Announcements

Overview The VA requires that Veterans’ funding fee exemption information is up-to-date at the time of closing to avoid incorrect charges to exempt Veterans.  Lenders may not advise Veteran borrowers who believe they are exempt from paying the funding fee to close on a loan without first establishing the borrower’s funding fee exemption status. Updated […]

Overview Effective May 27, 2020 Carrington Mortgage Services, LLC (CMS) will offer a 60-day lock to sellers prior to loan submission when the loan has been registered in CorrrIQ. Loan Type Available Lock Terms Additional Requirements All Loan Types 60-Days Loan registered in CorrIQ 15-Days Loan must be Approved with All Conditions Submitted for final […]

Overview Due to severe storms, tornadoes and straight-line winds in South Carolina, FEMA has declared the following counties a disaster. The updated counties are shown in bold. Incident Period: April 12-13, 2020 State FEMA Disaster Declaration Counties South Carolina May 1, 2020 Aiken, Barnwell, Berkeley, Colleton, Hampton, Marlboro, Oconee,Orangeburg, and Pickens Please note: If an […]

Overview Due to severe storms, tornadoes, straight-line winds and flooding in Mississippi, FEMA has declared the following counties a disaster. The updated counties are shown in bold. Incident Period: April 12, 2020 State FEMA Disaster Declaration Counties Mississippi April 16, 2020 Clarke, Covington, Grenada, Jasper, Jefferson Davis, Jones, Lawrence, Panola and Walthall Please note: If […]

Overview The Carrington Mortgage Services, LLC (CMS) Lock Desk will be closed on Monday, May 25, 2020 for Memorial Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, May 26, 2020. Additionally, the CMS Lock Desk will close early on Friday, May 22, 2020 at 11:00 A.M. PST due to the […]

Overview Due to severe storms, tornadoes and straight-line winds in South Carolina, FEMA has declared the following counties a disaster. Incident Period: April 12-13, 2020 State FEMA Disaster Declaration Counties South Carolina May 1, 2020 Aiken, Colleton, Hampton, Marlboro, Oconee, Orangeburg, and Pickens Please note: If an appraisal was completed prior to the incident date […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the following recent Government loan product underwriting updates (highlighted in red). These updates are clarifications of existing guidance or were announced via previous Correspondent Announcements and are effective immediately.  Please note this is an abbreviated summary of the guideline changes.  All updates should be viewed […]

Overview Due to recent Fannie Mae/Freddie Mac guidance related to cash-out refinances where borrowers request forbearance assistance, effective immediately and until further notice, Carrington Mortgage Services, LLC (CMS) will no longer offer cash-out refinance transactions under the conventional loan program.  As CMS cannot foresee when a borrower will request forbearance assistance for this loan program, […]

Overview Due to severe storms, tornadoes, straight-line winds and flooding in Tennessee, FEMA has declared the following counties a disaster. Incident Period: April 12-13, 2020 State FEMA Disaster Declaration Counties Tennessee April 24, 2020 Bradley and Hamilton Please note: If an appraisal was completed prior to the incident date of the disaster, a re-inspection will […]

Overview As a reminder, Carrington Mortgage Services, LLC (CMS) recently updated our lock policy which has the following Lock Extension requirements: 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) The CMS lock policy currently offers the following minimum […]