Overview
As a reminder, Carrington Mortgage Services, LLC (CMS) recently announced a revised lock policy with longer minimum lock terms for loans without appraisal (when required) in the file. Effective immediately, the lock policy will allow a 15-day lock when all Conditions are Submitted for final Clear to Purchase as shown below:
| Loan Type | Available Lock Terms | Additional Requirements |
| Conventional Full Document Loans | 15-Days | Loan must be Approved with appraisal in file with All Conditions Submitted for final Clear to Purchase |
| 45-days | Loan must be Approved with appraisal in file | |
| Government Full Document Loans | 15-Days | Loan must be Approved with appraisal in file (loans with Appraisal Waivers are exempt) with All Conditions Submitted for final Clear to Purchase |
| 45-days | Loan must be Approved with appraisal in file (loans with Appraisal Waivers are exempt) | |
| Government Streamline/IRRRL | 15-Days | Loan must be Approved with All Conditions Submitted for final Clear to Purchase |
| 45-days | Loan must be Approved |
Lock Extensions:
- Maximum of up to two extensions
- Maximum extension period of 15 days in the aggregate
- Current extension fee charges remain in place (see rate sheet)
Contacts
Please contact CorrespondentRM@carringtonms.com with any questions.
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An Equal Housing Opportunity Lender. Copyright 2007 -
2024
. Carrington Mortgage Services, LLC headquartered at 1600 South Douglass Road, Suites 110 & 200-A, Anaheim, CA 92806. NMLS ID # 2600. Toll Free # 800-561-4567. All rights reserved. Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines. Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site: