Latest News

Overview FHA Loans: For calendar year 2020, the Department of Housing and Urban Development (HUD) announced the following maximum first mortgage loan limits that will apply to FHA loans with case numbers assigned on and after January 1, 2020 through December 31, 2020: FHA Loan Limits Units Low Cost Areas High Cost Areas Alaska and […]

Overview During the holiday season the Carrington Mortgage Services, LLC (CMS) Lock Desk, will observe the following schedule: Tuesday, December 24, 2019 – Close early for Christmas Eve at 11:00 AM PST (early market closure of 2:00 PM EST) Wednesday, December 25, 2019 – Closed for the Christmas holiday Tuesday, December 31, 2019 – Close […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce effective Thursday, December 5, 2019, CMS will introduce the new Carrington Prime Advantage program with Fixed, ARM and Interest-only ARM options. Carrington Prime Advantage allows alternative income documentation along with competitive pricing and loan amounts up to $2,500,000 and is designed for higher-credit-quality, non-agency borrowers […]

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, 2020. 2020 Conventional Loan Limits Units Conforming Amount - Contiguous States and District of Columbia Conforming […]

Overview VA has announced the VA Funding Fee rates for purchase and cash out refinance transactions will change effective for loan transactions closed January 1, 2020 and later. Please note: Interest Rate Reduction Refinancing Loans (IRRRLs) are not impacted by this change. Funding Fee Updates Funding Fee rates are generally increasing for first time use […]

Overview Due to severe storms, tornadoes, and flooding in South Dakota, FEMA has declared the following counties a disaster. Incident Period: September 09, 2019 - September 26, 2019 State FEMA Disaster Declaration Counties South Dakota November 18, 2019 Brookings, Charles Mix, Davison, Flandreau Indian Reservation, Hanson, Hutchinson, Lake, Lincoln, McCook, Minnehaha, Moody, Yankton, andYankton Indian […]

Overview The Carrington Mortgage Services, LLC (CMS) Lock Desk, will be closed Thursday, November 28, 2019 in observance of Thanksgiving, which is a federal holiday.  Due to the holiday, the Lock Desk will be closing early on Friday, November 29, 2019 at 11:00 AM PST (early market closure of 2:00 PM EST).  Normal Lock Desk […]

Overview Effective November 14, 2019, Carrington Mortgage Services, LLC (CMS) is pleased to introduce a new 85% Expanded Cash-Out LTV option for the Carrington Flexible Advantage Plus program. The 85% Expanded Cash-Out LTV option is perfect for borrowers looking to pull out cash, consolidate debt, pay for college tuition, home improvements, etc.  CMS is excited […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the Lock Desk has re-enabled the Auto-lock functionality. Effective immediately on Correspondent loan submissions, all rate lock extensions no longer require a written email request to be sent to the Lock Desk. Correspondent Sellers now have the ability to submit Lock Extension requests directly in […]

Overview Carrington Mortgage Services, LLC (CMS) offices, including the Lock Desk, will be closed Monday, November 11, 2019 in observance of Veteran’s Day, which is a Federal Holiday. Normal Lock Desk hours will resume on Tuesday, November 12, 2019. Locks that expire on the holiday will automatically roll to the next business day.  In addition, […]