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Overview Due to severe storms, tornadoes, straight-line winds, and flooding in Tennessee, FEMA has declared the following counties a disaster. Incident Period: March 3, 2020 State FEMA Disaster Declaration Counties Tennessee March 5, 2020 Davidson, Putnam, and Wilson Please note: If an appraisal was completed prior to the incident date of the disaster, a re-inspection […]

Overview On February 5, 2020, Fannie Mae released Lender Letter LL-2020-01 concerning the upcoming transition from LIBOR to an alternate index for all ARM products. Carrington Mortgage Services, LLC (CMS) will follow the timelines and requirements of the letter particularly with respect to the following: Carrington only purchases Non-QM LIBOR ARM loans requiring Fannie/Freddie compliant […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the following recent Carrington Advantage product Underwriting updates (highlighted in red). Please note this is an abbreviated summary of the guidelines changes. All updates should be viewed within the context of the full guidelines available here. Carrington Advantage Underwriting Guidelines Old Requirements Updated Requirements Self-Employed […]

Overview Fannie Mae is eliminating lender-provided homebuyer education as an option for meeting the HomeReady Homebuyer Education requirement. Effective for loans closed March 1, 2020 and later, any Fannie Mae Homebuyer Education requirement must be satisfied using the Framework course or HUD-approved counseling, as explained below.  Fannie Mae has removed the $75 fee previously charged […]

Overview In the state of North Carolina, borrowers may be charged bona fide discount points for the purpose of reducing their interest rate. For Owner Occupied Loans with a balance of $300,000 or less, up to 2.25% (Agency products) or 0.25% (Non-agency products) may be charged as Discount Points under the North Carolina Max Fee […]

Overview The VA has made key application updates to Loan Guaranty systems to support the recent Blue Water Navy legislation. Appraisers now have the option to use AAPP (Assisted Appraisal Processing Program) and those associated application changes have only been made to the webLGY Hub Appraiser Workspace. In order to use the appropriate functionality for […]

Overview Effective for loans closed beginning January 1, 2020, VA will guaranty 25% of the loan amount for Veterans with full entitlement seeking a purchase or cash out refinance loan in excess of $144,000, regardless of the FHFA Conforming Loan Limit. Veterans with full entitlement seeking a purchase or cash out refinance loan that exceeds […]

Overview Effective with appraisals ordered on and after January 1, 2020, VA will permit VA fee panel appraisers to utilize the Assisted Appraisal Processing Program (AAPP) process and rely on information provided by other appraisers. Carrington Mortgage Services, LLC (CMS) will accept AAPP appraisals on VA loans as this new process improves service to veteran […]

Overview The Lock Desk at Carrington Mortgage Services, LLC (CMS) will be closed on Monday, January 20, 2020 for Martin Luther King Jr. Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, January 21, 2020. Rate Locks that expire on the holiday will automatically roll to the next business day.  In […]

Overview As a reminder, on the date of purchase by Carrington, the unpaid principal balance of the loan will be calculated based on the effective servicing transfer date. Loans purchased on or before the 10th business day of the month; the effective servicing transfer date will be the first day of the month following the […]