Latest News Author: Rodney Ashton

Overview The Veteran’s Administration (VA) published Circular 26-19-22 on August 8, 2019. The Circular is effective immediately and clarifies the Recoupment, NTB, Appraisal, Seasoning Requirements (for all Refinances including Cash-out), and Loan Comparison Statement requirements for all VA IRRRLs.  All previous Circulars pertaining to VA IRRRLs are superseded by this new Circular.  The Circular is […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce effective Monday, July 15, 2019, the Carrington Advantage (Flexible Advantage/Advantage Plus and Investor Advantage) programs will offer a new Interest-only product option. Interest-Only loans offer borrowers lower monthly payments by allowing borrowers to pay only the interest during the 10 year interest-only period.  Once the […]

This past week financial markets around the globe traded in a bit of a calm sideways pattern ahead of arguably the most important economic event of 2019 -- the US/China trade talks at the G20 meeting. Depending on when you read this newsletter, the headlines may already be out as talks between President Trump and […]

Overview The Carrington Mortgage Services, LLC (CMS) Lock Desk will be closed Thursday, July 4, 2019 for Independence Day, which is a Federal Holiday and also Friday July 5, 2019 for a Company Holiday. In addition, the lock desk will close early (10:00 AM PST) on Wednesday, July 3, 2019. Normal lock hours will resume […]

Big Pricing Improvement with our Non-QM Loan Programs The team at Carrington Mortgage Services is extremely excited to announce some big changes to our Non-QM pricing: Carrington Flexible Advantagesm: LLPA's improved .25% (Full Doc and lower FICO loans) - see the matrix Carrington Flexible Advantage PLUS: Base price improved .375% - across the board - […]

Overview Effective Tuesday, June 25, 2019, all VA IRRRL’s submitted to Carrington Mortgage Services, LLC (CMS) must have a 36 month or less recoupment of fees.  This applies to all VA IRRRL’s regardless of any other benefits to the borrower.  Specifically, loans with term reductions and payments going up are now ineligible for an IRRRL. […]

Overview To confirm the value determination for Carrington Advantage Product (CFA, CFA Plus, and Investor Advantage) loans with amounts of $1 Million and greater, effective June 17, 2019, Carrington Mortgage Services, LLC (CMS) will implement the following new appraisal requirements.  These requirements apply for all loans received in Loan Set-Up (LSU) on and after the […]

EFFECTIVE JUNE 17, 2019 As a reminder, in an effort to improve our services, Carrington Mortgage Services, LLC will transition to lender disclosed initial disclosure packages on new loan applications submitted on or after June 17th 2019. At that time, we will no longer be able to accept broker disclosed loan packages. With this change, […]

Carrington Mortgage on the June 2019 Scotsman Guide Cover Carrington Mortgage Services, LLC is on the June 2019 Scotsman Guide cover. We are committed to Delivering More to our clients as our niche is your success!  

Overview The Lock Desk will be closed on Monday, May 27, 2019 for Memorial Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, May 28, 2019. Additionally, the Lock Desk will close early on Friday, May 24, 2019 at 10:00 A.M. PST due to the early close of the financial markets. […]