Announcements

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 […]

Overview As a reminder, certain FHA guideline updates are effective for cases assigned Monday, September 9, 2019 and later. The Carrington Mortgage Services, LLC (CMS) FHA Underwriting Guidelines have been updated as outlined below: Net Tangible Benefit requirements for Streamline Refinances utilizing a Term Reduction are updated as follows: ·      Currently, Fixed rate-to-Fixed rate streamline […]

Overview In conjunction with Ginnie Mae’s recent announcement (APM 19-05 issued August 1, 2019) that all Cash-Out VA loans in excess of 90% LTV must be placed in certain pools of securities, Carrington Mortgage Services, LLC (CMS) will implement the following changes: No Submissions for >90% VA Cash-Out Refinances will be accepted effective September 1, […]

Overview Effective September 1, 2019: For all unlocked VA >90% Cash Out loans in the pipeline, the maximum lock available will be 15 days. Locks can be extended to September 30, 2019, and must be purchased by September 30, 2019. As a reminder, Ginnie Mae issued APM 19-05 on August 1, 2019 which requires all […]

Overview As a reminder, Correspondent Sellers must upload all loan documents using the “Upload Documents” function in the Carrington Mortgage Services, LLC (CMS) corrIQ Seller Portal. Once uploaded, CMS reviews the mortgage loan file to confirm: Accuracy, completeness, and all necessary documents are included All documents are executed properly Important Note: The CMS loan origination […]

Overview The Carrington Mortgage Services, LLC (CMS) FHA Underwriting Guidelines have been updated. Please note there are differences in the effective dates for these updates. In general, guideline changes that result in reduced documentation or clarify existing requirements are effective immediately. Guideline changes that result in increased documentation or more restrictive qualification requirements are effective […]

Overview The Carrington Mortgage Services, LLC (CMS) Lock Desk will be closed on Monday, September 2, 2019 for Labor Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, September 3, 2019. Additionally, the CMS Lock Desk will close early on Friday, August 30, 2019 at 11:00 A.M. PST due to the […]

Overview As a reminder, the maximum lock on VA Cash-Out 90%+ LTV loans is 30 days effective August 15th. Ginnie Mae issued All-Participants Memorandum (APM) 19-05 on August 1st which requires all Cash Out VA loans in excess of 90% LTV to be placed in Ginnie II Custom Securities vs. Ginnie II Multi Issuer Pools […]