Latest News

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 […]

Overview The Federal Housing Finance Agency (FHFA) has issued the following maximum first mortgage loan limits that will apply to conventional loans for acquisition by Fannie Mae / Freddie Mac with a note date on and after January 1, 2019. 2019 Conventional Loan Limits Units Conforming Amount - Contiguous States and District of Columbia Conforming […]

The Carrington Mortgage Services (CMS) Lock Desk will be closed in observance of President George H. W. Bush’s death on Wednesday, December 5, 2018 which has been designated as a National Day of Mourning. The financial markets will be closed and no rate sheets will be produced and no rate locks will be allowed. Normal […]

Correspondent Announcement Carrington Advantage Underwriting Guideline Updates November 27, 2018 Corr18-0005 Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the following recent Carrington Advantage product (Flexible Advantage/Flexible Advantage Plus and Investor Advantage) Underwriting updates (highlighted in red): Carrington Flexible Advantage Underwriting Changes Document Old Requirements Updated Requirements Flexible Advantage/ Advantage Plus Guidelines General […]

Correspondent Announcement Government and Conventional Underwriting Guideline Updates November 27, 2018 Corr18-0004 Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the following Underwriting updates (highlighted in red): VA Product Underwriting Changes Document Old Requirements Updated Requirements VA Underwriting Guidelines Borrower Eligibility Must be a veteran who served the minimum duty with other than […]

New Program Gives Originators a Distinct Advantage in the Market ANAHEIM, Calif. (Nov. 19, 2018) — Carrington Mortgage Services, LLC (CMS), one of the nation’s largest privately held non-bank lenders, today announced the launch of its Correspondent Lending Division. The addition of the Correspondent channel complements CMS’s full portfolio of loan origination channels, which includes […]

Overview Carrington Mortgage Services (CMS) offices, including the Lock Desk, will be closed Thursday, November 22, 2018 and Friday, November 23, 2018 in observance of Thanksgiving, which is a federal holiday.  Due to the holiday, the Lock Desk will be closing early on Wednesday, November 21, 2018 at 11:00 AM PST (early market closure of […]

Overview Due to California Wildfires, FEMA has declared the following counties a disaster. Incident Period: November 08, 2018 Please note: If an appraisal was completed prior to the incident date of the disaster, a re-inspection will be required. If an appraisal was not required due to a property inspection waiver or product type, an inspection […]