Announcements

Overview VA has announced the VA Funding Fee rates for purchase and cash out refinance transactions will change effective for loan transactions closed January 1, 2020 and later. Please note: Interest Rate Reduction Refinancing Loans (IRRRLs) are not impacted by this change. Funding Fee Updates Funding Fee rates are generally increasing for first time use […]

Overview Due to severe storms, tornadoes, and flooding in South Dakota, FEMA has declared the following counties a disaster. Incident Period: September 09, 2019 - September 26, 2019 State FEMA Disaster Declaration Counties South Dakota November 18, 2019 Brookings, Charles Mix, Davison, Flandreau Indian Reservation, Hanson, Hutchinson, Lake, Lincoln, McCook, Minnehaha, Moody, Yankton, andYankton Indian […]

Overview The Carrington Mortgage Services, LLC (CMS) Lock Desk, will be closed Thursday, November 28, 2019 in observance of Thanksgiving, which is a federal holiday.  Due to the holiday, the Lock Desk will be closing early on Friday, November 29, 2019 at 11:00 AM PST (early market closure of 2:00 PM EST).  Normal Lock Desk […]

Overview Effective November 14, 2019, Carrington Mortgage Services, LLC (CMS) is pleased to introduce a new 85% Expanded Cash-Out LTV option for the Carrington Flexible Advantage Plus program. The 85% Expanded Cash-Out LTV option is perfect for borrowers looking to pull out cash, consolidate debt, pay for college tuition, home improvements, etc.  CMS is excited […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the Lock Desk has re-enabled the Auto-lock functionality. Effective immediately on Correspondent loan submissions, all rate lock extensions no longer require a written email request to be sent to the Lock Desk. Correspondent Sellers now have the ability to submit Lock Extension requests directly in […]

Overview Carrington Mortgage Services, LLC (CMS) offices, including the Lock Desk, will be closed Monday, November 11, 2019 in observance of Veteran’s Day, which is a Federal Holiday. Normal Lock Desk hours will resume on Tuesday, November 12, 2019. Locks that expire on the holiday will automatically roll to the next business day.  In addition, […]

Overview As a reminder, Carrington Mortgage Services, LLC (CMS) requires a soft pull credit report (also known as a credit refresh or LQI report) as follows: For all conventional transactions, within 14 days of the note date For all Carrington Flexible Advantage and Carrington Flexible Advantage Plus transactions, within 10 days of the note date […]

Overview As a reminder, FHA Mortgagee Letter 2019-011 reduced the maximum allowable LTV and CLTV limits for cash-out refinances from 85% to 80% for all FHA cash-out refinance mortgages with case numbers assigned on or after September 1, 2019. During the weekend of October 19, 2019, DU was updated to support the new LTV and […]

Overview Due to Tropical Storm Imelda in Texas, FEMA has declared the following counties a disaster. The updated county is shown in bold. Incident Period: September 17, 2019 - September 23, 2019 State FEMA Disaster Declaration Counties Texas October 4, 2019 Chambers, Harris, Jefferson, Liberty, Montgomery, Orange and San Jacinto Please note: If an appraisal […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the following guideline enhancements for the Carrington Advantage products (CFA/CFA+ and Investor Advantage): Carrington Flexible Advantage Guidelines Old Requirements Updated Requirements Bank Statement Documentation Self-employed borrowers are eligible for either Personal Bank Statement Documentation or Business Bank Statement Documentation. The following restrictions apply to both […]