Updated Loan Setup Submission Acceptance Process – Broker Disclosed Loans

Overview
Effective January 2, 2019, Carrington Mortgage Services, LLC (CMS) Wholesale will update the Submission Acceptance process on Broker Disclosed Loans as follows:
A Broker may submit a Clerical Revised Loan Estimate to correct information located on page 3 of the Loan Estimate, within three (3) business days of the submission. CMS will no longer reject the submission for missing or inaccurate:

• Late Payments
• Assumptions
• Servicing Transfers

A Broker may submit a Revision Requested by Consumer, Revised Loan Estimate within three (3) business days of the submission, to correct for under-disclosed or missing fees such as:

• Underwriting Fees
• Tax Services
• Collateral Desktop Analysis (CDA) fees  - Carrington Advantage products only
• Survey Fees
• 203k Lender Fees

Note: This process does not apply for inaccurately disclosed Broker Compensation, Third Party Processing Fees, Transfer Taxes, Recording Fees, or Settlement Charges.  Re-disclosure of Transfer Taxes, Recording Fees, or Settlement Charges will require a valid change of circumstance (COC) in order for the amounts to increase.  CMS will continue to reject Broker Disclosed submissions with under-disclosed Broker Fees or Settlement Charges.