Announcements

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 […]

Overview Effective 12/26/18 As a result of the Federal Government shutdown, Carrington Mortgage Services announces the following temporary guidance for information purposes. Standard guidelines will be reinstated once the government shutdown ends. Some Government services will continue to be operational, but we may expect delays. Agency specifics: FHA services still available Customer Service (aka: 1-800-CALL-FHA) […]

Overview In compliance with Maryland Mortgage Statue 09.03.06.20 – Duty of Care, Carrington Mortgage Services, LLC (CMS) will require Correspondent Lenders to provide an executed HPML Attestation (refer to sample provided) for all Carrington Flexible Advantage and Flexible Advantage Plus Higher Priced Mortgage Loans (HPML) with a subject property in the state of Maryland. Correspondent […]

Overview FHA Loans: For calendar year 2019, the Department of Housing and Urban Development (HUD) announced the following maximum first mortgage loan limits that will apply to FHA loans with case numbers assigned on and after January 1, 2019: FHA Loan Limits Units Low Cost Areas High Cost Areas Alaska and Hawaii One $314,827 $726,625 […]

Overview Effective December 31, 2018, the following Fannie Mae and Freddie Mac conventional loan programs are scheduled to expire. Carrington Mortgage Services, LLC (CMS) will discontinue offering both programs as of the December 31st effective date. Fannie Mae DU Refi Plus All Fannie Mae DU Refi Plus mortgage loans must have application dates on or […]

Overview During the holiday season Carrington Mortgage Services, LLC (CMS) offices, including the Lock Desk, will observe the following schedule: Monday, December 24, 2018 – Closed for the Christmas holiday Tuesday, December 25, 2018 – Closed for the Christmas holiday Tuesday, January 1, 2019 – Closed for New Year’s Day holiday In addition, due to […]

Overview The Carrington Mortgage Services, LLC (CMS) Fannie Mae Underwriting Guidelines are being updated to include changes announced in the DU/Desktop Originator® Version 10.3 Release Notes, including: risk factors evaluated by DU; new six month minimum reserve requirement for cash-out refinance transactions for borrowers with DTI ratios exceeding 45%; changes to how loans are underwritten […]

Overview The Carrington Mortgage Services, LLC (CMS) Fannie Mae Underwriting Guidelines are being updated to include recent Desktop Underwriter (DU) changes for calculating self-employment income, commission income and unreimbursed business expenses as described below. Calculating Self-employment Income FNMA updated the self-employment income calculation and evaluation policy. Current policy allows lenders to use vendor tools to […]