Latest News Category: Bulletin

Overview Effective Tuesday, June 25, 2019, all VA IRRRL’s submitted to Carrington Mortgage Services, LLC (CMS) must have a 36 month or less recoupment of fees.  This applies to all VA IRRRL’s regardless of any other benefits to the borrower.  Specifically, loans with term reductions and payments going up are now ineligible for an IRRRL. […]

Overview To confirm the value determination for Carrington Advantage Product (CFA, CFA Plus, and Investor Advantage) loans with amounts of $1 Million and greater, effective June 17, 2019, Carrington Mortgage Services, LLC (CMS) will implement the following new appraisal requirements.  These requirements apply for all loans received in Loan Set-Up (LSU) on and after the […]

EFFECTIVE JUNE 17, 2019 As a reminder, in an effort to improve our services, Carrington Mortgage Services, LLC will transition to lender disclosed initial disclosure packages on new loan applications submitted on or after June 17th 2019. At that time, we will no longer be able to accept broker disclosed loan packages. With this change, […]

Overview Carrington Mortgage Services, LLC (CMS) has made an immediate adjustment to the Wholesale Rate Lock policy. Effective, May 14th, 2019, the Lock Desk will no longer process any lock extensions on VA IRRRL transactions. In addition, automated lock extensions are no longer available in BrokerIQ/CorrIQ/Encompass on VA IRRRL loan programs.

Overview In response to continued feedback and clarification from the VA and others, the Carrington Mortgage Services, LLC (CMS) VA Interest Rate Reduction Refinance Loan (VA-IRRRL) Guidelines and Matrix are being republished with updated requirements regarding recoupment and NTB. As a reminder, The Protecting Veterans From Predatory Lending Act of 2018 (the Act), was enacted […]

Join us to learn why FHA Manual UW is even more important after recent DU TOTAL Scorecard Updates. During this webinar we will cover: What factors in the file can trigger a downgrade to Manual Underwrite What Non-Traditional Credit options are available for borrowers without a credit score What are Compensating Factors, and how can […]

Overview In observance of Good Friday, the Carrington Mortgage Services, LLC (CMS) Lock Desk will be closed Friday, April 19, 2019. Normal Lock Desk hours will resume on Monday, April 22, 2019. As a reminder, pursuant to the Lock Policy all lock extensions must be requested prior to expiration. If a lock expires on Friday, […]

Last Week in Review: Thank you Jerome Powell The monetary authority of the United States, the Federal Reserve, meets 8 times a year to discuss the economy and adjust monetary policy to promote maximum employment and maintain price stability (inflation). The Fed, led by Chairman Jerome Powell, met this past Wednesday and decided to leave the […]

Overview Over the past several years FHA has seen a continued increase in certain higher-risk credit characteristics in mortgages it insures, including an increase in cash out refinances and mortgages with high debt-to-income (DTI) ratios, a decrease in average borrower credit scores and an increasing concentration of credit scores less than 640 combined with DTI […]

Last Week in Review: Complacency heading into spring Volatility has disappeared in the financial markets and a sense of calm and complacency has emerged. Why? Well thanks to the Fed, and inflation and higher rates not being a threat -- both Stocks and Bond prices are moving higher. For 2019, home loan rates have been stable […]