Latest News Category: Bulletin

Overview Effective April 16, 2020, Carrington Mortgage Services, LLC (CMS) will implement the following temporary changes to our wholesale submission acceptance until further notice: Suspending all skinny package loan submission options. All new submissions are required to submit all of the “submission to underwriting” requirements prior to the file being accepted and disclosed. Allowing broker […]

Overview Carrington Mortgage Services, LLC (CMS) is actively monitoring the spread of COVID-19 (coronavirus) throughout the United States and its potential impact to our borrowers and loan originations. Our ability to continue to serve our customers is a top priority and this bulletin will be updated as additional Agency guidance is received. This bulletin has […]

Overview Here is a simplified guide to help evaluate the permissible Agency appraisal and form requirements during the COVID-19 crisis.  Effective immediately, and until further notice, all loans submitted to Carrington Mortgage Services, LLC (CMS) must follow these new procedures. Permissible Appraisal Requirements Loan Type Other Criteria Exterior-Only Allowed Desktop Allowed CONV Purchase, Primary Residence […]

Overview Effective immediately, Carrington Mortgage Services, LLC (CMS) will require Brokers to transfer all FHA Cases to CMS prior to submission to Underwriting.  The Broker must request the case transfer from the Prior Lender currently holding the case number to the CMS Lender ID (FHA Sponsor Number: 24751-0000-5).  The Prior Lender must initiate the transfer […]

Overview This temporary guidance is effective for all loans submitted on or after April 13, 2020. Carrington Mortgage Services, LLC (CMS) is temporarily updating the debt to income (DTI) guidelines for all credit qualifying loan products. This includes FHA, VA, USDA and Conventional products for both Manual and AUS Underwritten loans. As of the effective […]

Overview Effective immediately, Carrington Mortgage Services, LLC (CMS) will require Borrower Paid Compensation for FHA and USDA Full Documentation loan submissions with FICO scores less than 620.  CMS will hold loans in loan set-up until the Broker supplies a Borrower Paid Fee Sheet, and then will proceed to disclosures. This requirement is in response to […]

Overview Due to closure of recording offices, Carrington Mortgage Services, LLC (CMS) may not proceed with the closing or funding in counties with Recording Office Closures in a state that requires recording prior to disbursement. The states of Hawaii, North Carolina and Virginia have requirements to record before disbursement and Recording Office Closures are being […]

Overview The IRS has announced a temporary suspension of their Income Verification Express Service (IVES) due to their COVID-19 procedures.  IVES is used by mortgage vendors to obtain IRS transcripts.  It appears that orders placed on and prior to March 26, 2020 will continue to be processed by the IRS, albeit with significant delays, and […]

Overview Here is a simplified guide to handle employment, income and asset documentation and verification during the COVID-19 crisis.  These procedures are effective indefinitely until we issue further direction. Employment Verification Requirements The below guidance applies to ALL Loan Products and Documentation Types (except CMS-to-CMS FHA Streamline and VA IRRRL non-credit qualifying refinances): Documentation Description […]

Overview Carrington Mortgage Services, LLC (CMS) is actively monitoring the spread of COVID-19 (coronavirus) throughout the United States and we understand there may be concerns about its potential impact to our borrowers and loan originations. Our ability to continue to serve our customers is a top priority. This bulletin has been updated with additional guidance […]