Updated Loan Setup Submission Acceptance Process – Broker Disclosed Loans

December 20, 2018rashtonBulletins, Bulletins

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 reject the submission for missing or inaccurate:

  • Late Payments
  • Assumptions
  • Servicing Transfers

A Broker may submit a Revision Requested by Consumer, Revised Loan Estimate within three (3) business days of the submission, to correct for under-disclosed or missing fees such as:

  • Underwriting Fees
  • Tax Services
  • Collateral Desktop Analysis (CDA) fees  – Carrington Advantage products only
  • Survey Fees
  • 203k Lender Fees

Note: This process does not apply for inaccurately disclosed Broker Compensation, Third Party Processing Fees, Transfer Taxes, Recording Fees, or Settlement Charges.  Re-disclosure of Transfer Taxes, Recording Fees, or Settlement Charges will require a valid change of circumstance (COC) in order for the amounts to increase.  CMS will continue to reject Broker Disclosed submissions with under-disclosed Broker Fees or Settlement Charges.

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