Changes to CMS Submission Acceptance Process

Overview

Effective April 16, 2020, Carrington Mortgage Services, LLC (CMS) will implement the following temporary changes to our wholesale submission acceptance until further notice:

• Suspending all skinny package loan submission options. All new submissions are required to submit all of the “submission to underwriting” requirements prior to the file being accepted and disclosed.
• Allowing broker disclosed loan submissions

Lender Disclosed Loan Submissions:
Skinny packages (1003 w/ DI addendum, Fee Sheet, Credit Report) are no longer permitted until further notice.  Brokers must submit a full “submission to underwriting” package (1003 w/ DI addendum, Fee Sheet, Credit Report, Income, Assets if applicable, Purchase Contract if applicable, and State Disclosures if applicable)
Please note: CMS will issue all state required disclosures with the exception of Loan Origination Agreements, Advanced Fee Agreements, and Pre-Application Agreements.
Broker Disclosed Loan Submissions:
Brokers must submit a full “submission to underwriting” package (1003 w/ DI Addendum, Full Initial Disclosure Package signed and dated by borrower(s), Credit Report, Income, Assets, Purchase Contract, Loan Origination Agreement, if applicable, Advanced Fee Agreement, if applicable, Pre-Application Agreement, if applicable and all Applicable State Required Disclosures)
Please note: CMS will issue state disclosures with the exception of Loan Origination Agreements, Advanced Fee Agreements, and Pre-Application Agreements.

Contacts

Please contact your Account Executive or Account Manager with any questions.
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