Latest News Category: Bulletin

Overview As previously announced, effective July 5, 2022, Carrington Mortgage Services, LLC (CMS) began accepting loan submissions for the Investor Advantage program where Brokers are exempt from state licensing. Brokers must still be approved with Carrington and in good standing.  The broker company/branch and broker loan officer must have an NMLS number, but the broker […]

Overview The offices of Carrington Mortgage Services, LLC (CMS) including the Lock Desk will be closed on Monday, June 20, 2022 for Juneteenth National Independence Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, June 21, 2022. Rate locks that expire on the holiday will automatically roll to the next business […]

Overview Due to the South Fork and Salt fires in New Mexico, FEMA has declared the following county a disaster. Incident Period: June 17, 2024 and Continuing State FEMA Disaster Declaration Counties New Mexico 06/20/2024 Lincoln Re-Inspection by Product Type If your loan is … A re-inspection is required … Under these circumstances … FHA […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to introduce new 1099 and P&L products for the Non-QM (Carrington Prime Advantage and Carrington Flexible Advantage Plus) programs. The underwriting guideline updates are highlighted in red below and please note these are an abbreviated summary of the guideline changes. All updates should be viewed within the […]

Overview Effective April 18, 2022, Carrington Mortgage Services, LLC (CMS) is pleased to announce an Investor Advantage program enhancement to increase the maximum LTV to 75% for First Time Investors with higher FICO scores. The maximum LTV requirements for First Time Investors are outlined below: Maximum LTV = 75% with FICO ≥ 680 and DSCR ≥ […]

Overview In observance of Good Friday, the Carrington Mortgage Services, LLC (CMS) Lock Desk will be closed Friday, April 15, 2022. Normal Lock Desk hours will resume on Monday, April 18, 2022. As a reminder, pursuant to the Lock Policy all lock extensions must be requested prior to expiration. If a lock expires on Friday, […]

Overview Effective March 21, 2022, Carrington Mortgage Services, LLC (CMS) is pleased to announce the following enhancements for the Investor Advantage loan program: Increased Maximum LTV from 82.50% to 85% for the 700 FICO band with loan amounts up to $1,000,000. Increased the permitted interested party Seller Contributions from 2% to 4% toward closing. Gift […]

Overview The offices of Carrington Mortgage Services, LLC (CMS) including the Lock Desk will be closed on Monday, February 21, 2022 for Presidents Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, February 22, 2022. Rate Locks that expire on the holiday will automatically roll to the next business day.  In […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce a new VA Cash-Out Refinance option up to 100% LTV. The increased VA Cash-Out LTV option is subject to the following requirements: Effective for new submissions or Change of Circumstance (COC) requests on existing submissions beginning January 31, 2022, Maximum 100% LTV/CLTV, inclusive of any […]

Overview Due to severe storms, straight-line winds, and tornadoes in Tennessee, FEMA has declared the following counties a disaster. Incident Period: December 10, 2021 - December 11, 2021 State FEMA Disaster Declaration Counties Tennessee January 14, 2022 Cheatham, Davidson, Dickson, Gibson, Henderson, Henry, Lake, Obion, Stewart, Sumner, Weakley and Wilson Re-Inspection by Product Type If […]