Latest News Author: backerman

Topic included in Bulletin W13-078: Clarification and changes are provided with regards to tax returns (1040s) and when the 4506T is required on W2 income 4506/Tax Transcript Requirements Submission Requirements/Tax Returns Undisclosed Income/Loss Changes are effective immediately and apply to all credit qualifying programs Download: Bulletin - W13-078 (PDF)

Topic included in Bulletin W13-077: LPMI Matrix has been updated on Conforming loan amounts Updates include: On Primary Residence Purchase and Rate/Term Refinance transactions the LTV requirements have been increased from 95% to 97% The FICO requirement has been decreased from 700 to 680 at 97% LTV On Primary Residences and Rate/Term Refinances, 660 FICO […]

Topic included in Bulletin W13-076: The following matrices have been updated: USDA VA Purchase and Refinance, Standard and High Balance VA IRRRL, Standard and High Balance FHA Purchase and Refinance, Standard and High Balance FHA Streamline, Standard and High Balance The minimum FICO requirement has been decreased to 580 for all of the above referenced […]

Topic included in Bulletin W13-075: HomePath matrix has been updated Update includes: Non-Occupant Co-Borrowers are permitted.  However, the occupying borrower or borrowers must qualify on their own Matrix has been published on the Intranet, or:  http://carringtonhome.corp.int/Corporate%20Document%20Library/CMS%20HOMEPATH%20Matrix.pdf Effective immediately Download: Bulletin - W13-075 (PDF)

Topic included in Bulletin W13-071: Clarification regarding escalation process with regards to appraisal issues All appraisal issues need to be sent to the Underwriter on the file Escalation if warranted will be taken care of by the Underwriter and Underwriting Manager Note appropriate mailbox addresses, which can be found in Outlook Appraisal Conditions, MLDConditions@carringtonps.com Escalations, […]

Topic included in Bulletin W13-069: VA IRRRL Ordering Procedures provides instructions on how to order Automated Valuation Module (AVM) on VA IRRRL loans that require an AVM CMS requires an AVM to be generated on every IRRRL with a loan amount <$417,000 ValuePoint4 (VP4) product from CoreLogic is the only CMS approved AVM option CMS […]

Topic included in Bulletin W13-068: Underwriting Policy describes the responsibilities and requirements of the Carrington Mortgage Services, LLC, (CMS) Mortgage Lending Division Underwriter when reviewing and underwriting mortgage loan applications Underwriting Policy is published on the Intranet or:  http://carringtonhome.corp.int/Corporate%20Document%20Library/Underwriting%20Policy.pdf Policy is effective immediately Download: Bulletin - W13-068 (PDF)

Topic included in Bulletin W13-067: Mortgage Lending has developed and follows credit parameters that limit the credit risk to the borrower as well as Carrington Mortgage Services, LLC (CMS) These parameters are defined through the products offered, the underwriting guidelines and all applicable laws, rules and regulations Credit Policy is published on the Intranet or […]

Topic included in Bulletin W13-074: CMS must deliver the Notice of Expiration of Lock to each individual applicant The New York Notice of Expiration of Lock, How-to-Guide is published on the Intranet, or: http://carringtonhome.corp.int/mortgage/lending/Mortgage%20Lending%20Documents/Training%20Materials/User%20Guides%20and%20Job%20Aids/New%20York%20Notice%20of%20Expiration%20of%20Lock%20How-To%20Guide.pdf This How-to-Guide details the steps necessary to access the file and how to send the notice within the required time frame […]

Topic included in Bulletin W13-072: CMS announces the addition of Informative Research as an approved credit provider, effective Monday, July 8, 2013 Complete list of credit providers is posted on the Intranet Credentials will be provided to all necessary Associates by Monday, July 8, 2013 Website will be updated and an announcement will be posted […]