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Overview Due to severe winter storms, straight-line winds, and flooding in Nebraska, FEMA has declared the following counties a disaster. Incident Period: March 9, 2019 Please note: If an appraisal was completed prior to the incident date of the disaster, a re-inspection will be required. If an appraisal was not required due to a property […]

Overview Over the past several years FHA has seen a continued increase in certain higher-risk credit characteristics in mortgages it insures, including an increase in cash out refinances and mortgages with high debt-to-income (DTI) ratios, a decrease in average borrower credit scores and an increasing concentration of credit scores less than 640 combined with DTI […]

Overview Non-Borrowing Spouse credit history is required for FHA, VA, and USDA full doc loans when the subject property is located in a Community Property State. When credit history is required for a Non-Borrowing Spouse in one of the Community Property States listed below, Carrington Mortgage Services, LLC will require a copy of the Non-Borrowing […]

Overview Carrington Mortgage Services is pleased to announce new guidelines to make documenting business bank account ownership more straightforward and reduce exceptions for Carrington Flexible Advantage (CFA and CFA Plus) Bank Statement loans. Old Requirements New Requirements All parties listed on each bank account must be included as borrowers on the loan. If the borrower […]

Overview Due to severe storms, straight-line winds, and tornadoes in Alabama, FEMA has declared the following county a disaster. Incident Period: March 3, 2019 Please note: If an appraisal was completed prior to the incident date of the disaster, a re-inspection will be required. If an appraisal was not required due to a property inspection […]

Overview During the weekend of Feb. 16, 2019 Desktop Underwriter (DU) for government loans was updated to support the new LTV calculation required by Veteran Affairs (VA) Circular 26-18-30. Specifically, VA refinance loans where the total LTV exceeds 100% of the appraised value due to financing the VA Funding Fee will now receive a Refer […]

Overview As a reminder, effective for loan applications taken on or after February 15th, 2019 Lenders must provide a Comparison Disclosure within three (3) days of loan application for all VA Full Doc refinance loan transactions (even if the existing loan is NOT a VA loan). Carrington Mortgage Services, LLC (CMS) has developed a new […]

Overview The Carrington Mortgage Services, LLC (CMS) Lock Desk will be closed on Monday, February 18, 2019 for Presidents Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, February 19, 2019. Locks that expire on the holiday will automatically roll to the next business day. In addition, there are some important […]

Overview On December 17th, 2018, the Veteran’s Administration (VA) published an Interim Final Rule addressing VA guaranty requirements for cash-out refinance loans. The rule will be effective for loan applications taken on or after February 15th, 2019 and applies to all Full Doc refinance loan transactions (even if the existing loan is NOT a VA […]

Overview Effective February 7, 2019, Carrington Mortgage Services, LLC (CMS) is pleased to announce the following guideline improvements for the Carrington Advantage products: Higher LTV’s for CFA Investment cash-out loans More lenient Non-Sufficient Funds (NSF) requirements on bank statement programs Improved LTV’s for Investment Cash-out (CFA program only) Improved the Investment Overlay LTV Reduction for […]