Latest News Category: Bulletin

Topic included in Bulletin W13-083: CMS announces Associate Training and Development Policy Policy documents the policies and information regarding job specific training Policy is effective immediately Policy is posted on the Intranet Download: Bulletin - W13-083 (PDF)

Topic included in Bulletin W13-082: CMS announces Loan Deficiency Procedure Procedure provides the actions required by specific departments and individuals of CMS MLD to escalate and resolved aged loan deficiencies Loan Deficiency Procedure is effective immediately Download: Bulletin - W13-082 (PDF)

Topic included in Bulletin W13-081: CMS has published a Complaint Policy Policy defines the policy how CMS MLD responds when a complaint is received Policy addresses the following types of customer complaints: Legal or Regulatory Product or Services Allegations of fraud Definition of complaint provided Policy is posted on the Intranet  All Associates are required […]

Topic included in Bulletin W13-080: Loans originated under the LPMI program must be manually priced when the loan falls into either of the following categories: Primary Residence Purchase or Rate/Term Refinance transactions between 95.01% and 97% Primary Residence Purchase or Rate/Term Refinance transactions with FICO <700 This process only affects conforming loans amounts Process is […]

Topic included in Bulletin W13-078: Clarification and changes are provided with regards to tax returns (1040s) and when the 4506T is required on W2 income 4506/Tax Transcript Requirements Submission Requirements/Tax Returns Undisclosed Income/Loss Changes are effective immediately and apply to all credit qualifying programs Download: Bulletin - W13-078 (PDF)

Topic included in Bulletin W13-077: LPMI Matrix has been updated on Conforming loan amounts Updates include: On Primary Residence Purchase and Rate/Term Refinance transactions the LTV requirements have been increased from 95% to 97% The FICO requirement has been decreased from 700 to 680 at 97% LTV On Primary Residences and Rate/Term Refinances, 660 FICO […]

Topic included in Bulletin W13-076: The following matrices have been updated: USDA VA Purchase and Refinance, Standard and High Balance VA IRRRL, Standard and High Balance FHA Purchase and Refinance, Standard and High Balance FHA Streamline, Standard and High Balance The minimum FICO requirement has been decreased to 580 for all of the above referenced […]

Topic included in Bulletin W13-075: HomePath matrix has been updated Update includes: Non-Occupant Co-Borrowers are permitted.  However, the occupying borrower or borrowers must qualify on their own Matrix has been published on the Intranet, or:  http://carringtonhome.corp.int/Corporate%20Document%20Library/CMS%20HOMEPATH%20Matrix.pdf Effective immediately Download: Bulletin - W13-075 (PDF)

Topic included in Bulletin W13-071: Clarification regarding escalation process with regards to appraisal issues All appraisal issues need to be sent to the Underwriter on the file Escalation if warranted will be taken care of by the Underwriter and Underwriting Manager Note appropriate mailbox addresses, which can be found in Outlook Appraisal Conditions, MLDConditions@carringtonps.com Escalations, […]

Topic included in Bulletin W13-069: VA IRRRL Ordering Procedures provides instructions on how to order Automated Valuation Module (AVM) on VA IRRRL loans that require an AVM CMS requires an AVM to be generated on every IRRRL with a loan amount <$417,000 ValuePoint4 (VP4) product from CoreLogic is the only CMS approved AVM option CMS […]