Latest News Category: Bulletin

Topic included in Bulletin W13-136: Update, Underwriting Guidelines and Matrices Update, Jumbo Maximum DTI increased to 43% Effective Immediately Update, Manufactured Home To align with FHA the Manufactured Home constructed date overlay has been removed Manufactured Homes must be constructed on or after June 15, 1976 Effective Immediately Following programs effected: FHA Standard and High […]

Topic included in Bulletin W13-135: Funding for Rural Development’s Single Family Housing Guaranteed Loan program is now available for fiscal year 2014 Loans that were issued Conditional Commitments “subject to” commitment are eligible for closing with CMS as previously announced Download: Bulletin - W13-135 (PDF)

Topic included in Bulletin W13-134: USDA has announced their policy regarding Fiscal Year 2014 funding for Single Family Housing Guaranteed Loans During the process of starting up loan and grant activities for the Fiscal Year, Conditional Commitments will be issued “subject to commitment authority” until funds are available in the system During the transition, CMS […]

Topic included in Bulletin W13-133: Banks and Credit Unions are now eligible as approved Third Party Originators The Bank and Credit Union application and documents will not be processed through Comergence and is a manual process The Bank and Credit Union application and documents are in the process of being posted to the website and […]

Topic included in Bulletin W13-132: Procedure published regarding the process for changing loans programs or loan types during the various stages of the loan application process CMS does not make or process counter offers. Procedure outlines the process if the request is determined to be a counter offer, as well as: Loan Approved and Rate […]

As we continue monitoring the government shutdown and adapting our operations to the changing environment.  Carrington is now allowing 1099 and Self Employed Borrowers are eligible to close with alternate documentation in lieu of transcript verification. Self Employed Borrowers require 2 years signed taxes Recap of modifications and notices: Conventional Loan Programs Carrington Mortgage Services, […]

Carrington Mortgage Services will be open on Columbus Day (10/14/2013); however, our lock desk will be closed.  Normal lock desk hours will resume on Tuesday, 10/15/2013.  All locks that expire on 10/14/2013, must be extended prior to expiration.  All issues related to locks should be sent via email to lockdesk@carringtonms.com.

Topic included in Bulletin W13-131: Genworth Mortgage Insurance has been added as an approved Mortgage Insurance vendor CMS list of approved MI companies is: Essent Guaranty, Inc Genworth Mortgage Insurance MGIC Radian United Guaranty Credentials will be provided to Operations Associates in the coming days Intranet and website updated Download: Bulletin - W13-131 (PDF)

Topic included in Bulletin W13-130: Monday, October 14, 2013 is Columbus Day and is a Federal Holiday CMS is open on Monday, October 14, 2013; however, the Lock Desk will be closed Normal lock hours will resume on Tuesday, October 15, 2013 Locks that expire on Monday, October 14, 2013 must be extended prior to […]

Topic included in Bulletin W13-129: Maryland has recently enacted a statue which streamlines the subordination process Under certain circumstances it is not necessary to obtain a signed Subordination Agreement Overview provided regarding Maryland’s Automatic Subordination Rule Requirements/Restrictions Under the Maryland Statue DocuTech has been updated Maryland State Guide is in the process of being updated […]