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Overview As a reminder, Correspondent Sellers must upload all loan documents using the “Upload Documents” function in the Carrington Mortgage Services, LLC (CMS) corrIQ Seller Portal. Once uploaded, CMS reviews the mortgage loan file to confirm: Accuracy, completeness, and all necessary documents are included All documents are executed properly Important Note: The CMS loan origination […]

Overview The Carrington Mortgage Services, LLC (CMS) FHA Underwriting Guidelines have been updated. Please note there are differences in the effective dates for these updates. In general, guideline changes that result in reduced documentation or clarify existing requirements are effective immediately. Guideline changes that result in increased documentation or more restrictive qualification requirements are effective […]

Overview The Carrington Mortgage Services, LLC (CMS) Lock Desk will be closed on Monday, September 2, 2019 for Labor Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, September 3, 2019. Additionally, the CMS Lock Desk will close early on Friday, August 30, 2019 at 11:00 A.M. PST due to the […]

Overview As a reminder, the maximum lock on VA Cash-Out 90%+ LTV loans is 30 days effective August 15th. Ginnie Mae issued All-Participants Memorandum (APM) 19-05 on August 1st which requires all Cash Out VA loans in excess of 90% LTV to be placed in Ginnie II Custom Securities vs. Ginnie II Multi Issuer Pools […]

Overview As a reminder, the maximum loan-to-value (LTV) and combined loan-to-value (CLTV) percentages will be reduced from 85% to 80% for all FHA cash-out refinance mortgages with case numbers assigned on or after September 1, 2019. For borrowers seeking to combine a first and second lien, the maximum CLTV ratio for an FHA Rate and […]

Overview Due to severe winter storms, straight-line winds, and flooding in Nebraska, FEMA has declared the following counties a disaster. The update for Dawson county is shown in bold. Incident Period: March 9, 2019 to July 14, 2019 State FEMA Disaster Declaration Counties Nebraska March 21, 2019 Antelope, Boone, Boyd, Buffalo, Burt, Butler, Cass, Colfax, Cuming, Custer, […]

Overview The Veteran’s Administration (VA) published Circular 26-19-22 on August 8, 2019. The Circular is effective immediately and clarifies the Recoupment, NTB, Appraisal, Seasoning Requirements, and Loan Comparison Statement requirements for all VA IRRRLs.  All previous Circulars pertaining to VA IRRRLs are superseded by this new Circular.  The Circular is effective immediately. Pipeline Impact: This […]

Overview Ginnie Mae issued APM 19-05 on August 1st which requires all Cash-Out VA loans in excess of 90% LTV to be placed in Ginnie II Custom Securities vs. Ginnie II Multi Issuer Pools (MIP) effective November 1, 2019. The Carrington Mortgage Services, LLC (CMS) capital markets team is currently looking at all options for […]

Overview Carrington Mortgage Services, LLC (CMS) permits the use of Expense Factors to calculate qualifying income using business bank statement documentation for the Carrington Flexible Advantage and Flexible Advantage Plus (CFA/CFA+) products. Effective for submissions dated August 12, 2019 and later, CFA and CFA+ self-employed borrowers using business bank statements for income qualifying must meet […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the following recent guideline enhancements for the FHA loan program. Updates are shown in red. FHA Guidelines Old Requirements Updated Requirements Added Property Assessed Clean Energy Where the subject Property is encumbered with a Property Assessed Clean Energy (PACE) obligation, the sales contract must include […]