Carrington Mortgage Services, LLC Wholesale Lending Division

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

Carrington featured on Yahoo Finance’s Daily Ticker

Carrington Mortgage Holdings EVP Corporate Communications, Rick Sharga, was featured on Yahoo Finance’s Daily Ticker. This video interview covered the current housing recovery, shadow inventory, and the role of investors in the market.

You can find the interview and video here: http://finance.yahoo.com/blogs/daily-ticker/housing-conflicting-factors-sustainable-recovery-172931334.html

Changes to FHA Streamline Affecting 3-4 Unit Properties

Effective Friday, October 12, 2012, 3-4 Unit Properties are no longer eligible for the FHA Streamline program.

For 3-4 unit FHA Streamline refinances that are currently in the pipeline the following applies:

  • Full appraisal required
  • The property must cash flow; full income documentation is required to verify cash flow of the subject property
  • The property must pass a self-sufficiency test in that the gross rents less vacancy factor for all units, including the owner occupied unit, must be => the PITI for the subject property.
  • Verification of three (3) months reserves is required
  • The appraised value will be used to calculate the LTV
  • The loan must fund no later than Friday October 26, 2012.

Active loans in the pipeline that are not currently locked should be locked on or before October 12, 2012.  Loans that are locked after October 12, 2012, will need to contact the Lock Desk for pricing and locking.  To contact the Lock Desk please email CMSLockdesk@carringtonms.com.

FHA Streamline Changes in Effect Monday, 9/17

Please review important changes to the FHA Streamline program.

Starting Monday, September 17th, 2012:

  • An AVM is required on all FHA Streamline loans with FICO scores less than 640.
  • The AVM will be ordered by a Carrington Junior Underwriter early in the process and included in loan file at time of underwriting.
  • The LTV of FHA Streamline loans without an appraisal cannot exceed 115% of the value given on the AVM.

Contact your Account Executive with any questions.

View the complete detailed matrices on our Loan Products page

Latest Advertisement