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Overview Due to damage from the severe winter storms in Texas, FEMA has declared the following counties a disaster. Incident Period: February 11, 2021 and continuing State FEMA Disaster Declaration Counties Texas February 19, 2021 Angelina, Aransas, Bastrop, Bee, Bell, Bexar, Blanco, Brazoria, Brazos, Brown, Burleson, Caldwell, Calhoun, Cameron, Chambers, Collin, Comal, Comanche, Cooke, Coryell, […]

The Redesigned URLA is Here At the first of the year, Fannie Mae and Freddie Mac rolled out the redesigned Uniform Residential Loan Application (URLA), along with new automated underwriting system (AUS) specifications for DU and LPA. Get the full rundown on the form updates, which aim to: Help lenders more easily capture relevant loan […]

Overview The Lock Desk at Carrington Mortgage Services, LLC (CMS) will be closed on Monday, February 15, 2021 for Presidents Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, February 16, 2021. Rate Locks that expire on the holiday will automatically roll to the next business day.  In addition there are […]

Overview On January 20, 2021, HUD announced major changes to their guidelines for borrowers with Deferred Action for Childhood Arrivals (DACA) status. Individuals classified under DACA who are legally permitted to work in the U.S. are eligible to apply for mortgages backed by the FHA. These changes are effective immediately and apply to new loan […]

Overview As a reminder, Carrington Mortgage Services, LLC (CMS) has the Quick Pricer function in CorrIQ which allows correspondent sellers to enter loan scenarios to obtain pricing and view a list of qualifying loan programs. Please be advised that it is very important when pricing out FHA Streamline and VA IRRRL loans in CorrIQ that […]

Overview Effective for all loans purchased on and after February 1, 2021, Carrington Mortgage Services, LLC (CMS) will implement the following Correspondent fee schedule. The new CMS Underwriting Fees are highlighted in BLUE below: Loan Product Non-Delegated Fee Type Underwriting Flood Cert Tax Service Carrington Prime Advantage $750 $9 $85 Carrington Flexible Advantage (CFA/CFA+) $750 […]

Overview The Lock Desk at Carrington Mortgage Services, LLC (CMS) will be closed Monday, January 18, 2021 for Martin Luther King Jr. Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, January 19, 2021. Rate Locks that expire on the holiday will automatically roll to the next business day.  In addition […]

Carrington Mortgage Services, LLC (CMS) is pleased to announce effective Wednesday December 16, 2020; CMS will implement the following Carrington Advantage (Prime Advantage, Flexible Advantage Plus, Flexible Advantage and Investor Advantage) product underwriting updates (highlighted in blue).  Please note this is an abbreviated summary of the guideline changes. For additional program information, please review the […]

Overview During the holiday season the Carrington Mortgage Services, LLC (CMS) Lock Desk, will observe the following schedule: Thursday, December 24, 2020 – Closed for Christmas Eve Friday, December 25, 2020 – Closed for the Christmas holiday Thursday, December 31, 2020 – Close early for New Year’s Eve at 11:00 AM PST (early market closure […]