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Overview Effective December 31, 2018, the following Fannie Mae and Freddie Mac conventional loan programs are scheduled to expire. Carrington Mortgage Services, LLC (CMS) will discontinue offering both programs as of the December 31st effective date. Fannie Mae DU Refi Plus All Fannie Mae DU Refi Plus mortgage loans must have application dates on or […]

Overview During the holiday season Carrington Mortgage Services, LLC (CMS) offices, including the Lock Desk, will observe the following schedule: Monday, December 24, 2018 – Closed for the Christmas holiday Tuesday, December 25, 2018 – Closed for the Christmas holiday Tuesday, January 1, 2019 – Closed for New Year’s Day holiday In addition, due to […]

Overview The Carrington Mortgage Services, LLC (CMS) Fannie Mae Underwriting Guidelines are being updated to include changes announced in the DU/Desktop Originator® Version 10.3 Release Notes, including: risk factors evaluated by DU; new six month minimum reserve requirement for cash-out refinance transactions for borrowers with DTI ratios exceeding 45%; changes to how loans are underwritten […]

Overview The Carrington Mortgage Services, LLC (CMS) Fannie Mae Underwriting Guidelines are being updated to include recent Desktop Underwriter (DU) changes for calculating self-employment income, commission income and unreimbursed business expenses as described below. Calculating Self-employment Income FNMA updated the self-employment income calculation and evaluation policy. Current policy allows lenders to use vendor tools to […]

Overview The Federal Housing Finance Agency (FHFA) has issued the following maximum first mortgage loan limits that will apply to conventional loans for acquisition by Fannie Mae / Freddie Mac with a note date on and after January 1, 2019. 2019 Conventional Loan Limits Units Conforming Amount - Contiguous States and District of Columbia Conforming […]

The Carrington Mortgage Services (CMS) Lock Desk will be closed in observance of President George H. W. Bush’s death on Wednesday, December 5, 2018 which has been designated as a National Day of Mourning. The financial markets will be closed and no rate sheets will be produced and no rate locks will be allowed. Normal […]

Correspondent Announcement Carrington Advantage Underwriting Guideline Updates November 27, 2018 Corr18-0005 Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the following recent Carrington Advantage product (Flexible Advantage/Flexible Advantage Plus and Investor Advantage) Underwriting updates (highlighted in red): Carrington Flexible Advantage Underwriting Changes Document Old Requirements Updated Requirements Flexible Advantage/ Advantage Plus Guidelines General […]

Correspondent Announcement Government and Conventional Underwriting Guideline Updates November 27, 2018 Corr18-0004 Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the following Underwriting updates (highlighted in red): VA Product Underwriting Changes Document Old Requirements Updated Requirements VA Underwriting Guidelines Borrower Eligibility Must be a veteran who served the minimum duty with other than […]

Overview Carrington Mortgage Services (CMS) offices, including the Lock Desk, will be closed Thursday, November 22, 2018 and Friday, November 23, 2018 in observance of Thanksgiving, which is a federal holiday.  Due to the holiday, the Lock Desk will be closing early on Wednesday, November 21, 2018 at 11:00 AM PST (early market closure of […]

Overview Due to California Wildfires, FEMA has declared the following counties a disaster. Incident Period: November 08, 2018 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 waiver or product type, an inspection […]