Updated CMS Lock Policy
June 19, 2020
Overview
Carrington Mortgage Services, LLC (CMS) is pleased to announce the market conditions that led to temporary suspensions of some lock terms and exception requirements have been resolved and effective Monday, June 22, 2020 CMS will resume following our normal rate lock policy. As a reminder, CMS generally offers 15-day, 30-day, 45-day, and 60-day lock terms. Lock terms and requirements may vary by loan product and state -- see rate sheets for details. The standard minimum lock terms outlined below.
| Conventional | Government Streamline | Government Full Doc | |
| Milestone | Minimum LockTerm | Minimum LockTerm | Minimum LockTerm |
| Started | 45 | 30 | 45 |
| Disclose Ready | 45 | 30 | 45 |
| Processing | 45 | 30 | 45 |
| Submittal | 30 | 30 | 30 |
| Decision | 30 | 30 | 30 |
| Approval | 30 | 15 | 30 |
| Final Conditions In | 15 | 15 | 15 |
| Clear to Close | 15 | 15 | 15 |
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)
- Free 3 day remains in place (existing policy applies)
- No additional concessions will be considered for extension fees charged
Contacts
Please contact an Account Executive with any questions.
Carrington thanks you for your business.
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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: