Latest News Author: Rodney Ashton

Overview As a reminder, effective for loan applications taken on or after February 15th, 2019 Lenders must provide a Comparison Disclosure within three (3) days of loan application for all VA Full Doc refinance loan transactions (even if the existing loan is NOT a VA loan). Carrington Mortgage Services, LLC (CMS) has developed a new […]

Overview The Carrington Mortgage Services, LLC (CMS) Lock Desk will be closed on Monday, February 18, 2019 for Presidents Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, February 19, 2019. Locks that expire on the holiday will automatically roll to the next business day.  In addition, there are some important […]

Overview On December 17th, 2018, the Veteran’s Administration (VA) published an Interim Final Rule addressing VA guaranty requirements for cash-out refinance loans. The rule will be effective for loan applications taken on or after February 15th, 2019 and applies to all Full Doc refinance loan transactions (even if the existing loan is NOT a VA […]

Overview Effective February 7, 2019, Carrington Mortgage Services, LLC (CMS) is pleased to announce the following guideline improvements for the Carrington Advantage products: Higher LTV’s for CFA Investment cash-out loans More lenient Non-Sufficient Funds (NSF) requirements on bank statement programs Improved LTV’s for Investment Cash-out (CFA program only) Improved the Investment Overlay LTV Reduction for […]

Special February Promotion We have a sweetheart of a deal for you! Carrington Mortgage Services, Wholesale Lending Division is offering to waive the underwriting fee on ALL Non-QM* submissions in the month of February. Whether you submit 1 or 100 loans, the underwriting fee ($650 in most states) will be waived. In by 10 and […]

You Asked … We Answered! With Expanded Carrington Flexible AdvantageSM Guidelines so you can expand your business! Carrington Mortgage Services, LLC (CMS) is pleased to announce the below guideline changes for the Investor Advantage, Carrington Flexible Advantage and Carrington Flexible Advantage Plus products. Guideline Improvements Updated the Maximum DTI from 43% to 50% on 12-month […]

Overview The Lock Desk at Carrington Mortgage Services, LLC (CMS) will be closed on Monday, January 21, 2019 for Martin Luther King Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, January 22, 2019. Rate Locks that expire on the holiday will automatically roll to the next business day. In addition […]

Overview Beginning Thursday, January 17, 2019, Carrington Mortgage Services, LLC (CMS) will permit prepayment penalties to be charged on Investor Advantage, Carrington Flexible Advantage and Carrington Flexible Advantage Plus non-owner-occupied, investment property loan transactions. Prepayment penalties may only be charged when permissible by State law. The prepayment term may be three years, two years, one […]

Overview The USDA has advised that during the current government shutdown, the Rural Housing Service will not guarantee loans that do not have a conditional commitment issued before the loan is closed. Due to this situation, and effective immediately, Carrington Mortgage Services, LLC (CMS) will NOT accept rate lock requests or issue lock confirmations on […]

Overview Effective January 2, 2019, Carrington Mortgage Services, LLC (CMS) Wholesale will update the Submission Acceptance process on Broker Disclosed Loans as follows: A Broker may submit a Clerical Revised Loan Estimate to correct information located on page 3 of the Loan Estimate, within three (3) business days of the submission. CMS will no longer […]