Latest News Author: backerman

Topic included in Bulletin W13-104: CMS announces the addition of the Jumbo Preferred program to our product offerings Highlights of the program include: Available for Purchase and Rate/Term Refinance transactions 30 and 15 Year Fixed Rate 5/1 and 7/1 ARMs available Maximum LTV/CLTV is 80%, subject to Market Classifications Minimum credit score of 720 DTI […]

Topic included in Bulletin W13-101: CMS announces the addition of the Jumbo Preferred program to our product offerings Highlights of the program include: Available for Purchase and Rate/Term Refinance transactions 30 and 15 Year Fixed Rate 5/1 and 7/1 ARMs available Maximum LTV/CLTV is 80%, subject to Market Classifications Minimum credit score of 720 DTI […]

Topic included in Bulletin W13-100: On August 15, 2013, FHA issued three Mortgagee Letters revising their stance on three credit topics: Mortgagee Letter 2013-24, Handling of Collections and Disputed Accounts Mortgagee Letter 2013-25, Collections and Disputed Accounts – TOTAL Mortgage Scorecard User Guide Mortgagee Letter 2013-26, Back to Work, Extenuating Circumstance for Economic Events Mortgagee […]

Topic included in Bulletin W13-097: Quality Control File Suspense Procedures published for MLD Procedure outlines how to manage files that have been suspended by the CMS Quality Control (QC) process Procedure provides the necessary steps to complete file suspense process Effective immediately Download: Bulletin - W13-097 (PDF)

Topic included in Bulletin W13-095: Government guidelines and matrices have been updated for FHA Standard and High Balance, VA Standard and High Balance and USDA Updates included for FHA Standard and High Balance and VA Standard and High Balance: Ratios, Collections and Sourcing Large Deposits See bulletin for details Updates on USDA: Added credit history […]

Topic included in Bulletin W13-093: New York’s Department of Financial Services (DFS) issued a TEMPORARY ORDER relating to the determination of thresholds for Subprime Home Loans Doc Magic has temporarily programed their system to calculate the revised New York Subprime Home Loan APR rules.  WARNINGS  will be displayed if the system determines that the loan […]

Company continues its commitment to expanding the reach of its wholesale channel  AUGUST 6, 2013 – SANTA ANA, CA – The Wholesale Lending Division of Carrington Mortgage Services, LLC (Carrington) today announced the appointment of industry veteran Rey Maninang to Senior Vice President and National Sales Director for the company’s wholesale channel. This decision reflects […]

Topic included in Bulletin W13-092: Conventional Conforming DU guidelines and matrix have been updated Updates include: Clarification provided on minimum borrower contribution on 97% LTV loans for primary residences Delayed Financing is now allowed on Cash-Out transactions purchased within the previous six (6) months Gift of Equity requires borrower to meet minimum down payment from […]

Topic included in Bulletin W13-089: Reminder, Carrington Mortgage Services, LLC (CMS) does not have a minimum loan amount Download: Bulletin - W13-089 (PDF)

Loans requiring low down payments and no cash reserves are now available through the company’s retail and wholesale lending channels JULY 29, 2013 – SANTA ANA, CA – Carrington Mortgage Services, LLC (Carrington) today announced that it has broadened its portfolio of government loan programs by offering USDA loans through its retail and wholesale lending […]