Latest News Category: Bulletin

Topic included in Bulletin W14-015: Missouri and Ohio have been added as approved states, effective Monday, January 27, 2014 The following systems will be updated prior to Monday, January 27, 2014: Encompass Pipeline Manager Comergence Pricing Engine Note:  In Ohio we are only licensed to originate FHA, VA and USDA loans State Guidelines are posted […]

Topic included in Bulletin W14-013: Update provided regarding VA IRRRL appraisal policy Bulletin reprinted in its entirety and clarification noted in red Guidelines and Matrix are published on the Intranet Download: Bulletin - W14-013 (PDF)

Locking Carrington Loans Under the New QM Guidelines IMPORTANT: When locking loans with submission dates of 1/10/2014 or later,  the CMS underwriting fee is now included in your QM points and fees test (3% Cap rule).   If you wish to have the CMS underwriting fee excluded from your points and fees test, Carrington will […]

Topic included in Bulletin W14-012: Clarification provided regarding VA IRRRL appraisal policy Bulletin reprinted in its entirety and clarification noted in red Guidelines and Matrix are published on the Intranet Download: Bulletin - W14-012 (PDF)

Topic included in Bulletin W14-011: CMS has added InterIsland Mortgage Corporation as our primary condo review vendor Formal condominium review will be completed by Underwriter. List of required documentation for a full review provided Condominium Full Review Checklist and Condominium Questionnaire are posted on the Intranet InterIsland may be sued on all new condo review […]

Topic included in Bulletin W14-008: Conventional Underwriting Guidelines and FHA Underwriting Guidelines have been updated Updates include: Property Flipping Guidelines defined Property Flipping dates defined Clarification provided regarding HPML Appraisal Rule and “Safe Harbor” protection Updates are effective with applications taken on and after January 10, 2014 Download: Bulletin - W14-008 (PDF)

Topic included in Bulletin W14-007: Credit Policy and Underwriting Policy updated Updates include: Credit Policy QM Maximum Points and Fee Calculations ATR-QM Loan Ability to Repay Anti-Steering clarification Affordable and Tangible Benefit Previous Bankruptcy not allowed on a CMS loan Underwriting Policy ATR-QM 8 Underwriting Factors added Updates are effective with applications taken on and […]

Topic included in Bulletin W14-005: VA Underwriting Guideline, VA IRRRL Underwriting Guidelines and VA IRRRL Matrix updated Updates include: VA Underwriting Guidelines Clarification regarding Flipped Properties Flipped Property dates defined Safe Harbor VA IRRRL Underwriting Guidelines HPML Loans, HPML loans must have income and asset verification HPML Loans; HPML loans now require a 1004, Uniform […]

Topic included in Bulletin W14-003: The Mortgage Lending Licensing Policy and Branch Operations Policy have been updated Updates include: Mortgage Lending Policy CAIVRS required for all NMLS Branch Managers Update effective January 10, 2014 Download: Bulletin - W14-003 (PDF)

Topic included in Bulletin W14-002: The VA IRRRL Appraisal Policy has been updated No change in policy if the loan is currently serviced by Carrington Mortgage Services. All non-credit qualifying VA IRRRLs cannot be closed as HPML. Guidelines have been updated and can be found on the Intranet Updates effective immediately Download: Bulletin - W14-002 […]