Latest News Author: Vanessa Naso

The Federal Reserve cut interest rates by a quarter point on Wednesday; contract closings increased 4.8% to an annualized rate of 4.15 million in November; November mortgage applications to purchase a new home increased 7.2%; mortgage rates decreased for the third straight week; and the past two weeks have brought the highest combined two-week increase […]

Overview The purpose of this communication is to announce, effective December 31, 2024, Carrington Mortgage Services, LLC (CMS) will no longer offer the Closed-End Second Lien Loan Program for the Wholesale channel. Please Note: Any Wholesale Closed-End Second Lien Loans in the active pipeline that have not been locked by the December 31, 2024 effective […]

Overview The purpose of this communication is to announce, effective December 31, 2024, Carrington Mortgage Services, LLC (CMS) will no longer offer the Closed-End Second Lien Loan Program for the Wholesale channel. Please Note: Any Wholesale Closed-End Second Lien Loans in the active pipeline that have not been locked by the December 31, 2024 effective […]

Mortgage applications increased 5.4% from one week earlier; alternative mortgages, such as non-QM, have seen double-digit growth recently; refinance surged in September and October, as more than 300,000 mortgage refinances closed – the most in 2.5 years; credit availability tightened considerably in November; and the median listing price fell by 1.2% year over year, while […]

Overview During the 2024 holiday season, the offices of Carrington Mortgage Services, LLC (CMS), including the Lock Desk, will observe the following schedule: Tuesday, December 24, 2024 – closed for CMS Company holiday Wednesday, December 25, 2024 – closed for Christmas Day holiday Wednesday, January 1, 2025 – closed for New Year’s Day holiday Normal […]

Overview Due to Tropical Storm Helene in West Virginia, FEMA has declared the following county a disaster. Incident Period: September 25, 2024 – September 28, 2024 State FEMA Disaster Declaration Counties West Virginia 12/09/2024 Mercer Re-Inspection by Product Type If your loan is … A re-inspection is required … Under these circumstances … FHA Full […]

Overview Due to Hurricane Helene in South Carolina, FEMA has declared the following counties a disaster. FEMA has established the Incident Period end date and updated counties are listed in bold. Incident Period: September 25, 2024 – October 7, 2024 State FEMA Disaster Declaration Counties South Carolina 09/29/2024 Abbeville, Aitken, Allendale, Anderson, Bamberg, Barnwell, Beaufort, […]

Home prices continued to cool in September as homebuyers struggled with inflation fatigue, according to the latest CoreLogic S&P Case-Shiller Index; mortgage application payments increased by 4.2%; new home sales dropped sharply in October after a strong showing in September; the NAR’s 2024 Migration Trends Report shows that people are heading south for more affordable […]

Mortgage applications increased 1.7% from one week earlier, and new home purchase mortgage applications increased 8.2% in October; data shows that sales of previously owned homes rose 3.4% in September; for the first time since 2010, homes with low natural disaster risk gained value faster than high-risk homes; and there was a 1.9% quarterly increase […]

This week, mortgage applications increased by 0.5%; a new report shows that U.S. homeowners withdrew $48 billion in equity in the third quarter of 2024; a survey explains why homeowners would rather leverage their equity than sell; the median listing price fell for the third week in a row; the number of new listings on […]