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Overview Due to recent Fannie Mae/Freddie Mac guidance related to cash-out refinances where borrowers request forbearance assistance, effective immediately and until further notice, Carrington Mortgage Services, LLC (CMS) will no longer offer cash-out refinance transactions under the conventional loan program.  As CMS cannot foresee when a borrower will request forbearance assistance for this loan program, […]

Overview Due to severe storms, tornadoes, straight-line winds and flooding in Tennessee, FEMA has declared the following counties a disaster. Incident Period: April 12-13, 2020 State FEMA Disaster Declaration Counties Tennessee April 24, 2020 Bradley and Hamilton Please note: If an appraisal was completed prior to the incident date of the disaster, a re-inspection will […]

Overview As a reminder, Carrington Mortgage Services, LLC (CMS) recently updated our lock policy which has the following Lock Extension requirements: Maximum of up to two extensions Maximum extension period of 15 days in the aggregate Current extension fee charges remain in place (see rate sheet) The CMS lock policy currently offers the following minimum […]

Overview Due to severe storms, tornadoes, straight-line winds and flooding in Mississippi, FEMA has declared the following counties a disaster. Incident Period: April 12, 2020 State FEMA Disaster Declaration Counties Mississippi April 16, 2020 Covington, Jefferson Davis and Jones Please note: If an appraisal was completed prior to the incident date of the disaster, a […]

Overview Effective on and after April 20, 2020, for all closed loans delivered to Carrington Mortgage Services, LLC (CMS), the Flood Certificate Fee charged will increase from $9.00 to $10.00.  Contacts Please contact CorrespondentRM@carringtonms.com with any questions. Carrington thanks you for your business.

Overview As a reminder, Carrington Mortgage Services, LLC (CMS) recently announced a revised lock policy with longer minimum lock terms for loans without appraisal (when required) in the file.  Effective immediately, the lock policy will allow a 15-day lock when all Conditions are Submitted for final Clear to Purchase as shown below: Loan Type Available […]

Overview Here is a simplified guide to help evaluate the permissible Agency appraisal and form requirements during the COVID-19 crisis.  Effective April 13, 2020, and until further notice, all loans delivered to Carrington Mortgage Services, LLC (CMS) for purchase must follow these new procedures. Permissible Appraisal Requirements Loan Type Other Criteria Exterior-Only Allowed Desktop Allowed […]

Overview Effective immediately, Carrington Mortgage Services, LLC (CMS) will require Sellers to transfer all FHA Cases to CMS prior to submission to Underwriting.  The Seller must initiate the case transfer in FHA Connection to the CMS Lender ID (FHA Sponsor Number: 24751-0000-5).  The Case transfer process can take 1-3 business days.  In order to proceed […]

Overview This temporary guidance is effective for all loans submitted on or after April 13, 2020. Carrington Mortgage Services, LLC (CMS) is temporarily updating the debt to income (DTI) guidelines for all credit qualifying loan products. This includes FHA, VA and Conventional products for both Manual and AUS Underwritten loans. As of the effective date […]

Overview Due to severe storms, tornadoes, flooding, landslides and mudslides in Oregon, FEMA has declared the following counties a disaster. Incident Period: February 05, 2020 - February 09, 2020 State FEMA Disaster Declaration Counties Oregon April 3, 2020 Umatilla and Umatilla Indian Reservation Please note: If an appraisal was completed prior to the incident date […]