Latest News Category: Bulletin

Last Week in Review: Stocks continue their winning ways. Home loan rates finished this week near unchanged and remain near 9-month lows -- so we have that going for us. Most of the week's news was pretty bond friendly, including Brexit uncertainty, ongoing Government shutdown, ongoing US/China trade dispute, low inflation and more. So why […]

You Asked … We Answered! With Expanded Carrington Flexible AdvantageSM Guidelines so you can expand your business! Carrington Mortgage Services, LLC (CMS) is pleased to announce the below guideline changes for the Investor Advantage, Carrington Flexible Advantage and Carrington Flexible Advantage Plus products. Guideline Improvements Updated the Maximum DTI from 43% to 50% on 12-month […]

Overview The Lock Desk at Carrington Mortgage Services, LLC (CMS) will be closed on Monday, January 21, 2019 for Martin Luther King Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, January 22, 2019. Rate Locks that expire on the holiday will automatically roll to the next business day. In addition […]

Overview Beginning Thursday, January 17, 2019, Carrington Mortgage Services, LLC (CMS) will permit prepayment penalties to be charged on Investor Advantage, Carrington Flexible Advantage and Carrington Flexible Advantage Plus non-owner-occupied, investment property loan transactions. Prepayment penalties may only be charged when permissible by State law. The prepayment term may be three years, two years, one […]

Overview The USDA has advised that during the current government shutdown, the Rural Housing Service will not guarantee loans that do not have a conditional commitment issued before the loan is closed. Due to this situation, and effective immediately, Carrington Mortgage Services, LLC (CMS) will NOT accept rate lock requests or issue lock confirmations on […]

Last Week in Review: No rate hikes in 2019. Who wins? Stocks continued to react positively to Fed Chair Powell's Jan 4th speech, where he essentially said, "we have your back"...meaning that the Fed will be flexible and may not raise rates at all in 2019.  There is an old saying in the financial markets - […]

Last Week in Review:Headline Risk Highlights Christmas Week. The financial markets had plenty to cheer about this week. On Wednesday, Stocks rallied a stunning 1,000+ points, enjoying their best one-day gain in history and then rallied over 800 points higher intraday on Thursday, erasing a huge midday loss. All in all, a great and welcome […]

Last Week in Review:Spring rates revisited. It was all about the Fed this past week. On Wednesday, they hiked the Fed Funds Rate by 25 basis points (0.25 percent). That rate affects short-term loans like auto and credit cards – what it doesn't affect are home loan rates.  Home loan rates actually improved to the […]

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 […]

Overview In compliance with Maryland Mortgage Statue 09.03.06.20 – Duty of Care, Carrington Mortgage Services, LLC (CMS) will require the Broker / Loan Officer to provide an executed HPML Attestation (refer to sample provided) for all Carrington Flexible Advantage and Flexible Advantage Plus Higher Priced Mortgage Loans (HPML) with a subject property in the state […]