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Overview Effective Tuesday, June 25, 2019, all VA IRRRL’s submitted to Carrington Mortgage Services, LLC (CMS) must have a 36 month or less recoupment of fees.  This applies to all VA IRRRL’s regardless of any other benefits to the borrower.  Specifically, loans with term reductions and payments going up are now ineligible for an IRRRL. […]

Overview Due to severe storms, straight-line winds, tornadoes, flooding, landslides, and mudslides in Ohio, FEMA has declared the following counties a disaster. Incident Period: May 27, 2019 – May 29, 2019 State FEMA Disaster Declaration Counties Ohio June 18, 2019 Auglaize, Darke, Greene, Hocking, Mercer, Miami, Montgomery, Muskingum, Perry, and Pickaway Please note: If an appraisal was […]

Overview Due to severe storms, straight-line winds, tornadoes, and flooding in Oklahoma, FEMA has declared the following counties a disaster. Updated counties are listed in bold. Incident Period: May 07, 2019 to June 9, 2019 State FEMA Disaster Declaration Counties Oklahoma June 1, 2019 Canadian, Cherokee, Creek, Delaware, Kay, Le Flore, Logan, Mayes, Muskogee, Noble, […]

Overview Due to severe storms and flooding in Arkansas, FEMA has declared the following counties a disaster. Updated counties are listed in bold. Incident Period: May 21, 2019 and continuing State FEMA Disaster Declaration Counties Arkansas June 8, 2019 Arkansas, Conway, Crawford, Desha, Faulkner, Jefferson, Logan, Perry, Pope, Pulaski, Sebastian, and Yell Please note: If […]

Overview To confirm the value determination for Carrington Advantage Product (CFA, CFA Plus, and Investor Advantage) loans with amounts of $1 Million and greater, effective June 17, 2019, Carrington Mortgage Services, LLC (CMS) will implement the following new appraisal requirements.  These requirements apply for all loans received in Loan Set-Up (LSU) on and after the […]

Overview Due to severe storms and flooding in Iowa, FEMA has declared the following counties a disaster. Updated county is shown in bold. Incident Period: March 12, 2019 – May 16, 2019 State FEMA Disaster Declaration Counties Iowa March 23, 2019 Fremont, Harrison, Louisa, Mills, Monona, Pottawattamie, Scott, Shelby and Woodbury Please note: If an […]

Overview Due to severe storms, straight-line winds, tornadoes, and flooding in Oklahoma, FEMA has declared the following counties a disaster. Updated counties are listed in bold. Incident Period: May 07, 2019 and continuing State FEMA Disaster Declaration Counties Oklahoma June 1, 2019 Canadian, Creek, Delaware, Kay, Logan, Mayes, Muskogee, Okmulgee, Osage, Ottawa, Payne, Pottawatomie, Rogers, Sequoyah, Tulsa, […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the Carrington Advantage product (CFA and CFA Plus) underwriting guidelines have been revised with the following changes (highlighted in red): Carrington Flexible Advantage Guidelines Old Requirements Updated Requirements Consumer Credit Counseling Service (CCCS) Borrower enrollment in CCCS is allowed when a minimum of 12 months […]

Overview Due to severe storms, straight-line winds, tornadoes, and flooding in Oklahoma, FEMA has declared the following counties a disaster. Updated counties are listed in bold. Incident Period: May 07, 2019 and continuing State FEMA Disaster Declaration Counties Oklahoma June 1, 2019 Canadian, Creek, Logan, Muskogee, Osage, Ottawa, Rogers, Tulsa, Wagoner, and Washington Please note: If […]

Overview Due to severe storms and flooding in Arkansas, FEMA has declared the following counties a disaster. Incident Period: March 21, 2019 and continuing State FEMA Disaster Declaration Counties Arkansas June 8, 2019 Conway, Crawford, Faulkner, Jefferson, Perry, Pulaski, Sebastian, and Yell Please note: If an appraisal was completed prior to the incident date of the […]