Latest News Author: Rodney Ashton

Overview Due to damage from remnants of Hurricane Ida in New Jersey FEMA has declared the following counties a disaster. Incident Period: September 1, 2021 – September 3, 2021 State FEMA Disaster Declaration Counties New Jersey September 5, 2021 Bergen, Gloucester, Hunterdon, Middlesex, Passaic and Somerset Re-Inspection by Product Type If your loan is … […]

Overview Due to damage from Hurricane Ida in Louisiana, FEMA has declared the following parishes (counties) a disaster. Incident Period: August 26, 2021 and Continuing State FEMA Disaster Declaration Parishes Louisiana August 29, 2021 Ascension, Assumption, East Baton Rouge, East Feliciana, Iberia, Iberville, Jefferson, Lafourche, Livingston, Orleans, Plaquemines, Pointe Coupee, St. Bernard, St. Charles, St. […]

Overview Due to damage from wildfires in California, FEMA has declared the following counties a disaster. Incident Period: Jul 14, 2021 and Continuing State FEMA Disaster Declaration Counties California August 24, 2021 Lassen, Nevada, Placer and Plumas Re-Inspection by Product Type If your loan is … A re-inspection is required … Under these circumstances … […]

Overview The Carrington Mortgage Services, LLC (CMS) Lock Desk will be closed on Monday, September 6, 2021 for Labor Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, September 7, 2021. Additionally, the Lock Desk will close early on Friday, September 3, 2021 at 11:00 A.M. PST due to the early […]

Overview Due to damage from severe storms and flooding in Tennessee, FEMA has declared the following counties a disaster. Incident Period: August 21, 2021 State FEMA Disaster Declaration Counties Tennessee August 23, 2021 Humphreys Re-Inspection by Product Type If your loan is … A re-inspection is required … Under these circumstances … FHA Full Doc […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the following Carrington Advantage product underwriting updates (highlighted in red). Key updates include: Updated the Desk Review requirement for all Investment Properties to follow same requirements as Primary/Secondary residences For all programs, increased the Loan Amount for 2nd Appraisals from $1.0 MM to $1.5 MM […]

Overview On June 17, 2021, President Biden signed legislation making June 19th a federal holiday to be officially known as Juneteenth National Independence Day. The creation of this new federal holiday will impact mortgage disclosure regulations that are tied to “business day” time periods, in particular the time to close after a consumer’s receipt of […]

Overview HUD recently announced clarifications to their guidelines for certain Non-Permanent Residents applying for FHA-insured mortgages, including: Eligibility of borrowers with H1-B non-immigrant visa status without an EAD, Eligibility of citizens from the Federated States of Micronesia, the Republic of the Marshall Islands, and the Republic of Palau without an EAD, and Adopting and continuing […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the following underwriting guideline enhancements for the Non-QM loan programs (Prime Advantage, Flexible Advantage/Advantage Plus and Investor Advantage). All guideline enhancements are effective immediately and may be applied to loans not yet closed. Please note this is an abbreviated summary of the guideline changes. All […]

Overview Due to damage from severe storms and flooding in West Virginia, FEMA has declared the following counties a disaster. Incident Period: February 27, 2021 - March 4, 2021 State FEMA Disaster Declaration Counties West Virginia May 20, 2021 Cabell, Kanawha, Mingo and Wayne Re-Inspection by Product Type If your loan is … A re-inspection […]