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Overview As reminder, Carrington Mortgage Services, LLC (CMS) permits prepayment penalties on Investor Advantage, Carrington Flexible Advantagesm and Carrington Flexible Advantage Plus non-owner-occupied, investment property loan transactions when permissible by State law. Effective Thursday January 24, 2019, CMS will add Illinois and Virginia as permissible states to charge prepayment penalties. Pricing Prepayment Penalty Options The […]

Overview Effective January 22, 2019, Carrington Mortgage Services, LLC (CMS) is pleased to announce the below guideline changes for the Investor Advantage, Carrington Flexible Advantage and Carrington Flexible Advantage Plus products. The Pricing Engine has been updated and the changes apply immediately for all loans in the pipeline that are not already locked. Guideline Improvements […]

Overview Effective immediately, Carrington Mortgage Services, LLC (CMS) will permit prepayment penalties to be charged on Investor Advantage, Carrington Flexible Advantage and Carrington Flexible Advantage Plus non-owner-occupied, investment property loan transactions. Prepayment penalties may only be charged when permissible by State law. The prepayment term may be three years, two years, one year or no […]

Overview The Lock Desk at Carrington Mortgage Services, LLC (CMS) will be closed on Monday, January 21, 2019 for Martin Luther King Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, January 22, 2019. Rate Locks that expire on the holiday will automatically roll to the next business day. In addition […]

Overview The Carrington Mortgage Services, LLC (CMS) Seller Guide has been revised to include the following requirements: Section 6.1 Non-Delegated Responsibilities for FHA/VA Loans – has been revised to clarify the Principal-Authorized Agent relationship will utilize the FHA Lender ID for both the Correspondent as Originator and Carrington as Authorized Agent in FHA Connection. In […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the following Underwriting updates (highlighted in red): Carrington Flexible Advantage / Investor Advantage Matrices Document Old Requirements Updated Requirements Flexible Advantage and Flexible Advantage Plus Matrices Illinois Restrictions ARM loans are not permitted in Cook, Cane, Peoria, and Will counties. Illinois Anti-Predatory Lending Databases ARM […]

Overview Carrington Mortgage Services (CMS) requires Correspondents to provide the original Collateral package which includes the Original Note, Bailee Letter and Allonge, a Certified True Copy of the Mortgage (Deeds) and a complete Preliminary Title Report within 24 hours after delivery of the closed Mortgage Loan file. Collateral Package DocumentsThe original Collateral package must be […]

Overview Effective 12/26/18 As a result of the Federal Government shutdown, Carrington Mortgage Services announces the following temporary guidance for information purposes. Standard guidelines will be reinstated once the government shutdown ends. Some Government services will continue to be operational, but we may expect delays. Agency specifics: FHA services still available Customer Service (aka: 1-800-CALL-FHA) […]

Overview In compliance with Maryland Mortgage Statue 09.03.06.20 – Duty of Care, Carrington Mortgage Services, LLC (CMS) will require Correspondent Lenders to provide an executed HPML Attestation (refer to sample provided) for all Carrington Flexible Advantage and Flexible Advantage Plus Higher Priced Mortgage Loans (HPML) with a subject property in the state of Maryland. Correspondent […]

Overview FHA Loans: For calendar year 2019, 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, 2019: FHA Loan Limits Units Low Cost Areas High Cost Areas Alaska and Hawaii One $314,827 $726,625 […]