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Effective Tuesday, June 25, 2019, all VA IRRRL’s submitted to Carrington Mortgage Services, LLC (CMS) must have a 36 month or less recoupment of fees. This applies to all VA IRRRL’s regardless of any other benefits to the borrower. Specifically, loans with term reductions and payments going up are now ineligible for an IRRRL. As VA provides more clarity around this subject we will update our guidelines accordingly.
| 36 Month Recoup | Rate Reduction | |
| ARM to Fixed | Yes | At least .50% |
| Term Reduction | Yes | At least .125% |
| Fixed to Fixed | Yes | At least .50% |
| No Term Reduction | Yes | At least .50% |
Please contact your Account Executive with questions.
An Equal Housing Opportunity Lender. Copyright 2007 -
2023
. 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