MLD – Wholesale Underwriting Fee Increase

October 5, 2017

Overview
Effective October 5, 2017, Carrington Mortgage Services, LLC (CMS) enhanced BrokerIQ Pricing engine with an option to include the CMS Lender Fee into the pricing.
In some cases, the CMS Lender Fee plus the Broker’s chosen compensation structure causes the loan to exceed the ATR/QM fee threshold.  Brokers can now select the Buyout Lender Fee option, if applicable, to include the CMS Lender Fee into the pricing.  The Buyout Lender Fee option converts the fee into a price adjustment and may reduce the total fees amount below the ATR/QM fee threshold.
To buy out the Lender Fee, the Broker should select YES from the Buyout Lender Fee dropdown in the BrokerIQ Pricing Engine.

In cases where the Buyout Lender Fee wasn’t selected at lock, the Broker or CMS Account Executive/Account Manager must send a request via email to the Lock Desk at lockdesk@carringtonms.com to buy out the Lender Fee.
Please note: Once the Lender Fee is bought out, it cannot be added back since the re-disclosed Loan Estimate (LE) has zero tolerance for Lender Fee increases.

Government Agency Approvals

FHA Non-Supervised Mortgagee Approval #:
24751-0000-5
VA Automatic Lender Approval #:
902324-00-00

Mortgagee/Loss Payee Clause

Carrington Mortgage Services LLC
ISAOA/ATIMA
P.O. Box 692408
San Antonio, TX 78269-2408

Industry Links

Loan Limits LookupMortgage Letters
This information is provided for your convenience and Carrington Mortgage Services, LLC makes no warranties concerning the accuracy or completeness of any of the information. This is not financial or legal advice and should not be taken as such. This information is for mortgage professionals only and is not intended for distribution to consumers.
CAREERSINVESTORSABOUT USCORRESPONDENT
An Equal Housing Opportunity Lender. Copyright 2007 - 2024 . Carrington Mortgage Services, LLC headquartered at 1600 South Douglass Road, Suites 110 & 200-A, Anaheim, CA 92806. NMLS ID # 2600. Toll Free # 800-561-4567. All rights reserved. Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines.  Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site: www.nmlsconsumeraccess.com.

The content of this website is intended for licensed third party originators or brokers only and may not be duplicated or disseminated to the public. Carrington Mortgage Services is one of the leading wholesale mortgage lenders.

Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00

linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram