Latest News Author: Rodney Ashton

Overview In response to a recent USDA audit Carrington Mortgage Services, LLC (CMS) has implemented the following USDA product Underwriting updates and clarifications (highlighted in red). Please note this is an abbreviated summary of the guideline changes. USDA Underwriting Guidelines Old Requirements Updated Requirements Non-Purchasing Spouse Except for debt obligations specifically excluded by state law, […]

Overview The Carrington Mortgage Services, LLC (CMS) Lock Desk will be closed Friday, July 3, 2020 for Independence Day, which is the observed Federal Holiday and also a Company Holiday. Additionally, the Lock Desk will close early Thursday, July 2, 2020 at 11:00 A.M. PST due to the early close of the financial markets. Normal […]

Overview Effective immediately, the temporary maximum DTI limit of 55% for all credit qualifying products is rescinded.  The maximum permitted DTI stated in the product matrices applies.  This includes FHA, VA, USDA and Conventional products for both Manual and AUS Underwritten Loans. Background CMS previously announced temporary guidance in this Bulletin that the maximum permitted […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the market conditions that led to temporary suspensions of some lock terms and exception requirements have been resolved and effective Monday, June 22, 2020 CMS will resume following our normal rate lock policy. As a reminder, CMS generally offers 15-day, 30-day, 45-day, and 60-day lock […]

Overview Effective May 27, 2020 Carrington Mortgage Services, LLC (CMS) will offer a 60-day lock to brokers prior to loan submission when the loan has been registered in BrokerIQ. Loan Type Available Lock Terms Additional Requirements All Loan Types 60-Days Loan registered in BrokerIQ 15-Days Loan must be Approved with All Conditions Submitted for final […]

Overview Effective May 27, 2020, the Wholesale lock policy will allow a 60-day lock as soon as the broker or seller have registered the loan in BrokerIQ or CorrIQ. Refer to the updated Minimum Lock Term table below. Revised Lock Policy Encompass and Optimal Blue will enforce these requirements. Conventional Non-Agency Government Streamline Government Full […]

Overview Carrington Mortgage Services, LLC (CMS) is actively monitoring the spread of COVID-19 (coronavirus) throughout the United States and we understand there may be concerns about its potential impact to our borrowers and loan originations. Our ability to continue to serve our customers is a top priority. This bulletin has updated effective dates. Updates are […]

Overview Carrington Mortgage Services, LLC (CMS) is actively monitoring the spread of COVID-19 (coronavirus) throughout the United States and its potential impact to our borrowers and loan originations. Our ability to continue to serve our customers is a top priority and this bulletin will be updated as additional Agency guidance is received. This bulletin has […]

Overview Carrington Mortgage Services, LLC (CMS) is actively monitoring the spread of COVID-19 (coronavirus) throughout the United States and its potential impact to our borrowers and loan originations. Our ability to continue to serve our customers is a top priority and this bulletin will be updated as additional Agency guidance related to powers of attorney […]

Overview Effective May 11, 2020, the Wholesale/Correspondent lock policy will allow a 60-day lock at the Approval milestone regardless of whether the appraisal has been received. There is no longer an option for a 45-day lock term. See updated Minimum Lock Term table below. Revised Lock Policy Encompass and Optimal Blue will enforce these requirements. […]