Announcements

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 […]

Overview The Lock Desk at Carrington Mortgage Services, LLC (CMS) will be closed Monday, October 14, 2019 in observance of Columbus Day, which is a Federal Holiday. Normal Lock Desk hours will resume on Tuesday, October 15, 2019. Please note: CMS offices will be open normal business hours on Monday, October 14, 2019; however, the […]

Overview Due to Tropical Storm Imelda in Texas, FEMA has declared the following counties a disaster. Incident Period:September 17, 2019 - September 23, 2019 State FEMA Disaster Declaration Counties Texas October 4, 2019 Chambers, Harris, Jefferson, Liberty, Montgomery and Orange Please note: If an appraisal was completed prior to the incident date of the disaster, […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the Carrington Flexible Advantage and Investor Advantage guidelines have been updated to add Illinois and Texas as approved states for the CMS Interest-only ARM program. As a reminder, the CMS Interest-only product has the following features: Terms Available: 5/1 ARM-IO, 7/1 ARM-IO, and 10/1 ARM-IO […]