Revised CMS Lock Policy
March 19, 2020
Overview
Due to current market conditions, effective March 20, 2020 and until further notice, Carrington Mortgage Services, LLC (CMS) will temporarily no longer permit a lock until the loan is Approved and the appraisal (where applicable) has been received by CMS. Please see revised lock policy below.
| Loan Type | Available Lock Terms | Additional Requirements |
| Non-QM Loans | 45-days | Loan must be Approved with appraisal in file |
| Conventional Full Document Loans | 45-days, 60-days | Loan must be Approved with appraisal in file |
| Government Full Document Loans | 45-days, 60-days | Loan must be Approved with appraisal in file (loans with Appraisal Waivers are exempt) |
| Government Streamline/IRRRL | 45-days, 60-days | Loan must be Approved |
Lock Extensions:
- Maximum of up to two extensions
- Maximum extension period of 15 days in the aggregate
- Current extension fee charges remain in place (see rate sheet)
Contacts
Please contact your Account Executive or Account Manager with any questions.
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. Carrington Mortgage Services, LLC headquartered at 1600 South Douglass Road, Suites 110 & 200-A, Anaheim, CA 92806. NMLS ID # 2600. Toll Free # 800-561-4567. All rights reserved. Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines. Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site: