Announcements

Overview Due to current market conditions, effective immediately all Non-QM Loans delivered to Carrington Mortgage Services, LLC (CMS) must be purchased on or prior to the lock expiration date. No lock extensions or exceptions are permitted.  Contacts Please contact CorrespondentRM@carringtonms.com with any questions. Carrington thanks you for your business.

Overview Due to current market conditions, effective March 20, 2020 and until further notice, Carrington Mortgage Services, LLC (CMS) will temporarily no longer permit a lock until the loan is Approved and the appraisal (where applicable) has been received by CMS.  Please see revised lock policy below. Loan Type Available Lock Terms Additional Requirements Non-QM […]

Overview Due to current market conditions, effective March 13, 2020 and until further notice, Carrington Mortgage Services, LLC (CMS) will temporarily suspend offering 30-day locks. CMS will still offer 15-day, 45-day, and 60-day lock terms in accordance with the revised guidelines for available lock terms outlined below.  Please contact your Account Executive or Relationship Manager […]

Overview Due to severe storms, tornadoes, straight-line winds, and flooding in Tennessee, FEMA has declared the following counties a disaster. Incident Period: March 3, 2020 State FEMA Disaster Declaration Counties Tennessee March 5, 2020 Davidson, Putnam, and Wilson Please note: If an appraisal was completed prior to the incident date of the disaster, a re-inspection […]

Overview On February 5, 2020, Fannie Mae released Lender Letter LL-2020-01 concerning the upcoming transition from LIBOR to an alternate index for all ARM products. Carrington Mortgage Services, LLC (CMS) will follow the timelines and requirements of the letter particularly with respect to the following: Carrington only purchases Non-QM LIBOR ARM loans requiring Fannie/Freddie compliant […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the following recent Carrington Advantage product Underwriting updates (highlighted in red). Please note this is an abbreviated summary of the guidelines changes. All updates should be viewed within the context of the full guidelines available here. Carrington Advantage Underwriting Guidelines Old Requirements Updated Requirements Self-Employed […]

Overview Fannie Mae is eliminating lender-provided homebuyer education as an option for meeting the HomeReady Homebuyer Education requirement. Effective for loans closed March 1, 2020 and later, any Fannie Mae Homebuyer Education requirement must be satisfied using the Framework course or HUD-approved counseling, as explained below.  Fannie Mae has removed the $75 fee previously charged […]

Overview In the state of North Carolina, borrowers may be charged bona fide discount points for the purpose of reducing their interest rate. For Owner Occupied Loans with a balance of $300,000 or less, up to 2.25% (Agency products) or 0.25% (Non-agency products) may be charged as Discount Points under the North Carolina Max Fee […]

Overview The VA has made key application updates to Loan Guaranty systems to support the recent Blue Water Navy legislation. Appraisers now have the option to use AAPP (Assisted Appraisal Processing Program) and those associated application changes have only been made to the webLGY Hub Appraiser Workspace. In order to use the appropriate functionality for […]

Overview Effective for loans closed beginning January 1, 2020, VA will guaranty 25% of the loan amount for Veterans with full entitlement seeking a purchase or cash out refinance loan in excess of $144,000, regardless of the FHFA Conforming Loan Limit. Veterans with full entitlement seeking a purchase or cash out refinance loan that exceeds […]