Carrington Mortgage Services, LLC (CMS) is pleased to announce effective Wednesday December 16, 2020; CMS will implement the following Carrington Advantage (Prime Advantage, Flexible Advantage Plus, Flexible Advantage and Investor Advantage) product underwriting updates (highlighted in blue). Please note this is an abbreviated summary of the guideline changes. For additional program information, please review the full guidelines available on carringtoncorrespondent.com.
| Underwriting Guidelines | ||
| Program | Old Requirements | Updated Requirements |
| All Programs | Cash out proceeds not permitted to meet reserve requirements. | Cash out proceeds permitted for reserves with ≥ 700 FICO. |
| Prime Advantage | Max LTV = 80% for FICOs 700-719 (Full Doc and Alt Doc) | Max LTV = 85% for FICOs 700-719 (Full Doc and Alt Doc) |
| Investor Advantage | Foreclosure, Short Sale/DIL, Bankruptcy Seasoning = 36 mos | Foreclosure, Short Sale/DIL, Bankruptcy Seasoning = 48 mos |
Refer to the Carrington Advantage Program Matrices for additional information.
Contacts
Please contact CorrespondentRM@carringtonms.com with any questions.
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. 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: