Latest News Category: Bulletin

Last Week in Review: The April Jobs Report disappointed while inflation ticked up in March. Plus, the Fed met. The Jobs Report for April was a bit of a disappointment, as job creation rose from March but came in below expectations. There were 164,000 new jobs added in April, below the 190,000 expected, the Bureau […]

Overview Effective May 3, 2018 Carrington Mortgage Services, LLC (CMS) will introduce a new Near-Prime Product to broaden our commitment to serving the underserved borrower! The Near-Prime product is well suited for borrowers who may have credit challenges but need pricing that is closer to prime rates. The program features Fixed and Adjustable Rate loan […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce that New York loans (excluding NY CEMA loans) will be eligible under the Non-Prime and Near-Prime products effective May 3, 2018. For a New York loan to qualify the minimum loan size must be greater than the Conforming loan limit plus $1.

Last Week in Review: Home sales increased in March, though inventory remains a challenge. First quarter GDP fell but beat expectations. March Existing Home Sales rose 1.1 percent from February to an annual rate of 5.60 million units, the National Association of REALTORS® reported. However, sales were down 1.2 percent from March 2017 due in […]

As a reminder, VA regulations limit the fees the veteran can pay to obtain a loan. Carrington Mortgage Services, LLC (CMS) strictly adheres to the limitations on borrower-paid fees and charges when making VA loans. CMS will permit the Broker Fee to be included in the 1% Fee Amount to the veteran may be charged. […]

The HUD Higher Priced Mortgage Loan (HPML) rule exempts FHA Streamline loans from the Federal ATR/QM Higher Priced Maximum APR requirement. CMS will accept FHA Streamlined loan submissions that exceed HPML APR Thresholds (APR can exceed APOR + 1.15 + MIP). FHA Streamlined loans will remain subject to: ATR/QM Fee threshold unless the property is […]

CNBC highlights Carrington's new Non-Prime programs with Rick Sharga See what Rick Sharga, Executive Vice President of Carrington Mortgage Holdings has to say about Carrington's new Non-Prime loan programs, in this CNBC video clip.  

Last Week in Review: March job growth came in lower than expected, while home prices continue to rise. Just 103,000 jobs were created in March, much lower than the 175,000 expected, the Bureau of Labor Statistics reported. February's report was revised higher to 326,000 new jobs from 313,000, while January was revised lower to 176,000 […]

Effective for Non-Prime Primary Residence and Second Home loans with applications taken on and after Monday, April 2, 2018, Carrington Mortgage Services, LLC (CMS) will introduce the following guideline enhancements: New Credit Grades – Non-Prime Program revised to Credit Grades A, B, and C (formerly grades A-, B+, B and RHE). See CMS Non-Prime Matrix […]

Carrington Mortgage Services, LLC (CMS) is pleased to announce the addition of a new appraisal vendor, CoesterVMS Nationwide Appraisal Management and Valuation Services, effective March 30, 2018. Coester VMS is a nationwide appraisal management company and provides lenders with the most accurate valuations. As of the effective date, Coester VMS will be live in Smart […]