Wholesale Underwriting Fees Update
Effective December 4, 2017, Carrington Mortgage Services will no longer accept broker-disclosed submissions that do not include the $399 underwriting fee ($99 in North Carolina) on their initial Loan Estimate. New Jersey loans are exempted, as the lender is not permitted to charge an Underwriting Fee.
If the loan was pre-locked with the Underwriting Fee Buyout option selected, Carrington will accept the loan and disclose with no underwriting fee on the lender’s Loan Estimate.
When Loan Setup receives a broker-disclosed submission without the disclosed Underwriting Fee and the loan has not been locked, Setup will give the broker/AE an opportunity to pre-lock the loan with a Fee Buyout prior to rejecting the submission.
Wholesale Fee Schedule