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Overview As a reminder, Carrington Mortgage Services, LLC (CMS) requires a soft pull credit report (also known as a credit refresh or LQI report) as follows: For all conventional transactions, within 14 days of the note date For all Carrington Flexible Advantage and Carrington Flexible Advantage Plus transactions, within 10 days of the note date […]

Overview As a reminder, FHA Mortgagee Letter 2019-011 reduced the maximum allowable LTV and CLTV limits for cash-out refinances from 85% to 80% for all FHA cash-out refinance mortgages with case numbers assigned on or after September 1, 2019. During the weekend of October 19, 2019, DU was updated to support the new LTV and […]

Overview Due to Tropical Storm Imelda in Texas, FEMA has declared the following counties a disaster. The updated county is shown in bold. Incident Period: September 17, 2019 - September 23, 2019 State FEMA Disaster Declaration Counties Texas October 4, 2019 Chambers, Harris, Jefferson, Liberty, Montgomery, Orange and San Jacinto Please note: If an appraisal […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the following guideline enhancements for the Carrington Advantage products (CFA/CFA+ and Investor Advantage): Carrington Flexible Advantage Guidelines Old Requirements Updated Requirements Bank Statement Documentation Self-employed borrowers are eligible for either Personal Bank Statement Documentation or Business Bank Statement Documentation. The following restrictions apply to both […]

Overview The Lock Desk at Carrington Mortgage Services, LLC (CMS) will be closed Monday, October 14, 2019 in observance of Columbus Day, which is a Federal Holiday. Normal Lock Desk hours will resume on Tuesday, October 15, 2019. Please note: CMS offices will be open normal business hours on Monday, October 14, 2019; however, the […]

Overview Due to Tropical Storm Imelda in Texas, FEMA has declared the following counties a disaster. Incident Period:September 17, 2019 - September 23, 2019 State FEMA Disaster Declaration Counties Texas October 4, 2019 Chambers, Harris, Jefferson, Liberty, Montgomery and Orange Please note: If an appraisal was completed prior to the incident date of the disaster, […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the Carrington Flexible Advantage and Investor Advantage guidelines have been updated to add Illinois and Texas as approved states for the CMS Interest-only ARM program. As a reminder, the CMS Interest-only product has the following features: Terms Available: 5/1 ARM-IO, 7/1 ARM-IO, and 10/1 ARM-IO […]

Overview As a reminder, certain FHA guideline updates are effective for cases assigned Monday, September 9, 2019 and later. The Carrington Mortgage Services, LLC (CMS) FHA Underwriting Guidelines have been updated as outlined below: Net Tangible Benefit requirements for Streamline Refinances utilizing a Term Reduction are updated as follows: ·      Currently, Fixed rate-to-Fixed rate streamline […]

Overview In conjunction with Ginnie Mae’s recent announcement (APM 19-05 issued August 1, 2019) that all Cash-Out VA loans in excess of 90% LTV must be placed in certain pools of securities, Carrington Mortgage Services, LLC (CMS) will implement the following changes: No Submissions for >90% VA Cash-Out Refinances will be accepted effective September 1, […]

Overview Effective September 1, 2019: For all unlocked VA >90% Cash Out loans in the pipeline, the maximum lock available will be 15 days. Locks can be extended to September 30, 2019, and must be purchased by September 30, 2019. As a reminder, Ginnie Mae issued APM 19-05 on August 1, 2019 which requires all […]