Latest News Author: Jordan Reed

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the following Non-QM program underwriting updates (highlighted in red). Please note this is an abbreviated summary of the guideline changes and all updates should be viewed within the context of the full guidelines.  These changes are effective immediately. All Carrington Advantage Programs (Prime Advantage/Flexible Advantage […]

Overview Due to severe storms, straight-line winds and tornadoes in Florida, FEMA has declared the following county a disaster. Incident Period: May 10, 2024 State FEMA Disaster Declaration Counties Florida 06/17/2024 Leon Re-Inspection by Product Type If your loan is … A re-inspection is required … Under these circumstances … FHA Full Doc Yes If […]

Overview The offices of Carrington Mortgage Services, LLC (CMS) including the Lock Desk will be closed on Monday, September 4, 2023 for Labor Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, September 5, 2023. Additionally, the Lock Desk will close early on Friday, September 1, 2023 at 11:00 A.M. PST […]

Overview Due to severe storms, straight-line winds, tornadoes and flooding in Mississippi, FEMA has declared the following counties a disaster. Incident Period: April 8, 2024 - April 11, 2024 State FEMA Disaster Declaration Counties Mississippi 06/10/2024 Hancock, Hinds, Humphreys, Madison, Neshoba and Scott Re-Inspection by Product Type If your loan is … A re-inspection is […]

Overview Due to wildfires in Hawaii, FEMA has declared the following county a disaster. Incident Period: August 8, 2023 and continuing State FEMA Disaster Declaration Counties Hawaii August 10, 2023 Maui Re-Inspection by Product Type If your loan is … A re-inspection is required … Under these circumstances … FHA Full Doc Yes If the […]

This past week home loan rates remain elevated despite consumer inflation being reported slightly lower than expected. Let's discuss what happened and look at the week ahead. Inflation Hits 3.2% Last Thursday, the Bureau of Labor Statistics reported the Consumer Price Index (CPI) for July at 3.2% year-over-year which was slightly lower than the 3.3% […]

Last week in Review: Good Economic News is Bad News for Rates Last week, interest rates spiked on good economic news as fears of a recession fade. Let's discuss the big news of the week and gear up for important events in the week ahead. The June Fed Meeting Minutes Out "Some participants indicated they […]

Overview Due to severe winter storms, straight-line winds, flooding, landslides and mudslides in California, FEMA has declared the following counties a disaster. Updated counties are listed in bold. Incident Period: February 21, 2023 and Continuing State FEMA Disaster Declaration Counties California 4/4/2023 Butte, Kern, Madera, Mariposa, Mendocino, Mono, Monterey, Nevada, San Benito, San Bernardino, San […]

Interest rates continued their sideways trend as we close the first half of 2023. Let's discuss what happened last week and look into the future. The European Central Bank forum was the main event this week. Central bankers from across the globe, including our Fed Chair, Jerome Powell spoke about the state of their countries […]

Overview The offices of Carrington Mortgage Services, LLC (CMS) including the Lock Desk will be closed Tuesday, July 4, 2023 for Independence Day, which is a Federal Holiday. Normal lock hours will resume on Wednesday, July 5, 2023. Additionally, CMS offices, including the Lock Desk, will be closed on Monday, July 3, 2023 for a […]