State of the Nation Webinar – Presented by Rick Sharga, Carrington Mortgage Holding, EVP


Want to know what’s in store for the real estate and mortgage industries in 2018? Will low inventory, rising rates, and falling affordability derail the housing recovery? Get the answers to these and other questions in an informative webinar hosted by Rick Sharga, Executive Vice President, Carrington Mortgage Holdings, on the State of the U.S. Housing Market. Rick will share insights on US Economic Performance, Home Sales Trends, Mortgage Industry Trends and what the outlook is for the real estate market for the rest of 2018. We’ll also cover current events such as immigration policy and tax reforms, and their potential impact on the market. Don’t miss this great opportunity to get informed. Register now to save your spot!

Register Now

Important Lender Tax Fee Addition

Carrington Mortgage Services, Wholesale Lending division is implementing an $85 Tax Service fee.

For loans where Carrington discloses, the $85 tax fee will be automatically included. This is effective immediately.

For Broker Disclosed loans, we ask that you begin disclosing this fee right away. As of June 1st, 2018 loans we will be rejecting submissions that do not include the disclosed fee.

Please contact your Account Executive with questions.

Good Friday Lock Desk Hours

The Carrington Mortgage Services, LLC (CMS) Lock Desk will close early at 11:00 AM Pacific Time on Friday, March 30, 2018 for Good Friday. Normal lock hours will resume on Monday, April 2, 2018.

Pricing Improvement for USDA Full Documentation Loans

Effective March 14, 2018, CMS will offer a separate LLPAs for FICO scores below 641 for USDA Full Documentation Loans. This should reduce the number of USDA Full Documentation loans that previously failed the QM Fee Limits threshold test.

IMPORTANT NOTE: For loans that are already locked, the pricing and product code will remain unchanged and any rate changes requested will use the rate sheet at time of lock.

Here is a summary of the changes for our Wholesale USDA Full Document Rate Sheets:

FICO Pricing Improvements:

USDA Full Doc Pricing Improvements by Loan Size:

New Program Codes

In addition, the following new full document Program Codes have been developed to support the change:

  • U30F641 – USDA PILOT 30 Year Fixed FICO >= 641
  • UH30F641 – USDA High Balance 30 Year Fixed FICO >= 641

Rick Sharga on Fox Business how rising interest rates impact your mortgage

Executive Vice President Rick Sharga discuss the impact of rising interest rates on the housing market.

View on FoxBusiness.com.

Effective March 1st, Per Diem Interest on FHA & VA IRRRL Loans

Per Diem Interest on FHA Streamline and VA IRRRL Loans, Effective March 1st, 2018

Effective March 1, 2018, Carrington Mortgage Services, LLC (CMS) will no longer offer an interest credit to cover the per diem interest on FHA Streamline and VA IRRRL loans.

New Streamline/IRRRL submissions received on or after March 1, 2018 will no longer offer automatic lender credit to cover per diem interest amount.

Contact your Account Executive or login to BrokerIQ

Regarding Survey Fees, Effective February 23rd, 2018

Carrington Mortgage Services, LLC requires survey coverage in Florida, Ohio, New Mexico, New York and Texas for all loan transactions with the exception of condominium transactions.

Effective for all new loan submission on and after February 23, 2018, Survey fees must be added to all loans from these five states.

Contact your Account Executive or login to BrokerIQ

2018 Presidents Day Holiday Lock Desk Hours

The Lock Desk will be closed on Monday, February 19, 2018 for Presidents Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, February 20, 2018.
Locks that expire on the holiday will automatically roll to the next business day. In addition, there are some important disclosure considerations associated with the holiday:

  • Monday, February 19, 2018 cannot be included in the rescission period for refinance transactions.
  • Monday, February 19, 2018 cannot be included in the seven (7) business day waiting period between the date the initial Loan Estimate (LE) was provided to the borrower and the consummation of the loan.
  • When re-disclosure of the LE is required, Monday, February 19, 2018 cannot be included in the four (4) business day waiting period between the date the revised LE was provided to the borrower and the consummation of the loan.
  • When re-disclosure of the CD is required, Monday, February 19, 2018 cannot be included in the three (3) business day waiting period between the date the revised CD was provided to the borrower and the consummation of the loan.

Issues related to locks should be sent via email to lockdesk@carringtonms.com.

Great News for self-employed borrowers!

Bank statements now acceptable in place of IRS Tax documents for Carrington’s Non-Prime Loans.


PURCHASE & REFINANCE
LOAN DETAILS


UP TO $1.5 MILLION
FICO DOWN TO 500 | 70% LTV


UP TO $500K CASH-OUT
FICO DOWN TO 500 | 70% LTV


UP TO $1 MILLION
INVESTMENT PROPERTIES
FICO DOWN TO 620 | 75% LTV


UP TO $1.5 MILLION
INVESTMENT PROPERTIES
FICO DOWN TO 640 | 70% LTV


UP TO $500K INVESTMENT
PROPERTIES WITH CASH-OUT
FICO DOWN TO 640 | 70% LTV

This is a great opportunity to re-energize your pipeline with self-employed borrowers who you may have previously had to turn away. Not only are we now offering Non-Prime* loan products for those with recent credit events to help you expand your pipeline, but we are now “accepting bank statements to verify income in place of IRS tax documents for self-employed borrowers.

NON-PRIME LOAN PROGRAM HIGHLIGHTS FOR SELF-EMPLOYED BORROWERS

  • 24 months of bank statements are required Multiple bank accounts may be used, but a combination of business and personal accounts is prohibited
  • Exclusively for self-employed borrowers
  • Primary, second, and investment homes
  • Purchase and refinance loans

Become an Approved Broker           Login to BrokerIQ

View the Guidelines and Matrix



*Non-prime product requirements vary depending on the consumer’s credit grade, LTV, DTI, and FICO scores and may require reserves from 3 to 6 months. Ask your Account Executive for additional details and requirements. Not available with our On-Time Closing Promise Offer and in AK, MA, NY, ND, and WV.

Announcement: Non-Prime Loan Products

Expand Your Pipeline with Non-Prime Loan Products

Purchase, refinance and cash-out available

Give your business the boost it needs by adding Non-Agency loans to your product offerings.

NON-PRIME LOAN PROGRAM HIGHLIGHTS*

  • Primary and second homes
  • Purchase, refinance and cash-out loans available
  • Loan amounts up to $1.5 million
  • Minimum credit score of 500 (75% LTV)
  • Maximum 85% LTV with no MI
  • Recent credit events Ok
  • Non-warrantable condos Ok
  • Investment properties Ok
  • 30 year fixed, 5/1, 7/1 ARMS available

Become an Approved Broker           Login to BrokerIQ

*The non-prime product requirements vary depending on the consumer’s credit grade, LTV, DTI, and FICO scores and may require reserves from 3-6 months. Ask your Account Executive for additional details. Note: Not available in AK, MA, NY, WV & ND.

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