Latest News Category: Bulletin

The Lock Desk will be closed on Monday, February 19, 2018 for Presidents Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, February 20, 2018. Locks that expire on the holiday will automatically roll to the next business day. In addition, there are some important disclosure considerations associated with the holiday: […]

Bank statements now acceptable in place of IRS Tax documents for Carrington’s Non-Prime Loans. PURCHASE & REFINANCELOAN DETAILS UP TO $1.5 MILLION FICO DOWN TO 500 | 70% LTV UP TO $500K CASH-OUT FICO DOWN TO 500 | 70% LTV UP TO $1 MILLION INVESTMENT PROPERTIES FICO DOWN TO 620 | 75% LTV UP TO […]

Expand Your Pipeline with Non-Prime Loan Products Purchase, refinance and cash-out available Give your business the boost it needs by adding Non-Agency loans to your product offerings. NON-PRIME LOAN PROGRAM HIGHLIGHTS* Primary and second homes Purchase, refinance and cash-out loans available Loan amounts up to $1.5 million Minimum credit score of 500 (75% LTV) Maximum […]

The Lock Desk at Carrington Mortgage Services, LLC (CMS) will be closed on Monday, January 15, 2018 for Martin Luther King Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, January 16, 2018. Locks that expire on the holiday will automatically roll to the next business day.  In addition, there are […]

Effective December 21, 2017 the USDA suspended its requirements with regard to obtaining IRS Form 4506-T tax transcripts for all adult members of the household. It is no longer necessary to complete or process an IRS 4506-T for the borrower(s) or for any other adult member in the household prior to funding. Verification of adjusted […]

BrokerIQ is set up to accept 2018 Demographic (DI) information at this time. Effective January 1, 2018, all Lender Disclosed packages and Broker Disclosed Accepted Submissions must have the updated 1003 with DI Addendum. If Brokers submit with a prior version, Loan Setup will accept the submission but require a corrected and signed updated 1003 […]

During the holiday season Carrington Mortgage Services, LLC (CMS) will observe the following schedule: Friday, December 22, 2017 – MLD open regular business hours Monday, December 25, 2017 – Closed for the Christmas holiday Monday, January 1, 2018 – Closed for New Year’s Day holiday The Lock Desk will be closed December 25, 2017 and […]

Overview The state of Texas has amended its rules regarding Home Equity Refinances (TX 50(a)(6) loans) effective 1/1/2018. As of 1/1/2018, Borrowers with existing home equity loans are now able to refinance their loans as either a Home Equity loan or a Rate and Term refinance. The prior law that stated, “once a home equity […]

Overview Effective for FHA Case Numbers assigned on and after January 6, 2018, properties encumbered with Property Assessed Clean Energy (PACE) obligations will no longer be eligible for FHA-insured financing. PACE loans are made through government-sponsored programs to finance energy efficient upgrades and installations and where repayment is made through special tax-like property assessments. Below […]

Carrington Mortgage Services, LLC (CMS) is pleased to announce the addition of a new appraisal vendor, Accelerated Appraisal Group, effective November 29, 2017. Accelerated Appraisal Group is an AMC that specializes in the state of California and covers every county. As of the effective date, Accelerated Appraisal Group will be approved for the Wholesale Channel […]