Latest News Category: Bulletin

Overview Carrington Mortgage Services, LLC (CMS) is monitoring the impact of the California wildfires until FEMA formally declares which areas will require re-inspections.  Until FEMA posts declared counties, CMS will be suspending closing/funding of loans in key counties and zip codes listed below.  Loan lists will be distributed to Operations Management and will be updated […]

Overview The Carrington Mortgage Services, LLC (CMS) Lock Desk will be closed on Monday, September 7, 2020 for Labor Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, September 8, 2020. Additionally, the Lock Desk will close early on Friday, September 4, 2020 at 11:00 A.M. PST due to the early […]

Overview Due to Hurricane Laura in Louisiana, FEMA has declared the following counties (parishes) a disaster. Incident Period: August 22, 2020 – August 27, 2020 State FEMA Disaster Declaration Counties Louisiana August 28, 2020 Acadia, Allen, Beauregard, Calcasieu, Cameron, Jefferson Davis, Ouachita, Vermilion and Vernon Please note: If an appraisal was completed prior to the […]

Overview Due to current market conditions, Fannie Mae and Freddie Mac announced that effective September 1, 2020, they will begin charging an additional 50-basis point Loan Level Pricing Adjustment (LLPA) for all conventional refinance transactions (rate/term and cash-out). Starting August 13, 2020 Carrington Mortgage Services, LLC (CMS) will update our pricing to discontinue the debt-to-income […]

Overview In response to a recent USDA audit Carrington Mortgage Services, LLC (CMS) has implemented the following USDA product Underwriting updates and clarifications (highlighted in red). Please note this is an abbreviated summary of the guideline changes. USDA Underwriting Guidelines Old Requirements Updated Requirements Non-Purchasing Spouse Except for debt obligations specifically excluded by state law, […]

Overview The Carrington Mortgage Services, LLC (CMS) Lock Desk will be closed Friday, July 3, 2020 for Independence Day, which is the observed Federal Holiday and also a Company Holiday. Additionally, the Lock Desk will close early Thursday, July 2, 2020 at 11:00 A.M. PST due to the early close of the financial markets. Normal […]

Overview Effective immediately, the temporary maximum DTI limit of 55% for all credit qualifying products is rescinded.  The maximum permitted DTI stated in the product matrices applies.  This includes FHA, VA, USDA and Conventional products for both Manual and AUS Underwritten Loans. Background CMS previously announced temporary guidance in this Bulletin that the maximum permitted […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the market conditions that led to temporary suspensions of some lock terms and exception requirements have been resolved and effective Monday, June 22, 2020 CMS will resume following our normal rate lock policy. As a reminder, CMS generally offers 15-day, 30-day, 45-day, and 60-day lock […]

Overview Effective May 27, 2020 Carrington Mortgage Services, LLC (CMS) will offer a 60-day lock to brokers prior to loan submission when the loan has been registered in BrokerIQ. Loan Type Available Lock Terms Additional Requirements All Loan Types 60-Days Loan registered in BrokerIQ 15-Days Loan must be Approved with All Conditions Submitted for final […]

Overview Effective May 27, 2020, the Wholesale lock policy will allow a 60-day lock as soon as the broker or seller have registered the loan in BrokerIQ or CorrIQ. Refer to the updated Minimum Lock Term table below. Revised Lock Policy Encompass and Optimal Blue will enforce these requirements. Conventional Non-Agency Government Streamline Government Full […]