Last Week in Review:
Sales of new and existing homes showed different results in February while the Fed raised the Fed Funds Rate.

February Existing Home Sales rose 3 percent from January to an annual rate of 5.54 million, above the 5.42 million expected, the National Association of REALTORS® (NAR) reported. Gains were seen in the South and West with declines in the Northeast and Midwest. Sales were up 1.1 percent from a year ago. Unsold inventory is at a 3.4-month supply, well below the 6-month supply that is seen as normal.
Sales of new homes had the opposite result in February, falling for the third straight month. New Home Sales edged lower by 0.6 percent from January to an annualized rate of 618,000, just below expectations, the Commerce Department reported. Sales increases were seen in the Northeast and South, with declines in the Midwest and West. New Home Sales were up 0.5 percent from February 2017 to February 2018. And there was good news regarding inventory. There was a 5.9-month supply of new homes for sale on the market, which is near the 6-month supply seen as normal.
The Fed also made headlines in the latest week. As expected, the Fed raised its benchmark Federal Funds Rate 0.25 percent, bringing the new target rate range to between 1.5 and 1.75 percent. The Fed acknowledged inflation remains low, but it is expected to rise in the coming months as tax cuts further stimulate the economy.
If inflation does begin to rise, an increase in home loan rates could follow. Inflation reduces the value of fixed investments like Mortgage Bonds, and home loan rates are tied to Mortgage Bonds. However, many factors impact the direction of the markets, including possible tariffs, trade wars and the direction of other economic reports. We'll continue to monitor all of these developments closely.
In the meantime, home loan rates remain historically attractive.
If you or someone you know has any questions about home loan rates or products, please reach out. We'd be happy to help.

Want to know what’s in store for the real estate and mortgage industries in 2018? Will low inventory, rising rates, and falling affordability derail the housing recovery? Get the answers to these and other questions in an informative webinar hosted by Rick Sharga, Executive Vice President, Carrington Mortgage Holdings, on the State of the U.S. Housing Market. Rick will share insights on US Economic Performance, Home Sales Trends, Mortgage Industry Trends and what the outlook is for the real estate market for the rest of 2018. We’ll also cover current events such as immigration policy and tax reforms, and their potential impact on the market. Don’t miss this great opportunity to get informed. Register now to save your spot!
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Carrington Mortgage Services, Wholesale Lending division is implementing an $85 Tax Service fee.
For loans where Carrington discloses, the $85 tax fee will be automatically included. This is effective immediately.
For Broker Disclosed loans, we ask that you begin disclosing this fee right away. As of June 1st, 2018 loans we will be rejecting submissions that do not include the disclosed fee.
Please contact your Account Executive with questions.

The Carrington Mortgage Services, LLC (CMS) Lock Desk will close early at 11:00 AM Pacific Time on Friday, March 30, 2018 for Good Friday. Normal lock hours will resume on Monday, April 2, 2018.

Executive Vice President Rick Sharga discuss the impact of rising interest rates on the housing market.

View on FoxBusiness.com.

Per Diem Interest on FHA Streamline and VA IRRRL Loans, Effective March 1st, 2018
Effective March 1, 2018, Carrington Mortgage Services, LLC (CMS) will no longer offer an interest credit to cover the per diem interest on FHA Streamline and VA IRRRL loans.
New Streamline/IRRRL submissions received on or after March 1, 2018 will no longer offer automatic lender credit to cover per diem interest amount.
Contact your Account Executive or login to BrokerIQ

Carrington Mortgage Services, LLC requires survey coverage in Florida, Ohio, New Mexico, New York and Texas for all loan transactions with the exception of condominium transactions.
Effective for all new loan submission on and after February 23, 2018, Survey fees must be added to all loans from these five states.
Contact your Account Executive or login to BrokerIQ

The Lock Desk will be closed on Monday, February 19, 2018 for Presidents Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, February 20, 2018.
Locks that expire on the holiday will automatically roll to the next business day. In addition, there are some important disclosure considerations associated with the holiday:

• Monday, February 19, 2018 cannot be included in the rescission period for refinance transactions.
• Monday, February 19, 2018 cannot be included in the seven (7) business day waiting period between the date the initial Loan Estimate (LE) was provided to the borrower and the consummation of the loan.
• When re-disclosure of the LE is required, Monday, February 19, 2018 cannot be included in the four (4) business day waiting period between the date the revised LE was provided to the borrower and the consummation of the loan.
• When re-disclosure of the CD is required, Monday, February 19, 2018 cannot be included in the three (3) business day waiting period between the date the revised CD was provided to the borrower and the consummation of the loan.

Issues related to locks should be sent via email to lockdesk@carringtonms.com.

Bank statements now acceptable in place of IRS Tax documents for Carrington’s Non-Prime Loans.

Expand Your Pipeline with Non-Prime Loan Products

Purchase, refinance and cash-out available

Give your business the boost it needs by adding Non-Agency loans to your product offerings.

NON-PRIME LOAN PROGRAM HIGHLIGHTS*

• Primary and second homes
• Purchase, refinance and cash-out loans available
• Loan amounts up to $1.5 million
• Minimum credit score of 500 (75% LTV)
• Maximum 85% LTV with no MI
• Recent credit events Ok
• Non-warrantable condos Ok
• Investment properties Ok
• 30 year fixed, 5/1, 7/1 ARMS available

[btn link="http://cms.carringtonwholesale.com/non-agency-loans" color="crimson"]Become an Approved Broker[/btn]           [btn link="https://brokeriq.carringtonwholesale.com/login/login.php" color="crimson"]Login to BrokerIQ[/btn]
*The non-prime product requirements vary depending on the consumer's credit grade, LTV, DTI, and FICO scores and may require reserves from 3-6 months. Ask your Account Executive for additional details. Note: Not available in AK, MA, NY, WV & ND.