Latest News Category: Bulletin

Effective December 4, 2017, Carrington Mortgage Services will no longer accept broker-disclosed submissions that do not include the $399 underwriting fee ($99 in North Carolina) on their initial Loan Estimate. New Jersey loans are exempted, as the lender is not permitted to charge an Underwriting Fee. If the loan was pre-locked with the Underwriting Fee […]

Overview The Lock Desk at Carrington Mortgage Services, LLC (CMS) will be closed Thursday, November 23, 2017 and Friday, November 24, 2017 in observance of Thanksgiving, which is a federal holiday. Due to the holiday, the Lock Desk will be closing early on Wednesday, November 22, 2017 at 11:00 AM PST (early market closure of […]

Great News! The Lock Desk at Carrington Mortgage Services, LLC (CMS) will be open Friday, November 10, 2017 for normal Lock Desk hours. Because Veteran’s Day, November 11, 2017, which is a Federal Holiday, falls on a weekend this year there are some important disclosure considerations associated with the holiday: Friday, November 10, 2017 is […]

Effective January 1, 2018, the Home Mortgage Disclosure Act (HMDA) requirements for collecting information regarding the ethnicity and race of applicants will be expanded.  To collect the applicant information, a new loan document, the Demographic Information (DI) Addendum to the 1003 has been created and will be a required document beginning January 1, 2018. Lenders […]

Carrington may assist borrowers in Presidentially-designated disaster areas through the government’s FHA 203h loan program. HIGHLIGHTS OF THE PROGRAM • Minimum 500 FICO • 100% financing on purchases for homeowners or renters whose homes were destroyed • Refinance available for those whose homes are not destroyed but would like to refurbish (Restrictions apply) • Previous residence must […]

Overview Due to recent wildfires in California, FEMA has declared the following county a disaster. Please note: If an appraisal was completed prior to the incident date of the disaster, a re-inspection will be required. If an appraisal was not required due to a property inspection waiver or product type, an inspection report is still […]

Overview Carrington Mortgage Services, LLC (CMS) actively manages rate locks to offer consumers competitive pricing and minimize the Company’s interest rate exposure for loans.  To enhance CMS’ competitiveness in the marketplace, effective October 10, 2017, the costs for extending rate locks will be reduced as shown below: *The no cost 3-day extension is available if […]

Overview Effective October 5, 2017, Carrington Mortgage Services, LLC (CMS) enhanced BrokerIQ Pricing engine with an option to include the CMS Lender Fee into the pricing. In some cases, the CMS Lender Fee plus the Broker’s chosen compensation structure causes the loan to exceed the ATR/QM fee threshold.  Brokers can now select the Buyout Lender […]

Help meet the individual needs of your borrowers and grow your business with our new reduction in FICO to 500 for FHA & VA government purchase programs.*** FHA Purchase 500 FICO to 90% LTV on purchase loans Debt to income ratio determined by AUS with FICO>640 (1-2 unit) First-time home buyers – no overlays with DU […]

Carrington Mortgage Services, LLC (CMS) is pleased to announce that pre-closing soft pull credit reports are no longer required for Government Loans (FHA, VA and USDA). This change is effective immediately and is being implemented as part of the initiative to reduce overlays and make closing loans with CMS even easier. Please note: Pre-closing soft […]