Carrington Mortgage Services, LLC (CMS) complies with the Government Refinance Seasoning and Net Tangible Benefit requirements as described below.
Please note: FHA/USDA seasoning days calculation has been revised based on updated guidance from GNMA. Encompass has been updated to enforce these requirements.
Net Tangible Benefit Requirements
Footnotes for Seasoning and Net Tangible Benefit tables:
(1) GNMA requires Seasoning regardless of the type of loan that is being refinanced (FHA/VA/USDA/Conventional), but seasoning is not applicable if property owned free and clear of mortgage lien
(2) VA IRRRL LTV: Drive-By or Interior Inspection Appraisal required if discount points are charged; Points > 1% Max 90% LTV; Points <= 1% Max 100% LTV; No Points: No appraisal required
(3) FHA Refinance: Credit Qualifying Streamlines are not exempt from Seasoning/NTB requirements; FHA Simple Refinance and Rate/Term Full Doc Refinance are exempt from requirements
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