington Mortgage Services Opens Offices in Indiana and Connecticut to Accommodate Plans for Growth in 2013

January 8, 2013 – SANTA ANA, CA – The lending division of Carrington Mortgage Services, LLC (Carrington) today announced the opening of two operations centers dedicated to serving the East Coast from both the retail and wholesale lending perspective. The new facilities located in Fishers, IN and Enfield, CT will provide expanded underwriting and processing capabilities in support of the company’s plans for growth in 2013. The related increase in capacity is expected to translate into enhanced service and quicker turn times for loans.

On January 2nd, Carrington opened a new operations center for lending at its existing mortgage servicing location in Fishers. This new center will support all key fulfillment functions for both retail and wholesale lending, including underwriting, document processing, funding, account initiation and management (post-closing functions will continue to be managed at the company’s Santa Ana headquarters). Operations will be led by Center Manager Jeremy Milner.

The company’s Enfield facility is scheduled to open on January 15th and will operate as a dedicated underwriting center led by Underwriting Manager Margaret Ploof with the potential to offer additional capabilities as needed to support Carrington’s customer base.

“We’re headed into a brand new year with an aggressive plan that calls for increasing our capacity, extending our product portfolio and expanding our reach into new markets,” said Ray Brousseau , Executive Vice President of Carrington Mortgage Services, LLC’s Mortgage Lending Division. “Opening the year with two new facilities designed to meet increasing demands within the market and improve the level of service to our East Coast customers demonstrates Carrington’s commitment to growth in 2013.”

Carrington will host a career open house event at its Fishers facility for underwriters and operations personnel on Jan. 16th from 5:30 to 7:30 p.m. local time. An additional open house event will be held at the Enfield facility for underwriting, processing and sales personnel on Feb. 4th from 5:30 to 7:30 p.m. local time. Experienced mortgage professionals interested in attending can contact John Cervantes at (949) 517-7127.

Carrington Mortgage Services Christmas and New Year Schedule

Carrington Mortgage Services is closed Monday and Tuesday, December 24 and December 25, 2012 for the Christmas holiday and Tuesday January 1, 2013 for New Year’s Day.  December 25, 2012 and January 1, 2013 are Federal holidays.

The Lock Desk will be closing early on Monday, December 31, 2012 at 11:00 AM PST.   Normal lock hours will resume on Wednesday January 2, 2013.

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 holiday.

  • Tuesday, December 25, 2012 and January 1, 2013 cannot be included in the rescission period for refinances
  • Tuesday, December 25, 2012  and January 1, 2013 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, 2012 and January 1, 2013 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
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