Announcements

Overview The Carrington Mortgage Services, LLC (CMS) Lock Desk will be closed on Monday, February 18, 2019 for Presidents Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, February 19, 2019. Locks that expire on the holiday will automatically roll to the next business day. In addition, there are some important […]

Overview On December 17th, 2018, the Veteran’s Administration (VA) published an Interim Final Rule addressing VA guaranty requirements for cash-out refinance loans. The rule will be effective for loan applications taken on or after February 15th, 2019 and applies to all Full Doc refinance loan transactions (even if the existing loan is NOT a VA […]

Overview Effective February 7, 2019, Carrington Mortgage Services, LLC (CMS) is pleased to announce the following guideline improvements for the Carrington Advantage products: Higher LTV’s for CFA Investment cash-out loans More lenient Non-Sufficient Funds (NSF) requirements on bank statement programs Improved LTV’s for Investment Cash-out (CFA program only) Improved the Investment Overlay LTV Reduction for […]

Overview As reminder, Carrington Mortgage Services, LLC (CMS) permits prepayment penalties on Investor Advantage, Carrington Flexible Advantagesm and Carrington Flexible Advantage Plus non-owner-occupied, investment property loan transactions when permissible by State law. Effective Thursday January 24, 2019, CMS will add Illinois and Virginia as permissible states to charge prepayment penalties. Pricing Prepayment Penalty Options The […]

Overview Effective January 22, 2019, Carrington Mortgage Services, LLC (CMS) is pleased to announce the below guideline changes for the Investor Advantage, Carrington Flexible Advantage and Carrington Flexible Advantage Plus products. The Pricing Engine has been updated and the changes apply immediately for all loans in the pipeline that are not already locked. Guideline Improvements […]

Overview Effective immediately, Carrington Mortgage Services, LLC (CMS) will permit prepayment penalties to be charged on Investor Advantage, Carrington Flexible Advantage and Carrington Flexible Advantage Plus non-owner-occupied, investment property loan transactions. Prepayment penalties may only be charged when permissible by State law. The prepayment term may be three years, two years, one year or no […]

Overview The Lock Desk at Carrington Mortgage Services, LLC (CMS) will be closed on Monday, January 21, 2019 for Martin Luther King Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, January 22, 2019. Rate Locks that expire on the holiday will automatically roll to the next business day. In addition […]

Overview The Carrington Mortgage Services, LLC (CMS) Seller Guide has been revised to include the following requirements: Section 6.1 Non-Delegated Responsibilities for FHA/VA Loans – has been revised to clarify the Principal-Authorized Agent relationship will utilize the FHA Lender ID for both the Correspondent as Originator and Carrington as Authorized Agent in FHA Connection. In […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the following Underwriting updates (highlighted in red): Carrington Flexible Advantage / Investor Advantage Matrices Document Old Requirements Updated Requirements Flexible Advantage and Flexible Advantage Plus Matrices Illinois Restrictions ARM loans are not permitted in Cook, Cane, Peoria, and Will counties. Illinois Anti-Predatory Lending Databases ARM […]

Overview Carrington Mortgage Services (CMS) requires Correspondents to provide the original Collateral package which includes the Original Note, Bailee Letter and Allonge, a Certified True Copy of the Mortgage (Deeds) and a complete Preliminary Title Report within 24 hours after delivery of the closed Mortgage Loan file. Collateral Package DocumentsThe original Collateral package must be […]