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Overview Due to damage from severe storms, flooding and tornadoes in Michigan, FEMA has declared the following counties a disaster. Incident Period: June 25, 2021 - June 26, 2021 State FEMA Disaster Declaration Counties Michigan July 15, 2021 Washtenaw and Wayne Re-Inspection by Product Type If your loan is … A re-inspection is required … […]

Overview The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee. The fee was designed to cover increased credit risk as a result of the COVID-19 pandemic and due to the success of Fannie Mae/Freddie Mac COVID-19 policies which reduced the impact of the pandemic, […]

Overview The U.S. Department of Housing and Urban Development (HUD) has updated the payment calculation of monthly obligation for student loans. The change is effective for all case numbers assigned on or after August 16, 2021; however, Carrington Mortgage Services, LLC (CMS) has elected to begin using the new guidance effective immediately. The change applies […]

Overview The Carrington Mortgage Services, LLC (CMS) Lock Desk will be closed Friday, July 2, 2021 for a Company Holiday and also Monday, July 5, 2021 for Independence Day, which is the observed Federal Holiday. Normal lock hours will resume on Tuesday, July 6, 2021. Locks that expire on the holiday will automatically roll to […]

Overview The Carrington Mortgage Services, LLC (CMS) Hazard Insurance Policy has been revised to update the insurance coverage requirements for FHA Loans, Condominium and PUD Projects, and Force Placed Coverage as described below. FHA Loans For FHA Loans, properties located within an SFHA, Flood Insurance must be maintained for the life of the Mortgage in […]

Overview HUD recently announced clarifications to their guidelines for certain Non-Permanent Residents applying for FHA-insured mortgages, including: Eligibility of borrowers with H1-B non-immigrant visa status without an EAD, Eligibility of citizens from the Federated States of Micronesia, the Republic of the Marshall Islands, and the Republic of Palau without an EAD, and Adopting and continuing […]

Overview Due to damage from severe storms, tornadoes and flooding in Louisiana, FEMA has declared the following parishes (counties) a disaster. Incident Period: May 17, 2021 - May 21, 2021 State FEMA Disaster Declaration Parishes Louisiana June 2, 2021 Ascension, Calcasieu, East Baton Rouge, Iberville and Lafayette Re-Inspection by Product Type If your loan is […]

Overview Due to damage from Severe Storms, Flooding, Landslides and Mudslides in Kentucky, FEMA has declared the following counties a disaster. Updated counties are listed in bold. Incident Period: February 27, 2021 - March 14, 2021 State FEMA Disaster Declaration Counties Kentucky April 23, 2021 Anderson, Boyd, Breathitt, Clark, Clay, Estill, Fayette, Floyd, Franklin, Greenup, […]

Overview Due to damage from severe storms and flooding in West Virginia, FEMA has declared the following counties a disaster. Incident Period: February 27, 2021 - March 4, 2021 State FEMA Disaster Declaration Counties West Virginia May 20, 2021 Cabell, Kanawha, Mingo and Wayne Re-Inspection by Product Type If your loan is … A re-inspection […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the following underwriting guideline enhancements for the Non-QM loan programs (Prime Advantage, Flexible Advantage/Advantage Plus and Investor Advantage). All guideline enhancements are effective immediately and may be applied to loans not yet closed. Please note this is an abbreviated summary of the guideline changes. All […]