Latest News Author: backerman

Topic included in Bulletin W14-021: Tax transcripts are required on all qualifying borrowers Bulletin outlines the documentation requirements for 2013 tax transcripts for: Salaried Borrowers Retired Borrowers Self-Employed Borrowers After April 15, 2014 follow the existing CMS policy Download: Bulletin - W14-021 (PDF)

Topic included in Bulletin W14-020: The Broker Compensation Agreement has been updated, with the following changes: Amended the Borrower Paid Compensation (BPC) cap to read – BPC is capped at the greater of the minimum dollar amount or Lender Paid Compensation (LPC) percentage Added, dollar minimum amounts to the LPC plans: 0, $1500, $1750, $2000, […]

Topic included in Bulletin W14-019: Monday, February 17, 2014 is Presidents Day and is a Federal Holiday The Lock Desk will be closed on Monday, February 17, 2014 Normal Lock Hours will resume on Tuesday, February 18, 2014 Lock extensions will need to be requested prior to their expiration Important disclosure considerations associated with the […]

Topic included in Bulletin W14-018: CMS announces the acceptance of additional Down Payment Assistance Programs (DPAs), effective immediately The Bulletin lists all DPAs approved by CMS DPAs must be formally approved by CMS by sending the Down Payment Assistance Program Submission Form to the Product Development Manager, Patrick Hager Down Payment Assistance Program Submission Form […]

Topic included in Bulletin W14-016: Account Executives will no longer be required to be licensed in the state of Kentucky Account Executives will continue to be required to be licensed in: Florida Nevada (CMS, not active at time time) This effective immediately Download: Bulletin - W14-016 (PDF)

Topic included in Bulletin W14-017: The following matrices have been updated and are effective immediately: FHA Standard and High Balance FHA $100 Down Payment FHA 203(k) Streamline USDA FHA Streamline and Streamline Preferred Conventional Conforming and High Balance DU Refi Plus Open Access HomePath Lender-Paid Mortgage Insurance (LPMI) Co-Op Conventional, High Balance and Jumbo Jumbo […]

Topic included in Bulletin W14-014: A broker may use a Third Party Processing Company when the broker’s compensation does not include the addition of the $695 fee This is allowed on both Lender and Borrower paid compensation When the broker uses a Third Party Processing Company, the following are required: Third Party Processing Attestation Copy […]

Topic included in Bulletin W14-015: Missouri and Ohio have been added as approved states, effective Monday, January 27, 2014 The following systems will be updated prior to Monday, January 27, 2014: Encompass Pipeline Manager Comergence Pricing Engine Note:  In Ohio we are only licensed to originate FHA, VA and USDA loans State Guidelines are posted […]

Topic included in Bulletin W14-013: Update provided regarding VA IRRRL appraisal policy Bulletin reprinted in its entirety and clarification noted in red Guidelines and Matrix are published on the Intranet Download: Bulletin - W14-013 (PDF)

Locking Carrington Loans Under the New QM Guidelines IMPORTANT: When locking loans with submission dates of 1/10/2014 or later,  the CMS underwriting fee is now included in your QM points and fees test (3% Cap rule).   If you wish to have the CMS underwriting fee excluded from your points and fees test, Carrington will […]