Government Seasoning and Net Tangible Benefit Requirements

June 20, 2018

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.
Seasoning 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

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

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

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