Bulletin W13-063 - Exception Request Policy and Procedure

Topic included in Bulletin W13-063:

• Exception Policy and Procedure has been published
• Policy covers exception requests to credit, collateral, guidelines and pricing
• Underwriting exceptions will be handled by the Underwriter of record
• Exception Request Form required
  • Exception Request Form is posted on the Intranet at: http://carringtonhome.corp.int/mortgage/lending/Mortgage%20Lending%20Documents/Forms%20and%20Checklists/Retail%20Exception%20Request%20Form.xl
  • Manager approval is required
• Exception Request Form is sent to RETscenario@carringtonms.com
  • Subject line of email must include Loan Name, Loan Number and Loan Type
  • Underwriting Team is to respond to the request within 24 hours unless the request is escalated to the Underwriting Manager
  • Chief Credit Officer will be consulted if the request cannot be granted
  • Turn time for an escalation beyond the Team Leads will be 48 to 72 hours
• Pricing Add for credit exceptions
  • Three Loan Level Price Adjustments (LLPA) of risk for Government products
  • Two Loan Level Price Adjustments (LLPA) of risk for Conventional products
• Pricing Exceptions require the completion of the Exception Request Form
  • Three Levels of authority on pricing exceptions
  • Approved Pricing Exception sent to lockdesk@carringtonms.com
  • Subject line of email must include Loan Name, Loan Number and Loan Type
• Exception Request Policy and Procedure are published on the Intranet at, Mortgage/Lending/Policies and Procedures, or, at:
  • Policy:  http://carringtonhome.corp.int/Corporate%20Document%20Library/Exception%20Request%20Policy.pdf\
  • Procedure:  http://carringtonhome.corp.int/Corporate%20Document%20Library/Exception%20Request%20Procedure.pdf

Download: Bulletin - W13-063 (PDF)