Latest News Author: Rodney Ashton

Overview Carrington Mortgage Services, LLC (CMS) actively manages rate locks to offer consumers competitive pricing and minimize the Company’s interest rate exposure for loans.  To enhance CMS’ competitiveness in the marketplace, effective October 10, 2017, the costs for extending rate locks will be reduced as shown below: *The no cost 3-day extension is available if […]

Overview Effective October 5, 2017, Carrington Mortgage Services, LLC (CMS) enhanced BrokerIQ Pricing engine with an option to include the CMS Lender Fee into the pricing. In some cases, the CMS Lender Fee plus the Broker’s chosen compensation structure causes the loan to exceed the ATR/QM fee threshold.  Brokers can now select the Buyout Lender […]

Help meet the individual needs of your borrowers and grow your business with our new reduction in FICO to 500 for FHA & VA government purchase programs.*** FHA Purchase 500 FICO to 90% LTV on purchase loans Debt to income ratio determined by AUS with FICO>640 (1-2 unit) First-time home buyers – no overlays with DU […]

Carrington Mortgage Services, LLC (CMS) is pleased to announce that pre-closing soft pull credit reports are no longer required for Government Loans (FHA, VA and USDA). This change is effective immediately and is being implemented as part of the initiative to reduce overlays and make closing loans with CMS even easier. Please note: Pre-closing soft […]

The Lock Desk will be closed on Monday, September 4, 2017, for Labor Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, September 5, 2017. Additionally, the Lock Desk will close early on Friday, September 1, 2017, at 10:00 A.M. PST due to the early close of the financial markets. Locks […]

Give your business a BIG boost with our minimum credit score reduction to 500 on FHA/VA loans and our improvement on pricing that starts today! Minimum 500 FICO on FHA and VA loans 25 bps Special on FHA and VA High Balance < 640 Significant reductions in LLPAs on FHA and VA loan sizes < […]

Overview Effective August 15, 2015, the Carrington Mortgage Services, LLC (CMS) Wholesale Loan Setup requirement to obtain a Written List of Providers (Settlement Service Provider List) with Itemized Fees matching the amounts disclosed on the Broker’s Loan Estimate was temporarily suspended. The temporary suspension means the Written List of Providers will NOT be required to […]

Carrington Mortgage Wholesale Lending continues to remain loyal to the underserved market, while competitors continually move away from this segment. To further expand our support, Carrington is offering a 25bps LLPA adjustment on FHA/VA Full Doc loans with credit scores less than 640 throughout August, Jumbos excluded. Carrington remains the tough loans leader, closing loans others […]

Carrington Mortgage Services, LLC (CMS) is pleased to announce that Alaska has been added as an approved state for the Wholesale channel, effective July 20, 2017.

Overview Effective for all loans in production immediately, Carrington Mortgage Services, LLC (CMS) will apply the following guidance for VA IRRRL transactions: